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Re: Preconstruction Condo investment
Posted by sonique [Email] (more from sonique) on Mon, 1 May 2006 13:52:53
In Reply to: Preconstruction Condo investment, NickR, Mon, 1 May 2006 13:24:36
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Money *can* be made in buying pre-construction - but it is by no means a "safe bet." I've seen plenty of people make a living on "flipping" pre-construction units the day the building opens. However, I only witnessed those nice returns when the real-estate market was much hotter (2002-2004 in downtown Chicago) and there were a ton of people out there looking to make their first home purchase (interest rates were quite low).
A lot of the same people who I saw making a living on their pre-construction purchases are now stuck with extra properties that they can't even rent, let alone sell. It's a buyer's market right now in downtown Chicago with way more housing stock than buyers...
Note I keep saying "downtown Chicago" because honestly, it really does range from market to market, this is the only one I'm familiar with, and even in other parts of Chicago I'm sure it's much different... best of luck
posted by 129.105.139...
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