Some Sellers Throwing in the Towel: 722 W. Buckingham in Lakeview
This 4-bedroom single family home at 722 W. Buckingham in Lakeview had been on the market since June 2008 and was recently withdrawn.
It hadn’t had any price reductions.
Thanks to the tipster who sent me information about this listing.
Just before it was withdrawn at the end of November, the agent had this interesting listing:
Will be cancelling this listing so that my clients can have work done on property before the Holidays. Call for more infomation. Property will go back on the market after the Holidays if acceptable contract isn’t reached.
Kudos to the agent for being honest.
How many other sellers will be withdrawing properties now- only to re-list in 2009? Will the market be better in 3-months time?
I’ll be watching for this property to re-appear on the MLS next year.
Thomas Lavelle at Coldwell Banker had the listing.
722 W. Buckingham: 4 bedrooms, 2 baths, no square footage given
- I couldn’t find an original sales price
- Originally listed in June 2008 for $900,000
- Was listed in October 2008 for $900,000
- Listing canceled as of Nov 1, 2008
- Taxes of $10726
- No parking
- No central air- window units
U6 unemployment is now at 11.1%, up from 7.9% a year ago.
All’s good!!!!! Prices should be rising anytime now. Just need to wait and re list in the spring.
Just another money pit.
They should just save their cash and cut the asking price in half.
The cruel world being what it is, the sellers will probably take the lack of buyers as a cue that they need to do a hasty and ill-conceived rehab of the kitchen or maybe tear down some walls to “open up” the space. Cruel!
Neutral upgrades always make sense if done at the right price. In this market, uncertainty (how much repairs/upgrades will cost) can scare a buyer away. As a seller, you always want to take away the uncertainty because it will bring buyers to the table faster.
Looking into my crystal ball, I see the place coming back on the market Jan 2 for $1 million. There are still plenty of delusional sellers left in this market.
Is this the landlocked half (i.e., the other half sits on teh alley) of a two-unit building?
anon, I don’t think there is an alley on this block. The lot is 23×133 and there is no garage. The driveway belongs to the greystone on the 32′ lot next door.
As for Sabrina’s question: “How many other sellers will be withdrawing properties now- only to re-list in 2009?”
It appears that there is a pent-up number of sellers from a review of the detached single-family sales in Lake View. The following compares the total sales for 1/1 through 10/31 for each year:
2008 98
2007 112
2006 139
2005 167
2004 154
2003 138
2002 135
2001 132
“I don’t think there is an alley on this block”
I mistook the vacant (on streetview) lot to the east for an alley.
slump or no slump, the lot alone has to be worth what, $500K-$600K?
another great myth, that the land is worth so much money, while its true that location is always important, its also true that you still need to put something workable on it
I saw this place at an open house. The owners, professors, have lived there forever. The facade has even less character in real life than in the photos, which probably makes it a less promising prospect for rehab than similar properties. Of course it needs a ton of work — I don’t think the owners touched a thing. A parking space is shared with in the driveway of the building next door.
Haywood.. I was thinking the same exact thing when I first saw the picture. “you could grow a ton of weed in that yard”
I don’t think it’s a myth that land values are pretty outrageous in neighborhoods like East Lake View, and some people buy up lots just for speculative purposes (especially those who are positioned/in dutch with an alderman who can give them a zoning increase).
Lots more or less decrease in value as you get away from the lakefront and Loop, and it’s always a possibility that a structure is actually depressing the value of a piece of property. Imagine that someone “in the know” buys this thing, gets a zoning bump, claiming that they can’t make any money without, then 5 years later just flips it as a teardown. I’d call that the story of Lake View in the late 90s.
location, location, location is still the bottom line.
THERE IS NO PARKING!!! Nuts. Crazy.
Some vacant lots have negative value because of the tax liens, fast track demolition liens and/or environmental problems. For example, the REO lawyer in my office claims that they just gave away a property for 10 dollars in the Chicagoland area. The house was in a bad area and had some environmental issues because it had been used as a drug processing facility. The structure needed to be torn down and then phase i/ii assessments. It was cheaper to let someone else pay for the remediation than to have the bank pay for it. The bank figured the value of the remediated lot was less than the tear down/clean up cost. Apparently some investor in another state heard $10 and jumped the gun a little. Maybe they’ll make money off it in 20 years. But the bank figured as it stood now it was a liability not an asset and was happy to get it off its books.
“Property will go back on the market after the Holidays …”
For what, tear down value?
But seriously, what is the land worth?
Steve… I think you got into my stash.
Can you please explain to me why one would not include principal or point me to where you explained this already.
Ze Carioca – If you have to ask you don’t understand finances. Ask a friend that is knowledable and let me know what they say.
Steve, since I tend to focus more on things like multi-variable non-linear derivatives and the derivative movement of such derivatives I tried being polite and hearing you out on something that made no sense to me. And by no sense I did not mean that I do not understand finance, I meant as in not making sense because it was just a completely idiotic statement.
Ze Carioca – So you claim that your monthly housing expense includes the portion of your montly payment that is paying down the loan? When you pay rent each month do you include your 401k contribution into your monthly housing exp? I don’t understand how a balance sheet item, like principal payment, is somehow making its way to your profit and loss statement? Please explain this new analysis to me so I can understand. Maybe I have had it all wrong??
I would strongly suggest asking someone before answering. It is a simple concept and youa re 100% wrong.
“I tried being polite and hearing you out on something that made no sense to me. And by no sense I did not mean that I do not understand finance, I meant as in not making sense because it was just a completely idiotic statement.”
Please do not be polite. This is an important issue on this board and one of us are 100% wrong in our analysis. Explain away how principal payment is an expense in your housing expense analysis? I can’t wait to learn your theory… please hurry!
Ze Carioca – Is your monthly 401k or equities contribution an expense for you as well? I understand equities have been going down but I never thought of that check I sent each month to buy stocks as an expense. Is this an expense as well? Holy cow Ze, I had been thinking my monthly cash outflows had been going towards asset purchases but now I understand these are expenses???? No wonder I have no money. I have had it all wrong 🙂
Principal pmt or existing principal? Huge difference!! See this is why I POLITELY asked you to clear it up before getting into this. One counts the other does not.
You chose to be derogatory and respond like an asshole instead.
As for 401k.. LOL Couldn’t get my money out of that quick enough first thing when I stopped working. Maybe I have some residual money left in one but not really sure if I even have one anymore.
Steve.. I went up that entire old thread looking for clarification before asking. I think you can be goofy but never thought stupid. You said “principal” and I did not see clarification anywhere as to what you asked so I raised an eyebrow and asked you again POLITELY. Please clarify and I will tell you the difinitive answer. I agree it is without question definitive. Just “existing principal” or the “monthly pmt” of principal.
If I win the lotto I’m gonna buy this place, quit my job and throw huge keggers in the backyard.
Bob.. after you cut down my plants!! Well heat abating here… off for a run.. Steve waiting for your reply.
What in the heck is “existing principal vs pmt principal”? You told me I was 100% wrong and I am simply pointing out that you have no idea what you are talking about?
What is this?
“And by no sense I did not mean that I do not understand finance, I meant as in not making sense because it was just a completely idiotic statement.”
Argh… The 20% down pmt would be existing principal… the monthly principal pmt is payment principal.
You are an ass btw.
Be back in an hour or so.
Steve.. Please tell me where I said you were 100% wrong. I am still trying to get through simple semantics with you. You are a strange dude.
Hey Ze Carioca – quit your idiotic off-the-topic childish comments. You’re an embarassment to us real Cariocas out there.