{"id":4409,"date":"2018-10-09T03:32:15","date_gmt":"2018-10-09T11:32:15","guid":{"rendered":"https:\/\/blog.caionline.org\/?p=4496"},"modified":"2018-10-09T03:32:15","modified_gmt":"2018-10-09T11:32:15","slug":"27-million-reasons-why-a-condo-would-deconvert","status":"publish","type":"post","link":"https:\/\/www.jerrybice.com\/wordpress\/27-million-reasons-why-a-condo-would-deconvert\/","title":{"rendered":"27 million reasons why a condo would \u00e2\u20ac\u02dcdeconvert\u00e2\u20ac\u2122"},"content":{"rendered":"<div class=\"et_pb_section et_pb_section_0 et_section_regular\">\n<div class=\"et_pb_row et_pb_row_0\">\n<div class=\"et_pb_column et_pb_column_4_4 et_pb_column_0    et_pb_css_mix_blend_mode_passthrough et-last-child\">\n<div class=\"et_pb_module et_pb_text et_pb_text_0 et_pb_bg_layout_light  et_pb_text_align_left\">\n<div class=\"et_pb_text_inner\">\n<p><em>\u00c2\u00a0Lake Michigan from the North Shore, Chicago<\/em><\/p>\n<p>In a deal worth $27 million, Edgewater Beach condominium owners in Chicago plan to sell their lakefront building to Greenstone Property Group, a New York- based real estate investor that will convert its 188 units to apartments.<\/p>\n<p>Almost 80 percent of unit owners accepted the offer in a vote over the summer. Under Illinois law, bulk con- dominium sales must be approved by 75 percent of unit owners. The sale is expected to close this year.<\/p>\n<p>\u00e2\u20ac\u0153I think owners were beginning to realize that if we don\u00e2\u20ac\u2122t sell, we will be required to raise several special assessments to fund crucial deferred maintenance issues, many of which are not prepared for,\u00e2\u20ac\u009d says Shawn Swift, president of the Surfside Condominiums board. \u00e2\u20ac\u0153We felt it was important that all owners have the choice to decide the building\u00e2\u20ac\u2122s fate collectively, rather than a board of directors\u00e2\u20ac\u2122 decision to move forward with $3\u00e2\u20ac\u201c$4 million in special assessments over the next two years.\u00e2\u20ac\u009d<\/p>\n<p>Owners will receive approximately 40\u00e2\u20ac\u201c50 percent more on average for their units than if they were to sell on their own, explains Swift, and without the worry of paying hefty assessments in the future.<\/p>\n<p>\u00e2\u20ac\u0153We have also negotiated favorable leaseback terms for any owners who wish to stay in their units post-closing,\u00e2\u20ac\u009d Swift adds. \u00e2\u20ac\u0153The buyer will honor any cur- rent leases in place between an owner and their tenant. About half the building is currently being rented.\u00e2\u20ac\u009d<\/p>\n<p>The sale will be one of the largest condominium-to- apartment conversions\u00e2\u20ac\u201dalso known as deconversions\u00e2\u20ac\u201din the city\u00e2\u20ac\u2122s history, according to the <a href=\"http:\/\/www.chicagotribune.com\/business\/columnists\/ori\/ct-biz-edgewater-condo-deconversion-ryan-ori-20180830-story.html\"><em>Chicago Tribune<\/em><\/a>.<\/p>\n<p>\u00e2\u20ac\u0153Condominium deconversions became popular a few years ago because of the increased rental rates in Chicago,\u00e2\u20ac\u009d says Patrick T. Costello, a shareholder at Keay &amp; Costello law firm and a legislative liaison to<a href=\"https:\/\/www.cai-illinois.org\/legislation\/\"> CAI\u00e2\u20ac\u2122s Illinois Chapter Legislative Action Committee<\/a>.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p> <!-- .et_pb_text --><\/p>\n<div class=\"et_pb_module et_pb_text et_pb_text_1 et_pb_bg_layout_light  et_pb_text_align_left\">\n<div class=\"et_pb_text_inner\"><\/div>\n<\/p><\/div>\n<p> <!-- .et_pb_text -->\n\t\t\t<\/div>\n<p> <!-- .et_pb_column --><\/p><\/div>\n<p> <!-- .et_pb_row --><\/p><\/div>\n<p> <!-- .et_pb_section --><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/blog.caionline.org\/27-million-reasons-why-a-condo-would-deconvert\/\">27 million reasons why a condo would &#8216;deconvert&#8217;<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/blog.caionline.org\/\">Ungated: Community Associations Institute Blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The post <a rel=\"nofollow\" href=\"https:\/\/blog.caionline.org\/27-million-reasons-why-a-condo-would-deconvert\/\">27 million reasons why a condo would &lsquo;deconvert&rsquo;<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/blog.caionline.org\/\">Ungated: Community Associations Institute Blog<\/a>.<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[264,272,275,417,446,619],"tags":[],"_links":{"self":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/posts\/4409"}],"collection":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/comments?post=4409"}],"version-history":[{"count":0,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/posts\/4409\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/media?parent=4409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/categories?post=4409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/tags?post=4409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}