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Developer

  • Representing condominium developers (MA) Like most condominium lawyers, I represent condominium associations and developers. In this article, however, I am going to summarize some of my thoughts on representing condominium developers.  I am deliberately being provocative and aggressively pro-developer in this article. As Sasha said to Yvonne in Casablanca: “Yvonne, I love you dearly, but he” (i.e., Rick) “pays me!”    Read the article……………
  • Hospitals-Turned-Condominiums: The Latest Conversion Trend (NY) In New York City, the real estate game is hard fought and won by aggressive players. Everyone wants a piece, from developers to buyers. So when space — a rarity in the crowded metropolis — becomes available, it gets used.  Interestingly, as hospitals and medical facilities close or are consolidated, the structures are often being used to develop new condominium residences. In some cases, the location makes the sites ideal for residential development and in others, the grand and unique qualities of the structures, which are often older and historic, dictates their new use.    Read the article……………
  • Turnover Troubles: Homeowners Can Take Down Goliath One of the most recognizable narratives in human history is the famed story of David and Goliath. Often, we find that homeowners are David in the seemingly impossible fight against Goliath, the community developer. This analogy is never more apparent than in the case of association turnovers. “Turnover” is perhaps the most important stage of a community’s existence, as it is the process by which the developer relinquishes control of the board and the community to the purchasing parcel owners.    Read the article……………
  • Traçage condos rebrand, eye construction as legal woes end (LA) After more than 10 years of delays and over a half dozen lawsuits from neighbors, a Warehouse District high-rise condo complex is moving forward with a new name and fewer developers.  Spectrum Capital, the financial arm of the former Tracage Luxury Living, said Wednesday that its legal matters have been resolved, paving the way for construction to begin later this year on the project that has been rebranded Eleven Hundred Annunciation.     Read the article…………..

Developer Article Archives

Transition

  • Turnover Troubles: Homeowners Can Take Down Goliath One of the most recognizable narratives in human history is the famed story of David and Goliath. Often, we find that homeowners are David in the seemingly impossible fight against Goliath, the community developer. This analogy is never more apparent than in the case of association turnovers. “Turnover” is perhaps the most important stage of a community’s existence, as it is the process by which the developer relinquishes control of the board and the community to the purchasing parcel owners.    Read the article……………
  • Turnover: Transitional Considerations for the HOA Part one of this blog discussed turnover in its initial stages: the events that trigger turnover and the files and papers the developer is required to produce to the homeowners’ association at the time of turnover. Once an association has completed those steps, the board must then turn to critical business and make crucial decisions for the association. Associations and their boards should bear in mind the following issues as they go through turnover and immediately thereafter.  Subsequent to turnover, the association is independent from the developer and its support. At that time, the Board must ensure that the developer delivered on all its promises, and that the physical property and the association’s finances were properly maintained during the time ...
  • What Condominium Owners Should Know About Developer Turnover of the Association: Part II During the construction and initial sales of units within a condominium association, the developer will manage the association’s operations and governance. This means the developer controls the association’s board of directors. Once the development is constructed and a certain percentage of units are sold, then turnover of control of the association to the unit owners must occur. What follows is an overview of what every condominium owner should know about developer turnover of the association.   Read the article………..
  • What Condominium Owners Should Know About Developer Turnover of the Association: Part I During the construction and initial sales of units within a condominium association, the developer will manage the association’s operations and governance. This means the developer controls the association’s board of directors. Once the development is constructed and a certain percentage of the units are sold, then turnover of control of the association to the unit owners must occur. What follows is an overview of what every condominium owner should know about developer turnover of the association.    Read the article…………

Transition Article Archives

 

Buying/Selling

  • HOA basics: What to know before you buy Before signing on the dotted line for your new home, make sure you know what your homeowners association fees are and what they cover. Because most new planned communities have HOAs whether you’re buying a detached home, condo or townhome, factoring in that added cost is a necessary part of your home-buying budget. And it’s mandatory.   Read the article…………..
  • A Checklist For Selling Your Condominium You’ve been reading countless articles in the paper about overwhelming demand for real estate and, after much thought, you have decided to take advantage of the strong seller’s market and sell your condo. While many local media stories suggest that selling anything in today’s market is as easy as snapping your fingers, the purpose of this blog post is to help you with some of the important considerations that, if planned properly, will help to ensure a smooth sale.   Read the article…………….
  • Association Disclosures Under Section 22.1 of the Illinois Condominium Property Act The focus of this article is to provide a brief overview on the disclosures provided in Illinois by a condominium association to a prospective buyer of a unit and: (a) what is mandated by law; (b) what current practice is; (c) associations’ and board members’ exposures to claims for failure to comply; and (d) action needed to remedy the ills that exist in the market today.   Read the article……………..
  • Condos may be appreciating faster than single-family houses It’s a real estate question that historically has had an easy answer: Do single-family detached houses appreciate in value faster than condominiums?  The standard answer has been: Of course single-family houses appreciate faster. They are what most Americans prefer to live in, so there’s stronger demand. They come with their own piece of land — and we all know that land is a crucial driver of value.    Read the article………………
  • Co-op and Condo Financing: A Market Overview Today, some eight years after the economic devastation of the Great Recession first began to gather steam, financing for co-op and condominium buildings and individual unit purchases is again widely available. The market is overall quite healthy, and though there have been some systemic changes to this part of the financing world as a result of that financial meltdown, today’s co-op and condo financing instruments are remarkably similar to what was typical before the bursting of the housing bubble sent the economy spiraling.     Read the article…………..

Buying & Selling in a Community Association Archives