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Old 07-12-2018, 06:55 PM
 
Location: Barrington
63,919 posts, read 46,443,398 times
Reputation: 20674

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Quote:
Originally Posted by LifeIsGood01 View Post
https://independentamericancommuniti...ike-it-or-not/

Condo owners forced to sell in a deconversion, like it or not
IN CHICAGO, ILLINOIS, 75% OF UNIT OWNERS CAN FORCE A BULK SALE AND TERMINATION OF THE CONDO ASSOCIATION.

This happens in other parts of the country too but the bigger the condo building is the harder it should be to get 75% ownership by one person.
Every association has language within their governing documents about the requirements to dissolve the association. Some states/ municipalities have statutes that can trump an association’s governing documents.

The deconversions I am aware, of are mostly studios and 1 br units, majority investor- owned and occupied by renters.

Some condos limit or prevent units that can be rented and do so because a majority of owners prefer their neighbors to be owners.
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Old 07-13-2018, 07:04 PM
 
Location: Denver CO
24,204 posts, read 19,020,768 times
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My personal preference is for a condo that is large enough to justify professional management. I knew a couple of people who lived in small, self- managed condos. Not only was it a lot of work, because everyone had to pitch in to take care of all of the finances and maintenance, it was also a problem dealing with the various personalities. I'd much rather have some of my monthly fee go towards a neutral party who does that work and can also be a buffer if there are issues between owners.

But it's definitely a YMMV situation
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Old 07-19-2018, 01:46 AM
 
4,284 posts, read 10,719,153 times
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I live in a 40 condo complex and imo it’s the ideal size. Small, but not too small.
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