Condo owners oust board that tried to impose $6.4 million special assessment

  Sometimes, the underdog wins – at least in the short run. Following last week’s Willamette Week report about a massive special assessment proposed at Westlake Village in Portland, Oregon, five new owners have been elected to the condo board. The new board intends to repeal the ousted board’s previous approval of a $6.4 million special assessment for capital investment. Hopefully, the new board will be able to work out a scaled-down version of major Continue ReadingCondo owners oust board that tried to impose $6.4 million special assessment

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Condo ownership is, at best, only temporarily affordable

By Deborah Goonan, Independent American Communities As real estate prices start to climb, the industry is once again pushing low down payment home loans, luring first-time homebuyers with relatively inexpensive condominiums and townhouses. Buyer beware. In the previous two decades, when developers were building condos and selling apartment-to-condo conversions faster than they could build and renovate them, millions of first-time home buyers and retirees scoffed up so-called “affordable” units. But many condo owners have since Continue ReadingCondo ownership is, at best, only temporarily affordable

Stopping a condo to apartment deconversion is challenging

By Deborah Goonan, Independent American Communities A controversy brewing in Chicago provides more evidence that the market for association-governed housing is on the decline, especially condominiums. River Trails Condominium, 16 buildings 360 units, located in Prospect Heights, Illinois, is one of the latest multifamily housing communities that real estate developers covet for a deconversion. A deconversion is the process of undoing a condominium association and converting the entire community to rental apartments under one owner. Continue ReadingStopping a condo to apartment deconversion is challenging

Condo owners forced to sell in a deconversion, like it or not

In Chicago, Illinois, 75% of unit owners can force a bulk sale and termination of the condo association. By Deborah Goonan, Independent American Communities   Although the real estate market has improved in some parts of the country, condo sales in some markets have lagged behind. In Chicago, news outlets are reporting the hottest new trend, condo deconversions – the bulk sale of condo units by their individual owners to a real estate investor who Continue ReadingCondo owners forced to sell in a deconversion, like it or not