Stories like that of River City's construction and evolution from apartments to condos and back to apartments make Chicago the perfect place to understand how condos usually meet their end—not in a pile of rubble, but in a buyout that leaves some owners feeling lucky and others feeling betrayed.
The whole thing sounds like something to avoid, like timeshares.
Streeterville
4 years ago
Surfside condo building collapse should be a HUGE wake-up call even to complacent Chicago condo unit owners unwilling, unable to stomach the often extreme petty politics of condo governance by rank amateurs, and/or otherwise just disinterested in participating in condo governance.
Practically-speaking, a bulk sale of condo units to a deconversion developer, or for wholesale building demolition and redevelopment of entire site, may become only solution for a deteriorating condo building facing continually declining unit-values, large monthly assessment charges and even larger special assessments, and major building-system reconstruction projects.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The whole thing sounds like something to avoid, like timeshares.
Surfside condo building collapse should be a HUGE wake-up call even to complacent Chicago condo unit owners unwilling, unable to stomach the often extreme petty politics of condo governance by rank amateurs, and/or otherwise just disinterested in participating in condo governance.
Practically-speaking, a bulk sale of condo units to a deconversion developer, or for wholesale building demolition and redevelopment of entire site, may become only solution for a deteriorating condo building facing continually declining unit-values, large monthly assessment charges and even larger special assessments, and major building-system reconstruction projects.