Foxfire Leasing
2060 Rand Rd,
Palatine,
IL
60074
847-705-8800 save favorite
847-705-8800 save favorite
AVERAGE RATING
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Converting to condos
From: -Anonymous-Date posted: 6/13/2004
Years at this apartment: 2004 - 2004
Mid-America management (Inland is another name they go by) appears to be a company that will buy a property only to convert it to condos shortly afterwards so they can sell it.
The stories like the ones below are pretty typical of when Mid-America takes over. Just take a look at the reviews talking about Wyndham Court (Now Wyndham Club) when they converted, many reviewers (aside from one rogue disgruntled tennent) were happy there UNTIL Mid-Am took over. Mid America also has to say on the association for about two years at which point owners can opt to kick them out to either manage the association themselves or bring in another professional company or a mixture of the two. The aforementioned Wyndham Club complex opted to bring in another company.
Condo sales during a conversion are ALWAYS high pressure and FoxFire is no exception to that rule. It doesn't matter where you're buying.
The old staff (who were there while it was rental) was horribly rude during the conversion. I guess none of them are gunning to get a job with the association when the complex is changed over to ownership. Very stupid way to act if you ask me. All I'll say is people remember . . . Good luck finding jobs.
There's nothing wrong with the Foxfire complex itself. If you're buying there be prepared for a bumpy ride with the association for the next couple of years from what I've heard. Also be prepared for some high pressure sales (Remember they want to move these condos as quick as possible so they can move on to the next complex they're converting).
My advice to the buyer is to take a look at some more established complexes first. Even if they only converted a couple of years ago. You're purchasing from an individual who might care a bit more about you and making you happy for the sale to go through. PLUS you have room to bargain down on the price (Just be sure to have a realtor help you out) .
Don't buy during a conversion with the idea that you're going to sell in a couple of years. There's at least 100 other units with people in them that bought with that same idea. Now you have a bunch of units on the market at the same time in the same complex. How does that look to you' Looks like something's not quite right in there and people are trying to leave in droves. It also generates a lot of price competition between the sellers so you won't get as much for your unit as you think you will.
If you're renting there or planning to rent there remember you're renting from an individual not a company. The maintenance for the unit for the most part will be taken care of by this individual, not the association. The association will maintain all the common areas, anything outside of your unit that's on FoxFire grounds.
Renting from an individual vs. a company can be a good thing or a bad thing. It depends on the individual. Be sure to read up on your rights as a renter since more and more complexes appear to be going condo and it's more likely you'll be renting from individuals in the future. Either that or consider purchasing they now have 100% financing plans available through most mortgage companies. Again, do your homework.
Sorry to the previous tennents who had bad experiences during the conversion. All I can say is, when you see "Under new management by Mid-America managing" move as soon as your lease is up unless you like the place enough to purchase a unit there. If you like the place enough for that then keep your credit squeaky clean and start mortgage shopping.
Mid-Am did offer some incentives for tennants to purchase (money for downpayment etc) which probably wasn't advertised too much since, again, they wanted to make as much as they could off the deal.
Aside from all that. FoxFire is a VERY nice complex. Anyone who lives there will enjoy what they have to offer a lot.
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