Home Buying in Edison Park>Question Details

Sc, Home Buyer in Illinois

Is buying a condo in Edison Park (NW Chicago) a good investment, especially the Tuscany Terrace complex?

Asked by Sc, Illinois Thu Apr 10, 2008

complex- Tuscany Terrace

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I always get a bit nervous when someone asks if buying X is a good investment. Looking at a home purchase from a good investment perspective is one of the things that got a lot of people into trouble. Obviously no one wants to buy something overpriced or that will be a headache. You may want to ask yourself, 'Do I really want to live here, do I want to make this my home?' If you can't easily say Yes, then a future buyer probably won't either. So much for the good investment.
Ed Park is nice, stable, convenient and a good place to live. If the price is right and you like the location you'll probably do fine. I wouldn't count on any big appreciation in coming years. Slow and steady will be more like it.
On a newer (3 years) development like this I suggest you (or your attorney) look into the financials, overall association condition and building components carefully. New construction Condo developments have been hit hard. Buildings that do not have all or a majority of units sold tend to have management and stability issues.
A quick search shows at least 8 units listed for sale. That's a fair amount of potential turnover. Whether these are still original developer sales or current owner sales there are questions to ask for either scenario. Are units owner occupied or being rented, are any units in foreclosure, how many units are listed, does the developer still own any units, is the developer paying assessments or not on any units he owns (this can be a big problem), who is maintaining the building, developer or association, has a reserve study been done, at 3 years out have construction problems surfaced, is anyone dealing with those, is there any developer warranty remaining, are there commercial units and how are they part of the association, etc. I could go on and on but I should stop.
These are all questions that go to the stability of the property, comfort of living there and whether it is a good investment.
I have nothing against Condo's. I like condo's. However, I tend to understand some of the underlying hazards for buyers in regards to Condo purchases better than some. A good Condo building can be a great place to live. A distressed Condo building can be your worst nightmare.
Web Reference: http://www.aic-chicago.com
0 votes Thank Flag Link Fri Jan 21, 2011

As long as you do your homework, and pay a fair price, I would definitely have to say yes. Edison Park is a great neighborhood and only getting better. The prices are rock bottom right now, and you'll notice their a little higher still in Edison Park because it is a very attractive and popular neighborhood. Low crime, walking distance to public transportation (for the most part) and a great growing nightlife. Hope this helps.

0 votes Thank Flag Link Thu Jan 20, 2011
Edison Park has always been a desirable area that has experienced steady growth especially in recent years. You will find that many of the apartments in this area have been developed into condos. It has the appeal of city living with a suburban feel. Transportation is steps away. The developement you speak of Tuscany Terrace in new, just built in 2007. From a re-sale perspective, as with any condo purchase the location of the unit within the building, its features, upgrades, floor plan, exposure, view, floor level etc, can make a difference in how a propspective buyer will view your home when comparing it with others in the developement. Hope this helps. Good Luck!
Web Reference: http://www.VassiSaviano.com
0 votes Thank Flag Link Fri Apr 11, 2008
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