Home Buying in Chicago>Question Details

Russ, Home Buyer in Chicago, IL

Anyone have any thoughts on pros/cons of buying in the Parkside of Old Town development? The price and location are great, but is it too risky?

Asked by Russ, Chicago, IL Wed Mar 16, 2011

We are considering purchasing one of the remaining 3/3 townhomes at the strike price of $478. The unit has a great layout, nice finishes and an amazing rooftop view. The location is of course excellent. Our plan is to live hear about 7 years. We are just concerned about whether the community will continue to grow as planned and whether or home will retain its value over the next 5-7 years. Any thoughts/advice?

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Russ

Attached is the CHA plan for the development.

http://www.thecha.org/pages/Parkside_of_Old_Town/50.php?devID=194

Looks like a nice planned community. The price support now might be tough and appraising out and getting a mortgage difficult. Pay for a fee for service appraisal and have a local agent pull recent closed units. I bet the appraisal will come in lower than 478k and you can use paid appraisal as a contract supplement. I don't work the city proper, so find a agent you like and trust who works that area of the city.

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1 vote Thank Flag Link Tue Mar 22, 2011
Buy it before someone else does.....
0 votes Thank Flag Link Tue Mar 22, 2011
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