Listed At The 2004 Price And “Sold Before Print”: 1402 W. Byron in Southport

We’ve chattered about this building at 1402 W. Byron in Southport in the past.

Previously, we discussed a 3-bedroom first floor unit that was partially a garden unit. It was on and off the market for 3 years.

See our previous chatter here.

Now, this second floor 3-bedroom recently came on the market but the listing says it “sold before print.”

At 1800 square feet, it has 3 regular sized bedrooms along with an open living room/dining room.

The kitchen has maple cabinets, granite counter tops and black appliances.

It has the other features buyers look for including central air, washer/dryer in the unit and garage parking included.

The unit is also in the Blaine school district.

It was listed at $449,000, or $1,000 above the 2004 purchase price, and went under contract “before print.”

Is the key to a quick sale in this hot market pricing it at 2002-2004 prices out of the gate?

Mario Greco at Prudential Rubloff had the listing. See the pictures here.

Unit #2W: 3 bedrooms, 2 baths, 1800 square feet

  • Sold in February 1999 for $326,000
  • Sold in July 2002 for $414,000
  • Sold in May 2004 for $448,000
  • Sold in June 2006 for $487,000
  • Currently listed for $449,000
  • Under contract “before print”
  • Assessments of $163 a month
  • Taxes of $6585
  • Bedroom #1: 15×14
  • Bedroom #2: 12×10
  • Bedroom #3: 12×10

30 Responses to “Listed At The 2004 Price And “Sold Before Print”: 1402 W. Byron in Southport”

  1. Yes

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  2. Amazing unit. i don’t ever think I’ve seen a unit as unique as this in my life. The late 1990’s construction is rare and of a craftsmanlike nature. Worth the premium I say.

    This home perfectly fits a family of four – but this family of five needs more space! Look at the bunk beds and the ooooops! crib in the 3d bedroom. Do we think this household is headed to four bedroom house in Lombard with big yard? We can only hope so!

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  3. “1800 square feet” and the listing sez 19′ interior.

    So is this a partial duplex? Building looks to be maybe 75′ deep, at 19′ wide, have to be almost 1.5 floors to be 1800 sf.

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  4. It was never really listed. Word got around that this was going to be on the market and the agents struck a deal. As a seller I should be concerned that I didn’t get good exposure/ price discovery.

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  5. “:It was never really listed. Word got around that this was going to be on the market and the agents struck a deal. As a seller I should be concerned that I didn’t get good exposure/ price discovery.”

    Wow there’s so little inventory that a unit like this goes off the market before ever being on the market!

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  6. “It was never really listed. Word got around that this was going to be on the market and the agents struck a deal. As a seller I should be concerned that I didn’t get good exposure/ price discovery.”

    Yeah, I never really understand this. In order for this to make sense, it must be the case that a potential buyer is making an offer that he says Ior you understand) he will take off the table if it goes on the MLS. Does this happen? I could understand it more if a before listing sale is made wo agents as there is then more room to split between the parties.

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  7. “So is this a partial duplex?”

    Nope.

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  8. “Amazing unit. i don’t ever think I’ve seen a unit as unique as this in my life. The late 1990?s construction is rare and of a craftsmanlike nature. Worth the premium I say.
    This home perfectly fits a family of four – but this family of five needs more space! Look at the bunk beds and the ooooops! crib in the 3d bedroom. Do we think this household is headed to four bedroom house in Lombard with big yard? We can only hope so!”

    Yawn….incessant and repetitive posts.

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  9. Bedroom #1: 15×14
    Bedroom #2: 12×10
    Bedroom #3: 12×10

    plus that smallish Kitchen and LR/DR combo…no chance this is 1,800 sf. I was expecting a much larger great room area.

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  10. So is this an example of the so-called Pocket Listing that shops like @properties are marketing?

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  11. Adding up all the posted SF (bathrooms not listed), I get to 1207. Not sure where they’re hiding another 50% but I’ll eat my shoe if this place is actually 1800SF. They must be counting the deck and the garage and, like, the building foyers.

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  12. “Yawn….incessant and repetitive posts.”

    Uh-huh. At least Im’ talkin’ about the real estate, and not some rant about eugenics.

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  13. Mario Greco=SOLD

    http://chicago.curbed.com/archives/2013/01/31/the-workers-perspective-a-top-chicago-realtor-talks-whales.php

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  14. I’m not sure I understand why the seller would not let this go to listing. If my agent came and said “we got to sell, we go to sell… someone is ready to buy right now.” I would QUESTION why we have a buyer so quick. Did he price it TOO LOW?

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  15. Nice whiny rant, hd. save your breath.

    The non-master bath is standard 5 foot wide w/ std. tub. The master doesn’t look like it’s very big, and if the W/D were non stackable, and located in a dedicated laundry room of decent size, wouldn’t they have included a photo of that (which they do not)?

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  16. “I’m not sure I understand why the seller would not let this go to listing.”

    Because the Seller has 3 very young children and doesn’t want to be disrupted. Imagine what this place looks like on a regular basis….and then the Seller fears it gets priced too high, then they have tons of open houses and impromtu showings, they have to clean and oraganize all their “stuff”, get the kids out of the unit, where are they going to go?

    If he got a decent price, I can see why they wouldn’t want to deal with the hassle of listing and showing.

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  17. “Sold in February 1999 for $326,000
    Sold in July 2002 for $414,000
    Sold in May 2004 for $448,000
    Sold in June 2006 for $487,000″

    hmmmm looks like it was turning over every 2 years, and the last person playing musical chairs got stuck and probably took the first offer and headed for the hills.

