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Developer

  • River City condo owners close to taking $100 million offer (IL) Nearly two years after a developer first offered to buy all the condos at River City in the South Loop, the homeowners association finally has enough votes to sell, but just barely.  The $100 million sale of River City’s 448 condos would be the biggest Chicago condo development by far to switch to rentals in the recent wave of deconversions     Read the article…………….
  • Why your development could be in big trouble if your HOA documents aren’t set up properly Q: My husband inherited a private development that his father owned in West Virginia. How does one go about starting a homeowners association (HOA) for something like that? The lots were sold without any agreement about an HOA. All the extra costs like roads and sewer and snow removal have been covered privately, thus making this a nonprofitable venture.   Read the Q&A…………………
  • Workers at luxury St. Pete condo tower say they are owed thousands (FL) Nearly three dozen workers at ONE St. Petersburg, a luxury condo tower under construction in the heart of downtown, haven’t been paid in weeks and are owed thousands of dollars.  With the holidays nearing, some of the men say they are so short of money their phone service has been cut off, they face eviction and they can’t afford a Thanksgiving spread for their families.  “I’m just in really bad shape,” said John Obermeier, who said he is owed $5,000. “I really need that money.”    Read the article……………..
  • Condo board’s crusade against Savanna principals struck down by state’s top court (NY) New York State’s highest court shot down a Williamsburg condominium board’s effort to directly sue the principals of Savanna Real Estate, in a move that further enforces the protections created by limited liability companies.   Read the article…………….

Developer Article Archives

Transition

  • Turnover – Considerations for your Condominium Board of Directors and Officers (WI) Is your condominium or homeowners association currently controlled by the declarant/developer? Would you like to be prepared when the developer is ready to hand over the reins to you, the owners? In Wisconsin, developer turnover is governed by Section 703.15 of the Wisconsin Statutes. To ensure a seamless transition, there are certain steps associations should take both before and after developer turnover.   Read the article……………
  • A Checklist for Associations Transitioning From Developer Control (Pt 2) (DC) This article is a continuation of “Declarant Transition – Part I,” an overview of the laws governing the declarant transition process for unit owners’ associations in the District of Columbia. Part II, below, sets forth a transition checklist that should be addressed by the initial, unit owner-elected board once it assumes control of the association from the declarant.    Read the article……………
  • Developer Transition: MD Condos and HOAs – Part 2 This article is a continuation of “Developer Transition – Part I,” an overview of laws governing the developer transition process for condominium and homeowners associations in Maryland. Part II, below, is a transition checklist that should be addressed by the initial, homeowner-controlled board once it assumes control over the association from the developer.     Read the article…………….
  • Developer Transition: MD Condos and HOAs – Part 1 This is a two-part article dealing with “developer transition,” the process by which the governance of a condominium or homeowners association is transferred from developer to unit owner or lot owner control. Part I, below, is an overview of the legal requirements that govern the transition process. Part II will contain a “transition checklist” for transitioning owner-controlled boards of directors.     Read the article…………….

Transition Article Archives

 

Buying/Selling

  • 9 Things You Need to Know About Homeowners’ Associations When you purchase a condominium, townhouse or another type of property in a planned development such as a leased land property or a gated community, you are obligated to join that community’s homeowners’ association (HOA) and pay monthly or annual HOA fees for the upkeep of common areas and the building. If you are considering purchasing one of these types of properties, you should be aware of the following nine things about homeowners’ associations and how they work before you buy.   Read the article………………
  • Condo owners fight hefty document fees with class-action lawsuits (IL) Several Chicago and Illinois condominium owners – fed up with being ripped off by management companies charging excessive fees to access legal documents – are fighting back with class-action lawsuits.  On November 20, CondoCerts.com Inc., a national web database that sells statutorily mandated certification documents to owners selling condos in Illinois, was hit with a $5 million punitive class-action lawsuit from sellers who claim it is illegal for the website to charge “more than the reasonable cost of copying those documents.”    Read the article………………..
  • What is a condo? Maybe you’ve been thinking of living in a condo, but not sure what’s all involved, especially if you’re coming from a more traditional home.  Condos aren’t apartments, and they’re not townhomes. They’re unique to themselves with specialty floor plans, amenities and even outside spaces. There is one primary difference though when it comes to condominiums.    Read the article…………….
  • Don’t be surprised by HOA fees If you’re planning to buy a condominium or any other property with a homeowners’ association (HOA), you need to understand the impact of HOA fees before you sign the contract.    Read the article……………….
  • Homeowners Associations: Join Or Pass? Like many prospective homeowners, I’ve looked at properties that fall under the jurisdiction of a homeowners association (HOA), and I’ve had to carefully analyze whether the value of those HOA services outweighed the costs. HOA fees are hard for many new home buyers to swallow. These fees are incremental costs that typically aren’t planned for like a mortgage. Most homeowners invest in real estate with the expectation that they’ll see future returns on that investment. HOA fees aren’t really in that ROI vein; they’re more like an operating expense akin to apartment rent or property taxes — money you will never see again.    Read the article………………..

Buying & Selling in a Community Association Archives