Subject: Re: Assessment shares & ownership pct
From: Mary Deskovich (mdeskovich@yahoo.com)
Date: Fri Jun 13 2008 - 08:06:09 CDT
It's not a Vanguard Lofts "invention". It's the Illinois Condo Law. EVERY condo in the state has their assessments based on the % of ownership and that % is determined ONE TIME-when the condo is first offered for sale. In our case, that was back in the late 90's. When originally marketed, prices were set for each unit and their % of ownership based on that. Now, for example, my unit. When first drawn up if was set to sell at 169,000. However, I paid a bit more for it because I didn't buy when first offered and I included some upgrades. That made no difference. I was assigned a % based on how much that 169,000 compared to the total of all the original prices added together.
And-for what it's worth. EVERYONE who is trying to sell now is taking a beating. Anyone who reads the paper, watches the news, etc is bombarded by doomsday scenarios (in my opinion lending to a self-fulfilling prophecy situation) about the economy, in particular housing. I feel bad for anyone who needs to sell right now. It really is difficult and no easier just because everyone else is in the same sitution. My son, back in December, ended up selling his house near Wrigley, after 11 months on the market at a loss. I have had a building that, thankfully I am not desperate to sell, on the market for over a year. On the flip side, one could buy property from owners desperate (like my kid was) for a bargain.
Mary (614)
--- On Fri, 6/13/08, Matthew Loeffel <matthew.loeffel@loeffelsteel.com> wrote:
From: Matthew Loeffel <matthew.loeffel@loeffelsteel.com>
Subject: Re: Assessment shares & ownership pct
To: "'vanguard-talk@venus.soci.niu.edu'" <vanguard-talk@venus.soci.niu.edu>
Date: Friday, June 13, 2008, 12:10 AM
I read that, and thought it was joke! I wish I would have know when bought my
place because I would have never bought it! Vanguard lofts and first properties
is joke; no wonder why I can't give my place away!!!!
----- Original Message -----
From: vanguard-talk-bounce@venus.soci.niu.edu
<vanguard-talk-bounce@venus.soci.niu.edu>
To: Vanguard Lofts Listserv <vanguard-talk@venus.soci.niu.edu>
Sent: Thu Jun 12 23:37:47 2008
Subject: Assessment shares & ownership pct
We've had questions about why some people pay more assessments than
others. Mary's answer a few days ago was a good one: Assessments are
based on the percentage of ownership in the building. When you purchased
your unit, you should have been given this information. We put this
information on the homepage last December along with some FAQs on
assessments. The original sales price of percentage of ownership
ranges from about .68 percent to 1.5 percent, depending on original
purchase price established in late 1998:
http://1250westvanburen.com/private/docs/vanguard_orig_prices.pdf
The Assessment FAQS:
http://1250westvanburen.com/private/vgFaq.html
(send is private email if you forgot your login/password)
You can find all sorts of information (minutes, rules sales prices of
recently sold units and more) on the homepage:
http://1250westvanburen.com
Jim
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