Trying to Sell a 2/2 in West Town Near Hot Division Street: 1058 N. Paulina
This 2 bedroom unit at 1058 N. Paulina in West Town has been on the market since April 2010.
It has been reduced $39,900.
Built in 2001, the top floor unit has the newer construction kitchen with granite counter tops and stainless steel appliances.
The listing says it also has marble baths.
Located near the hot Division Street Corridor, is this now priced to sell for a first time home buyer?
Greg Viti at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #3: 2 bedrooms, 2 baths, 1200 square feet
- Sold in April 2002 for $295,000
- Originally listed in April 2010 for $359,900
- Reduced
- Currently listed for $320,000 (parking included)
- Assessments of $150 a month
- Taxes of $4114
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×10
- Bedroom #2: 11×10
You mention parking is included, but the listing does not seem to mention a garage or parking space. To that I say: http://www.sadtrombone.com/.
Parking is listed on the redfin site.
I think that this is pretty fairly priced – it’s pretty cookie cutter. I’d prefer a peninsula in the kitchen that separates it from the living area rather than the small island. Easy fix.
Nothing about this says $320k condo to me.
Top trend of 2011. Getting a real estate agent to get indignant while you offer them 25% less than asking.
Top trend of 2012. They call you back and beg.
I’d be willing to rent this place for $1,400 a month.
“Getting a real estate agent to get indignant while you offer them 25% less than asking.”
It’s my guess the business is just going to shrink Realtors until only the good one’s are left.
The day of the attractive but know-nothing 20-something fulltime RE agent is likely over. Instead the most competent and well connected (and subsequently a little older) will remain to pick up the remaining volume. I’m guessing it works on LIFO because the more established one’s have the biggest book.
They get bashed a lot on this site likely because of the low barriers to entry and a lot of people tried their hand at it during the boom, but I don’t think that detracts from the expertise and competence of the better ones.
“They get bashed a lot on this site likely because of the low barriers to entry and a lot of people tried their hand at it during the boom, but I don’t think that detracts from the expertise and competence of the better ones.”
Bob, I cannot wait until you start buying property. You will then see first hand how useless real estate agents really are and I will make you eat these words (OK – I agree they are not completely useless – but definitely not worth 5% of the sales price – and yes, I understand agents don’t get the full 5% – I DO own my own little real estate company). I have bought and sold dozens of properties in the past 15 years. The only times an agent has helped is when they had insider knowledge of a property coming on the market and I was able to buy it before it hit the MLS – of course this is a little like insider trading and wouldn’t exist if there were no real estate agents/companies. On the other hand, I can’t tell you the number of times they have messed up my deals, broken down communication between buyers and sellers and delayed deals (and I am talking about a ridiculous number of agents).
And yes, I understand the irony of me bashing real estate companies/agents when I own one – but that is precisely why I am doing it. I started my tiny little company to save on commissions on my own properties and ended up doing favors for friends/employees. The amount of money that I get from doing nothing ( I am neither a broker or an agent – just the owner) is almost criminal – oh, I couldn’t see keeping one cent from the company – it is like blood money – all of it is donated to charity.
“Instead the most competent and well connected (and subsequently a little older) will remain to pick up the remaining volume.”
We’re already seeing this. The industry is really consolidating with a few of the mega-agents handling more and more transactions (with their “teams”).
Oh- for the people trying to find an agent (and that person looking for a buyer’s agent)- you can always contact me via my regular e-mail as I do have some suggestions on that.
We’ve talked about the issues regarding getting the cooperating commission if you don’t use a buyer’s agent. Isn’t a solution for the seller to pay the cooperating commission directly? Rather than pay the seller’s agent e.g. 5 percent, pay them 3 percent and direct them to offer a 2 percent cooperating commission and state that the seller’s agent doesn’t get the cooperating commission (either at all or unless the buyer came to the agent independent of the property in question). Then buyers w/o agents can make an offer and not worry about screwing around on the buyer’s commission. I’m sure something must be wrong with this.
DZ – the contracts that the seller signs with the listing agent is pretty clear and this cannot be done as an afterthought. I guess smart sellers should put in a clause before signing a listing contract stating what you proposed in your post. Of course, the seller can’t pay the buyer any commission (it is against the “real estate rules/laws”) but they can take a lower offer/sales price from the buyer (same difference).
