3-Bedroom Townhouse at 2820 N. Greenview in Lakeview Sells For 15% Under 2005 Price
We last chattered about this 3-bedroom townhouse at 2820 N. Greenview in Lakeview in October 2010.
See our prior chatter here.
Off and on the market since May 2009, it had been reduced $100,000 in that time.
The townhouse finally sold in February 2011 for about 15% under the 2005 purchase price.
Though it was built in 1991, this property had been renovated with a new kitchen and baths.
The kitchen had stainless steel appliances and concrete counter tops (no granite here.)
2 out of the 3 bedrooms were on the second floor. The third bedroom was in the lower level and was currently being used as a family room- with a full bath on that level.
Genevieve Lenon at Romanek Residential Properties had the listing.
Unit C: 3 bedrooms, 2.5 baths, 1900 square feet, 1 car parking
- Sold in May 1991 for $191,500
- Sold in August 2002 for $353,500
- Sold in September 2005 for $465,000
- Originally listed in May 2009 for $519,000
- Reduced numerous times
- Was listed in October 2010 for $418,900
- Sold in February 2011 for $391,000
- Assessments of $200 a month
- Taxes of $6889
- Bedroom #1: 13×12
- Bedroom #2: 13×11
- Bedroom #3: 20×16 (lower level)
Congratulations to all involved.
Personally, I’m a fan of concrete countertops. I would have gone a little darker than the ones in this unit, but they’re different and I think they’re an attractive alternative to granite. If I bought a place that needed work, I’d certainly think about installing them. What do the posters on here think about concrete countertops? Would it hurt resale because people seem to expect and have become accustomed to granite?
I like soapstone and wonder what people think of it. At some point, we are going to do our kitchen.
I don’t know about concrete – I know that is the “in” thing -but I have friends who have concrete counters and they said that while they were nice for a year, they are beginning to stain and crack and turn weird colors – they are replacing with granite.
Soapstone stains, cracks and becomes discolored if not sealed properly (and there is no way of guaranteeing that it WILL be sealed properly – it is something you just find out after a few years). I would stick with granite.
Marble all the way. I think you can also seal concrete though. I prefer to do these things myself. Family members have had corian for the last 10 years and really like it. If you chose the pattern/color carefully you can avoid it looking too plasticy.
I think the kitchen, including the countertops, looks quite nice.
As for the percentage below the 2005 peak at which this finally sold, what would be an appropriate figure? I’d say that 15% is not unreasonable, for both the seller and the buyer (granted, this particular seller also spent on improvements, but unless we know exactly what improvements the seller made, when and for how much, we’re mainly working with the previous sale price for comparison purposes).
When we purchased this past fall, we came in at around 12% below list price, and about 10% below a comparable (though perhaps slightly more improved) unit in our development, which was purchased close to the peak, or just a bit before peak (2004?). While I feel that we could have gotten it for $10 or $20k less (and the seller felt he was giving us a great deal), I don’t think the sale price was unreasonable for us or the seller.
All the high end properties I see lately have solid wood countertops. I wouldn’t want that personally as I would destroy them fairly quickly with my reckless cooking. But I can’t afford a high end property anyways so whatever, i’ll stick with my granite
When will you guys learn that judging a property based on what someone else paid for it is foolish and idiotic. Again, look at your own situation, where you want to live, what you can afford and go for it. Who cares what the previous owner paid for it – it is irrelevant to your desire to live there. Yeah – I know that people will counter and say that it IS important because you get to see how much wiggle room they have – but this is not always the case at all. I know MANY MANY MANY rich people that won’t budge on price and I also know MANY MANY MANY not-so-rich people who will take HUGE losses just to get out of a place.
“When will you guys learn that judging a property based on what someone else paid for it is foolish and idiotic.”
Agreed. But it does provide peace of mind to those hunting for a deal knowing that they paid less then the last person. For example, I paid ~12% under late 2003 buyer for my condo, did that factor into my buying decision, no, not really, I paid what I though the condo was worth.
It may help in negotiating tactics though, knowing what the prior person paid, and how much they are willing to deal and what profit/loss they are going to absorb…
I agree with clio that you should not base your offer price on what others owe on a house or what their purchase price was. However, I think all kinds of information is useful in determining what your asking price is for a house. Certainly the former purchase price is a data point that potential buyers shouldn’t ignore. It’s all about determining the market price for the real estate. Knowing the purchase price in 2005 may allow you to find out how comparable sales in 2005 have sold for recently, thus allowing you to decide what the market bears for the property you are interested in. For instance, if a unit in the same building or complex sold for 10% less than a comparable unit (both in 2005) and the comparable unit recently sold, you’d certainly want to make sure that your current offer may be similarly comparable.
Personally, I really like travertine. I like the way that it looks and I like the way that it ages. Sure, it’s not totally impervious to damage if you hit it with a hammer or leave spilled red wine on it for a week, but mine still looks great after 8 years in my current place.
Everyone here are huge fans of granite. I went with Silestone, a quartz product that doesn’t need to be sealed and is less porous than other solid materials. For something very unique check out Paperstone but I wouldn’t recommend it in a kitchen.
“Everyone here are huge fans of granite.”
Ridiculous generalization of the day! Bravo/a! Bravo/a!
I put quartz in my bathroom. I love it.
Knowing what someone paid for a piece of property generally isn’t as important as other factors UNLESS you know that price was unhinged from reality in that it was established near the top of a huge speculative bubble. In that case I think it’s incredibly important information to include with everything else.
“Everyone here are huge fans of granite.”
Ridiculous generalization of the day! Bravo/a! Bravo/a!
Oh…I have more….lots more 🙂
I have had my soapstone countertops for over six years and love them. I treated them with oil to season them over the first few months and they turned a wonderful deep grey/black color. Never have had a problem with staining although they can scratch. Scratches can be buffed out with fine sandpaper. Love them.
Concrete counters are nice, but lots of maintenance with sealing, etc.