Uptown Vintage Rowhouse Sold in October 2010: 822 W. Windsor
I missed the sale on this 3-bedroom vintage rowhouse at 822 W. Windsor in Uptown.
We chattered about it a couple of times. See our July 2010 chatter here.
It had been reduced in July 2010.
The rowhouse finally sold in October 2010 for $79,000 under its January 2010 list price.
It had many of its vintage features intact along with a newer kitchen, baths and windows.
But it had no air conditioning or garage, two features that many buyers look for.
Did someone get a deal?
Joe Siciliano at Coldwell Banker had the listing.
822 W. Windsor: 3 bedrooms, 2.5 baths, no square footage listed
- Sold in November 1993 for $95,000
- Sold in December 1995 for $110,500
- Sold in February 1997 for $136,000
- Originally listed in September 2009
- Re-listed in January 2010 for $429,000
- Under Contract
- Back on the market in June 2010 for $399,000
- Reduced
- Was listed in July 2010 for $379,000
- Sold in October 2010 for $350,000
- Taxes of $5497
- No central air
- No parking
- Bedroom #1: 17×16
- Bedroom #2: 12×11
- Bedroom #3: 11×10
I contacted the agent back in February when this was listed for $429,000 and asked if the seller was motivated to sell or fixed on a price in $400s.
This is what I was told: “The house is priced very well. Seller is motivated to the point of selling the house at what the market is willing to bare. If you don’t want to spend in the $400,000 price range, then this house is likely not for you.”
“Seller is motivated to the point of selling the house at what the market is willing to bare.”
The agent was surprisingly honest. She never said the market could bear a $400,0000 price, only that the market will bare a price. It did: $350K (and falling.)
G – what the fmv for this place; and in 2012?
I saw this home last year and the photos make the house look better than it is. Also the home only has street parking
Chris – If you were really interested in buying this or any other place i would give you some simple advice. Rather then asking the realtor where he/she thinks the eventual selling price will be just make an offer. Then and only then will you get a feel for what the SELLER of the home thinks. That is the only opinion that truly matters.
I like the kitchen layout. Plus cooktop! I’ve been cooking for dinner tomorrow and boy would 2 extra burners really come in handy.
I guess I wasn’t all that interested…more curious than anything. I’ve made offers on plenty of places–typically 25-30% below list price–and it’s always interesting to see the response. However, you might be surprised how revealing some agents are with regard to their client’s motivation if you ask. After writing offers on numerous properties I looked for ways to get an indication of how the offer might be received before taking the time to prepare and submit an offer. Just my two cents as a real estate broker.
@Jp3Chicago
Re:
Chris – If you were really interested in buying this or any other place i would give you some simple advice. Rather then asking the realtor where he/she thinks the eventual selling price will be just make an offer. Then and only then will you get a feel for what the SELLER of the home thinks. That is the only opinion that truly matters.
This is really great advice, a lot of us have no experience
Also, at the time I inquired another offer was on the table and was about to be accepted, so there was no point in making an offer at that point. If you don’t ask the right questions or do your due diligence early on you really do end up wasting time, especially in this market. It went under contract on February 19, was reactivated on March 5, went under contract again on May 3, and was reactivated again on June 11. It wasn’t until two contracts fell apart that the seller gave in and dropped the price to $399k on June 28 and then again to $379k on September 9. Of course, it didn’t help that the $8k tax credit was no longer available by the time it went back on the market the second time.
I love the kitchen but would venture to guess that some of the unfinished work the remarks hint at is to blame for contracts falling through and eventual low price. Sometimes it’s what the pictures don’t show…..
Personally, i am far more titillated by what the market will bare. Talk about real estate porn (are RILFs involved?)!
Why roma? Do tell.
bare != bear
I could not bear to see that the polar bear was bare!
Yep, “bare” was the quote. Perhaps I should’ve thrown in a [sic] with that quote.
