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Another Case Study Regarding Why NOT to Buy New Construction Condominiums

By Peter Olson, Esq.

I'm going to go to my grave repeating the mantra, "new construction condominiums are the worst type of property to purchase (repeat)." Because it's TRUE! Here's another story from the Suntimes...and this is a frequent happening and the facts in the story are pretty typical of the trouble with new construction condominiums...

Residents of 1841 S. Calumet, a tower marketed as Museum Park Place, charge that Enterprise Cos. cut corners on the project, resulting in water leakage in the roof, walls and basement. They said Enterprise has refused to acknowledge responsibility for the defects and that the condo owners may face special assessments worth thousands of dollars each to pay for repairs...

Formerly a machinist, Dempsey said he now works in sales in the steel industry. He said he regrets moving into the building. "I had a 60-year-old house in the suburbs that was in better shape than this new high-rise," Dempsey said...

Newer isn't better!

Full post as published by Closing Real Estate in Chicago on October 27, 2008 (boomark / email).