Before the 2007 housing crash, a client asked me to accompany good friends of hers to view a new high rise condo complex at the corner of Huebner and IH10. 

These condos were still being sold by a sales counselor. This sales counselor was very, very good at her job. She knew the assets of the complex well. By the time the sales counselor was done with this couple, they were ready to sign on a dotted line. I told the sales counselor that my clients needed time to think. 

When we got outside, I pointed out the negatives that the sale counselor neglected to mention. The condos were priced outrageously over market value. They were marketing them as a luxury condo complex. As a general rule of thumb, a luxury complex can get more. The problem is that there was nothing luxurious about this complex. Every adornment (light fixtures, plumbing fixtures, ,etc.) was below builder grade. There was nothing special about anything in the complex. 

I also pointed out to my clients that they only have two to three people who have purchased even though they’ve been open for over a year. How many other people are walking away because they don’t see this as a value? How hard will it be to get more owners in there? Who is caring the cost of exterior maintenance with only two to three owners? Based on my opinion, this nice couple walked away from this condo. 

A year or two later, the market crashed. If this complex couldn’t sell overpriced condos in a hot market, they definitely couldn’t sell overpriced condos is a slow market. The assumption is the company filed for bankruptcy. 

Over the years, I watched this high rise. It looked vacant. At one point I thought it might be an office complex, but was never sure on that. I don’t know what happened to the owners that purchased in the complex. Did they have to carry the financial responsibility of maintaining the complex? Did they recoup their money? 

A few weeks ago, I was in the area. I saw the sign below. “Now Leasing – The Vue Apartments”. Apartments. How much unknown stress and hell did the few condo owners go through that purchased in the complex before this finally got resolved? How long did it go on? 

If I was a salesperson, I would have jumped on board with that sales counselor and sold this lovely couple a condo. I am not; nor, will I ever be a salesperson. Real estate is not sales. Real estate is about understanding your client’s needs and working with them to find an answer. As a Realtor, it is my job to give you the education so you can make a sound decision. I will and always have point out the negatives in any house. 

I was very, very, very glad that I was there for that couple that day to give them the education so they can make the decision. One hour spent with them saved them ten plus years of hell.