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Old 07-17-2016, 09:01 AM
 
188 posts, read 209,339 times
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Bucktown:

I see your two examples from Winnetka. I wouldn't call this a trend....more like bad luck for the seller. They also bought peak of market.

IMO, every house has a story and a reason for selling at a price. For example, I viewed a newer house on Sheridan Road in Wilmette a few months ago. Beautiful house, but it had a completely unfinished basement with half a dozen cracks in the foundation! (Red flag in flood prone Wilmette) It closed over $100k lower than previous sale. If I was making a decision about this house solely on info found on my iPad, I might erroneously conclude something about the Wilmette market. Lots of times houses sell at a price FOR A REASON.
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Old 07-17-2016, 09:33 AM
 
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I thought I should add: I have also seen the opposite happen. I recently viewed two other houses in East Wilmette and both are under contract for over $100k more than they paid. (Both closed previously in the last 8 years.) Trust me, these are far from exceptional houses. Hey, they are nice enough......but one doesn't have a main floor bathroom and the other doesn't even have a practical kitchen that you can eat in and fits all appliances.

Maybe certain price points are HOT and they are willing to DEAL with certain deficiencies.
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Old 07-17-2016, 09:39 AM
 
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Quote:
Originally Posted by BucktownNow View Post
What is the uncertainty about what will happen with the schools?
Elementary School closings and school boundary changes in the very near future.
Subsequent to that, affects on programs based on available funding and infrastructure changes/improvements/enrollment changes.

People with small children tend to take a hard look at other
areas with suitable schools if so many 'unknowns' are on the
table when looking at houses.

Cheers
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Old 07-18-2016, 08:31 AM
 
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Both the Ridge and Hill homes are "on the wrong side of the tracks". The Ridge home violates just about every "rule" of staging a home for online photos -- far too much personalized decor, clutter in every room, questionable room uses / furnishings (theater chairs that face EACH OTHER?!?) and a tax bill that is ghastly. The Hill home is a better value in every way, but still is not really a value with 'just' four bedrooms, all which have a decidedly non-youthful look the "story" being told is not something that meshes easily with the likely buyers of such a home...

I could spend all day finding homes in Winnetka that are both even more attractively priced AND offer more of the kind of living space that buyers in this range are looking for. It would also be possible to find pages and pages of bad condos in even Chicago hottest areas that are far less desirable in every way that any of these...
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Old 07-19-2016, 03:50 PM
 
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Well it sounds like the general consensus is that homes in the New Trier district have been keeping pace with homes in the city. I'm good with that, I'm not looking to start a turf war. I just wanted to try and get a better understanding of the situation.

To the point that they bought at the peak in 2005 and are unluckily losing money, I will say that you'd be hard pressed to find a house in the city in a 'good hood' where the price is at or near the 2005 selling price.

Chet - No doubt the 2 I linked are extreme cases. The staging and taxes on the ridge house are pretty insane.



Thanks for all the input.
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Old 07-23-2016, 01:38 AM
 
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Quote:
Originally Posted by BucktownNow View Post
Some examples in Winnetka..

https://www.redfin.com/IL/Winnetka/5.../home/13785220 - Sold for $1.8mil in 2005 and now after having been on and off the market for 2 years they are trying to get $1.25mil

https://www.redfin.com/IL/Winnetka/2.../home/13784606 - Sold for $1.7mil in 2006 and they finally have it under contract at $1.1mil after being on the market for over a year.

In general there just seems to be a lot of inventory on the market that isn't moving. It makes me nervous to buy for fear it would take forever to sell if I needed to...
These are on busy corners and the second house is not in great condition. I live within two miles of both houses and know the area well.

Still, I'm surprised at those low prices. Anything nice around here is over $1 million and many people are spending $1.5-$2 million for undistinguished but comfortable new construction.
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Old 07-23-2016, 10:43 AM
 
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Vs new construction it does not seem surprising at all that the second home might sell for less since it needs a little updating. Not sure about the other one.

cheers

Quote:
Originally Posted by Larry Siegel View Post
These are on busy corners and the second house is not in great condition. I live within two miles of both houses and know the area well.

Still, I'm surprised at those low prices. Anything nice around here is over $1 million and many people are spending $1.5-$2 million for undistinguished but comfortable new construction.
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Old 07-25-2016, 03:47 PM
 
188 posts, read 209,339 times
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Default All depends when you bought...

This could say we are recovering, but definitely not at '07 levels.

Right now there are 4 houses for sale, in a row, on the 300 block of Greenleaf in East Wilmette. Great location-street dead ends at the Baha'i temple. 3 priced @ 1.2M the last @ 1.475M

All 4 are newer houses, ranging from 2002 new build to a renovation/addition in 2015. All very similar houses baths, bedrooms etc. If my links are removed-addresses are 330, 336, 338, 342 Greenleaf.

336 Greenleaf sold for $948k in 2012. It was a short sale. Built in 2004. Listed for 1.2M
338 Greenleaf sold for $1,650,000 in 2007. Built in 2006. Listed for 1.475M

If you bought in 07 you are looking at a 200k loss and in 2012 200k gain.They are so similar this will be fun to watch and see where they net out.

Food for thought.

https://www.redfin.com/IL/Wilmette/3.../home/13772323

https://www.redfin.com/IL/Wilmette/3.../home/13772432

https://www.redfin.com/IL/Wilmette/3.../home/13772322

https://www.redfin.com/IL/Wilmette/3.../home/13773209

Last edited by Vosges; 07-25-2016 at 03:57 PM..
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Old 07-25-2016, 05:58 PM
 
1,851 posts, read 2,168,747 times
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Quote:
Originally Posted by Vosges View Post
This could say we are recovering, but definitely not at '07 levels.

Right now there are 4 houses for sale, in a row, on the 300 block of Greenleaf in East Wilmette. Great location-street dead ends at the Baha'i temple. 3 priced @ 1.2M the last @ 1.475M

All 4 are newer houses, ranging from 2002 new build to a renovation/addition in 2015. All very similar houses baths, bedrooms etc. If my links are removed-addresses are 330, 336, 338, 342 Greenleaf.

336 Greenleaf sold for $948k in 2012. It was a short sale. Built in 2004. Listed for 1.2M
338 Greenleaf sold for $1,650,000 in 2007. Built in 2006. Listed for 1.475M

If you bought in 07 you are looking at a 200k loss and in 2012 200k gain.They are so similar this will be fun to watch and see where they net out.

Food for thought.

https://www.redfin.com/IL/Wilmette/3.../home/13772323

https://www.redfin.com/IL/Wilmette/3.../home/13772432

https://www.redfin.com/IL/Wilmette/3.../home/13772322

https://www.redfin.com/IL/Wilmette/3.../home/13773209
Yeah, it seems some people are still underwater. Not sure why that is. I would say by and large most are at or above 07 levels (even if only marginally).
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Old 07-25-2016, 10:58 PM
 
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Quote:
Originally Posted by IrishIllini View Post
Yeah, it seems some people are still underwater. Not sure why that is. I would say by and large most are at or above 07 levels (even if only marginally).
I always understood the strict definition of 'underwater' as being you owe more than the house is worth. I could quickly see why folks might still be underwater if they took out a huge loan on a house right before the crash.

Those two homes in Wilmette probably just mean they won't net as many proceeds when they do sell.
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