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Condo De-conversions May Decline in 2018

New legislation will make these more difficult by boosting the percentage of ownership votes needed.

By Brian J. Rogal | Updated on December 18, 2017

chi-4700-4708-n-winchester-ave-chicago-il-building-photo (2) A private investor recently bought 4700-4708 N. Winchester for $6.4 million. It plans to dissolve the condo association and return the units to the rental market.

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.

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