Michael Hulett

Cynthia, You have to be careful w/ new construction today. Besides financing issues such as number of units sold, percetage of rentsl, etc. It's essential that you do as much homework as possible on the property and builder. I see you're from GR so if you're moving here it's probably best to get an experienced local agent that can do the homework for you. I've made a lot of calls to other agents, builders, and lenders that I know to find out about a potential property. Of course I'm an agent so I'll say to call me but just so that you know I'm giving you honest advice, call ANY experienced member of (C.A.R) Chicago Association of Realtors. There are a lot of highly capable agents in Chicago that can assist you. If the property goes into foreclosure it's going to be a mess. SO many factors come into play here that it's nearly impossible to guess. Some include... the project size, amount of the building that is finished, total numbers of units sold, liens on the property, etc. Each one is without question a case by case basis. These properties are all so different and each presents it's own challenges. In regards to the for or against question, I'm for it... assuming you did the proper research and followed a course of due diligence. There are good deals to be had on hi-quality properties, some of which are shiny and new. Best of luck! - Mon Jun 15 2009, 18:34