From a List of $800,000 Now Down to $545,000: 5919 N. Forest Glen in Sauganash
We’ve chattered about this 5-bedroom tudor at 5919 N. Forest Glen in Sauganash several times over the past 6 months.
See our July 2011 chatter here.
In July, with the house listed at $675,000, the “possessed” homedelete thought this would never sell under $600,000.
But he was wrong, as this house has been reduced further to $545,000.
If you recall, it was built in 1930 on a 40×125 lot.
The house has many of its vintage features intact.
The living room has a hand hewed beamed cathedral ceiling with the original hand carved floor to ceiling wood fireplace mantle.
In the living room, there is also a unique 6 foot hand carved chandelier.
The kitchen has been updated with stainless steel appliances, what look to be stone counter tops and an eat-in breakfast nook as well as a kitchen island.
2 of the 5 bedrooms are on the second floor, 2 are on the main floor and one is in the basement along with the family room.
The house has central air and a 2-car garage.
Is this house now priced closer to reality?
Ron Meadows at Prudential Rubloff still has the listing. See the pictures here.
5919 N. Forest Glen: 5 bedrooms, 3 baths, no square footage listed, 2 car garage
- Sold in October 1985
- Sold in May 2004 for $749,000
- Originally listed in April 2010 for $800,000
- Lis pendens foreclosure filed in November 2010
- Reduced several times
- Was listed in March 2011 for $725,000
- Reduced
- Was listed in July 2011 at $675,000
- Reduced
- Currently listed at $545,000
- Taxes of $7441
- Central Air
- Bedroom #1: 13×13 (second floor)
- Bedroom #2: 13×16 (second floor)
- Bedroom #3: 12×15 (main floor)
- Bedroom #4: 12×13 (main floor)
- Bedroom #5: 12×10 (basement)
- Family room: 23×17 (basement)
I like the current ‘scared of the city living’ homedelete personally, much funnier than the super housing bear, and the super housing bull
as for the house it looks nice enough, but who knows this is in the dreaded “just outside the conforming loan range” and it also may show better in photos than in person
“Is this house now priced closer to reality?”
Yes. Had they priced it here initially, it’d have sold last summer.
It is a charming place and the price now looks appropriate.
If I wasn’t under contract on another place. I would probably put an offer on this place at this price.
I thought this house was hideous when priced at 800k.
At 675k, it was still fugly.
Around 500k I’m starting to talk myself into it, probably going to the open house Sunday to see if the pictures do this house an injustice. Hopes aren’t too high.
This place is a screaming deal. vlajos, what property do you have under K? You should cancel that contract and snap up this property quick before someone else does.
Phil: Price cures most defects but if you have to talk yourself into a house then maybe it’s not the house for you. Inventory sucks right now, totally sucks, don’t let that skew your long term goals.
Of note, this is a quaint house, far nicer than most of the garbage in chicago or tract homes in the suburbs, and the inside is far most tasteful than most in the zip code. Seriously, 60646 has some seriously ugly interiors. This interior is not necessarily my style, but it is manageable and not completely ug (although the basement carpet is pretty bad!)
“although the basement carpet is pretty bad!”
Just wait til next summer, and you’ll prolly have an excuse to replace it!
HD- I’m asking this honestly, what do you mean by inventory sucks right now? Do you think a lot of homes are being held off the market by hopeful homeowners, thinking that prices will go up next year? Banks holding up listings? I’m looking to buy in the next year and just wondering…
http://www.redfin.com/IL/Chicago/6309-N-Le-Mai-Ave-60646/home/13512232
a similar home on the other side of the highway; note tile kitchen floor and the tiled hot tub! amazing stuff here ppl!
HD, we love the house we’re buying. The price on this Sauganash home is just too good though.
Are homes being held off the market by hopeful homeowners..?
YES
Are banks holding up listings?
YES
~does the two to three year foreclosure process delay homes on the market?
YES
Inventory sucks because 1) it’s the end of the selling season so few people want to list a new property as we enter fall and go into winter; 2) the market is pretty brutal right now so only those that *have* to sell actually list their property; 3) many homes have languished for years – one house I know is having it’s 3rd open house since I saw it 2 months ago, without any price reductions in the interim. Been listed 580 days now. No mortgage. It’s like the 4th open house in 2 months at the same price will make it sell unlike the previous three! hahaha
4) banks take forever to foreclose 5) fewer people chose to list b/c they are underwater; or have tried to list before with no luck.