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  18. yeah….I’m sure that’s the reason. Look at how the photos show no toys. I’m sure they have toys scattered all over the place on a regular basis. Imagine having to pick up all the crap, then take the kids out to McDs or ChuckECheese while some yuppies parade thru your place, and then yuppies get “turned off” at the sight of all the toys etc. I think they did the right thing, if they’re happy with the price, it was worth it to sell it asap.

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  19. Can’t believe it but the garden unit was a good scoop if the upper unit is selling for more than 120k? before hitting the MLS.

    Think we’ll see flippers soon?

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  20. “Because the Seller has 3 very young children and doesn’t want to be disrupted. Imagine what this place looks like on a regular basis….and then the Seller fears it gets priced too high, then they have tons of open houses and impromtu showings, they have to clean and organize all their “stuff”, get the kids out of the unit, where are they going to go?”

    Good points, Helmethofer. Also, the sellers may already have their eyes on another property and want the cash to reinvest. Bird in the hand…
    Perhaps the agent offered an additional discount on their commission as well, as they wouldn’t have to invest in marketing the property.

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  21. “Yeah, I never really understand this. In order for this to make sense, it must be the case that a potential buyer is making an offer that he says Ior you understand) he will take off the table if it goes on the MLS. Does this happen? I could understand it more if a before listing sale is made wo agents as there is then more room to split between the parties.”

    I don’t think the buyer threatens that necessarily but the seller knows that if they put it on the market for a week the buyer may find something else. Somehow the seller gets convinced that the price is good enough. Not sure how that happens. I saw it once where a seller was preparing to list and had basically figured out what they deserved and then someone came along and struck a deal at that price.

    I did check to see if this was a dual agency situation, which would really concern me, but I was able to confirm that it was not.

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  22. Hollywood lights, a deck off the master bedroom….what’s not to love.
    Agree I would guess they just wanted to get the hell out of dodge and struck that deal quickly.

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  23. Sometimes a buyer gets word that a place is coming on the market before it is officially listed. Agents may talk about their listings and buyers and occassionally there is a match that works out. As a buyer, you can often find places that are going to be listed soon if you just look for strollers on decks/patios when it comes to condos. There is a good chance the place will be listed within a year or two. You just may catch a seller at the right time and an offer may prompt them to move.

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  24. This isn’t a bad-looking place, for what it is, and the location is great, but it would be better for a family with one child. As it is, there’s nowhere to put the TV except in the middle of the living room. I’d rather use one of the small bedrooms as a den/office. Probably the kind of place where, despite the school being good, a young couple lives with a baby until the kid hits toddler-hood and another is on the way, and then they find somewhere else.

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  25. “As a buyer, you can often find places that are going to be listed soon if you just look for strollers on decks/patios when it comes to condos. There is a good chance the place will be listed within a year or two. You just may catch a seller at the right time and an offer may prompt them to move.”

    I can confirm this! If someone saw me juggling my kids and groceries up the stairs of our walkup and offered to buy our not-on-the-market condo I would be very interested.

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  26. It’s been on and off the market for 3 years, at times listed well below the price shown here. They’d be crazy not to take an offer that’s anywhere in the ballpark of the current listing price.

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  27. I had 3E listed and it sold with multiple offers. Sellers of 2W called me to list their place and i alerted all who missed out on 2W that I was going to list 3E and 2 of those buyers made offers on 3E. We sold for more than the $449k list price. Sellers weren’t interested in waves of showings and vacating with their family in a blizzard so they were open to selling before we hit the market – and they were happy with the price we could get b/c they had a very proximate comp in 3E. This has been happening a lot since 1/1 since inventory is so low. Check out 1048 N. Hermitage – never hit MLS and had multiple offers. However, what is happening even more is that buyers are throwing comps to the wind and paying up for property regardless of previous sales: check out 1600 N. Bell #4A – this will close next week for north of $500k with one car garage parking. I sold #2A late last year for $472k with 2-car garage parking. One last one for you: I had 640 W. Barry #404 (top floor) listed for $399k+parking last year with no interest. It was furnished and showed well. We relisted it 2 weeks ago vacant and right after we hit the market a roof leak caused ceiling/floor damage (being taken care of as we speak) and it sold last week for well north of $400k – again with multiple offers. I’ve been doing this for 12+ years so I was around in the halcyon days of the mid-2000’s and this 2013 market makes those days seem tame in comparison.

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  28. But…but…”it’s in Blaine!” And walking distance to Wrigley! So why would they be so anxious to move?

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  29. “We relisted it 2 weeks ago vacant and right after we hit the market a roof leak caused ceiling/floor damage (being taken care of as we speak) and it sold last week for well north of $400k – again with multiple offers. I’ve been doing this for 12+ years so I was around in the halcyon days of the mid-2000?s and this 2013 market makes those days seem tame in comparison.”

    Thanks for checking in on your listing Mario and explaining to everyone why it “sold before print” and exactly how that is working these days.

    I’ve been hearing many, many stories similar to these you are telling. I know people who have been in the multiple bid situation on numerous properties. If the sellers are starting to do “final and best” within 48 hours of a property being listed- you can guarantee that means someone will bid the asking or over the asking (maybe by quite a bit.)

    There’s a bit of desperation in the air- don’t you think? I’ve never seen anything like it except when I lived in Silicon Valley during the housing boom and people were paying absurd prices.

    It means prices are going to go up quickly UNLESS a bunch of inventory comes on the market to spoil the party. When will sellers figure out that it’s a feeding frenzy out there? If you need to sell- do it now (before sequestration impacts or interest rates start rising.) I never thought I’d say this- but the Fed is succeeding in their quest to reinflate the real estate bubble (at least in some neighborhoods and markets.) There’s speculation everywhere right now. That’s not “normal.” It’s completely Fed induced. What happens when the punch bowl is taken away?

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  30. How about Phoenix? CS had home prices up 23% yoy there?

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