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What do you think of this house based on the advertisement and listing? Do you think it is small and not worth it? Overpriced? I need your honest opinion! Because actually I don't like the advertisement, and I suggested improvements to what was worded, but my brother doesn't listen to what I say. I'll tell you more about the house after I hear all your suggestions and opinions. But it is located in a very hot neighborhood in Chicago, Wicker Park. Only people who make a lot of money can move in and live here. But those people who have been here since the 70s and 80s could afford to live here because they got their houses here cheap back then, and they get long-term resident property tax discount.
I think your brother and his Realtor are gonna be pretty peeved at you for screwing up their stats by posting his house listing here.
I think your brother listed at his house at $575,000 in July, lowered the price to $550,000, and it didn't sell. Now it's down to $499,000. Hopefully, that price is closer to market value.
I think that unless your brother has asked your opinion, you should MYOB. I'm betting he didn't ask.
In any event, the house shows beautifully, and the photos are better than many other listings. It's a home that appears to have an awkward floorplan and the Realtor seems to be trying to creatively compensate for that. I think the kitchen and bathroom updates in 2005 were cheap and now look very outdated, which may be one of the reasons for the price drop. I hate the facade, but I suppose that's a matter of personal taste. The home looks fresh and clean.
I can't comment on the price since I don't know the area. Assumably your brother's Realtor did a market analysis and that will justify the $499k asking price.
Last edited by Jkgourmet; 11-15-2014 at 05:48 AM..
I only looked at the Trulia link and, to be honest, didn't look that closely, but my very fast impressions were 1) I wouldn't call it a starter home (even if that is what it is) and 2) the public record seems to conflict with the property details.
He said he had to do this or else this house would be listed as a one-bedroom house and it wouldn't sell for much. I think that was total bull****.
He is right
So do you think he was right in repainting the entire house white? People like neutral colors so he is probably right, what was the old color?
And another thing he should say in the house ad is that the garage has an engine bay extension so that can you can easily do your own engine oil changes, brake work, and car repair.
Not a big deal
I think this house should sell for $650,000, when another house on our block sold for $700,000 last year at this time. Well it had granite countertops but our house didn't. But what's the big deal with that?
It really doesn't matter what you think the house should sell for, they've already had to drop the price considerably
The $720k sale was an unusual transaction.
The advertisement shows pictures of the house as it was staged, this is not how the house looked when I lived in it.
That is probably a good thing, considering you mentioned that you filled it up with stuff.
Based on reading the other thread, the neighborhood wasn't too good a while ago. Bars on the windows are not as good of a selling point as you think.
Are the bedrooms and bathrooms permitted?
I'd pay the $500,000 if you finance me. Are you an owner of the house of just your brother?
But growing up, this house was big enough for a family of 5 people at one time. When I've seen how big 900 sq ft apts are, I really think their rating of 1512 sq ft for this house is way underrated.
My parents, my three siblings and I grew up in a house that was about 1300 sq ft. You can't go by what was acceptable in the past. People demand much more indoor space now (we have sooo much more stuff, but that is another rant). It's going to depend how big the space feels to a prospective buyer.
Quote:
Originally Posted by JTE1969
For being in Chicago and being in a top prime neighborhood, I think $500,000 is too cheap for the house.
Sadly, your opinion of what the house is worth doesn't really matter. The only ones who have a say are potential buyers. If $500K was really "too cheap" for this house, you would have had offers, probably more than one, instantly.
From your postings, it's obvious there is a lot of non real estate related strife between you & your brother. Sounds like the sale of the property has become the focal point of some family problems.
Sounds like it's the brother's home. If so, he can paint and stage it any way he wants.
I thought the staging looked fine. It was clear that bedrooms upstairs were tiny with a sloping ceiling and they managed to make them look comfortable. The refrigerator is across a doorway from the kitchen and plunked in the dining area. That seemed odd to me, but nothing a stager can do about that.
It seems to me the house has been decluttered and fixed up to look clean and presentable.
Sadly, your opinion of what the house is worth doesn't really matter. The only ones who have a say are potential buyers. If $500K was really "too cheap" for this house, you would have had offers, probably more than one, instantly.
From your postings, it's obvious there is a lot of non real estate related strife between you & your brother. Sounds like the sale of the property has become the focal point of some family problems.
Actually, it's what the appraisal report says the house is worth unless it's a 100% cash purchase. And even then, many (most?) cash buyers will be averse to paying over the appraised value.
I'll agree with your second statement, though. Sounds like this topic should be moved over to one of the relationship or psychology boards.
I actually came across that house the other day. I didn't care for the kitchen, thought the bedrooms were too small (in part due to the angled ceiling), and didn't care for the backyard (even though getting one at all isn't that common), but overall I thought it was a charming house. The ad didn't speak to me, but it wasn't horrible. I could care less about what the garage offers, but it is neat that you can do your own work there. Also, it was a good idea to remove the bars from the windows imo.
The ad manages to make a small house look spacious. It is clean and the color will match any furniture.
OP, if the house used to be painted in typical Filipino style, you brother did the right thing to repaint. I speak from experience!
I had the same problems with my siblings when I sold my parents house. They thoughtit was perfect as it was and worth a lot if $$. I knew the kitchen would be gutted as it was remodeled in 1972-it was. They also moved bedroom walls around and repainted inside & out. I also had to drop the price from $195K to $185K to get an offer. They were convinced it was worth $225K. It wasn't.
People who are emotionally attached to a house can't make good judgments about it.
Here's the thing about real estate. If an agent grossly underprices a home, say at $575,000 when the market will bear $650,000 it really doesn't matter what the ad says. That would be a screaming deal and people would come flocking to the house because of the price alone and there would be multiple offers. Since that didn't happen, it tells me you aren't realistic about what this house is worth on the open market.
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