CHICAGO—During the last residential real estate boom, developers and owners across the Chicago metro area converted thousands of apartments into condo units. The crash exposed the fact that many of these projects were not really suitable as condos. And the recent apartment boom has made it possible to “de-convert” some projects back into rental units.
But the pendulum may swing back a bit in 2018, as state legislators seem likely to approve rules that will require a higher percentage of ownership votes in order to complete de-conversion plans.
“Condo de-conversion is a strange concept to many,” Sean Connelly, managing director, 33 Realty, tells GlobeSt.com. “But often times it's a great way to unlock additional value in the property and create a win-win for buyers and sellers.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
