Can You Sell FSBO in this market? 735 W. Oakdale in Lakeview
You occasionally see for sale by owner (FSBO) listings on Craigslist. Sometimes the listing sounds ominous by saying things like if you don’t buy the unit by such and such date, it will be listed for “higher” with an agent by the end of the month.
Does this type of threat work in this market? I have never seen it successfully sell a property- but if you have, please let me know.
I recently saw one FSBO listing on Craigslist at 735 W. Oakdale in Lakeview. It is NOT that kind of listing. Here’s the listing:
Top Floor Vintage Condo in Desirable Lakeview.
Very spacious and bright with lots of windows and beautiful woodwork. Large Living Room with ventless gas fireplace. Hardwood flooring, high ceilings, and private porch.Formal Dining Room with bay window and copper bar. Plantation blinds stay in Living and Dining Rooms. Southern Exposure from Porch.
Updated kitchen with new ceramic tile and plenty of cabinets that were upgraded recently to light oak with grey countertops. Stainless Steel appliances.
In unit laundry closet with stackable washer/ dryer included.
Elfa storage units in both bedroom closets make staying organized easy. Large floor to ceiling cabinets in Master Bedroom for additional storage.
Room Sizes:
Living Room: 15 x 11
Dining Room: 14 x 11
Kitchen: 20 x 7
Master Suite: 11 x 10
Second Bedroom: 11 x 10
Back Porch/ Balcony: 14 x 7
Heat: Radiant
It doesn’t appear to have parking, which is a selling point in Lakeview.
Can they sell without an agent?
Here is the sales history:
Unit #3W: 2 bedrooms, 1 bath
- Sold in July 2002 for $207,000
- Sold in August 2004 for $263,000
- Currently listed for $339,900
- Assessments of $290 a month
- Taxes of $2600
This is on the MLS as #06871175. The contact info on the MLS is not the same as on Craigslist, but the pictures are the same. It has been on the MLS since 4/22/08.
The MLS is what really does the selling.
The reason most people go FSBO is because they are asking way too much money, like this seller. A good agent will insist upon a realistic asking price.
The 2004 price of $263K was a bubble price. Possibly, the peak price would have been right around $300K. What have comparable units in this building sold for in 2005 and 2006?
Based on the 2004 price, I believe that $240K is top dollar, and I am seeing prices like that on better Lakeview condos than this one. This place is small, cramped, and plain, with none of the really pretty detailing and millwork many vintages have. There are better places than this for the money for sale in Lakeview between Addison and Diversey, and East of Broadway, right now.
You would think the agent taking pictures would be wise enough to ensure an object was obstructing the gang sign on the front of the building. Not that this is prime gang territory but graffiti of the sort IS a big problem. DAB312 seems to be the most common sign.
Also I agree with a previous poster: 250k is top $ for this unit. At the end of the day it has only one bathroom and it looks like meager square footage.
(also I recommend GraffittiOff fromm Ace Hardware to remove the gang signs on most surfaces, unfortunately it strips away paint too).
Raising the price on a house that isn’t selling would be like a store raising the price of their clearance merchandise and saying “buy now or pay more next week”. We all know that the store would never sell their merchandise with schemes like that, but yet some home sellers feel that the laws of supply and demand don’t apply to them.
Don’t worry, Pete, the “invisible hand” will smack those people silly.
Master *Suite* of 11 x 10??
how much would this place rent for (unfurnished)? Maybe $1,400 a month?