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Old 02-29-2008, 08:17 AM
 
2 posts, read 13,610 times
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I am considering buying a condo in 512 N. McClurg Ct. It seems that there are a lot of units for sale in this building and that concerns me. Does anyone know why there are so many sellers at this time? Is there something wrong with this building, the management, etc?
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Old 02-29-2008, 08:25 AM
 
Location: Not where you ever lived
11,535 posts, read 30,269,957 times
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Illinois is in a housing slump. Foreclosures, bankruptcy, etc., is at an all time high across the nation. Caveat Emptor, my friend, be careful what you ask for. Do your homework. Realtors will tell you anything to make a sale. Normally speaking you can't get a home inspector on foreclosed property. Don't buy it. Don't buy any property that does not have all the utilities on. And be especially wary of a whole house with low watt lights. The owner is hiding something.
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Old 02-29-2008, 11:06 AM
 
11 posts, read 49,264 times
Reputation: 14
Residences At River East | River North Condo | Chicago Condo Details and Information


It looks like there are quiet a few units available. According to this site, it looks like the market time has gone down since the beginning of the year.

Last edited by guaterico; 02-29-2008 at 11:27 AM..
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Old 02-29-2008, 11:40 AM
 
84 posts, read 428,636 times
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This is a relatively new building. I wonder how many of those units for sale are still held by brokers/flippers who bought them up early hoping to cash in on appreciation. A good realtor should help you sorth through it, but don't assume the building is full of residents desparate to get out. There has been a huge amount of condo construction in that area, meaning a lot of competition. You should be able to bid agressively on this kind of property.
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Old 02-29-2008, 01:17 PM
 
53 posts, read 317,685 times
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I don't live in that building, but I live down the street and I know residents there and they seem to love it. It' a great location close to everything the neighborhood has to offer, and you have a top notch health club with spa services in the building. Walking distance to the grocery, restaurants, walgreens, movies, lake, navy pier, etc. I agree with the earlier poster, it's just that there are a lot of units available in this area - I haven't heard anything about people moving out of that building for any particular reason. I'd say if you can negotiate a reasonable price, go for it. Good luck!
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Old 02-29-2008, 01:30 PM
 
1,869 posts, read 5,804,082 times
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I know people who live there and have been happy with their stay, location, friendly neighbors, etc...I think the reasons are a variety. Some want to flip, one person I know is a middle aged divorced female who is tired of the hustle and bustle and is moving to Central America. Lots of different reasons.
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Old 08-17-2008, 03:02 PM
 
Location: Wheaton, Illinois
10,261 posts, read 21,758,251 times
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Watch you don't get stuck living in a condo you own in a building full of renters living in absentee owned units.

A pal of mine in the mortgage business says he wouldn't touch a condo in Chicago right now, he figures two more years before things bottom. Seeing the number of the things being built and coming on line it makes sense. The other day I was talking to a rental agent in a new building in the south Loop that was planned as condos but now the developer has decided to go with it as a rental building.
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