The Best Time In a Generation to Buy A House

That's what some are saying. I agree.

Meanwhile, here at BLMH the "smart money" is purchasing with the intention to rent, and then sell at a nice profit in the future. Renting is one of the advantages to owners. Our Declarations do allow rentals. Any owner who has a problem selling in this market has the opportunity to rent their unit. From what I've seen, "motivated" owners are succeeding at this. In Illinois,  and under the Illinois Condominium Act, this association has exercised it's right to "forcible entry and detainer" and has rented those units, with little difficulty. In other words, there is little excuse for an empty unit to sit there, waiting for the local Realtor to do his or her "magic."

However, I would caution purchasers who intend to purchase, rent for a few years and then dump when real estate prices recover. Our association does have rules and regulations, and owners are responsible for their renters. In other words, if you intend to purchase here and expect the association manage your tenants for you, I suggest that you need to realize that as an owner you are responsible for maintaining your unit, and for any transgressions by your tenants. You will be held accountable by the current board.

A few years ago, it seems we had a "kinder, gentler" board which was committed to parties, low fees, passing costs on to other and future owners and managing tenants for absentee landlords, That type of behavior is generally undermining the other 300 owners on the property . It was a wonderful and really sweet deal for remote owners who rent. Not everyone bought into the idea, thank God!