Friday, February 16, 2007

Vindication!

I felt some level of vindication when I opened the Sun-Times real estate section in today's paper. The lead story is entitled, The Perfect Shock, and it's a tale of a handful of Chicago condo conversions where owners have faced special assessments of up to $100,000. I'd posted here previously about my view that condo conversions are the worst type of property to purchase. Some people had questioned the statement.

Interestingly, and something for those of you out there, most of these suits are related to many of the South Loop loft condo conversions. I have a good friend who lives in one of those buildings who just paid a $25,000 special assessment.

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