Illinois condominium & HOA report reveals 50,000 associations
07 March 2016
Thee state of Illinois currently has more than 50,000 active condominium
and homeowner associations containing nearly 600,000 residential units,
new comprehensive research by Association Evaluation, LLC has revealed.
The Community Associations Institute, a respected national
organization, lists a total of 18,250 condominium and HOAs in Illinois
as of 2015.
"Our research team was surprised to learn that thousands of condominium
and HOA associations were uncounted in Illinois," said Sara Benson,
president of Association Evaluation, LLC, a Chicago-based real estate
"Apparently, thousands of smaller condo associations and HOAs are not
registered with the state of Illinois simply because they are
self-managed by untrained volunteer owners," said Benson, who estimated
that up to 80 percent of existing units are self-managed or controlled
The new comprehensive directory-the 2016 Association Evaluation Report
on Illinois Condominiums and Homeowner Associations (HOAs)-found that
the city of Chicago currently has 12,235 active condominium and
homeowner associations containing approximately 305,000 residential
units-half of Illinois' total.
"Our team of research experts scoured hundreds of sources to pinpoint
and profile every condo and homeowner association throughout Illinois,
both large and small," said Benson.
The data was gathered from physical reviews and Google rooftop checks
of thousands of condo and HOA properties, and an analysis of the
Secretary of State records.
"With 50,000 individual records, Association Evaluation has compiled
the most comprehensive database of condo associations and HOAs
available in Illinois," Benson said.
"Our research team exhausted all available resources to obtain this
information," said Michael J. Reilly, chief operations officer of
Association Evaluation. "Various quality-control checks were
administered to ensure the accuracy of the data. In some cases, on-site
physical reviews of the premises were conducted."
"High-rise condos may create much of Chicago's world-class downtown and
North Lake Shore Drive skyline, but only about 7 percent of the
residential units are found in these properties," observed Benson, who
also is a veteran Gold Coast Realtor and president of Benson Stanley
45% of Chicago's condos & HOAs have between 7 and 24 units
Nearly 45 percent of the city's condo associations and HOAs have
between 7 and 24 units, and approximately 35 percent are located in
2-flat to six-flat buildings. About 15 percent are found in properties
with 25 to 99 units.
An estimated 40 Windy City high-rise condos-including the iconic
758-unit Lake Point Tower and the landmark 703-unit John Hancock
Building-contain more than 500 units, and about 5.5 percent of condos
are housed in buildings with 100 to 499 units, including the 450-unit
Boardwalk Condominium at 4343 N. Clarendon.
The Association Evaluation survey revealed that 674 condo associations
in Chicago have more than 100 units.
"Most high-rises, and the highest concentration of luxury buildings are
located in a half dozen community areas along Lake Michigan-the Loop,
the Gold Coast, Near North Side, Lincoln Park, Old Town and Lake View."
Between 2000 and 2006, rapid growth of new-construction condos occurred
along the Chicago River, and in the West Loop and South Loop. In the
late 1990s, lofts, created by rehabbing vacated warehouses, were
increasingly popular for their high ceilings and brick walls. Earlier,
many vintage downtown apartment and office buildings with Old World
charm and elegance were converted to condominium ownership.
Other popular condominium neighborhoods include: West Town, Near West
Side, Edgewater, Uptown, Rogers Park, West Ridge and Near South Side.
In 2015, some 16,799 condominium and townhome units were sold and
closed in Chicago, compared with only 10,611 detached single-family
homes, Benson said.
Association Evaluation noted that "HOAs are rampant in the Chicago's
suburbs" where gated townhome and condo communities abound. The
directory notes that the sprawling Sun City community, built by Del
Webb in far northwest suburban Huntley, encompasses 5,400 units.
Association Evaluation is marketing its condominium and HOA data to
condo service providers such as attorneys, property management
companies, landscapers, and remodeling and repair tradesmen including
roofers, plumbers and contractors.
Prices for the lists-that can be sorted by zip code, city, year of
construction, property management company, and number of units in the
association-start at $2,500 and will be available March 1st. The file
is sent electronically via email. Clients have a choice of either a
.csv or .txt file. For more information, call: 844-727-7267 ext. 801.
Association Evaluation also is offering the "Private Association
Rating"-or PARScore®, designed to turn guesswork into facts and
empowers purchasers, lenders and insurance companies in their
decision-making process. Through a proprietary algorithm, PARScore®
provides a standardized rating between 400 and 900.
"Financially healthy and well-run associations receive higher ratings
while risky associations plagued with low bank balances, non-paying
owners, special assessments and lawsuits receive lower ratings," Benson
Launched in 2012, the Association Evaluation LLC team already has more
than 50,000 Illinois condominium associations and HOAs in its database,
and the company now is branching out to index and rate communities
across the nation.
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