Who's in Charge of Fixing Miami's Aging Condos? (and what about here in Chicago?)
The disasterous 2021 building collapse in Miami calls to light a critical challenge for all condo owners, including owners here in Chicago. Who decides if repairs and who pays? Hint: the owners.
These are two really tough questions to answer. Particularly because condos are for the most part run by untrained volunteers. Few have experience apartment buildings. These volunteers have to not only appreciate the need for action but must then convince their co-owners that the necessary costs must be paid.
Think these sorts of deferred (ignored) maintenance problems don't effect us localy? Consider the deconversions of Keneally Square or River City back in 2017 & 2018. The over-whelming costs of long deferred maintenance forced owners to sell out at a loss. Thankfully, no loss of life, but still disastrous outcomes.
This is one of many reasons why Buyers should inspect condo common elements, financial records and meeting minutes.
Understanding condo association's reserves (if any), capital maintenance schedules (if any). and the community's posture towards making special assessments and capital improvements is an important part of the buying process.
To learn more, check out this interesting 20-minute podcast here.
These are two really tough questions to answer. Particularly because condos are for the most part run by untrained volunteers. Few have experience apartment buildings. These volunteers have to not only appreciate the need for action but must then convince their co-owners that the necessary costs must be paid.
Think these sorts of deferred (ignored) maintenance problems don't effect us localy? Consider the deconversions of Keneally Square or River City back in 2017 & 2018. The over-whelming costs of long deferred maintenance forced owners to sell out at a loss. Thankfully, no loss of life, but still disastrous outcomes.
This is one of many reasons why Buyers should inspect condo common elements, financial records and meeting minutes.
Understanding condo association's reserves (if any), capital maintenance schedules (if any). and the community's posture towards making special assessments and capital improvements is an important part of the buying process.
To learn more, check out this interesting 20-minute podcast here.
Stay Informed
When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.
