Get a 4-Bedroom SFH in “Olde Park Ridge” for Under $400K: 410 W. Belle Plaine
We recently chattered about a 4-bedroom vintage home in Edison Park listed at $399,000 on 6569 N. Onarga but just a few blocks west, over the border in Park Ridge, sits this vintage 4-bedroom home at 410 W. Belle Plaine listed for $378,500.
It was built in 1889 and is on an irregular corner lot measuring 58x89x93x100. It has a 2-car attached garage but no central air.
Like the Edison Park house, it also has had a second floor addition with a master suite. All 4 bedrooms are on the second floor.
The kitchen hasn’t been updated, however, and has white cabinets and counter tops and black appliances.
Like the Edison Park house, the Metra is apparently nearby as the listing says the house is just “3 – 4 blocks to town/train/shopping”.
This house obviously has Park Ridge schools.
The listing says you can buy it for just $13,247 down as it is FHA approved.
Is Park Ridge now the better buy than the Northwest neighborhoods of Chicago?
John Forsythe at Coldwell Banker has the listing. See the pictures here.
410 W. Belle Plaine: 4 bedrooms, 3 baths, 2375 square feet, 2 car garage
- Sold in December 2004 for $370,000
- Originally listed in July 2011 for $395,000
- Reduced in September 2011 to $378,500
- Currently still listed at $378,500
- Taxes of $2191
- No central air
- Bedroom #1: 17×15 (second floor)
- Bedroom #2: 13×13 (second floor)
- Bedroom #3: 13×9 (second floor)
- Bedroom #4: 11×10 (second floor)
I am pretty sure this home sits under the newer (2008) O’Hare runway. If it does, then this and adjacent homes are subject to some pretty horrendous airplane noise. A word to the wise if home-shopping in p.r. or e.p.: be sure not to buy on/near the streets that sit underneath major runways. You will not be able to open windows/eat outdoors in nice weather without suffering from major noise pollution,
That being said, there are many areas in both neighborhoods that are nice and quiet.
O’Hare Runway 9L-27R, nicknamed the “Belle Plaine runway”, flies directly overhead of this house. Up to 400 flights per day.
You forgot to explicitly point out that it is listed for only ~$8500 above the 2005 sale price!
Honestly, this is a better deal than the Edison Park house though I’m not sure I can live without A/C if I also have to deal with noise from airplanes.
There are plenty of park ridge homes selling at the 2001 price or better. there was a nice home just listed today, updated kitchen, etc, listed below the $400k 2001price. Foreclosure are selling at the late 1990’s price. I told you a while back I found a selling for the 1996 price. Despite the 350+ homes listed in park ridge, don’t let that deceive you, there is a ton of crap out there. Believe me, the wife and I have scoured the mls numerous times. I’m not going to pay $190 psf for a house that hasn’t been updated since 1980 with bathrooms from 1962. Apparently, few others will do either.
I thought this was a better deal than the EP home but the comments on Redfin are very telling. No backyard and an odd layout.
I doubt the EP house will go for anywhere near list. If this one does, it is probably a worse deal.
http://www.redfin.com/IL/Park-Ridge/912-S-Crescent-Ave-60068/home/13638906
To realtor: I mustache you a question about this listing.
Even with all the issues this house has (biggest to me is the garage trying to eat passers-by), would anyone here really pick the EP house for ~5% more, whatever the actual closing prices?
The taxes no way are $2,100 bucks. They are 10,669.49 not including any exemptions. Park Ridge’s taxes are pricey. Move to Edison park or des plaines if you don’t like it.
“The taxes no way are $2,100 bucks.”
Except that, based on the prior AV, they really were that low, right? How does AV change so much over one year? Was this classified as uninhabitable or something before? I guess there’s a new roof and siding per the listing, but still?
“How does AV change so much over one year? Was this classified as uninhabitable or something before?”
The 2009 Assessment Appeal record sez: “Assessed Value Adjusted This is the result of the total vacancy of your property.”
Thank you A*man! I thought it was only me…I mean is that mustache even for real?
the realtor is mr park ridge, you must kiss the ring in this town to buy or sell. he closes millions of dollars in sales a year. and in this terrible market he seems to be doing very well
“I mean is that mustache even for real?”
