Home Buying in 60611>Question Details

Imika, Home Buyer in Near North Side, Chi...

I am looking at a unit in aqua. any input on the building ? What are the potential problems of having a hotel in the building?

Asked by Imika, Near North Side, Chicago, IL Sat Apr 24, 2010

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I think it depends on if you have separate entrances for the private residences and the hotel residents. I would prefer separate, but that's up to you. Financing can be difficult for new buildings depending on the occupancy rates. One thing to take into account with Aqua is that there are a lot of rentals in that building as well. That means a more transient population and that could possibly affect property values.
0 votes Thank Flag Link Mon Apr 30, 2012
Imika,
I like the building, but right now new construction buildings are struggling so much. I would not recommend getting into one of these, because a year or two down the road, you just dont know how these will hold up value wise.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Mon Apr 26, 2010
I think Aqua is a tough building to assess right now. I feel like there will be many foreclosure / short sale opportunities there in the next 1-2 years. I don't think I would recommend buying new from the developer, but possibly a good deal on a resale via a motivated seller who would be willing to sell for less than what they paid.

Vikas Wadhwa
Founder / Broker Associate
http://www.StreetervilleHomes.com
0 votes Thank Flag Link Sun Apr 25, 2010
Condo/hotels (like Trump Tower) are very difficult for a buyer to obtain financing on as banks do not want to give loans on these sort of units. (The explanation is too long to type...)

Resale may be difficult later. Obtaining financing today may be tough.
0 votes Thank Flag Link Sat Apr 24, 2010
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