the wasserblawg

by Michael H. Wasserman  An interesting 20 minute podcast here . The disaster in Miami calls to light a critical challenge for all condo owners, including owners here in Chicago. Who decides if repairs and who pays? Hint: the owners. These are two really tough questions to answer. Particularly because condos are for the most part run by untrained volunteers. Few have experience apartment buildings. These volunteers have to not only appreciate the need for action but must then convince their co-owners that the necessary costs must be paid. Think these sorts of deferred (ignored) maintenance problems don't effect us localy? Consider the deconversions of Keneally Square or River City back in 2017 & 2018. The over-whelming costs of long deferred maintenance forced owners to sell out at a loss. Thankfully, no loss of life, but still disastrous outcomes. This is one of many reasons why Buyers should inspect condo common elements, financial records and meeting minutes. Understandin...