Redfin did a study a year ago or so and said that only 33% of homes that were listed during a predefined quarter actually sold within a year or something like that; the rest were either withdrawn from the market or were still languishing.
Inventory in Chicago is the lowest its been in a long time, and, many of the propeties on the market are the same, tired, old boring properties that are way overpriced.
Believe me, I’ve had my finger on the trigger for a while now, and my wife even moreso than me, and there’s are few at the price we want that sparks our interest. It’s not just that I’m picky and unsatisfied, it’s that most potential buyers are feeling the same way I do. Some just capitulate and buy anyway.
“Phil on October 13th, 2011 at 11:05 am
HD- I’m asking this honestly, what do you mean by inventory sucks right now? Do you think a lot of homes are being held off the market by hopeful homeowners, thinking that prices will go up next year? Banks holding up listings? I’m looking to buy in the next year and just wondering…”
One thing I’ve always wondered about RE contracts that one one has explained to me. Let’s say a seller and I agree to a price, etc and we put it under contract. If I change my mind, and am not protected by any of the contingencies, I forfeit my earnest money, correct?
What protects me if at closing the seller decides, “nah, I don’t want to sell my house after all?”
“What protects me if at closing the seller decides, “nah, I don’t want to sell my house after all?””
You call HD and sue ’em for specific performance.
If the Seller changes their mind, the Buyer can sue for “specific performance”, forcing the Seller to complete the deal. The legal theory is that monetary compensation is inadequate, since each piece of real estate is unique.
If the Buyer changes their mind, the Seller can generally sue for monetary damages, but in reality they rarely sue–just keeping the earnest money.
“One thing I’ve always wondered about RE contracts that one one has explained to me. Let’s say a seller and I agree to a price, etc and we put it under contract. If I change my mind, and am not protected by any of the contingencies, I forfeit my earnest money, correct?
What protects me if at closing the seller decides, “nah, I don’t want to sell my house after all?””
I’ll need a $12,000 retainer for a shit case like that. But if some teenager is texting while driving his parent’s lexus and hits your car and gives you pneumothorax or a spinal compression fracture, I’ll take the case for free.
“anon (tfo) on October 13th, 2011 at 11:24 am
“What protects me if at closing the seller decides, “nah, I don’t want to sell my house after all?””
You call HD and sue ‘em for specific performance.”
Generally speaking, is it worth the trouble to sue for specific performance?
How difficult is it dealing with the bank on a foreclosure like this? Would one expect this deal to take days/weeks/months to close if the buyer was pre-qualified?
It depends how bad you want the house….
“Icarus on October 13th, 2011 at 11:32 am
Generally speaking, is it worth the trouble to sue for specific performance?”
On the legal front, if a buyer wants to exit a contract, what prevents them from showing up at the inspection, making some unreasonable request, and walking away scot free when the seller can’t oblige?
“Generally speaking, is it worth the trouble to sue for specific performance?”
Yeah, I’m (idly) interested too. Let’s say there are no odd circumstances (I know lawyers exist in part to find/argue oddities), what’s the rough probability of getting specific performance as buyer or seller?
“I’ll need a $12,000 retainer for a shit case like that. But if some teenager is texting while driving his parent’s lexus and hits your car and gives you pneumothorax or a spinal compression fracture, I’ll take the case for free.”
You must have a curious defn of free, or you don’t value your time much.
free as in no money up front; i’ll take my cut on the back end.
you can get specific performance if you can prove the seller breached the contract by not selling.
buyers cancel contracts over inspection issues all the time. in fact even better there is something called ‘attorney review’ which means you can cancel a contract anytime within 5 days of signing for any reason at all no questions asked.
“what’s the rough probability of getting specific performance as buyer or seller?”
For the buyer: reasonable, assuming just an a’hole seller.
For the seller: virtually zero, as the damages can be quantified.
“You must have a curious defn of free”
No cash upfront = “free”.
HD: you must have someone you’d refer “a shit case like that” to who would do it for less $$ upfront, no?
“You must have a curious defn of free”
“No cash upfront = “free”.”
“free as in no money up front; i’ll take my cut on the back end.”
Understood what HD meant, just didn’t sound like free in my book.
“in fact even better there is something called ‘attorney review’ which means you can cancel a contract anytime within 5 days of signing for any reason at all no questions asked.”
