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- Condo-hotels draw scrutiny: Sales practices probed for possible securities violations
11/13/2006. Crain's Chicago Business
The projects under scrutiny include the proposed Shangri-La Hotel...If the Securities Department agrees, buyers who have signed contracts for units at the hotel would have the right to back out, legal experts say.
- Condo hotels hit the wall
9/18/2006. Crain's Chicago Business
Developers are checking out of the Chicago condo-hotel market after just recently checking in.
"It's a business that is dependent on a moron buying your unit," says Peter Dumon, president of Harp Group Inc., an Oak Brook-based developer and investor in the Ambassador East.
- Owning a Piece of the Condo-hotel Business Might Not Be So Profitable
8/27/2006. Hotel Online
Some analysts say...optimism about profits in condo-hotels -- where buyers rent their units for a share of the rental revenue -- is both common and misplaced. "I think there's going to be a lot of disappointed buyers," said Ernst & Young hospitality analyst Mark Lunt, who studies condo-hotel financials for developers.
- Condo Woes
8/3/2006. Wall Street Journal
In the latest sign that the supply of condominiums has outstripped demand, a leading national developer of condo-hotels has missed payments on loans for two major projects, one in Chicago.
- 'Bloodbath' ended first condomania
6/19/2006. Crain's Chicago Business
Is Chicago immune to a crash? Anyone who remembers the collapse in the '80s says no; "It was a bloodbath," recalls Sara Benson, a residential broker who was working as a property appraiser at the time. "So many developers got caught up in the excitement and frenzy of the market."
- How lenders view condo loans
9/26/2004. Chicago Tribune
Lenders typically cover perceived added risks by charging higher interest rates or demanding bigger down payments. Prudent borrowers will want to adopt some of the same due diligence so they, too, accurately assess any risk in a condo purchase. Here is some insight into what condo lenders consider and what borrowers should think about.
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