Profile picture for LekhaVenkataraman

Condo conversion fraud?

Bought a condo conversion three years ago.  Only 7 of 32 units were sold, the rest are being rented out, with the owner making no attempt to sell.  The building has not been fully converted (half done lobby, hallways not redone, etc.) and the developer has since sold the building to a new owner.  The homeowners do not have control of the association or access to any of its finances.  What can be done??
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 06 2012 - Hyde Park
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Profile picture for LekhaVenkataraman
thanks for the advice...we do have a lawsuit going, however our lawyer went MIA and didn't show up at multiple court days (which we didn't know).  During that time we were countersued to pay our back assessments which we were holding until we saw proof that the developer was paying assessments on all the units that he had rented out.  The whole thing has been a nightmare, and now we are unable to find a lawyer that will take the case...if anybody has any suggestions of a lawyer in chicago please let me know!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 07 2012
Profile picture for JohnWilt
I agree with Philip, Laurie and Matt.  I would approach the owner and ask his/her intent and maybe see if they would buy you out.  However, I would be willing to give you 100 to 1 that what you are offered is nowhere near what you want $$$$ or what the place might be worth $$.   I would get together with as many other owners and seek legal counsel fast. -Good Luck
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 07 2012

This did happen a lot in the past 5-6 years. You need to get together with the other owners and agree to speak with an attorney. It is a legal issue....mess

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 06 2012
You may also approach the new owner to see if he would be willing to buy you out - in some cases they want to own the whole building and deconvert back to apartments.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 06 2012
I have seen this happen a lot. People who bought towards the peak of the market pre construction/conversion, and then the developer goes belly up and the rest sold. There is not much you can do at this point. You were promised certain things, but unless they were in writing, there is little you can do to go after them with. You can try speaking with your attorney to see if you can sue for some sort of recourse to collect money to finish the projects, but this is difficult to do. You can also speak with the new owner of the building to see what they plan on doing with the place.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 06 2012
 
Related Questions
Condo conversion fraud?
Profile picture for LekhaVenkataraman
Latest answer by LekhaVenkataraman
August 07 2012 | 5 answers
  • Asked by LekhaVenkataraman
  • In Other Pros
  • August 06 2012
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1000 E 53rd St UNIT 301S, Chicago, IL Home For Sale
    1000 E 53rd St UNIT 301S, Chicago, IL 60615

     For Sale: $86,000

    • Beds: 2
    • Sqft: 1000
    • Baths: 1.0
    • Lot: --
  2. 1332 E 56th St APT 1E, Chicago, IL Home For Sale
    1332 E 56th St APT 1E, Chicago, IL 60637

     For Sale: $129,900

    • Beds: 1
    • Sqft: --
    • Baths: 1.0
    • Lot: --
  3. 5341 S Drexel Ave, Chicago, IL Home For Sale
    5341 S Drexel Ave, Chicago, IL 60615

     For Sale: $359,900

    • Beds: 4
    • Sqft: 1594
    • Baths: 2.5
    • Lot: 2180