By Deborah Goonan, Independent American Communities A few weeks ago, a group of unit owners at River City Condominium in Chicago filed a lawsuit intended to halt the $90.5 million sale and condo deconversion of their iconic vintage Chicago riverfront building. River City Condominium Association includes 449 residential units. Since 2016, Marc Realty along with its equity partner, Wolcott Group, has been interested in purchasing River City for the purposes of a condo-to-apartment deconversion. After Continue ReadingRiver City Condo deconversion breeds lawsuits
By Deborah Goonan, Independent American Communities Updated October 9, 2018 Note: the updated version of this post corrects the record about Micheline Magharious. Based upon news sources cited at the time of the original post, a previous version of this article mistakenly stated that Magharious was a principal of Marc Realty. I have been informed by Kelly Elmore, Esq. of KSN that Magharious has never served as a principal at Marc Realty. Fourteen owners of Continue ReadingChicago condo owners file lawsuit to stop deconversion ‘fraud’
By Deborah Goonan, Independent American Communities In 2012, California Attorney Tyler Berding published an article on his website, Condo Issues, making his case that an association governed community is purely ‘contractual.’ In Berding’s opinion, ‘community associations’ are not governments, because, in theory, members voluntarily agree to CC&Rs and Bylaws for the good of the collective interests of all members and stakeholders. In theory, he says, homeowners can choose to amend or even terminate the Continue ReadingHOAs, condos, & co-ops: Quasi-governments or ‘contractual communities’?
by Deborah Goonan, Independent American Communities State Parkway Condominium, located on the Gold Coast in Chicago, has had more than its share of financial controversy. In July, the Association passed a $500,000 special assessment to cover the cost of ongoing legal fees, most of them related to lawsuits against a single condo owner, and former board member, Michael Novak. Troubles began roughly eleven years ago, when the condo association refused to accommodate the Novak family’s Continue ReadingWhy did condo board delay informing owners about offer to purchase entire building?