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Old 02-24-2010, 11:43 PM
 
69 posts, read 215,797 times
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1521 Ridge Rd, Lake Forest, IL 60045 | MLS# 07155002

It looks like a really nice LF home but what ac****s for the low purchase price? This place should have sold for twice as much. Any North Shore residents or RE agents with any insight?

SK
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Old 02-25-2010, 07:31 AM
 
Location: Winnetka
114 posts, read 366,908 times
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Quote:
Originally Posted by skontoller View Post
1521 Ridge Rd, Lake Forest, IL 60045 | MLS# 07155002

It looks like a really nice LF home but what ac****s for the low purchase price? This place should have sold for twice as much. Any North Shore residents or RE agents with any insight?

SK
It was bank owned.
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Old 02-25-2010, 01:08 PM
 
28,460 posts, read 81,071,072 times
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What makes you think it should have sold for double? Location and lot configuration are odd, pretty a much "flag lot" or "hole of the donut" situation -- buyers HATE THAT. Your home is not "secluded" so much as "obscured" -- getting deliveries or trying to explain to guests where your drive is after they've driven past three or four times with your cold pizza get old fast.
Lots of sq ft but nothing that really pops out as particularly "hand crafted / old world / vanguard of design" type deal, basically it looks like the kind of place that is easy to be critical of -- "McMansion" "tract home on steriods".

Another really terrific selling feature is the $36,000 tax bill!!! That really has broad appeal. For perspective that would be like calling up the BMW dealer and having a fully paid 3 series CRUSHED for your enjoyment...
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Old 02-25-2010, 01:32 PM
 
1,989 posts, read 4,284,152 times
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Quote:
Originally Posted by Rlest8 View Post
It was bank owned.
I think you mean it became bank owned.

The story of how it got there is much more involved.

1. Start with a credit bubble in which anyone who can fog a mirror can buy a home way out of their league.

2. With so many "qualified" buyers, the market for high price point homes grows to the point that contractors get into the game for themselves and begin building on spec.

3. 1521 Ridge gets built. It's a champagne house on a beer lot, which backs to the parking lot of a large park and is within undeniable hearing (and possibly china rumbling distance) of a freight train track.

4. 1521 Ridge is priced at $3.5 million dollars-- see link. (1521 S Ridge Rd - Lake Forest, IL 60045 - Photography - Real Estate Photography, The VHT Tour, 360 Scenes, Video Production - VHT) Way too steep even for an era of insanely easy credit.

5. Buyers who can afford a home for $3.5 don't want to live near parking lots and freight trains, so the seller begins his long painful slog chasing the market down.

6. By 2010, there is such an overhang of homes priced at over a million dollars on the North Shore that buyers have lots of choices and lots of leverage to negotiate price on the few that sell.

7. Enormous spec homes built on less-than-desirable lots to maximize profits are especially hard hit in this economic environment.

So, was this house a bargain? Only time will tell.

The story is still unfolding. Incredibly, the towns along Lake Michigan are still permitting enormous spec homes to be built, despite a price-crushing inventory of unsold stock.

There are no more funny money no doc, no downpayment, negative am loans to support this artificially created market. Who is going to buy these homes?
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Old 02-25-2010, 04:52 PM
 
Location: Winnetka, IL & Rolling Hills, CA
1,273 posts, read 4,246,316 times
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The location is among the least desirable in Lake Forest. Nobody really wants to live west of Skokie Hwy in Lake Forest. The quality of construction also appears to be substantially lower than what you would expect for Lake Forest. The home also doesn't appear to be architect designed, and those homes generally fetch lower price tags.

The story is still unfolding. Incredibly, the towns along Lake Michigan are still permitting enormous spec homes to be built, despite a price-crushing inventory of unsold stock. - Cohdane

The permits issued for teardown have dropped dramatically in Glencoe, Winnetka, and Wilmette. For the most part builders are not building homes until they have a firm contract.
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