When the Woods at Countryside in Palatine, IL condo conversion was first announced it was thought to the darling of the Northwest Suburbs.  With over 700 units available this by far the most aggressive condo conversion project in recent history.  Fast forward several years and a never before seen market slump and the picture is a little different today.  While the condo product is decent overall market for condos is way down.  The properties that are selling are selling as short sales and bank owned (REO) properties at substantial discounts.  If you are concerned about purchasing the condo as an investment the most basic analysis is to compare it to the rentals in the area.  The condo market is more stressed at this moment so the downward swing of prices is greater in this product.  I believe all real estate will start to appreciate at 3% yearly rate starting near the end of 2011 or the beginning of 2012.  Until then I think we will see no equity gain and most likely negative depreciation.   If you are going to be living there and the appreciation is not as critical then I think it will be ok in the long run.

Hope this helps,

John Ziemba
Realtor
Keller Williams Team Realty
847-217-0480
Realtor@JohnZiemba.com
www.JohnZiemba.com