April 1, 2017
Author: Brian Meltzer
How to Sell Yourself: A Road Map for Condominium Sale/De-conversion The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its building for de-conversion to do so in an orderly manner that will maximize the distributions to the unit owners and minimize the amount of…
April 1, 2017
Author: Brian Meltzer
An Alternative to De-conversion 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…
January 11, 2017
Author: Brian Meltzer
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…
January 11, 2017
Author: Brian Meltzer
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…
September 12, 2016
Author: Ray Horn
Contributing Editor: Ray Horn is a Member with Meltzer, Purtill & Stelle LLC, a law firm with offices in Schaumburg and Chicago and is also Executive Vice President and a member of the Board of Directors of MBBI. Ray can be reached by phone at (847) 330-2430, and by email at RHorn@MPSLaw.com. Success in an…
November 10, 2015
Author: Mark R. Raymond
When constants are discussed, why do death and taxes always come up? Why not prosperity and relaxation? Well, actually change is the true constant and change is always unsettling. Planning around and in anticipation of changes requires constant awareness and flexibility. Many business owners “knew” in 2006 that they would transition their business long before…
October 13, 2015
On October 13, 2015, Chicago Municipal Code, Chapter 2-45-115, the 2015 Affordable Requirements Ordinance (“2015 ARO”) became effective. Go to www.cityofchicago.org/ARO to find a copy of the 2015 ARO, the 2015 ARO Enhancements Summary published by the City of Chicago, and 2015 Affordable Requirements Ordinance Rules and Regulations issued by the City under the 2015…