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“Motivated Sellers” Are Everywhere

Lots of listings right now have the proverbial: “Motivated Sellers”

But recently I’ve been seeing more of: “Willing to Negotiate”

Such is the case with this 2004 townhouse in Old Town.  This townouse is in the not-so-great part of Old Town (in the re-developed area near Division.) 

Old Town has several personalities.  There is “real” Old Town (in the historic triangle area north of North Avenue).  There is Wells Street and then the “new” Old Town which is the newer development closer to Division.  Is the newer development still able to command the premium prices?

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1233 N Sedgwick: 3 bedroom, 2.5 baths, 2600 square feet, 2 car garage

  • Sold in November 2005 for $661,000
  • Currently listed at $779,000
  • Assessment of $93 a month
  • Vicki Harrison at Koenig & Strey has the listing

The listing states: “Motivated Sellers Willing to Negotiate!” 

The Craigslist ad says: “MUST SELL!! Blow Out Deal!! Model UNIT!! Bring your Best Offer!!”

Or, surprise, surprise, you can rent it.  Going rental rate is $3600 a month.

This entry was posted on Wednesday, January 9th, 2008 at 11:30 am and is filed under Old Town. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

7 Responses to ““Motivated Sellers” Are Everywhere”

  1. also related…i’ve noticed that i lot of homes that originally were listed in spring/summer 2007 have been relisted in december and january.

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  2. Streeterville Realtor on January 9th, 2008 at 12:24 pm

    looks nasty

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  3. to wit….

    1929 belmont #3 originally $398,000
    see http://www.home-chicago.com/1929belmont/index.html

    just relisted today on MLS for $298,000 (too lazy to check out its past transaction prices)

    MLS# 06766913

    IMHO, @ $298k the unit is a fair value for primary residence.

    I’d be interested in this unit….if only it was on the top floor. Naturally, YMMV.

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  4. Me: A $100k price drop? Wow.

    Sales history:

    Sold in February 2001 for $275,000
    Sold again in January 2004 for $332,000

    If it’s listed at $298,000 that would put it under 2004 prices (and it will probably sell for even less than that.)

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  5. correction…looked again at MLS…looks like an error, unit now @ $398k….but still believe fair value is more like $300k.

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  6. Me: Looks like the agent put it on the MLS wrong when he/she re-listed it and then caught the error.

    Funny that we both think that $298k is actually a fair price (and not the $398k.)

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  7. for anyone interested in more motivated South Loop, see State Place, 1101 S State.

    example: unit 1803 originally sold for $407k in Aug 2005 to the original purchaser….

    now on MLS # 06632651 (listed since Aug 07) for $389.9k

    Anyone have any experience with these units?

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