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Old 05-28-2008, 07:47 PM
 
3 posts, read 5,263 times
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I'm looking to buy a 2BR/2B condo in the Lincoln Park area soon. Ideally, I'm not interested in a fixer uppper. I'm not sure if I should buy within the next couple of months or wait until next year. I don't want to overpay. Do you think LP properties are generally overpriced? (most are mid 400K - mid 500K)? Do you think a bid 10-15% below list price would work for the in-demand LP area?

Thanks!

Last edited by newman112; 05-28-2008 at 08:06 PM.. Reason: removed links
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Old 05-28-2008, 07:51 PM
 
Location: Chicago
15,587 posts, read 25,077,181 times
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In my opinion, almost every house or condo in Lincoln Park is overpriced.

Btw both of those links are bad as well as the url's.
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Old 05-28-2008, 08:04 PM
 
1,325 posts, read 3,888,425 times
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Default this is a great site to pull comps

The most important thing is to pull the comparable sales data on similar condos.

This is a great site that will let you see all the sales history within the building. Works best if you don't use "north/south/east/west" nor "ave/st/etc". For example, just put 3520 lake shore and no additional info.

Chicago Tribune - Illinois Property Transfers

An offer 10 percent below asking price is close enough not to be offputting to most sellers. And, it is a good "starting point" for negotiations/counteroffers. 15 percent can sometimes offend a sensitive seller and result in a less reasonable counter. Totally depends on the psychology of the seller.

Most of Lincoln Park and Lakeview are still selling pretty well unless there is a problem with the building or block. Good luck with your purchase.
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Old 05-28-2008, 08:08 PM
 
3 posts, read 5,263 times
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Quote:
Originally Posted by dsimicata View Post
The most important thing is to pull the comparable sales data on similar condos.

This is a great site that will let you see all the sales history within the building. Works best if you don't use "north/south/east/west" nor "ave/st/etc". For example, just put 3520 lake shore and no additional info.

[URL="http://chicagotribune.public-record.com/realestate/"]Chicago Tribune - Illinois Property Transfers[/URL]

An offer 10 percent below asking price is close enough not to be offputting to most sellers. And, it is a good "starting point" for negotiations/counteroffers. 15 percent can sometimes offend a sensitive seller and result in a less reasonable counter. Totally depends on the psychology of the seller.

Most of Lincoln Park and Lakeview are still selling pretty well unless there is a problem with the building or block. Good luck with your purchase.
Thanks so much!
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Old 05-28-2008, 08:21 PM
 
Location: Chicago
2,467 posts, read 11,721,054 times
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I would also just point out that the market sucks right now, so use that to your advantage. Depending on the place, from what I've seen right now, that may be a bit overpriced. We just looked at a huge 3 bed, 2 bath, all redone with garage, etc (gorgeous) in Lakeview for 500K..... (that's not my price range, but still). I've been seeing a wide range, so definitly do your research
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Old 05-29-2008, 10:08 AM
 
Location: Tower Grove East, St. Louis, MO
12,063 posts, read 29,587,472 times
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I've noticed a huge range just as Jessiegirl mentioned. I wasn't specifically looking in Lincoln Park, but when I was looking in Wicker Park there were 1/1s priced the same as 2/1s or even 2/2s.

Do your homework, find an experienced realtor who you really trust, and don't get emotional. If the property isn't worth what is being asked it can be tempting to take it anyway (especially if you really love it), but that's not going to do you much good in the end.
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