I guess broke hipsters are going into real estate since it pays about as much as working at starbucks does, but you get to be your own boss!
Clearly a law enforcement/wannabe LE stash and not a hipster stache.
“the realtor is mr park ridge, you must kiss the ring in this town to buy or sell”
and don’t you dare insult mr. park ridge with your low ball offers right or be banished for life?
I don’t know bob, the sides go below the lip line, looks hipsterish to me. cops stop their facial hair at the corners of the mouth, this one surpasses it so thats why I think he’s trying to be hip. The wierd thing is that he doesn’t appear to be a fugly freak so why the stache? Does he want to look even more untrustworthy?
Believe me Sonies, i’ve been banished and lost out on a house in park ridge b/c I wouldn’t kiss the ring.
mary (December 12, 2011, 11:14 am)
I am pretty sure this home sits under the newer (2008) O’Hare runway. If it does, then this and adjacent homes are subject to some pretty horrendous airplane noise. A word to the wise if home-shopping in p.r. or e.p.: be sure not to buy on/near the streets that sit underneath major runways. You will not be able to open windows/eat outdoors in nice weather without suffering from major noise pollution,
That being said, there are many areas in both neighborhoods that are nice and quiet.
Rating: 0 (from 0 votes)
Its the entire NW side. Park Ridge is known for Planes.
You can’t buy anything in Park Ridge or Edison Park that is not effected by planes unless you go on the other side of Touhy. Even then you get it on certain days they run diagonal.
Looks to me that Edison Park is holding up much better than Park Ridge in terms of low inventory and sales.
Just Sayin.
Lunker: EP is holding up better because everyone is underwater and can’t sell. Old Irving Park is holding up well too, extraordinarily well, it’s just that there are so few sales and even less inventory. Park Ridge at least has estate sales, a majority of the inventory in park ridge is estate sales and long term owners, sellers with lots of equity can afford to take the lower price so it looksl ike it’s fallen more when in reality its just more affordable.
“lost out on a house in park ridge b/c I wouldn’t kiss the ring.”
You submitted an offer on a house that was better than the offer they took?
DZ I really can’t say anymore. I don’t want to be outed if this realtor reads cribchatter b/c he has an (very old) contract with my name on it. He does lots of deals in park ridge so saying that I had an old contract that fell through means nothings, he’s probably had scores of them in teh last 4 years (or longer!)
“I don’t want to be outed if this realtor reads cribchatter b/c he has an (very old) contract with my name on it.”
Ok, but he already has the info he has. Either you are describing things accurately: your offer was truly better and you actually “lost out”, in which case he already knows that. Or it wasn’t and you’re just another guy who wasn’t willing to pay market price. And I’d think it would be easy enough to find your name on the blacklist anyway.
DZ it’s actually a third scenario not contemplated above; and it didn’t involve a lowball offer. In fact it had nothing at all to do with price, interesting enough. I had to do with kissing the ring, he may not see it that way, but everyone on the buying half of the transaction did.
“I’d think it would be easy enough to find your name on the blacklist anyway.”
HD offered to pay $2250/month, including taxes and insurance, and insisted on swap agreements (paid for by the realtor) to fix his tax and insurance costs for at least 10 years, too.
And with Park Ridge (whatever/wherever that is) taxes, that effectively means he offered $87,000 for the house.
you nailed it anon!
“I had to do with kissing the ring, he may not see it that way, but everyone on the buying half of the transaction did.”
C’mon, tell me offline: dz_account at hotmail. (I have negative interest in outing you. Just nosy.)
HD:
I can vouch for the anonymity fo dz’s dz_account, if it makes any difference.
“HD offered to pay $2250/month, including taxes and insurance, and insisted on swap agreements (paid for by the realtor) to fix his tax and insurance costs for at least 10 years, too. ”
If I google swap agreements am I gonna need to hire a lawyer to explain what they mean?
“If I google swap agreements am I gonna need to hire a lawyer to explain what they mean?”
E.g., credit default swaps. Basic concept is v straightforward. Details of how things get priced etc. can seem a bit complicated, at least to me.
