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Old 03-02-2009, 01:37 PM
 
51 posts, read 149,355 times
Reputation: 18

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There is a new property at 4440 W Lunt in Lincolnwood which is currently on the market for $1.090,000. The original listing price in 2006 was $1,389,000. It has been sitting on the market for two years and the last price drop happened in Oct. 2008 from 1,149,000 to its current price.

This house is very close to Proesel Park and has 5 bdr and 4.1 bth with a 2 car garage. The basement is unfinished. The refrigerator, washer-dryer and carpets are not installed and are waiting to be selected by the buyer. Of course, that means, the quality of those are waiting to be decided on the negotiating price.

I seriously believe this house is extremely overpriced and the builder needs a reality check.

Any realtors out there who have advice on what should be the starting price for negotiations and how much this house is really worth for?
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Old 03-02-2009, 01:58 PM
 
Location: Chicagoland
5,744 posts, read 9,905,650 times
Reputation: 6992
Oh no, whenever I see Lunt street (or Malina or Paulina), I think about that horrible joke about the Chicago streets named after a female body part! It's like a Seinfeld episode. I wish I had never heard that joke! Sorry.
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Old 03-02-2009, 02:59 PM
 
Location: Chicago
38,704 posts, read 98,823,009 times
Reputation: 29882
"Three streets in Chicago rhyme with Regina..."
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Old 03-02-2009, 03:07 PM
 
Location: Chicagoland
5,744 posts, read 9,905,650 times
Reputation: 6992
Quote:
Originally Posted by Drover View Post
"Three streets in Chicago rhyme with Regina..."
Oh no, not again! Do you think every Chicagoan knows that joke? This could be a test of whether you're a native Chicagoan...
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Old 03-02-2009, 03:38 PM
 
Location: Barrington
63,948 posts, read 44,039,851 times
Reputation: 20645
Count me in.
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Old 03-02-2009, 03:49 PM
 
Location: Barrington
63,948 posts, read 44,039,851 times
Reputation: 20645
I am a Realtor but do not work this area and so have no first hand knowledge of the local market.

I can however, see that the land last sold for $572K in 6/06.

I can also see that there are 27 other homes in the area, listed between $1.050,000- $2,299,000.

I can also see that 36 homes sold for $1,025,000- $2400,000 in the past 12 months.
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Old 03-02-2009, 04:55 PM
 
51 posts, read 149,355 times
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Thanks, middle aged mom. But I need to get an apples-to-apples comparison of this property. I don't know if the properties that got sold recently had an unfinished or a finished basement.
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Old 03-02-2009, 11:36 PM
 
Location: Chicago
15,585 posts, read 26,091,870 times
Reputation: 1761
Quote:
Originally Posted by neeshera View Post
There is a new property at 4440 W Lunt in Lincolnwood which is currently on the market for $1.090,000. The original listing price in 2006 was $1,389,000. It has been sitting on the market for two years and the last price drop happened in Oct. 2008 from 1,149,000 to its current price.

This house is very close to Proesel Park and has 5 bdr and 4.1 bth with a 2 car garage. The basement is unfinished. The refrigerator, washer-dryer and carpets are not installed and are waiting to be selected by the buyer. Of course, that means, the quality of those are waiting to be decided on the negotiating price...

Way overpriced.

I would start at 450k. If someone buys it it for anything over 600k they are foolish.
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Old 03-02-2009, 11:37 PM
 
Location: Chicago
15,585 posts, read 26,091,870 times
Reputation: 1761
Quote:
Originally Posted by GoCUBS1 View Post
Oh no, not again! Do you think every Chicagoan knows that joke? This could be a test of whether you're a native Chicagoan...
Malina is not one of them.
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Old 03-04-2009, 12:37 PM
 
Location: Barrington
63,948 posts, read 44,039,851 times
Reputation: 20645
Quote:
Originally Posted by neeshera View Post
Thanks, middle aged mom. But I need to get an apples-to-apples comparison of this property. I don't know if the properties that got sold recently had an unfinished or a finished basement.
Some did and some did not.

Why not work with a real estate agent that really knows the area and has been inside the homes and knows the local market, well.

It is not unusual for buyers to ask custom spec builders to " throw in" a finished basement to get the property sold, in this market. That "throw in" is not going to show on comps.
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