Chris, you are correct, it never hurts to ask a realtor some basic questions. Some of them will literally tell you the level of motivation of the seller. It never hurts to ask the seller directly. Asking questions and doing your due diligence won’t cost you a dime.
Chris, you are correct, it never hurts to ask a realtor some basic questions. Some of them will literally tell you the level of motivation of the seller. It never hurts to ask the seller directly. Asking questions and doing your due diligence won’t cost you a dime.
I continue to believe that real estate has more room for a decline. I am still waiting on the sidelines.
Sure it never hurtsto ask but the selling realtor should have a gameplan and only release info that will help seller actually sell at the highest price market will bear.
If Chris was not a serious buyer than giving him info is not getting any closer to a sale. Agent should have encouraged Chris to make an offer. Even if the offer had been low the realtor might have used it to get other interested parties off the fence.
That’s right buyers: Seller’s agents will try to instill a fear of loss even if they aren’t really considering another offer. Don’t fall for that if it is a “deal” you seek since there will be more, and better, deals to come.
Well Chris, it’s possible at the time the seller had told the realtor that he/she would/could not go any lower than 400K and the realtor was trying to subtly tell you not to waste your time.
Consider this: At $429K, 5% = 21450. It eventually sold for $350K which “cost” the seller ~$80K but only lost the realtor a few grand (17,500) which gets split with the other agent, the brokerage, etc. Realtors can distance themselves from a transaction because the difference in their takehome pay is minor when it comes to price drops.
However, this place did go under contract a few times so that makes me think the seller was holding out for a higher price and finally made some concessions to unload the place.
G
Telling a buyer that they are in a multiple offer situation(when they are not) is both unethical and illegal.
That is NOT what I’m talking about.
“Even if the offer had been low the realtor might have used it to get other interested parties off the fence”
Like I said, even if they aren’t really considering the other offer.
An offer is an offer. Agent does not need to indicate how much the other offer is.
No kidding. That’s why a buyer should never alter their intended offer when tossed this sales pitch, moreso in the current buyer’s market. The best response today would be “let me know if that doesn’t work out for you.” When they call back (odds are the will,) lower your offer.
This advice is not intended for those who don’t care about overpaying today.
long time no post.. Apartment in my building here in Rio, in need of total renovation, just traded for 3 times what I paid for mine less than 2.5 years ago.
All going just as well in the states 🙂
I’m notsaying they should alter their intended offer. Everyone should behave ethically and in their own best interests. Each buyer should think hard about how badly they actually want a property and how much they are willing topayfor it . Certain disirable properties do have multiple offer situations, even in the currentmarket. And the lowbidder will lose.
(iPhone entries, sorry for typos)
“Certain disirable properties do have multiple offer situations, even in the currentmarket. And the lowbidder will lose.”
In a declining market, they will actually be the winner.
G have you actually looked around lately? Thee is not a lot of extremely attractive yet well priced stuff out there. Sure there is a lot of depressing properties for cheap and unrealistically priced homes on the market for 300 days or more.
When something really good comes along buyers ( here I mean actual buyers) notice and take action.
I’m prettysure Redfin mentioned this phenomena on a recent blog post and I have noticed it myself in the properties and hoods I have been following.
Have a good evening G, I’m signing off.
Multiple bidders is usually a sign that some naive knifecatcher is going to overpay and regret it later.
“Apartment in my building here in Rio, in need of total renovation, just traded for 3 times what I paid for mine less than 2.5 years ago.”
Ze carioca: Long time no posts!
So are you saying that the housing mania is alive and well in Brazil or is it a function of the huge growth that is occuring there?
“G have you actually looked around lately? There is not a lot of extremely attractive yet well priced stuff out there.”
So why would someone engage in a multiple bidding war for the stuff that IS out there? I agree that the inventory isn’t the greatest right now. But in about 8 weeks there will be thousands of new properties flooding the market. Why not just wait for those and get something for the price you want to pay? It’s not like there will be a supply constraint.