When I first saw that in the standard template, it was pretty mystifying to me, still don’t really understand why it’s there. Say it’s a v regular sale and there are no contingency issues (just assume that), what would be a reason for attorney disapproval of the *standard& contract that would hold up in court? (I assume at some level of frivolity, e.g. spite, attorney rejection could be challenged.)
Put it this way: there’s only been two specific performance case to come through there in my near decade long tenure here; and I’ve only had one of those come across my desk; and it the shittiest case in the world (for various reasons) so they’re pretty rare, and in this real estate market, nobody gets too hung up on a specific property.
“HD: you must have someone you’d refer “a shit case like that” to who would do it for less $$ upfront, no?”
“Understood what HD meant, just didn’t sound like free in my book.”
Close enough, given the alternatives.
Buyers sign contracts with the realtors and THEN it goes to the attorneys to review.
attorney review stands up every time. remember, attorneys make the laws.
plaintiff’s lawyers are still fuming about the supreme court’s determination that the common fund doctrine doesn’t apply to liens created by the healthcare services lien act. don’t even get me started about erisa..
“Close enough, given the alternatives.”
Alternatives like “I’ll take the case on contingency”?
“attorney review stands up every time”
What’s an example of something an attorney could say (for a regular contract with nothing odd going on)? I’m genuinely curious.
“Alternatives like “I’ll take the case on contingency”?”
No, alternatives like taking the insurance company’s first settlement offer.
“No, alternatives like taking the insurance company’s first settlement offer.”
So (just assuming true) someone that works for you on contingency and makes you money net of contingency is working for free (or close enough)?
Charming house priced right at last.
Too bad they waited this long to drop the price. Now we’re at the end of the selling season.
It is a great family home in a fine neighborhood, with good schools and a high degree of public safety.
I took what HD said to mean he’d have to work a lot harder on the “specific performance” case than the other two.
“It depends how bad you want the house…. ”
are you saying I could potentially sue and force them to sell me their house after all?
“What’s an example of something an attorney could say (for a regular contract with nothing odd going on)?”
They would say: “this contract is cancelled pursuant to attorney review.”
That’s it, no reason necessary.
“are you saying I could potentially sue and force them to sell me their house after all?”
YES.
“So (just assuming true) someone that works for you on contingency and makes you money net of contingency is working for free (or close enough)?”
From the perspective of the plaintiff? Sure. Defendant (effectively) paid the plaintiff’s lawyer.
“I took what HD said to mean he’d have to work a lot harder on the “specific performance” case than the other two. ”
Not really, he’s just expecting at least that much $$ (and prolly many Xs) out of the PI cases, and will get it out of the insurer. Risk/reward in addition to hourly rate.
“Inventory sucks because 1) it’s the end of the selling season so few people want to list a new property as we enter fall and go into winter; 2) the market is pretty brutal right now so only those that *have* to sell actually list their property; 3) many homes have languished for years – one house I know is having it’s 3rd open house since I saw it 2 months ago, without any price reductions in the interim. Been listed 580 days now. No mortgage. It’s like the 4th open house in 2 months at the same price will make it sell unlike the previous three! hahaha”
The inventory is the worst I have seen it since I started running this blog over 4 years ago. And that includes during the dark times of the great recession. It usually gets really, really slow and inventories drop at the end of November through December. Then it starts to turn around again in early January. This year, it got really, really slow in August. If I didn’t know better, I would think it was already December. That’s how pathetic the listings are.
I would NOT want to be looking right now. There really isn’t much to choose from. Of course, if you’re a seller and you actually have a more uniqure property (or can price it right) your odds of selling quickly (as Clio did) are higher.
Reduced again to $499k
Under contract!
things will get marginally better in the spring, but, many of the properties will be nothing more than relistings of old properties; and the reasonably priced new properties will be undercontract in a week; nothing like winning an auction in a declining market for a case of buyer’s remorse. It’s going to be bad for a long time. Demand far exceeds supply for reasonably priced, well situated properties.
“I would NOT want to be looking right now. There really isn’t much to choose from. Of course, if you’re a seller and you actually have a more uniqure property (or can price it right) your odds of selling quickly (as Clio did) are higher.”
“I would NOT want to be looking right now. There really isn’t much to choose from.”
So it’s a seller’s market?
This is now $499,000. All the folks on CC who are quite critical I might add said this was a steal at $500K+. Any thoughts? Did anyone see this?
Sorry I see it sold. My bad 🙂
Zillow shows this place sold at $425k….