I know that you don't have a crystal ball Kipp, but do you think that the SoNo could be gearing up for a fire sale too?

You can't go wrong with RD659 or SoNo (Apple is building their new Mac store at North & Clybourn)!

RD659 Pricing:

One bedrooms without parking from $192,000

One bedrooms with parking starting at $224,000

One plus dens with one bath and parking from $255,000

One bedroom plus dens with 2 Baths and parking from $291,000

Two bedrooms with two baths and parking starting at just $336,000

Any unit offered with free parking can be bought for $20,000 less...

What about the rd659 "clearance sale" going on right now. They are brand spankin' new and the lender is falling over themselves to get me to buy one. Good idea? How about the SoNo in Near North Side/Lincoln Park?

I think Nick is exactly right but I'd also like to add one thing. If there is all renters in the property, there cannot be any association because there are no owners to pay dues. If he offers to finance you himself I'd be leary unless it's the deal of the year and you know you will be cash flow positive if you put a tenant in the unit. Either way- be very cautious and get your attorney involved immediately.

Scott Newman
Newman Realty

Depends on how good of a deal it is! Situations like this are all about the calculated risk. You need a good attorney and real estate broker. Cash purchase? Without an HOA you can't get a loan. Make sure the building can be insured...

Hello Kristen

Personally I would not purchase a property with no assocation. In addition, it will be impossible to get a loan from a bank.

My advise- unless you have cash and all the other units are occupied stay away

Best of luck