Market Conditions in 60607>Question Details

 Sush, Real Estate Pro in Chicago, IL

Is buying a condo in 312 N.may St a good idea keeping in mind the mess the association is in?

Asked by Sush, Chicago, IL Sat Jul 3, 2010

Help the community by answering this question:


If the association is in a mess, I would stay away.

If your looking to buy, make sure you have a good buyers agent. This way you have someone to walk you through the buying process, at no cost to you.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
0 votes Thank Flag Link Tue Jul 6, 2010
As stated above, assuming that by "a mess" you are indicating that you believe there to be some financial problem or organizational problem with the association . . . .

Based on information gathered by representing a client in a purchase in this building in the last 6 months, the association of this building is in good shape financially. The client we represented had no difficulty financing a purchase and the unit was one of the larger, more expensive ones in the building.

If you are considering a purchase in this or any building, you should definitely be represented by an experienced agent and real estate attorney. During attorney review of your contract, you should have access to all of the financial records, notes, and rules for the association. That being said, if you are particularly nervous about a building for some reason, you should have your agent see about getting this information or some of it from the association before you make an offer. Some associations will disclose this information before a buyer is under contract to purchase in a building and some will not - but it can't hurt to try.
0 votes Thank Flag Link Tue Jul 6, 2010
I've looked at current sales info, I've looked on BBB website and done some searches online. If you're serious about pursuing a purchase at this location, let your real estate agent know your concerns.

At first glance, this building looks like good opportunity. First make sure you love the unit, and the unit fits your lifestyle. Then use your resources (RE agent, Mortgage Lender, Attorney, etc...) help you look at all the data so you can make a decision you will be happy with for a long time!

Let me know if you would further information!
Web Reference:
0 votes Thank Flag Link Sun Jul 4, 2010
Hi Sush,

How do you know the association is a "mess"? If the association is in a "mess", I'm assuming you mean either non-existent (which I doubt) or in financial disarray, you may not be able to get financed. The banks won't finance a property that is a financial risk.

It appears as though the building is still holding it's value. At a quick glance the least amount a unit sold for was $257,500 with a high of $660k.

If I can be of further assistance don't hesitate to contact me directly.

Good luck!
0 votes Thank Flag Link Sat Jul 3, 2010
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