Just as trends come and go in other business arenas, they also make their mark in the commercial real estate world. The condo deconversion is one of the latest booming trends to hit commercial real estate, but some experts believe this may be more than a trend that will fade with time.
There are a few simple realities behind this reasoning: condo deconversion is based on restructuring older properties, and alternatives to new construction are continually in demand. There are - and will continue to be - older properties in need of modernization, and at the same time, real estate investors in need of more affordable construction methods. This makes the condo deconversion business model very appealing in commercial real estate, which means the market will likely continue to see a lot of them in the future.
What does this mean for HOA condominium owners? If you are considering any kind of condo deconversion transaction, it's important to know what you're getting into beforehand. Consider the following as you explore your options:
1. What will the process entail?
Selling your property as an individual unit is a complicated process, and you may not make as much selling it individually as you might in a bulk sale, or as a whole property unit. Either way, the process will involve hiring a broker and managing the legal costs to complete the sale. As you assess property value, keep in mind that many different factors may affect the sale price. For example, each condo owner's home is different. Some will have certain upgrades and aesthetic finishes that others lack.
2. Is my HOA on the same page?
When it comes to selling a condominium property as a member of an HOA, whether or not the HOA committee is on the same page can make a huge difference in the overall selling process. There are definite benefits to agreeing to sell the condos in a bulk sale. Legally there must be a vote amongst the HOA, and typically a certain percentage must vote in favor of the bill sale before it is permissible by law. Consider speaking with your committee and consulting with professional brokers and legal representatives who can guide you in the right direction.
Contact Our Naperville Conodominium Deconversion Lawyers
Commercial real estate decisions such as condo deconversion sales can be tricky, but also financially rewarding, so long as your rights are protected from start to finish. To ensure you're prepared for any potential complications that may arise during your transaction, speak with a Naperville commercial real estate attorney
today. Call Lindell & Tessitore, P.C. at 630-778-3818 for a specialized consultation today.