Demystifying Deconversions: A Primer on the Process of Deconverting Condos

Chicago attendees had the pleasure of listening to a presentation by Howard Dakoff of Levenfeld Pearlstein about deconverting condominiums, i.e., the process whereby condominium unit owners sell all of the units in a building to a single purchaser with an eye towards eliminating the condominium regime and thus, turning condominium units into rental apartments. Mr. Dakoff reviewed the various steps that need to be taken during the deconversion process and highlighted that buildings with four or more units require 75% of the owners’ approval first before the process can begin.

Prior to the presentation, members, new members and guests gathered to network and share current trends and/or success stories within each of their professional arenas. Everything from property assessments in Chicago, the ongoing value of 1031 exchanges, why partnering with an interior architect is important prior to developing or purchasing property as well as opportunity zones exploding in Puerto Rico. The world truly is a real estate professional’s oyster!