What is wrong with this property?

[fozzy40]

I am currently looking for a Chicago Condo in the River North area. I keep running across this one building: 225 W. Huron St. I have looked at this building personally and actually like a lot of the units. Am I missing something? The properties are at least $50000 less than other properties in the area. What do I not know about this building?

fozzy40

[carlam]

What is the condo market like there? Condo market in Tampa, FL is pretty flat.

Do you know what the fees and HOA restrictions are? They may be high and strict.... another issue as to why they are not selling.

[PPP]

Is this a new development? Could be that the constructor/developer is having problems and needs to off-load more quickly than expected.

Try and talk to people who know the immediate neighbourhood, maybe there's some hidden reason why these places are cheap.

Or it could just be a really good deal :p

[TomAnto]

Is it the tall skinny building? If so, is there any parking? Condos with street only have a rough time in Chicago. Not to mention that the condo market downtown is taking a beating anyway.

[amjadindiaint]

Sometimes the developers sell their projects on lower prices just to lower their burden of interest they pay for the money they taken from their financers. But the the difference you are saying is very high their may be some other issues.
Check every legal and social issues before investing your money.
best of luck