Sell Your Condo at a Premium with Our Experience
The Chicagoland Multifamily Group has been advising real estate investors in Chicago for 15+ years. Over the last several years we have been at the forefront of this deconversion trend, guiding and representing HOA’s interested selling their entire condominium building. Currently, there is extremely strong interest being shown by apartment investors looking to acquire buildings like yours that are operating as condominiums and converting them back to apartments. This is being driven by increasing rents (and therefore premium pricing per apartment unit), stable interest rates and the slow recovery of condominium prices in vintage buildings.
What does this mean to you?
Condo associations interested in pursuing this bulk sale option have seen the value of their units selling at 20% premiums, or more, when compared to the per unit price being realized when sold as individual condominiums. Aside from a higher price, the premium is realized by paying a lower commission and benefiting from the reserve being returned to the owners after closing. Additionally, there is an option for owners to rent back their unit post closing.