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The Hybrid Condominium

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The Dilemma Facing Some Aging Condominiums

The housing Crash resulted in dramatic declines in home values in the Chicago area. By 2017 home prices were recovering in many neighborhoods. However, in some neighborhoods, the values of condominium units, particularly those in moderate income buildings, have not recovered and may not recover any time soon. At the same...

Co-opdominium: A Path to Affordable Condominium Unit Ownership

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Introduction

For decades, condominium developers made a profit by splitting the ownership of multifamily buildings into individual units and selling them at retail for significantly more than it cost to acquire or build the building. After the housing crash, circumstances were reversed, at least as it relates to those condominiums which fall into the category of what...

How to Sell Yourself A Road Map for Condominium Associations

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The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its property to do so in an orderly manner that will maximize the distributions to the owners with the minimum amount of time, effort, and conflict.

A. Background/De-Conversion Phenomena.

Condominiums were first authorized in Illinois in 1963 when the Illinois...

Continued Employment as Consideration for Execution of a Non-Compete Agreement

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Recently, the First District Appellate Court issued a ruling in Fifield v. Premier Dealer Services, Inc., 2013 IL App (1st) 120327, regarding the length of continued employment necessary to constitute adequate consideration to support a non-compete agreement. Although this decision has received a great deal of press lately, it appears that the...

Throwing a Lifeline to Drowning Condos: A Plan to Recycle At Risk Condos That Would Avoid Blight

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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 are owned by owner/occupants and the balance of the units are owned by lenders (REO), the developer, a successor developer, and/or investors.

2. There is very limited unit loan financing or...

Change in Capital-Raising Rules in Private Placements

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By: Stephen E. Goodman and Terence P. Kennedy


Raising money privately from wealthy investors? One of the rules recently changed as a result of the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act. A keynote of private...

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