Vintage Loft Condominium Association Hires Prairie Shores Management LLC

The Village Lofts Condominium Association, a 30 unit condominium loft building has retained Prairie Shores Management LLC as managing agent beginning January 2012. Prairie Shores was selected over other Chicago management firms because of their extensive experience managing older loft properties.

We are eager to get to work at Village Lofts, Richard Holtzman President of PSM, LLC said. Holtzman managed one of Chicago's first loft condominiums and has maintained an extensive list of companies that can solve any problem a vintage property might encounter.

Holtzman said, "our goal is to work with the Board of Directors to enhance what is already a wonderful vintage loft building."

Two Vintage Hyde Park Condominium Associations Hire Prairie Shores Management LLC

Two vintage condominium associations, both located in Hyde Park, have retained Prairie Shores Management LLC as managing agent. 1130 - 46 E. Hyde Park Condominium Association and 5201-09 S. Blackstone Condominium Association retained Prairie Shores Management beginning December 2011.

Prairie Shores Management specializes in the management of vintage condominium properties. With 40 years of hands on, proactive experience managing older Chicago real estate, both condominium associations turned to Prairie Shores to guide them through various projects.

Prairie Shores Management To Manage in St. Louis Market

Prairie Shores Management LLC has been retained as managing agent for the new Queensbrooke Village Condominiums and Townhomes in St. Peters, Missouri. Queensbrooke Village is a multi-phase development consisting of condominiums, townhomes, commercial space and offices. The condos and the townhomes both retained Prairie Shores Management to handle the developer turnover to an elected Board of Directors and manage the property.

Prairie Shores Management LLC dumps Runaway Bay at Palatine

In a historic "first" for Prairie Shores Management LLC, the management company fired the condominium association. After over three months of struggling to gain the cooperation of the Board of Directors of Runaway Bay at Palatine Condominium Association, the management company has terminated the contract to manage the 346 unit project.

"In all my 40 years of managing property, I have never witnessed a more corrupt bunch of Board members" said company President Richard Holtzman. Not withstanding all of our extreme efforts to get them to operate with both transparency and within the laws of the State of Illinois, these folks absolutely refused to follow simple rules that all condo Boards must comply with. We simply chose to not enable them to enter into agreements with their cronies. From selective enforcement of collections to the payment of expenses, this Board continued to apply a policy of favoritism to their decisions. We simply wanted no part of this conduct."

"We have a sterling reputation of obeying all the rules of the Illinois Condominium Property Act. We will continue to work with Associations that understand their fiduciary obligations to their fellow homeowners."

Times Call for an Aggressive Assessment Collection Policy

In these times of historic levels of foreclosures, a condominium and homeowners association should adopt a one word assessment collection policy--Aggressive.

Assessments are the life blood of an Association. Failure of owners to pay assessments when due can result in financial hardship on the Association and can jeopardize the ability of other homeowners and purchasers to obtain mortgage financing.

If the unit owner is not paying their assessments, their is a good chance that the owner is not paying their mortgage, and a foreclosure can result that wipes out the Association's lien for unpaid assessments. The risk of this loss can be minimized, and often eliminated etirely, by implementation of an aggressive collection policy. Therefore, prompt and aggressive action needs to be taken to collect assessments from delinquent owners.

In general, an owner that is sixty days in arrears to the Association should be turned over to the Association's attorney for collection action.

In Illinois, the most utilized and effective collection procedure is the Forcible Entry and Detainer (Eviction) suit. This action can result in a personal money judgment against the unit owner and an order for possession, whereby the Association obtains possession (not ownership) of the owner's unit. If the owner does not pay the judgment within the time specified by the Court (at least 60 days), the Association then leases the unit to a third party and applies the rent received to the unpaid assessment and legal fees.

"Contributed by David Bendoff, attorney with Kovitz Shifrin Nesbit"

Runaway Bay at Palatine Hires Prairie Shores Management

The 346 unit condominium association known as Runaway Bay at Palatine has retained Prairie Shores Management LLC as their managing agent. Prairie Shores was selected over a field of eight different property management companies.

Runaway Bay is comprised of condominium and townhomes and has such amenities as tennis courts, club house with exercise facilities and a swimming pool.

Runaway Bay is the second largest client to hire Prairie Shores. Prairie Shores also manages the 500 unit Catherine Courts Condominium Association located in Chicago.

