Buyer Beware

If you put money down for a condo in a new construction building within the past couple of years this story unfortunately probably sounds way to familiar. This article on Crain's Chicago talks about a number of horror stories, but of particular relevance for Sloopin readers is the proposed Glashaus development at 1327 S. Wabash Ave:

Buyers of units in stalled condo tower projects face a tough decision: walk away and lose their deposits, or wait in hopes that the condos of their dreams will be built eventually.

Manish Shah is all too familiar with this bind. He agreed in December 2006 to buy a two-bedroom unit at the GlasHaus development, 1327 S. Wabash Ave., and plunked down $24,000 in earnest money.

This is unfortunately seems to be a sign of the times and something many people are dealing with around the neighborhood and city.

However, based on this long (but interesting) thread of comments on YoChicago.com, Manish and others at Glashaus have been able to get their money back. Hopefully others will be as lucky.