Video: "The wood work" in a classic Oak Park house

A couple weeks ago I called to schedule a showing for a vintage home in Oak Park on a nice lot on Ridgeland Avenue. Since I got an actual agent on the phone (and not a scheduling service that's typical), I asked if the sellers were serious about moving the vacant house. They had been priced well over $400,000 for the one bathroom house when first listed. They were now priced at $389,000 and on the market for almost 6 months. Basically, I was gauging the ability and flexibility to sell a home I thought was over-priced for the features, condition and location.

After asking about these factors, the agent asked if I "had ever been to Oak Park?". Pause, awkward silence. I said yes. "Oh, the woodwork" she said along with some other things. Pause. Then she said that the group of children selling the home for the parents were now more realistic etc... Bingo.

Anyway, the house was pretty cool but a pretty big project too. Alas, it sits waiting for a buyer and my clients are under contract on another house. Here's a quick video I shot of the home. It's not the best video, but you do see some of that woodwork.

Low ball offers?

Earlier this week I was asked by a potential client/home seller if "people were still making low ball offers". Low ball? If you're not priced right, there are NO offers.

Stucco in Lakeview's Southport Corridor

I was out with clients in Southport Corridor and was reminded of this unique stretch of four stucco homes.

Stucco may be a "love hate" facade material for Chicago home owners. Good, bad? Eh. Wood, brick and siding are the prominent materials in our burg. But you see a stucco once in a while mixed in. That's why I thought this little group of stucco "American Foursquares" was pretty unique for the Southport Corridor neighborhood. They take up there own little half block on West Waveland Avenue.

Good morning Lincoln Park

Recent morning view from the Fullerton CTA stop in the DePaul neighborhood. Trump Tower and the Willis Tower frame the background. We love this city.

NEW For Sale: Lakeview four bedroom single family home $815,000

Bob and I will be listing for sale a 1997 new construction home in Lakeview for $815,000. This is a serious seller and a great price for a newer construction house. Fantastic Lakeview location near Racine and Wellington.

Features include:
1997 construction
Four bedrooms
Three full baths
One half bath
Two car garage
Security system
Interior staircase to roof (ready for a deck!).
Kitchen with great room
Lower level family room
Laundry room
Large master bath with double bowl vanity


Serious pre-approved or cash buyers please... call us if you've been looking for a spacious four bedrooms home, three and one-half baths house with neutral finishes. NOT on the MLS, get in now!

The short sale shuffle

Recently, my clients offered sight-unseen on a $90,000 short sale condo. The home was clearly under-priced to get many offers. My clients offered $30,000 over list price but lost in a multiple bid on the property.

The seller sent the accepted offer to the bank for approval. Now, a few weeks later, the home is back on the market...listed at $190,000. Good times in short sales! It's important to remember most short sale listing prices have not been approved by the bank. In many cases, the seller just wants offers to try and get the conversation going with their lender so they price low. If you are one of the first offers, you may be a Guinea Pig!

Read more home buying posts here!

NEW For Sale: Wicker Park duplex with garage, roof deck, drama!

1250 N Wolcott #1 asking $439,000

Assessment $157

Taxes $5,200

We just listed for sale this Wicker Park contemporary duplex with plenty of space and drama. The home has interesting sight lines throughout and feels really big. Large rooms, flexible floor-plan, massive windows and great exposure breaks the mold at this price in a top location.

Features include:

Garage parking
Private roof deck on garage
Two bedrooms
Two large bathrooms

Hardwood on all floors
19 foot ceiling from living room
Side by side over sized washer and dryer
Security system
Walk-out terrace
Large linen and storage closets

View the Floor-Plan at this link!

View more Wicker Park videos here.

Lincoln Park 2520 changes Chicago's landscape

Bob was taking his usual walk down West Wrightwood Avenue in Lincoln Park the other day when all of a sudden...the view to the east changed. Prudential Rubloff Properties has the exclusive listing for Lincoln Park's highest end and most significant new construction development for quite some time. The luxury high rise and town houses of Lincoln Park 2520 are located at 2520 N Lakeview Avenue.

There are several of the high rise condos under contract now from $737,000 to $3,500,000. This is an opportunity to create your own luxury apartment with North Pond views. Combine units to create a one-of-a-kind classic "New York City home" at one of Chicago's most prestigious addresses.

Condo Sales: Variety the spice of Wicker Park

Bob and I have a photo and video shoot tomorrow morning at a Wicker Park duplex condo that we'll be listing for sale. Pricing can be a bit of an art form in Wicker Park. There is a huge variance in closed sales prices for condos with the same number of bedrooms and bathrooms. Sometimes its hard to find comparable properties in which to gauge what the actual bank appraisal will be. This can be true for many desirable neighborhoods of the city and particularly for locations along the lake.

However, it is rare when you have two bedrooms, two bath units selling for the $300s to the $600s on the same few blocks. So, that's why we are paid the big bucks to figure this stuff out..right? For example, search two bedrooms, two bathrooms with garage parking and you'll get closed returns from $305,000 at 1744 W Division to $610,000 at 2157 W Division only a few blocks apart and unaffected by any major topographic feature like a lake.

The art of pricing takes into account a likely appraisal value...first. However, it is also important to understand the market's demand, availability, location and emotional attachment for the condo a likely buyer might have. What and where are the alternatives? How much is this place to own now taking into account interest rates, taxes and assessment? Can a couple really have a kid here or will they have to move again?

2011 Wicker Park over-all condo sales ( 2 bedrooms or more, the last 60 days for 900N to 1500N and 1600W to 2400W boundaries):

*62 two bedrooms (or more) condos are CLOSED or under contract in the last 60 days.

*The median price for CLOSED for two bedrooms or more condos in 2011 is $415,000

*The median price for CLOSED three bedrooms or more, two baths or more condos in 2011 is about $475,000

Watch my Wicker Park videos and read more posts here!

Video: An $800,000 Roscoe Village short sale

I took some great clients to see this Roscoe Village single family home short sale shortly after it hit the market (no pun intended). There are a few "quality issues" with the house and finish level, but over-all I think it's a good buy for the neighborhood and for Bell school under $800,000. My guess would be it goes to contract soon.

In fact, the listing agent told me today that he's had "36" showings since it went on. Yawn. Any who, he answered a question I had about the mortgage situation. Upon making my first appointment with one of the team members, I asked up front if the place had any offers and how many liens were on the property and with who (I asked on three separate occasions and finally got an answer after taking my clients for two showings).

Even though the property has two liens, they are both with the same big bank. The bank has a uniform procedure and the outstanding loan balance isn't that far off so a deal can likely get done on this place.

Call if you need a buyer or listing agent with conventional and short-sale experience.

View more property and video tours here!