As Christopher Thomas said, consult with your buyer's agent about your concerns. Continue to do your homework. Before jumping into the library tower development consider other new luxury construction such as the Marquee Condominium, located on Michigan Avenue, it has many of the same amazing amenities, over 80 percent closed, homeowners association controlled. More information on http://www.marqueeblog.com and http://www.marqueechicago.com. The developer is offering fantastic pricing on his remaining two bedroom two bath units. Come visit me at our sales center, 1464 South Michigan Avenue. We are open each Saturday and Sunday from 1pm to 4pm or by private appointment. Feel free to call me.
To Your Success,
I just wanted to add a couple of things. First inf you are already working with a buyer's agent, then you definitely want to run all of your questions past them as well.
Second your instincts on pricing and the potential downward pressure on Library Tower (and all other non sold out developments in the South Loop) are correct. There "should" be some significant negotiating room on price, but some developers are up against a very solid brick wall when it comes to their bottom line average price per unit or their average price per square foot.
Fred makes a very good point about underwriting guidelines and the ability for you to close a loan in a non-warrantable (in the past 50% sold more often 70%) building.
I'd suggest throwing in your dream offer. The worst that the developer can say is no, and you're much more likely to get some sort of response (counter offer) than you are to get a flat out no.
Broker Associate, Sudler Sotheby's International Realty