The recession and accompanying housing crisis have impacted different parts of the nation in varying ways, with places like New York City looking downright hearty compared to foundering markets like Florida and California. The Chicago …
Q I am the vice president of our condo board. Just recently we found out through a real estate ad that the president of the board is selling his unit. Does this pose a conflict of interest? In effect, should the president remain the pr…
Q Is a condominium association in Illinois required to produce an annual financial report? If they don’t, what is the recourse? What parts of a financial report do the owners have access to? If the management doesn’t allow me to see the…
At 7 p.m. on a Friday evening, Keith J. Hales, president of Hales Property Management, Inc., happened to be checking his email. He found a message from a woman who lives in a four-story condominium building his company manages on Chica…
This in an anxious time in which to sit on the board of directors. With defaults and foreclosures accounting for some 20 percent or more of the units at some condominiums, frustration among association members is off the charts. …
If you live in a condo or a co-op, you’ve probably noticed that your building has at least one annual shareholders’ or unit owners’ meeting each year. It’s not random. The annual meeting is actually an Illinois state-mandated la…
The Great Recession has required all boards and property managers to investigate new and progressive ways to ensure that their bottom line is covered. While this has always been the mission, the economic reality of recent years has ins…
Q I live in a very small building and our condo board has turned over our building to a manager, who is running the condo as if unit owners work for her—not vice versa. The board likes not having to do anything. What recourse do unhappy …
You may not know the name of your local alderman, or even your state representative—plenty of polls have shown that many people don't. Politicians are one thing, but when it comes to the people running your condo building or homeowners …
Anyone who has ever circled the corners looking for a parking spot in Chicago, especially in the brutal winters, understands the importance of having a regular parking spot. In a city as crowded and fast-paced as Chicago, parking is a …