Retired Chicago condo owners could soon lose their home to deconversion

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By Deborah Goonan, Independent American Communities debgoonan@icloud.com Less than 2 years after they decided to retire in their Chicago condo, Eddie and Colleen Soto were shocked by news of a vote to sell the building to investors for a deconversion. The Sotos have owned their condo a 2 East Oak since 2008. Except for the year they rented their unit to a colleague, they enjoyed their Windy City condo on weekend getaways from their hectic Continue ReadingRetired Chicago condo owners could soon lose their home to deconversion

HOA, condo & co-op corruption and fraud roundup (Oct. 2019)

Arrest handcuff fraud theft

By Deborah Goonan, Independent American Communities Debgoonan@icloud.com A noticeable pattern of theft this month: trusted HOA managers, treasurers embezzling money, then falsifying records to cover up their alleged crimes. Plus: one of Chicago’s condo attorneys suspended for one year. Illinois Condo attorney suspended, after he falsified financial records at his former law firm The state agency that regulates legal professionals, Attorney Registration & Disciplinary Commission (ARDC), recently suspended Michael Shifrin, of Kovitz Shifrin Nesbit. ARDC Continue ReadingHOA, condo & co-op corruption and fraud roundup (Oct. 2019)

Chicago condo owners act to prevent forced condo deconversion

By Deborah Goonan, Independent American Communities According to local reports, the residential tower at 21 E. Chestnut was constructed as apartments in 1962, and converted to condominiums in 1979. Four decades later, the process has come full circle, with a pending deconversion to apartments. Earlier this month, 92% of owners in the 163-unit condominium building at 21 E. Chestnut St. voted in favor of a $44 million buyout by Strategic Properties of North America.  The Continue ReadingChicago condo owners act to prevent forced condo deconversion

Chicago man with “anger” issues charged with murder of 5 condo neighbors

By Deborah Goonan, Independent American Communities Debgoonan@icloud.com What’s behind the alarming trend of violence in HOA-governed communities? This Saturday, the news of a mass shooting in a Chicago condo complex shocked residents of the quiet Dunning neighborhood. Here’s what IAC has learned from various local reports of the horrific incident, which left 5 people dead.   The shooter, a former condo association President, has a history of “anger issues” Chicago Police Department have arrested Krysztof Continue ReadingChicago man with “anger” issues charged with murder of 5 condo neighbors