Impact of condominium deconversions on unit owners

Lawyers' Forum

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. She can be reached at erica@ecminchellalaw.com.

Posted August 27, 2019 3:24 PM

When a condominium building deconverts from condo to rentals, there are certain impacts on the unit owners. There may be an advantage to unit owners who will no longer have responsibility for major repairs that might be the basis for special assessments and may thereby increase the value that the unit owner might get for the sale of their apartment.Alternatively, the sale of the unit to a single buyer for deconversion may depress the sale price because the property cannot be sold on the open market with competitive bids.A …

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