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Fall 2021 
               CHICAGO.COOPERATORNEWS.COM 
CHICAGOLAND 
THE CONDO, HOA & CO-OP RESOURCE 
COOPERATORNEWS 
Loss, Insurance,  
and Claims 
A Primer 
BY A. J. SIDRANSKY 
continued on page 8 
205 Lexington Avenue, NY, NY 10016 • CHANGE SERVICE REQUESTED 
continued on page 8 
How Has COVID Affected the  
Multifamily Housing Market? 
Th  e Answer: It Depends. 
BY DARCEY GERSTEIN 
continued on page 6 
One year-plus into the largest public health crisis in a century,  
CooperatorNews  
spoke to  
real estate professionals across the geographic regions we cover to learn the eff ects that the  
COVID-19 pandemic has had on their specifi c areas. What we found out is that the co-op,  
condo, and HOA market has taken several twists and turns over the past year—and a lot of that  
movement depends on where you live. In fact, even within the same region, the pandemic has  
had varying impacts in luxury sectors versus middle-market, as well as in urban centers versus  
more outlying areas. A number of tangential factors are playing into trends and forecasts as  
well, making for a patchwork of experience across the country. 
The Bounces 
Perhaps unsurprisingly, the biggest dips in property value and activity were seen in the sec- 
ond and third quarters of 2020, when the nation was experiencing its second wave of infections  
and states were in various levels of lockdown to contain the outbreaks. Realtors across the  
country were unable to show properties in person for months in many cases, and transactions  
were further hampered by limits on travel, gatherings, and long backlogs in the courts. In many  
U.S. cities, the civil unrest following the murder of George Floyd by Minneapolis police offi  cers  
last year also had a compounded impact on real estate in those markets—some of which is  
still being felt. Condos and co-ops struggled as dense urban living and  
shared spaces lost some of their appeal when less was known about  
COVID-19 contagion and vaccines were still a pipe dream.   
But all that is changing. Gail Spreen, Senior Vice President of Sales  
for Jameson Sotheby’s in Chicago, sees a recovery in the market hap- 
pening—not just as an end to the pandemic and its economic fallout,  
but as a shift  from the uncertainty and tumult felt over the last year- 
plus in general. “I think it’s actually a great time to be a buyer,” says  
For many, the topic of insurance can  
be a bit overwhelming. Even the terms  
we  use  as  insurance  purchasers  differ  
substantially  from  the  terms  industry  
professionals use when discussing and  
settling claims—which can leave lay- 
people feeling like we need a translator  
to make sense of what exactly we’re pay- 
ing for, what’s covered, and (even more  
importantly) what’s not.  
For example, take the expression ‘to- 
tal loss.’ The average policyholder likely  
takes it to mean that there’s no hope of  
repairing the asset in question, whatever  
that may be. To an insurance profession- 
al, however, ‘total loss’ means something  
else. Replacement isn’t really the issue.  
It’s  more  a  matter  of  numbers;  are  the  
proceeds from the claim enough to re- 
pair the asset to its prior state? And in  
the world of insurance, that’s only the  
beginning—so it’s incumbent on boards,  
managers, and even individual owners  
and shareholders to better understand  
what’s  covered,  what’s  not,  and  how  a  
claim is made. 
Types of Loss 
Loss—of property, possessions, even  
life—is the basis of the entire insurance  
business, and therefore the industry has  
as many words for ‘loss’ as the Inuit have  
for  ‘snow.’  That said,  the  basic  terms  
most of us need to be familiar with are  
Structural Inspections 
What Does Your  
Region Require?  
BY A J SIDRANSKY 
In light of the catastrophic, deadly  
condo  building collapse  in Surfside,  
Florida, at the end of June, boards and  
residents in multifamily buildings across  
the country are taking a hard look at  
how their own properties measure up  
to the structural maintenance and safety  
requirements imposed by states and mu- 
nicipalities. From conducting regular,  
competent physical plant inspections to  
making needed repairs in a timely fash- 
ion, these ordinances are in place to en- 
sure the safety and integrity of buildings  
and their components over their useful  
lives.  
CooperatorNews 
 spoke with attor- 
neys in several markets to get a better  
sense of how requirements vary across  
the country, how different regions com- 
pare with each other, and how residents  
and administrators can do their part to  
keep their own buildings safe.  
Illinois 
“The Illinois Condominium Property  
Act does not contain any provision re- 
quiring regular or periodic inspections  
of a condominium building of any size.  
Generally, regulation of structural and  
aesthetic conditions of a building falls to  
individual municipalities and is accom- 
plished through local building codes and  
other ordinances,” says Kris Kasten, an  
attorney with Altus Legal, a firm spe- 
cializing in community law in Chicago.  
“Many municipalities have a department  
that periodically inspects the exterior of  
buildings. Those inspections are usually  
to identify and address dangerous and  
hazardous conditions, but may also in- 
clude aesthetic issues like painting. Some  
municipalities will also inspect interior  
common areas in multifamily residential  
buildings. Those inspections are usually  
to identify and address life safety issues,  
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