I think you have to go to a specialist like anon for the bespoke contracts he’s describing.
There is no blacklists of realtors in Park Ridge
They are a desperate bunch in that town right now
DZ:
http://www.redfin.com/IL/Park-Ridge/Undisclosed-address-60068/home/13562498
This was not the house I bid on (not by a long shot) but this is a house with a recent sale. Take a look very closely, very closely. Can you see any potential reasons why my bid might not be accepted completely unrelated to price?
Lunker: the realtor listing this property is not desperate.
I call it kissing the ring, it’s probably not entirely the most appropriate metaphor but it is close enough.
“This was not the house I bid on (not by a long shot) but this is a house with a recent sale. Take a look very closely, very closely. Can you see any potential reasons why my bid might not be accepted completely unrelated to price?”
Not sure how closely is “very closely” nor waht “completely unrelated to price” means. Did your offer get presented to the buyer?
You can never really be sure if your offer was presented to the buyer. I’m not going to say the reason out loud, this is a riddle. anon(tfo) will probably figure it out in no time.
“You can never really be sure if your offer was presented to the buyer.”
You really think you submitted a competitive offer and there’s a chance it did not get presented b/c of the agent’s incentives?
Ok so the listing agent found the buyer.
Got it
You asked for a refund because you went to an open house and made an offer without your own agent.
Got it
Whatever you think of dual agency. It’s not illegal if seller signs off on it.
“You really think you submitted a competitive offer and there’s a chance it did not get presented b/c of the agent’s incentives?”
He’s pretty clear about it.
This was years ago. I had an agent. All I know is that my offer wasn’t accept and there was a dual agency. Who knows.
That’s why I’m so bitter. I dodged a bullet though.
Was your offer higher and terms better?
I can’t say anymore.
“I had an agent. All I know is that my offer wasn’t accept and there was a dual agency. Who knows.”
Also possible, isn’t it, within a certain price delta that the agent would have cut his take, making a lower price offer than yours more attractive on net to the seller? But would seem odd to me if you were that close and there were no further negotiations.
” I had to do with kissing the ring, he may not see it that way, but everyone on the buying half of the transaction did.”
Dude- seriously you need help. Honestly, I am not trying to be mean – you are showing increasingly worsening paranoid behavior. This is not normal ……
the mustache confuses me. could be village people retro style but the coloring makes it appear somebody told him a great joke as he was drinking chocolate syrup straight from the bottle.
The PR Taxes vs. EP pay for themselves if you have kiddies. If you don’t then WTF are you even considering leaving the green zone? Grade school is just a bit too far from this address for the younger kids. Other than that it is a decent home with an attached garage which is a rarity in PR.
If you are looking for a great realtor in the area look-up Craig Tinder. He is a great agent to work with in that area. I’d say that my nomination for Mrs. PR is Gretchen Gullo. She gets most of the uber high end listings near the PRCC. Although she is quite fair she prices well and has that ability to convince sellers not to accept the initial low ball offers and seems to get them to hold out for some decent numbers in this market.
Plane noise is overrated. You will live just fine with the windows open in the area. We lived on the diagonal runway in EP and I have no lasting issues. Perhaps that explains why we now live right near the el tracks. If you need quiet move to Kildeer, Cary, or Barrington Hills.
homedelete (December 12, 2011, 5:25 pm)
You can never really be sure if your offer was presented to the buyer. I’m not going to say the reason out loud, this is a riddle. anon(tfo) will probably figure it out in no time.
Rating: -1 (from 1 vote)
Realtors obligation to present ALL offers to the homeowner they are representing
If they don’t they can lose their license
“I can’t say anymore.”
Not sure how to take this. HD isn’t one to overshare the details of his personal life. Sure he alludes to things but he also throws enough breadcrumbs in the wrong direction to throw you off (studio in Uptown, really).
My guess is something happened with a house HD was interested in. Being as astute as he is, he pointed out to the dual agent that he was onto him and the dual agent, instead of recognizing that this was one transaction and working with HD to make the sale, decided to be greedy and keep all the commission or was rattled by being exposed.
