Lombard/Glen Ellyn vs Norridge/Harwood Heights (house, closing)

[bmollhag]

No its east third. It has been on the market for awhile. All three of the homes have which is why I am worried about inspections because they have been vacant for so long. The third and forest homes are funny too because they are these smaller homes in comparison to the mansions around them lol

[holl1ngsworth]

I think I know what house you are talking about, but I can't find a listing for it. Looks like they foreclosed on a really small loan though. Were you planning on bidding for the home at the Sheriff Sale? Or is this home already on the market/poorly listed?

[bmollhag]

Must be poorly listed. It isn't an auction. I think a lot of the Hinsdale foreclosures are poorly listed.That is why it takes awhile to find them lol. This house has been on the market and I just heard of it last night and saw it today. Perhaps the neighborhood would like them to be sold quietly and with little light shown that there was a foreclosure etc.

[chet everett]

Originally Posted by bmollhag

Yea I thought so too plus for the price we would have a lot of renovation money. When we bought our house in Hyde park it was a complete gut so we are experienced with renovations, but I am weary of doing a complete gut in the suburbs because I heard they are more tear down friendly than rehab friendly and in the city it is the opposite. But this house isn't a complete gut it would be just a bit more work. So three offers now in lol...Hopefully one will work out...

A great deal depends on what you want to achieve. The homes that you are considering (I think I know most of them...) each would benefit from renovations and depending on what sorts of finishes you end up and how you deal with things like landscaping and staging you could do very well living in a home or selling if the need came up.

If the neighboring homes are all 5+ bedrooms and you have only 3 bedroom with no room for expansion the equation for "what makes sense" is going to be different than if you were looking at a 4+ bedroom but I know from experience that the same factors are need to be considered in Hyde Park or Lincoln Square or Lakeview too....

I hope you have a very experinced buyers agent that will work to get you what you need and communicate appropriate with the sellers; should competing offers come up things can get a little nutty when you are hoping on "one of the bunch" to hit.

Let us know how it goes!

[bmollhag]

Honestly I am really hoping for the split level. I have grown to love Hinsdale during the time we have spent there and I also love that it is so close to the La Grange downtown (we spent several hours there today) but then Hinsdale has this slow paced quaint vibe that is nice to retreat to.

I would be happy with the colonial but it would be nice to be further from the highway. Even though the split is a split it really doesn't have the negative sides of that floor plan because there is a family room and sun room addition on the back of the house that makes the family room open to the kitchen on the same level, which typically isn't the case, which is why most people hate them. Then it also has that removed family room off the garage and then a walk out basement. I also like that there are only 6 stairs between the main floor and the bedrooms and also the main floor to the lower family room area so that god forbid if my son falls (when he starts walking) its not like he will plummet to his death or something.

The reason we wrote off this house in the beginning and were looking more at the colonial was because my husband thought that the addition on the back of the house and the finished basement with a half bath were not permitted. Recently we found out this was not the case.

While I really liked e 3rd street I have a feeling it has major structural issues. On the surface it doesn't seem like it needs that much work but I don't think many of the renovations that were done were done professionally judging by the craftsmanship and I don't think they used the right beam, or perhaps any beam for that matter, when they cut a pass through between the kitchen and family room. It sort of looks like its buckling to me and as you walk closer to the backyard it sort of feels like there is a slope...

I can see where your coming from Chett when you thought there would be a competing offer situation since it seems too good to be true, but this house really has been on the market for months with no offers. I think it is because others saw what I saw and were scared away. I am keeping it on the list because it is priced lower than the others and if we can get it lower than why not try...but I think we are more serious about the split level...

Do you guys agree with my thoughts as far the split level not being as undesirable due to it's unique floor plan and sort of being apprehensive of e. 3rd? I realize it is a good street, but do you think it is worth the risk given it's condition?

[chet everett]

I have not been inside the 3rd St house so I don't know how much work might be needed to "make it right", even if it there is something that needs reframing or foundation workmyou might be surprised how relatively affordable that can be if you get the right contractors. I have "fixed" houses (in other towns) with the help people experienced in the use of hydraulic "jacks" and such that would probably allow them to take the "lean" out of Pisa's tower!

The big knock that most folks have against split levels is usually related to lack of flow between rooms like the kitchen and entertaining space, I agree that having an addition on the same level greatly mitigates that complaint.

