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)
