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:
While some of the court cases surrounding the 4725 South Michigan condo association are still pending, they are a matter of public record.
Cook County and the state may have many issues to overcome concerning transparency, but the accessibility of a good portion of real estate transactions isn’t one of them.
Because there is a vast amount of information, to tell this story I believe it’s best to start at the beginning—the limited liability corporation (LLC).
Generally, LLC’s are formed as a business entity to “provide its owners with limited liability, flow through tax treatment and operating flexibility through participation in the management of business.”
In short, the LLC is the preferred business tool when an individual and/or a group of partners are about to offer a condominium development for sale.
According to Illinois Secretary of State records, the 4725 South Michigan LLC’s file date was listed as 12/22/2004. Anthony Demas is listed as the agent of record while Yaseen Ahmed & Ted Theodosiadis are listed as managers.
The LLC was involuntarily dissolved on 6/13/2008.
A very standard beginning for what turned out to be a very troubled association.