In a town like Hinsdale it is rather difficult for any home to have major alterations go unnoticed by village officials, an addition would certainly be caught. That said some of the older homes may have been subjected to earlier iterations of both the land use regulations and code requirements that may not have been as strict. A few folks have found out the hard way that alterations that address true safety / structural issues (like new wiring and exterior weather sealing or roofing) will be allowed but they can't change the footprint or egress to addition without violating current code. That might mean the Village standards would require something like an awkward exterior door / slider to remain. Generally not a big deal but some people get their nose out of joint. The fact too is that there is an appeals process that tends to not be overally strict on folks that honestly want to "preserve" an existing house instead really "mansioning it on the cheap" -- don't come before them with some grandiose plans, but if you really need "relief" from the regulations to undo hideously non-functional prior additions (and I would not qualify any the homes the OP is considering as such...) the ZBA will generally OK a sane modification.

[holl1ngsworth]

Originally Posted by bmollhag

Do you guys agree with my thoughts as far the split level not being as undesirable due to it's unique floor plan and sort of being apprehensive of e. 3rd? I realize it is a good street, but do you think it is worth the risk given it's condition?

Why not do a walk-thru with a contractor on the E. 3rd home prior to making an offer? My wife and I did with several homes last year before we finally bought one in Wheaton. We knew we were going to have to do renovations and wanted expert eyes and a good faith estimate. Worst-case, if you skip the walk-thru and a structural issue comes up during home inspection you can always ask for a price reduction or walk away from the deal altogether.

That said, if you can get a great price on the split level -- in part because it is a split level -- and you understand the dynamics of the Hinsdale housing market, I think that would be a great option too. Most of your decision should come down to whether you think the floor plan works for your family. Beyond that, my only concern would be that you might put too much money into renovating the home -- and given that you will probably be unable to change the style of the home in the process, you might not get your renovation dollars back on the tail end. The next round of folks shopping your home more than likely will be looking for a tear-down and your updates won't matter to them. Just be mindful of the cap to price appreciation for a smaller 50's/60's split-level -- especially in Hinsdale, where most buyers will be viewing it as a "lot" to build there mansion on.

That said, I would also pay attention to lot dimensions. If the home over on E. 3rd, near the posh Woodlands neighborhood, has an extraordinarily small lot -- one that could never hold a larger tear-down -- this could severely affect price appreciation, even though it's in the most desirable part of town. A larger lot in a more burgeoning neighborhood might prove to be a better investment -- it will draw more tear-down shoppers.

[Lookout Kid]

Split-levels tend to sit on the market, especially if the have a shallow "crawl space" in lieu of a basement for storage. But it can be a way to get a more affordable house in a nice area.

[bmollhag]

Yea I hear you about tear down shoppers not caring about the renovations we do. The contractor idea was a great one actually. The one we used for the house we live in now was great when we were house hunting. The e. 3rd street house doesn't have the biggest lot, but it has a pretty large back yard. I guess if you were to put a mansion on it though, it may not be as attractive. With that said I'm sure there maybe someone like us with perhaps slightly deeper pockets, who can't afford a mansion, but would still like to live in a premier neighborhood on a quiet street. I think we will get the contractor out at all three and then do the inspections, and make our counter offers reflective of them. At the colonial it is less necessary in terms of the contractor because all we would need to do is refinish the hardwood floors and add black-splash and new counter-tops in the kitchen.

I guess for some reason I thought potential foundation issues would be incredibly expensive. Obviously the contractor will tell us, but in your experience how much does jacking up a house cost?

[chet everett]

Originally Posted by bmollhag

...

I guess for some reason I thought potential foundation issues would be incredibly expensive. Obviously the contractor will tell us, but in your experience how much does jacking up a house cost?

The key is getting the right assessment of what is really "wrong" and how to "make it right".

Often things as simple as single cracked floor joist can make the room above it feel like your are gonna fall through the floor. The fix for that is probably a few hundred bucks. Jacks are used to temporarily "unload" the busted joist and a new one is installed or just sistered on the failed joist once everything is re-leveled.

At the other extreme I have seen homes where the foundation was never properly protected against being undermined by water, that can require the whole house to temporarily lifted off the failing foundation, re-excavation, new foundation and re-attachment. That is tens of thousands of dollars. If the home is otherwise sound it is well worth it.

There are more and more guys that get expereince with the "big name" firms then start their own businesses, never need to advertise and thus charge a much more price...