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Home Buying in Edison Park : Real Estate Advice

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  • Home Buying5
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Activity 4
Mon Jun 29, 2015
Alicia O'Toole answered:
Hi Anne,

I work in the area and would love to assist you if you are not already working with an agent. My services are free to buyers. It looks like 3 properties have come on the market in that area in the last 4 days, two just yesterday. Trulia and Zillow have a few days of delay so the best way to get up-to-date listings is through an agent and the MLS when paired with your current internet searches! Please let me know if you would like more information and we can discuss exactly what you are looking for.

Thanks,

Alicia O'Toole
312-259-9273
OTooleRE@gmail.com
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Fri Jan 21, 2011
Accurate Inspections & Consulting answered:
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.
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Thu Jan 20, 2011
Marcin Talaga answered:
Doris, this home is listed for sale on the MLS, but it was actually sold at auction last weekend. I'm not sure why it's still listed, but the other properties that were sold at the auction still haven't been removed from the MLS either. ... more
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Wed Apr 2, 2008
E answered:
Past performance (have they sold places similar to ours? For how much? How fast?)
Recommendations from past clients
Honesty - tell it like it is, from where home should be priced to what we need to do to our home to get it sold
Actually "sells" home - attends showings

We chose our last agent through a flier she mailed touting her success selling another unit in our building for a great price. After interviewing several realtors, and talking to her past client in our building, we chose her. She was aggressive (sometimes even abrasive) but she was honest about her process (she wouldn't take us on unless we did a lot of decluttering and fixes, and was specific about us having our place spotless every day with fresh flowers) and sold for a great price within our timeframe. I'd use her again.
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