Sunday, May 08, 2011

Traditional single family homes, good schools are hot from $500,000 to $1,000,000

Most of our buyer clients are looking for houses from $500,000 to $1,000,000 west or North Western Avenue and from the greater community areas of West Town on the south to Lincoln Square on the north. This covers popular neighborhoods and community areas such as Wicker Park, Lincoln Park, Lakeview, Roscoe Village, Northcenter and Ravenswood.

In our personal experience with the market this year there is a BIG THREE combo that consistently draws buyers and sells homes quickly. Many times in less than two weeks.

1. Renovated house (updated electrical, plumbing fixtures, exterior siding/brick, roof etc... does not need high-end material finishes).

2. Traditional layout with three good sized bedrooms with full 8ft or more ceiling height on the second floor (or at least three good bedrooms on the second and third floors with head room if there is a bonus attic floor). Drama has little effect if you don't have those good bedrooms!

3. Chicago public elementary neighborhood school with good test scores and "buzz".

If a house with this combo comes on under $800,000 in this zone the masses come running and sales are quick. We've shown dozens of homes that have sold under 30 days this year and not that far off from peak pricing (usually within 10 percent of top prices and sometimes selling for MORE if the house hits the BIG THREE and more regardless of any new improvements). If a home has two bedrooms up, needs a lot mechanical and exterior work or is not in a "buzz" school attendance boundaries it can be tough going.

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