New Chicago Ordinance Looks to Slow Condo-to-Rental Deconversion Rates

In recent years, numerous Chicago condominium developments have undergone “deconversions” to transform them into apartment buildings. As a matter of fact, between 2016 and 2018, there were 20 total deconversions made in the City of Chicago. This possibly stems from the upward trending apartment rental market in conjunction with Chicago’s slowing home buying market, along with the devaluation of many units in condominium projects.

Last month, a new Chicago ordinance went into effect in an attempt to slow the spree of recent condo-to-rental deconversions.

Handling Tenants Who Are Late on Rent

In a perfect world, you would be able to manage your rental properties stress-free. But the reality is that disputes are just a part of everyday life. Tenant-Landlord relationships can be prone to disputes.

These disputes can be especially tenuous when handling tenants who are late on rent, or worse, refuse to pay. There are a few things you should do in order to protect yourself when such a problem arises.

Understanding Offers and Counteroffers in Illinois

Illinois may be known as the Prairie State, but it’s also a great place to buy a home. However, navigating the world of offers, counteroffers, and earnest money can be tricky to those new to real estate.

This brief guide for understanding offers and counteroffers in Illinois is here to help you find the home of your dreams while also providing a better idea of how to maneuver through the negotiation phase as seamlessly as possible.

Earnest Money: A Show of Good Faith

Buying a home can be complicated. Finding a real estate agent, the right neighborhood, looking at properties, putting forth an offer, and running through the closing process are just a few of many steps in the process. Despite the lengthy process, yet another stress becomes the added inclusion of earnest money.

Marketing Your Home Listing

So, you’ve decided to sell your home in Illinois. Perhaps, your family has outgrown the starter property. Maybe, you’ve come into a windfall of extra money. Regardless of the reason, it’s time to spring into action!

As a first step, you’ll want to have your home listed on the MLS. From a marketing perspective, one of the key benefits of working with a Realtor is having your home listed here. However, you can still achieve this by paying a flat fee to a local brokerage.

Residential Real Estate Investing Gone Wrong: A Story of The Better Housing Foundation

Through the years, real estate has become heavily intertwined with the American Dream. It starts with purchasing one building, then another, then another. Before you know it, you have an empire.

But sometimes that aspirational Dream quickly fades into a nightmarish hellscape for tenants, state officials, and alas, even the property owners.

Enter The Better Housing Foundation.

Chicago: A Haven for Real Estate Development

Throughout the world, the city of Chicago is known for its glorious skyline. After 1871’s Great Chicago Fire, the city needed a massive rebuilding. Some of the largest metropolitan cities, such as New York and St. Louis, dedicated a great amount of resources to the undertaking, and the initiative drove architects from all over to leave their mark on the Second City.

Since those glory days, real estate and Chicago have gone as well together as a Chicago-style hot dog and relish, something which still rings true over a century later in 2019. Now, the latest example of Chicago’s real estate development ambition stems from the locally-based Decennial Group.

Construction Remedies for Condo Owners: We Hardly Knew Thee

Imagine buying the condominium unit of your dreams.

The flooring is finished. The kitchen has new Whirlpool appliances built in. You can’t even hear your neighbors through the walls. Everything is perfect.

Until it isn’t.

A couple weeks in, you notice water seeping into the unit. But it’s not just a tiny amount.

Naturally, you report the case to the condo association and they call up the manufacturer. But the manufacturer insists that they did everything by the book. And now, we have a legal dispute on our hands.