HD never claimed to live in a studio in Uptown. That was a myth Steve Heitman made (before Steve Heitman committed suicide).
Clip, can you as an Internet doctor write me a script for my condition? I think i need some medical marijuana.
Couldn’t resist throwing this one up…Sold end of Sept for 236K back on early December for 470K
http://www.redfin.com/IL/Park-Ridge/628-Florence-Dr-60068/home/13647828
Property History for 628 Florence Dr
Date Event Price Appreciation Source
Dec 07, 2011 Listed (New) $469,900 — MRED #07956606
Sep 27, 2011 Sold (Public Records) $236,000 — Public Records
Sep 20, 2011 Sold (MLS) (Closed Sale) $236,000 — Inactive MRED #07823775
Jun 14, 2011 Pending — — Inactive MRED #07823775
Jun 03, 2011 Listed (New) $225,000 — Inactive MRED #07823775
“Couldn’t resist throwing this one up…Sold end of Sept for 236K back on early December for 470K”
Sure looks a ton better in 2 months!
“HD never claimed to live in a studio in Uptown. That was a myth Steve Heitman made (before Steve Heitman committed suicide).”
funny stuff
“Realtors obligation to present ALL offers to the homeowner they are representing
If they don’t they can lose their license”
I said, that is exactly what happened once with me. Not only was there nothing but theoretical recourse vs this individual. They made sure to threaten to block any deal if they were not given commission.
“Realtors obligation to present ALL offers to the homeowner they are representing
If they don’t they can lose their license”
“I said, that is exactly what happened once with me. Not only was there nothing but theoretical recourse vs this individual. They made sure to threaten to block any deal if they were not given commission.”
Wouldn’t this be fairly easy to demonstrate to whatever the oversight or regulatory body is, assuming they are interested? (May not get you the property but would create some difficulty for the realtor.) Also, couldn’t you submit your offer directly to the property owner?
I said best offer, not highest priced offer. I’d rather not get into more details, but, that contract so many eons ago made me bitter for real estate, and from the ashes of that deal rose the phoenix named Homedelete.
HD, some people just want the highest priced offer, not the best offer. Are you sure it was never presented or do you just assume it wasn’t because it didn’t win and it was the best in your eyes?
” I’d rather not get into more details”
In Best Spock impersonation: “HD is either unable or unwilling to communicate” further. Let’s leave the guy alone. Though it’s fun to know the story of the phoenix.
Like I said, I am unwilling to communicate the details but yes the best offer. The dual agency I’m sure was the icing on the cake to take the slightly higher priced offer. There is more to the story but I can’t divulge them here.
Icarus: I just started watching TOS for the first time in my life. What an incredible show. I can’t believe I waited this long to discover such an amazing show.
“I said best offer, not highest priced offer.”
If you were replying to me, according to someone above, a failure to present all offers (or perhaps all remotely serious ones) was a major offense in realtor world. Wouldn’t matter if yours was the highest. I am also curious how you know so much about the other offer as to be able to say yours was clearly better (especially when the realtor could have given the seller a bit of a break on commission).
“Let’s leave the guy alone.”
Do you not know what we do here?
probably some zero down tool outbid him, hence all the sour grapes and disdain for low down payment people
Our experience has shown us that it’s better to self-identify properties and contact listing agent directly, know your comps and do your own research, and make offer to listing agent directly w/o buyer agent interference. We’ve heard plenty inappropriate info from listing agents regarding seller situation and pricing. In turn, our seller agents quickly morphed into “buyer agent” mode, as we expected. Agents are protecting their own interests to maximize commission and close deal. It seems most offers get “shopped” to maximize commission. In each buying situation, we were leveraged into lucky buyer, and as sellers, always we’ve noted bad broker behavior on part of listing agent.
So how should a buyer who finds a house they like, say through an open house, leverage that they aren’t working with a buyer’s agent? Ask for a 3% discount after the offer is accepted?
DZ: I assume the offer was presented, but you can never be too sure. I do have other inside information which I’m not going to divulge here. Regardless, every opinion I have, (irrespective of anyone else’s opinion of my opinion) is based upon calculated research, inquiry and a balanced weighing of the facts. My opinion is not just coming from nowhere.
