Adam Kahn from Levenfeld Pearlstein shares stories about condominium associations that have been converted to apartments in the recent deconversion trend. Learn more about what condo associations can do to either prevent a deconversion or ensure their owners get the best possible deal.
This episode features Adam Kahn from Levenfeld Pearlstein with stories about Condominium Deconversions and what options associations have when faced with a potential deconversion.
Over the past several years and primarily in Chicago, investors have been purchasing entire condominium buildings for the purpose of de-converting them; that is, changing the building from a condominium into apartment rental property. That trend has been driven by the slow recovery of the market for individual condominium units (after the market crash) and the increased demand for rental property, and with it the ability to charge high rent. In other words, certain condominium buildings could be quite profitable as rental property.
We talk about what makes an association a prime candidate for deconversion, how developers may approach associations unwilling to consider offers, strategies an association can implement to show developers they’re not interested in considering offers, and what kinds of options a developer can include in their offers to make sure the transition can be a win-win for associations that do come to an agreement for a bulk sale.
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