Posts in category "Condominium"

The Enigmatic Carlton Knight

Ever so often, someone e-mails me a question or volunteers information about my real estate developer Carlton Knight. For those of you who don’t know the history, he is the driving force behind me starting my blog.¬† He is the reason “I Hate My Developer” exists. In the pre-Chicago Now version of this blog, I... Read more »

Foreclosure Stories: The End

My mortgage nightmare was coming to an end. After being deeply underwater as property values in Woodlawn continued to decline, I had made an offer to purchase my condo for $20,000 and found a friend to finance the deal. Despite the fact that things were falling into place, I was still up against a big... Read more »

Mayor Elect Emanuel---Condo Owners Need Help Too.

Mayor Elect Emanuel, In case no one on your transition team told you, condo owners of all stripes in our city are in a world of hurt.  Questionable developers + slipshod workmanship + cutting corners + undereducated consumers = a housing nightmare. The first manifestation is already here; buildings built (or rehabbed) so poorly that... Read more »
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The Price of Foreclosure: The Takeaway

The Price of Foreclosure:  The Takeaway
In my experience, an emerging trend with association failures is that a handful of people own multiple units.  When one or two of these individuals fall on hard times, the rest of the association tends to suffer. So the question is what can you do to protect yourself from buying into an almost certain nightmare?... Read more »

The Price of Foreclosure: The Pictures

The Price of Foreclosure:  The Pictures
I went to hallowed ground in Bronzeville yesterday and didn’t even know it. On my way to snap a few pictures of the 4725 South Michigan building, I passed the imposing and still majestic Rosenwald apartment complex on the northwest corner 47th & Michigan. Despite years of neglect, she still stood proudly, waiting for the... Read more »

The Price of Foreclosure: The Impact

The Price of Foreclosure:  The Impact
A few individuals owning multiple units within the 4725 South Michigan Condo Association ultimately led to its demise. When an individual owns multiple units in an association and their financial picture sours, the association’s finances come tumbling down as well. If the association isn’t getting paid by one unit that’s challenging; not getting paid by... Read more »
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The Price of Foreclosure: Unit 3C

The Price of Foreclosure:  Unit 3C
Unit 3C at the 4725 S. Michigan condo association has an interesting story.   As it was going through the process of foreclosure, the plantiff FCDB LBPL 2008-1, discovered that the deed was clouded with a lien from the U.S. Attorney’s office for the Northern District of Illinois.  The lien in question was filed at the Recorder of... Read more »

The Price of Foreclosure: An Education

The Price of Foreclosure:  An Education
My overdue trip to the Clerk of the Circuit Court’s office finally happened. While I had been there many times before, this trip provided me with a quick education in the steps the state is taking to combat predatory lending. In my last post I mentioned that a few of the foreclosure files had a... Read more »

The Price of Foreclosure: The Owners

The Price of Foreclosure:  The Owners
According to public records at the Cook County Clerk of the Circuit Court, seven people owned two or more units in the 4725 South Michigan Condo Association. Those seven individuals, Ronald Allen, John Welch, Amanda Fanaro, Justin Daugherty, Kristin Daugherty, Lindsey L. Haake & Chloe Niems, account for 26 properties that are being foreclosed upon.... Read more »
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The Price of Foreclosure: Public Records

The Price of Foreclosure:  Public Records
If you know where to look, public real estate records can tell a fascinating story. The documents concerning the 4725 South Michigan condo association were pulled from various online Cook County records and court documents. I performed basic searches via the following departments: Cook County AssessorCook County TreasurerThe Clerk of the Circuit Court of Cook... Read more »