Condo Deconversion
Why consider condo deconversion for your association?
If your HOA is struggling with issues such as:
- A situation where multiple owners have tried to sell and have been unable to achieve the desired sales price
- Sale prices have continued to decline
- High number of rental units or a rental wait list
- Potential buyers cannot secure traditional financing
- Problems collecting monthly assessments or having a high delinquency rate
- Large capital project(s) that would result in a special assessment
- Low or no reserve funds
- Insufficient budgeting
- Increasing property taxes
- Deferred routine maintenance
- Outdated units and common areas
The benefits of condo deconversion
- Profitability – sellers earn 25-30% above traditional residential values
- Lower Fees – broker commissions and attorney fees are generally 15-25% less with a bulk sale
- Less work! Let my firm, Ideal Location-Oak Park, guide you through the sale process
- Financial Relief! Prevents owners from investing more money into a depreciating asset
- Potential to remain in your unit- Owners can often times leaseback their unit after the sale occurs giving them time to plan their next step