Condominium Deconversions: Examination of a Section 15 Sale (IL)

Until recently, the word “conversion” was generally thought to mean the process through which an apartment building was converted into a condominium association. However, in the wake of the 2007 market crash and real estate downturn, few condominium conversions have been occurring in the Chicagoland area. In the past year, as the demand for rental units has skyrocketed, a new phenomenon has emerged- the sale of all of the units in a condominium building to a third party who then “de-converts” the condominiums to apartments. Almost overnight, developers looking to convert condominium associations into rental properties have descended upon the condominium association market, flooding many associations with offers to purchase all of the units from the owners.   Read the article………….