City Room™ - Business - Condo Owners Struggle to Salvage an Almost-Empty Building This is the story that accompanies the WBEZ radio broadcast I just did with attorney Mark Pearlstein and Illinois State Representative Harry Osterman. There is also a link to the full story by Ashley Gross of this disastrous situation at the condo in question.
It is good to see that at least somebody is paying attention to this situation. I think the whole program was excellent, including the call from Brian White of the Lakeside Community Development Corporation, where they are trying to help out these associations and their owners. Listen to the whole thing and please comment.
1 comment:
Professor,
Readers need to listen to the broadcast, and then also to the panel with the experts. This Chicago story is very sad, and we can almost visualize the maggots in the refrigerator as they were describing them firsthand. Let's face it, similar problems ARE everywhere -- including downstate Illinois -- so thank YOU for reminding everyone of that in your comments today.
Rep. Osterman's comments were intelligent and impressive, except for being quite naive as to the number of CIDs outside of the Chicago area.
The other surprise was that the program moderator seemed stunningly shocked that a prospective purchaser (who was going to invest a couple hundred thousand dollars) would NOT check everything out -- AND WOULD READ THE GOVERNING DOCUMENTS... Please?
People spend millions on CID properties and don't even read them... No offense intended, he was a great host -- but, completely out of touch with the "average" buyer (let alone the "least sophisticated" standard buyer)?
Attorney Pearlstein also did an impressive job of answering some important questions -- and he DEFINITELY raised my interest in the "future" legislation that he said is being proposed for ALL HOAs in Illinois -- as MANY are NOT subject to the current act.
Ironically, the attorney for our troubled downstate Illinois POA has openly bragged that we are NOT subject to Illinois law related to Associations... (developed between 1970 and 1980 -- prior to The Act).
Maybe Illinois law will change -- however, the proposed Ombudsman BETTER be for BOTH condos and HOAs... Why should one class of property owner in Illinois have more protection than any other?
All in all -- it was time very well spent listening in -- even if you don't live in Illinois! Thanks for the heads-up!
Let's see what consumer protections 2010 truly brings for ALL CID property owners in the State of Illinois? Manager licensing will be a good start -- as long as SOMEONE is there with a big stick whenever they embezzle or abuse homeowners!
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