We've done average apartments. How about average condos?
Second verse, same as the first.
A few weeks ago I did a little overview of what the average Chicago apartment looked like. It was pretty popular. But my office is on me for material that they can promote from their new social media campaign, and they're not so pleased with all the rentals that I do. (They are a residential sales brokerage, after all. They want me selling stuff, not renting it. Hint hint.) So, we're going to do the same thing with condos today as I did with rentals before - find the profile of the average condo and then pick out a few from the recent sales bin to show you what they look like.
What's the point? Well, if these are all hovering around the median price point for recent sales, then you can reasonably expect to find something comparable at or around this price in the immediate future somewhere in Chicago. Prices have started to tick upward, especially at the lower end of the spectrum, so we may not see this as the average for much longer. More importantly, this serves as a historical snapshot of what the average Chicago home buyer could afford to purchase in 2012. (more…)
What happens when a condo owner falls behind on their assessments?
One of the reasons renters give for wanting to become homeowners is that they never want to risk being thrown out of their home again. Once you own a piece of property, nobody can throw you out of it without reason, right? When a Condominium Board is involved, this is not always the case.
You see, when you buy a condo in Illinois, you buy air space. You are entitled to the air space in your condo plus the surface of your walls and floor, and a percentage of the rest of the building. Everyone is jointly responsible, through their condo assessments and participation in the association, for the upkeep of the common areas, and building exterior. It's a very socialist kind of system when you think about it.
When a condo owner falls behind on their assessments, the board can wind up falling short on their accounts, making them unable to pay for shared items like the water bill, the landscaping bill, or even the building's insurance policy. The state of a condo association's finances can affect the ability of buyers to get loans to buy into the building. Therefore, if an owner gets very far behind, the condo board has the right to take them to court and evict them.
Once the owner is out, the board can rent out the condo to a tenant, whose rent will go in part towards the payment of the evicted owner's back assessments.
Illinois Legal Aid has a great article about this for condo owners. But what does it mean for tenants?