editor's blog

Recycling At Risk PUDs with SSA Bonds through use of Eminent Domain


There has been significant publicity recently about a plan being considered in San Bernardino County, Ca. to condemn “under water” mortgages on single family homes and refinance the mortgagors into non-under water loans, thus bailing out the affected home owners (the “Mortgage Condemnation Plan”). The Mortgage Condemnation Plan is also being considered by the...

A Plan to Recycle At Risk Condos , Assist Under Water Owner/Occupants, Provide Affordable Housing and Pay For Itself


A Plan to Recycle At Risk Condos That Would Avoid Blight, Assist Under Water Owner/Occupants, Provide Affordable Housing and Pay for Itself

I. The Problem

1. For purposes of this proposal an “At Risk Condo” is a condominium project in which a substantial number of the units...

Converting the American Dream into a New Melting Pot; How to Deal With the Problem of Vacant Condo Units


The “for sale/owner occupant” housing market has been in a state of depression since 2007. The United States is now faced with millions of unoccupied, or soon to be unoccupied, homes resulting from foreclosures, abandonment or failure to sell after construction or rehab. Even in the good times, affordable housing was a serious national issue. A potential opportunity that presents itself in the...

Legal Challenges and Small Business Ownership


Having legal challenges when it comes to small business ownership and entrepreneurship? Join Roger Stelle, Wednesday, February 8, 2012, at the first Kellogg Business Law Conference, "Legal Challengers and Small Business Ownership". He will be a keynote speaker and panelist, speaking on "Working with Lawyers." The Kellogg conference is designed to inform entrepreneurs and business leaders how to supplement their business acumen with a legal perspective. Don't miss out on this one-time event.

Contact Scott T Whitaker, Adjunct Associate Professor

Kellogg School of Management

Avoiding Land Mines on Busted Residential Developments


Avoiding Land Mines on Busted Residential Developments

This is directed to a lender or holder of a mortgage loan (“Lender”) on the unsold and/or unbuilt portions of a failed condominium or planned unit development.

The market for busted developments is thin. It's limited primarily to national homebuilders looking to build up an inexpensive...

Developer Rights: How To Get Them If You Need Them


Developer Rights: How to get them if you need them

In a “for sale” residential development the developer rights may include some or all of the following: control of the homeowners association until turnover (i.e. the right to appoint the members of the board of directors, set budgets and control costs); the right to add property to the declaration; the right to enforce...

Busted Non-Condominium Projects in the Chicago Area


By: Brian Meltzer

There are many busted non-condominium and mixed product projects in the Chicago area, primarily in the suburbs and exurbs. The issues for busted non-condominium projects are different and often more complicated than those for busted condominiums. In this article, I discuss what I see going on...

Recent Estate and Gift Tax Developments

Practice Area: 

posted by: William J. Grinde

Followed is a summary of (1) the federal estate and gift tax changes in the recently enacted 2010 Tax Relief Act, (2) the reinstatement of the Illinois estate tax, and (3) an expansion of the Illinois rules pertaining to asset protection and tenancy by the entirety property.


MPS Real Estate, Stalled Condominium and Planned Unit Developments


By Brian Meltzer

During the first 12 years of our 15 years in business, MPS concentrated
our practice in the area of representing middle market businesses, with a niche
in representing homebuilders, commercial developers and condominium converters,
as well as financial institutions which made acquisition,...

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