If It Seems Too Good To Be True………..RUN!!!

What if you had a chance to buy a million dollar condo in one of Chicago’s fanciest high rises for a mere half million dollars? Wow! That’s luxury living for half the price. You trust the developer because he’s one of the richest, most famous, most successful people to ever convert high rise apartments into fancy, high priced condominiums.

What if you learned this famous developer was secretly trying to develop this project by borrowing millions of dollars at a 50% interest rate? As you look around at your unfinished condo, rancid unpainted hallways, and busted elevators wouldn’t you begin to feel a little bit queasy about your investment?

When you buy into any kind of Common Interest Community your heart, soul, and your net worth are all jointly owned by your neighbors….and the developer. The story linked below might make you long for that single family cottage way out in the country.

(link to Chicago Tribune story on Gouletas)

 

 

 

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About

Ward Lucas is a longtime investigative journalist and television news anchor. He has won more than 70 national and regional awards for Excellence in Journalism, Creative Writing and community involvement. His new book, "Neighbors At War: the Creepy Case Against Your Homeowners Association," is now available for purchase. In it, he discusses the American homeowners association movement, from its racist origins, to its transformation into a lucrative money machine for the nation's legal industry. From scams to outright violence to foreclosures and neighborhood collapses across the country, the reader will find this book enormously compelling and a necessary read for every homeowner. Knowledge is self-defense. No homeowner contemplating life in an HOA should neglect reading this book. No HOA board officer should overlook this examination of the pitfalls in HOA management. And no lawyer representing either side in an HOA dispute should gloss over what homeowners are saying or believing about the lawsuit industry.

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