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.