Who is Responsible for Pet Waste Pickup?

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 16 September 2019

Generally, common expenses must be assessed against all owners. However, a dog pickup service is an example of a common expense that only applies to specific owners.

While all owners would benefit from a pet waste free living space, it does not make sense to charge all owners, or even, all pet owners.

Charging dog owners for certain expenses can be complicated, especially when owners’ dogs will vary in number, size, and duration of stay in the building. Calculating charges could quickly become messy. 

The best approach is to encourage responsible pet ownership by providing easy access doggy pickup bags and disposal containers.

Read more here. 

HausFS Condo Seminar This Saturday: Navigating Delinquencies, Foreclosures, Bankruptcies and Tax Liens

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 10 September 2019

This Saturday, September 14th, Haus Financial Services Owner, Lauren Peddinghaus, is co-presenting a seminar for condo owners and prospective owners. 

If you own a condo, or are interested in purchasing one, attend this seminar to learn:

• How unpaid assessments and owner foreclosures, bankruptcies and tax liens may affect your association.
• Get an overview of the various options for addressing these issues in your association.
• Discover strategies for determining the best action plan to protect your investment without breaking the bank.

To learn more, click here. 

Condo Associations Should Enact Rental Restrictions Before it's Too Late

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 03 September 2019

A recent news story investigated how Chicago businessman, Michael Lazarus, is buying up several units in a Lakeview condo building. This has created major upset among long-time owners who may now have to sell their homes for less.

In 2017, this association’s Board of Directors got ride of a rule limiting the ownership of units by a single person, or company, to two. Lazarus now owns 17 units, which is almost 30% of the building.

In an ABC 7 interview about the situation, Haus Financial Services’ owner, Lauren Peddinghaus, explained how the situation affects the value of other units.

She said it is very risky for so many units to be owned by one person or entity. If that entity goes under, the whole building could be compromised.

According to a 2018 report, the share of home sales bought by investors has reached its highest level in 20 years. Community associations are facing an imminent threat of legislation impacting their ability to adopt and enforce rental restrictions on real estate investment companies buying up homes.

As a results, community associations should start having conversations now about adopting rental restrictions.

To learn more, click here.

New Ordinance May Discourage Associations from Bulk-Selling Units

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 26 August 2019

Under a recently proposed ordinance, condo owners in Chicago would have to persuade more of their neighbors to sell all building units to a developer.

For the past five years, developers have been buying up entire condo buildings in bulk in neighborhoods like Lakeview, Lincoln Park, and Gold Coast, with the intent of switching them to apartments. In that time, owners who are opposed to selling have complained about a “tyranny of the majority” in which everyone is required to sell if three-quarters of a building votes in favor.

Under this newly proposed ordinance, the percentage of association owners who would have to vote in favor for a bulk sale to go through will increase to 85%.

According to attorney, Craig Capilla, raising the bar for a vote to approve a sale might reduce the number of condo associations that try to sell in bulk.

The ordinance will not go anywhere until the next Chicago City Council meeting on September 18.

To learn more, click here.