Chicago developer de-converting condos

Property Values….

Independent American Communities

Over the past few months, I have been writing about the politics, perils, and pitfalls surrounding condominium terminations and de-conversions in Florida. (A de-conversion occurs when a developer dissolves the condominium association and rezones the complex as a traditional apartment community) In case you’ve missed this story, which has received national media attention, you can read a brief summary about it here.

Several colleagues have expressed horror and disgust at the process of hostile condominium takeovers in the Sunshine State, but didn’t think the same thing could happen in their states.

But I’ve been warning folks for many months now: what happens in Florida can happen anywhere. Now it’s happening in Chicago, where some of the city’s most well-known condominiums are being de-converted to pricey rental apartments.You can read about it in Crain’s article linked below.

Similar tactics have occurred in some very small condominiums in Boston and Reading…

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