Can You Sell FSBO in this Market? 735 W. Oakdale Part II
In mid-May we chattered about whether or not you can sell FSBO in this market and talked specifically about 735 W. Oakdale Unit #3 in Lakeview.
Apparently, with respect to this particular unit, the answer is “no”.
The listing has been re-listed at a new, reduced price. Coldwell Banker is now handling the listing.
It is a vintage unit with no parking, but does have in-unit w/d and a balcony.
Unit #3: 2 bedrooms, 1 bath
- Sold in July 2002 for $207,000
- Sold in August 2004 for $263,000
- Was listed FSBO in May 2008 for $339,900
- Currently listed for $325,000 (no parking)
- Assessments of $290 a month
- Taxes of $2600
- Window units
- Coldwell Banker now has the listing
And exactly why would someone pay 77k more than 2004 prices?
Given the lack of amenities 250k seems about right.
If anyone is interested I wrote a piece a while back about selling a house on your own. Having never been a fan of Realtors, I sold my last house myself (before becoming a Realtor myself) and saved a bundle. My parents have sold houses themselves also. I tried to be as balanced as possible on the process: http://blog.lucidrealty.com/2008/05/03/for-sale-by-owner/
I welcome comments.
I sold my last place myself. It was painful. Isn’t this the person who threatened that the price would be higher soon if it goes to a realtor?
No- this seller didn’t threaten it. But others have done so (and have followed through on it.) I should do a post on some of those as tipsters have sent me info on those sellers.
$250K is what I’m seeing on similar Lakeview 4 room 2 bed units like this.
This is a vintage rehab in an ordinary old building.
It is a real burn at the price listed, compared to the beauty on Pine Grove, a 2 bed 5 room, that Sabrina featured yesterday.
Laura,
What am I missing? This looks like a 5-room unit as well. I see a living room, dining room, kitchen, and a master bedroom. Since this is listed as a 2BR, I’m assuming there’s another bedroom.
Sooo, if they’d listed it themselves for $310k, they might have gotten some interest and be ahead of where they’ll be with a realtor. Still too much, I know, but maybe they’d have had a nibble.
Anyone seen the (un)employment report today? This is where the congress forgets about housing bailouts and starts worrying about the next hot potato–jobs and commodity inflation. Welcome to the recession, cash is king again.
So true, sartre.
You’re right, it IS A 5-room.
But it’s still not worth $325K. I’d give the 2004 price at most. This place is not beautiful.
It compares too unfavorably with that 5-room on Pine Grove featured yesterday. It isn’t nearly as good-looking and doesn’t have quite as good a location.
I’ll be really interested to see how long that Pine Grove unit takes to sell at $309K. It ought to go quickly at that price. If it takes more than another month or so, then we know that we are still headed down.
That unit is a good “bellweather” for the area as a whole. If that unit doesn’t sell for the ask, that means the 5-room at 511 W Aldine for $400K isn’t going to sell, either.
This unit would be better served as a rental for a young couple until they saved up enough money for a downpayment on a house in Glenview. There is a reason this unit was a rental for many years before it was converted. A mortgage at the 2002 price still seem a little high in a rent v. own situation. This unit is a perfect example of why it’s not a good idea to own unless you plan on staying for the mid to long term.
homedelete is spot on here.
I guess another buyer learns the hard way that real estate is not always a sound investment. While they may be quick to let others know they “own” a condo in the few years they wanted to move here, my guess is they won’t be so quick to let others know the size of the loss they had over the total holding period.
Bubbles are funny like that. I remember a lot of talk at cocktail parties during the dot-com years about how much money everyone was making but curiously enough no chatter about how much they were losing in 2000-2003.
Price sells properties, not brokers. Using a broker in a condo where price is so transparent is a HUGE mistake. The fact I didn’t use one allowed me to set my price lower than comps and I sold immediately.
It would be very interesting to see a post on sellers who have raised their asking prices after failing to sell by owner. It would be even more interesting to see if they actually got those higher prices. Like I always say, many sellers seem to have no grasp of basic economics.
Stay tuned Pete! I have a post coming up on just that.