River City Condo deconversion breeds lawsuits

Gavel and legal books lawsuit court

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

Chicago condo owners file lawsuit to stop deconversion ‘fraud’

Gavel and legal books lawsuit court

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’

Condo to apartment ‘deconversions’ continue in Chicago

Investors take over condo boards, vote to terminate the associations, and force remaining owners to sell at their condos at low prices By Deborah Goonan, Independent American Communities   Fifteen years ago, real estate professionals were touting the benefits and affordability of condo living. So thousands of first-time home buyers and retirees  puchased a condominium as their primary residence.   But buyers did not realize that their condo corporation was subject to a hostile takeover Continue ReadingCondo to apartment ‘deconversions’ continue in Chicago

Investigative journalists confirm abusive nature of HOAs, common interest communities

By Deborah Goonan, Independent American communities Nearly eight years ago, when my husband and I purchased and moved into a nearly-new home in a master planned community, we had only a vague understanding of what it means to own and reside in an association-governed common interest community. Like most first-time residents of homeowners, condominium, or cooperative associations, we had been sold on the concept of a well-maintained, attractive neighborhood, with someone to urge neighbors to Continue ReadingInvestigative journalists confirm abusive nature of HOAs, common interest communities