“We’ve heard plenty inappropriate info from listing agents regarding seller situation and pricing.”
YES, AMEN.
“The dual agency I’m sure was the icing on the cake to take the slightly higher priced offer. ”
HD – seriously, now you are delusional. As a seller, the best offer IS the highest priced offer – THAT is the icing on the cake – not the dual agency. Money is the bottom line here – if you don’t know that, then you don’t know anything…..
“I assume the offer was presented, but you can never be too sure”
So, you assume the offer was presented. Your belief is therefore that the seller received and declined your clearly superior (albeit lower priced) offer because you failed to kiss the ring of the lord of park ridge (in some undefined way that did not affect the clear superiority of your lower priced offer).
“So how should a buyer who finds a house they like, say through an open house, leverage that they aren’t working with a buyer’s agent? Ask for a 3% discount after the offer is accepted?”
I have a sophisticated co-worker that shopped around on his own, found a place he liked, and during negotiations tried to get a credit and/or additional price reduction in the amount of the selling broker’s commission–it didn’t work out as he planned and as his offer was beat out by a slightly higher one. After that I offered to rebate him half the selling broker’s commission within a week of closing, which he decided to take me up on, and there was no awkward negotiation subsequent to an agreed upon price and terms. I know that he would agree with me that the rebate approach was much cleaner and easier.
“I have a sophisticated co-worker that shopped around on his own, found a place he liked, and during negotiations tried to get a credit and/or additional price reduction in the amount of the selling broker’s commission–it didn’t work out as he planned and as his offer was beat out by a slightly higher one.”
Yeah, it’s hard to envision an approach you would be confident would work.
Have sellers ever successfully conditioned the fee the pay on whether the agent has to pay a buyer’s agent? Difficulty I’d guess is that there may be cases where the seller’s agent has legitimate buyers of his/her own. But I’d sure hate as a seller to pay a cooperating commission if the buyer’s first contact with my agent was about my house.
I have closed two deals as a seller in which I’ve negotiated a lower commission for the buyer’s agent. One in which I also had my agent take a smaller cut. It is not easy – and some realtors are more difficult than others, but if I’m doing the agent’s (buyer or seller) job, you can be sure I’m going to do my best modify compensation accordingly.
“Wouldn’t this be fairly easy to demonstrate to whatever the oversight or regulatory body is, assuming they are interested?”
It would be… it is NAR…they do not care.
“Also, couldn’t you submit your offer directly to the property owner?”
I was the seller. Once the broker was involved in the initial bid, they are, by law, like glue to any transaction that might occur.
And I gladly priced in the lack of a sell side broker. It is what made me best offer, and got it done.
““Also, couldn’t you submit your offer directly to the property owner?”
Absolutely – this could not hurt. Of course, the broker/agent is still entitled to his commission, but at least the owner knows he has ” a live one” and can, himself, negotiate with his broker to lower commission, etc. I would definitely want to know if anyone was interested in any of my properties. Real estate agents and brokers are not only stupid idiot morons (even dumber than people on this site) but are also ruthless unethical assholes who really don’t deserve anywhere near the amount of money they get.
DZ: In short, yes. However, there is more, and despite the anonymity of your e-mail, I regret even sharing this little tidbit of my past. I’ll tell you this: the deal never closed, and the property was not put back on the market. My offer WAS superior. 20% down, 800+ Credit scores, ability to close within 45 days. This was a few years ago of course, thank god I dodged a bullet.
“My offer WAS superior. 20% down, 800+ Credit scores, ability to close within 45 days. This was a few years ago of course, thank god I dodged a bullet.”
As a seller of many properties, I have never seen a credit score reported. Also, the % put down doesn’t matter a bit (especially if the person is already pre-approved). Closing in 45 days is not that big a deal. Furthermore, you DON’T know what the other offer was (that would be illegal for the other agent to disclose this), so you CAN’T make that judgement (that your offer was better). YOU don’t know all the facts – . Also, can’t anyone else read the self-centeredness of ALL of HD’s posts? I mean, come on, even though he isn’t blatant about being so ridiculously selfish about EVERYTHING, his actions, thoughts and posts all point to the fact that he thinks he is great, deserves everything and everyone should bow down to him and honor his requests and share in his beliefs.
