Midwest real estate experts preview 2020 multifamily trends
Although the Chicago City Council recently adopted tougher legislation regarding the bulk sale of condominium buildings—potential buyers must now secure the approval of 85% of condo owners—some experts, like Interra Realty, which has brokered 15 deconversions in the Chicago area since 2017 and currently has two approved sales in due diligence, predict Chicago is entering “Deconversion 2.0,” despite the higher threshold for owner approval.
“As long as the deal pencils out for both the buyers and owners, deconversions will continue,” said David Goss, Interra’s co-founder and managing principal. “With the controversy swirling around deconversions, it’s easy to forget they can actually be excellent deals for unit owners, offering a premium over what they could get on the open market.”
Read article: Multihousing Pro