Runaway Bay Board President Daria Maleva said "we are thrilled to have an accomplished management firm like Prairie Shores as our management company as we tackle numerous capital projects over the next few years.

Towing Vehicles Can Lead to a Lawsuit

A resident's vehicle is a very personal possession. Towing that vehicle can quickly lead to litigation against the Condominium Association. Most property management firms do not want the responsibility of determining if a car is illegally parked and then having to call the towing company.

To legally tow a car in Illinois, you must have detailed parking rules and a contract with a licensed towing firm. The license is issued by the Illinois Commerce Commission.

We recommend that signs be placed prominently throughout the property. The towing company should be "on call" and not "patrol". If you can establish a system where the vehicle owner has warning such as a window sticker stating the vehicle is illegally parked and will be towed, it can significantly reduce the exposure to litigation.

Wolcott Flats I Condominium Association Appoints Prairie Shores Management LLC as Managing Agent

Wolcott Flats I Condominium Association announced today that they have retained vintage property management company Prairie Shores Management LLC to manage their 16 unit condominium building.

Prairie Shores Management is the ideal property manager for Wolcott Flats I as they are the only Chicago property management firm that specializes in vintage property management.

MB Bank Appoints Prairie Shores Management LLC

MB Bank has appointed Prairie Shores Management LLC as managing agent for Glenlake Manor Condominium Association in Chicago. The 9 unit brand new condominium property is situated in the West Rogers Park neighborhood near Peterson Avenue.

Prairie Shores has a long and successful history of REO management for lenders such as MB Bank, Private Bank, The Ravenswood Bank and First Chicago National Bank.

Jefferson Park Courtyard Condo Association Hires Prairie Shores Management

The Board of Directors of Hutchinson Court Condominium Association has voted to retain Prairie Shores Management LLC as their new property management firm. The vintage 26 unit courtyard, located in Chicago's Jefferson Park neighborhood had been self managed since the management was turned over to the homeowners.

Prairie Shores President Richard M. Holtzman said "this is the type of building that our firm can have a dramatic impact on their bottom line. We can reduce costs with professional management and provide the type of service that the homeowners demand."

Vintage Hi Rise Hires Prairie Shores Management LLC

The Board of Directors of 732 W. Bittersweet Place Condominium Association has unanamously voted to retain Prairie Shores Management LLC as their managing agent. The 1920's vintage high rise, with 99 condominium units, is located one half block from Chicago's lakefront in the upscale Lakeview neighborhood.

The Board recently approved a $1.2 million restoration project which includes a major facade renovation.

Prairie Shores Management LLC Explosive Growth

We believe that Prairie Shores Management LLC is the most dynamic new property management firm in Chicagoland. But, you don't have to take our word for it. Just ask the Boards of the following condominium associations that have retained Prairie Shores during the month of April 2011:

1. Homes on the Rivers Edge III
2. Magnolia Place Condominium Association
3. 939 N. Wolcott Condominium Association
4. 732 W. Bittersweet Condominium Association
5. The Vines of Ravenswood Manor Condominium Association
6. Greenleaf Manor Condominium Association
7. The Penthouses of Laurel Terrace Condominium Association (Highland Park)
8. Hyde Park Woodlawn Condominium Association

Most of the properties chose Prairie Shores for their extensive experience and focus on vintage property management. For 39 years we have managed older property in Chicago. Most important, they chose Prairie Shores after speaking with the Board of Directors of other Associations who rave about our concierge style management services.

Call us to find out what it's like to have a property manager with four decades of experience managing your kind of building.

Good News for Homeowners

For over a dozen years, building owners and condominium management companies have been able to save up to 25% on their electric costs due to the deregulation of electricity in Illinois. For this period, you don't have to write a check to Com Ed each month for the cost of electricity usage. You could put the electric needs of the property out to bid and numerous providers would line up to save the property money. Prairie Shores routinely has arranged to save tens of thousands of dollars for our clients on their electricity costs.

Now, individual residential users, such as condominium owners, cooperative apartment shareholders and townhome owners will be able to secure significant savings by reaching out to Illinois companies that act as an agent and put the electric needs of residential users out for bid.

If you reside in an apartment, condo, townhome or cooperative, beginning in March 2011, you should call a company like Lower Electric at 847-272-0700 and request that they save you money on your electricity costs.