Clio, I know the other offer. I know the other party’s name, I know their credit score, address, everything. I know everything Clio. I have inside knowledge, and I still lost out. Karma is a bitch.
“thank god I dodged a bullet.”
Haha we both did! I remember in the summer of 2007 a coworker telling me I was going to miss out and that I didn’t need a down payment. I think the conversation was the same month Countrywide started to go tits up.
Now, like the other weekend, I occasionally get asked my ownership status by those in my peer group (who F’d themselves financially) and I instantly brighten up and make a motion like “whew” dragging my hand across my forehead. I dodged that bullet! 😀
HD – I think the problem is that you are trying to be objective and logical about real estate when there is nothing objective or logical about it!!! This has been my point all along – real estate is psychological and because of that, is very tricky….People have their personalities, identities, and souls tied to where they live – so most are irrational when it comes to price,etc.
That is why I like buying from the developer when possible. It is easier than dealing with people’s emotions and all.
Listing agreements allow listing agent’s brokerage office FULL commission stated, to be shared with a buyer agent/broker if so involved. Listing agent (and often, its selling agent) gets cut from listing brokerage office. Agent doesn’t control distribution. Don’t know how you can get “mad” at your listing agent for serving as both seller and buyer “agent”. Agency obtains MLS listing, some ads, a sign, perhaps a few open houses and broker breakfasts, and those individual showings.
A nice seller’s listing agent who serves as buyer’s agent will often “give back” some commission, mostly in commission reduction reflected in price adjustment during negotiation process. That agent is likely to get a positive referral from the seller in future, and will go back to brokerage office to get permission to cut overall commission. Dual-agent who insists on full commission calculates a negative seller response is ok. Agents relie on client referrals for new business, so this is motivation. I’ve never asked our listing agents’ for commission reduction, but all volunteered to do so to get deal done for “their guy”. We’ve always looked at bottom-line net revenue on offers.
I know several people who negotiated exclusion clauses in their listing agreements, excluding independent buyers who approach sellers directly from a commission payment obligation, or who have negotiated “consolidated representation” clauses, where their listing agent reduced overall commission to serve as their buyer agent for immediately contemplated replacement purchase.
During contract negotiations on our last house sale, the buyer, a licensed broker (but not residential agent) wanted us to credit HIM a 50% buyer commission at closing to serve as his down-payment. I offered credit against purchase price to reduce house price for 50% of commission, but refused to pay a commission to buyer directly. Listing agent agreed to half-commission. Buyer nearly lost house a few years later. His subsequent MLS listing photos showed our furniture, which was weird.
HD, it sounds like the seller didn’t think EITHER offer was good enough. You dodged a bullet and the seller is f*ed. Too bad for them and good for you. Get over it.
I prefer the usual HD, not this one obsessed over a deal that died 4 years ago in a different market….
I’m not obsessing, I keep responding to the discussion. I really don’t care all that much about a deal that died, and I thought my story about the phoenix was funny.
Relisted at $358k
God is that awful, what’s with the garage being 50% of the front of the house?
I’m sure this property is HOT HOT HOT with no central AC
HD – saw this thread and thought that I’d add a scenario. We recently sold my mothers home. When we met with the listing agent she swore that her company would never let her go below 5% / 4% for dual agency. She just would not do it ever in a million years. I tried to rationalize that she would still be making more money on the transaction even with the reduced number. In the end 5%/4% won out and we signed the contract.
Her explanation was that often she would have some influence over a potential buyer’s decisions that she brought and that if we made her discount her dual agency commission that she would be better off by making full commission for herself by having the buyer submit an offer on another property. Seemed sketchy and unprofessional at best. Another family member involved in the transaction insisted that she get the listing. We signed.
As it turned out she brought the buyer and they made a fairly decent offer. As our pricing negotiations stalled out with said buyer our agent immediately offered to drop to 3% to make up that difference in price between our offers. It was classic case of an agent who was willing to do anything to get the sale done. Her acceptance of 3% just made me laugh and laugh!