A recent news story investigated how Chicago businessman, Michael Lazarus, is buying up several units in a Lakeview condo building. This has created major upset among long-time owners who may now have to sell their homes for less.

In 2017, this association’s Board of Directors got ride of a rule limiting the ownership of units by a single person, or company, to two. Lazarus now owns 17 units, which is almost 30% of the building.

In an ABC 7 interview about the situation, Haus Financial Services’ owner, Lauren Peddinghaus, explained how the situation affects the value of other units.

She said it is very risky for so many units to be owned by one person or entity. If that entity goes under, the whole building could be compromised.

According to a 2018 report, the share of home sales bought by investors has reached its highest level in 20 years. Community associations are facing an imminent threat of legislation impacting their ability to adopt and enforce rental restrictions on real estate investment companies buying up homes.

As a results, community associations should start having conversations now about adopting rental restrictions.

To learn more, click here.

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