Real Estate Investing

[recolect]

Let me ask this again.......

I first asked some questions and there were some people on this board that provided some good info - thanks!! I wanted to "re-ask" this question since we are a month or two down the road and ready to pull the trigger within a month. Below is a post a posted on another board at iHub and was promptly deleted, sorry for the re-hash but again trying to get peoples thoughts on this board - once again any ideas or thoughts are greatly appreciated - tia


I will be buying a house in about a month and need some guidance. This is my first home purchase and am a bit nervous pulling the trigger with the housing market is in the mud. I am buying a condo in Chicago (where throughout the US, Chicago typically has a stable market). The asking price is 295k - there has been 1 owner, bought in '99 for 195k (newer building). The area is nice with money still going into the village to "vamp" it up (commercial, etc) - It is a nice place but i feel 295k is too much - granted for two years other condos in that building have sold for 95% of their asking price which puts us at about 281k (which i still think is too much). I could see 240k-260k but I don't see that happeneing (not even sure why). I just dont want the home depreciate in value over the next few years.Dont get me wrong, the place is really nice (underground garage parking, gas/heat/water included in assesment, high ceilings, 2bed/2bth).... but just think its too much. Other buildings around there typically sell for 97% their value fwiw. After seeing about 20 places in the same area, this one gave me "that feeling" once i walked into it... nice layout (does need about 15k put into it to updated kitchen/hardwood floors, paint), but real nice.

Sooooo, what I'm trying to say is I need some help/guidance/thoughts/suggestions... anything to help out. I do realize no one here know the area at all (in part to me saying "Chicago" and not the actaul 'burb'), but I'm trying to get an "outside" perspective of the total housing market and thoughts on my example stated above.

Any help or guidance is greatly apprecaited

thanks to all in advance for replies

Dave