“Of course, the seller can’t pay the buyer any commission (it is against the “real estate rules/laws”) but they can take a lower offer/sales price from the buyer (same difference).”
Just meant the seller would pay the cooperating commission to the buyer’s agent if there was one, and not if there wasn’t (and pay a lower commission to seller’s agent). Then a buyer w/o agent could just factor that in, as would seller in comparing.
Clio,
If you are not competent to choose a real estate agent that is competent to work with “(and I am talking about a ridiculous number of agents)” then you shouldn’t be purchasing real estate. If you made that many mistakes you should have learned the difference by now. This is an industry driven by people and if you had a bad transaction the only final decision maker was you. Amazing how easy it is for people to blame other people for their own incompetence. Please!!! We create our own reality and the saying goes “one time is your fault, second time is my fault.” So you lost money, it was ultimately your decision. Take some responsibility for your losses and gains.
This has to be the ugliest condo building I have ever come across.
“If you are not competent to choose a real estate agent that is competent to work with “(and I am talking about a ridiculous number of agents)” then you shouldn’t be purchasing real estate”
hahahahahahaha – VB thanks for making me laugh with this most ridiculous statement!! My point was that I don’t need ANY real estate agent to help me with my purchases/sales. However, because they have such a monopoly/hold on the industry, you cannot avoid them. They obviously serve some purchase but in no way is that worth 5% of purchase prices of homes. Furthermore, from where I stand, selling a 1million dollar house is often easier than selling a 200k house (as the people have usually bought before and are familiar w/ the purchase process, have money, ten to be more educated, etc.etc.). Why should the commission on the 1mil house be 50,0000 while the commission on the 200k house be 10k? It doesn’t make sense (much like your post – I never have lost money in real estate and have never regretted ANY of my real estate purchases. I AM angry that I have to go through this real estate mafia to make my purchases!!).
I just noticed; the white brick design on the front of this building looks to me like a rocket ship, waiting to blast off!
To the moon!
“I just noticed; the white brick design on the front of this building looks to me like a rocket ship, waiting to blast off!”
I agree – there is something about the facade that seems very “manly”. Not sure why…….
I’m kind of surprised anyone would argue that the realtor field wasn’t flooded with people in the early oughts. It’s not even necessarily that these folks were bottom feeders or unskilled, it’s simply that real estate was a hot economic sector and yes, to become a realtor you didn’t have much of a barrier to entry. But our realtor had been in the biz since the 70s, and she’d tell anyone who asked that the profession comes with massive extremes in terms of payoff.
Wasn’t arguing the realtor field is flooded with people who are unskilled. But if you make the mistake once and then admit you made it a ridiculous amount of times again and again your learning capacity is limited.
Maybe not unskilled so much as inexperienced…
As the co-listing agent on this property, feel free to contact us with any questions about the building. We’d be happy to share.
…”oh, I couldn’t see keeping one cent from the company – it is like blood money – all of it is donated to charity.”
LOL TOO Funny!!
If this were even partially true, how do your agents/brokers make a living? Are they your ‘charity’?
Between this and your 8,000 sq
ft suburban home (or was it 9,000) you had me laughing for the past 1/2 hour…
“If this were even partially true, how do your agents/brokers make a living?”
Westloop, real estate commissions are usually broken down as follows (for a 5% listing):
2.5% to buyer’s people
2.5% to seller’s people
Of the 2.5% to each group, a pre-negotiated percentage goes to the selling/buyers agent/broker (usually 50% – or 1.25% of the commission) and the rest goes to the owner (usually 50% or 1.25% of the commission).
I donate my 1.25% (after expenses) to various charities involving animals – even though it is not much, psychologically, I feel like I am doing something really good. You should try it sometime – you might like it!!!
“Between this and your 8,000 sq ft suburban home (or was it 9,000) you had me laughing for the past 1/2 hour…”
You are welcome to come by with your measuring tape to give a more accurate measurement… however, I do believe the main house is about 6900 square feet (not including the third floor – sloped ceilings or basement) and the coach house is between 2400-2900 square feet. Actually, it WOULD be nice to get more accurate measurements from a “professional”. Thanks in advance!!!