Q: An owner installed a hot tub in the backyard of their home in our homeowners association. The owner likes to hold loud parties in the hot tub late into the evening and early hours of the morning.
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Condominiums are spoke on real estate cycle
Q: When was the first condominium created in Illinois?
A: The Illinois Condominium Property Act was adopted in 1962 and was effective July 1, 1963. It is my understanding that the first declaration of condominium was recorded on July 31, 1963, in Cook County. It s been off to the races since then, and there are now thousands of condominium buildings in Illinois.
Notably, in the 1970s there was a trend to convert existing rental apartment buildings to the condominium form of ownership. More recently, there has been a trend, of sorts, to de-convert condominium buildings to rental apartment buildings. As the demand for housing continues to change, I suspect we may see many of the de-converted condominiums converted back to condominiums at some point. Such is the real estate cycle.