Hi Bri,
Kinda crazy down here… My opinion… Very strong economy, very strong banks, solid gains in income growth across all classes… Money just pouring in. Huge clean up of crime that reminds me very much of what happened in Manhattan in the 80’s, but magnified since crime here was much worse and clean up is much faster.
But mostly go to google maps, type in Ipanema and you will see this small little sandbar between an ocean and a lake. This is pretty much “THE” spot you would want to be in in a safe Rio. Not much more than a few blocks wide. There is just NOTHING available. I have never seen gains this fast with the exception of what happened in Moscow. I would think a bit of a bubble but it’s got 9-10 more years to go since i think wait to the real money comes and visits in 2014-2016 for the world cup and olympics and falls in love with this place. Truth is I never look at prices down here, just was told this today and i was blown away. I do see how expensive day to day living has become though. cost of living here passed NYC this year.
Oh and i think someone on here told me when i had the great idea to take up farming/ranching i was in for some serious work, well he was 110% on target and i haven’t been able much to keep up with Chicago real estate, thus the no posts… 🙂
Happy holidays to all though!
Thats a great idea! Drop the RE search in Chicago, pack up the family and head to Brazil! Forget finding an in distress, short sale property to invest your hard earned money in and buy your dream home on the Brazilian beach!
Buy now or be priced out forever!
Clio…where are you? Your Brazilian equal has returned!
wait a minute – clio disappears and Ze returns?
Brazil has record employment
http://finance.yahoo.com/news/Brazil-has-record-apf-2487869273.html?x=0&sec=topStories&pos=2&asset=&ccode=
and i had a feeling ze carioca was clio
Why indeed. In the world of cribchatter, (where we sit in front of our computers and make armchair predictions behind the safety of our anonymous monikers) No one buys because prices are constantly dropping and a constant rate and the end is nigh.
Out in the real world, I mean the actual physical Chicago, there are people who are at a place in their lives and careers and relationships where they are ready to buy a place. They are pre-approved,have down payment money of 20% or more, have a realtor and have already visited 20-50 real, actual, places ( which often look very different than the room dimensions and pictures and google maps) When two or more of these real actual buyers come across something in their price range that is REALLY SPECIAL, they make bids. Then one of them buys the place and MOVES IN.
Yes, it does happen.
Sabrina on December 26th, 2010 at 8:39 pm
“So why would someone engage in a multiple bidding war for the stuff that IS out there? I agree that the inventory isn’t the greatest right now. But in about 8 weeks there will be thousands of new properties flooding the market. Why not just wait for those and get something for the price you want to pay? It’s not like there will be a supply constraint.”
“Yes, it does happen.”
Of course knife catching happens in the “actual physical Chicago” exactly as you described. Who would dispute that?
If you plan to sell in 2 or three years then do not buy now. If you plan to buy a place for he long term and your life circumstances and income are in order then I see no reason to wait just because you might be able to save 3% next year.
I am not talking about cookie-cutter condos here.
“Out in the real world, I mean the actual physical Chicago, there are people who are at a place in their lives and careers and relationships where they are ready to buy a place.”
dahliachi.
word.
🙂
In the real world, fewer people are buying homes now than in a generation.
A 3% estimate foor price declines is a bit conservative, dontchathink?
“Out in the real world, I mean the actual physical Chicago, there are people who are at a place in their lives and careers and relationships where they are ready to buy a place.”
I don’t dispute this. But your point to G was that there was limited inventory right now that was decent so therefore there are multiple bids on the properties that are decent and available.
MY counterpoint was that why would someone get into a multiple bid situation when in just 8 weeks the inventory issue won’t be there (as there will be thousands of new properties coming on the market.) Just wait 8 weeks and buy one of those! I don’t get it.
“and i had a feeling ze carioca was clio”
You wish. But…no.
They had accepted my offer on this property at 340k As-IS, but I ended up walking away. The kitchen is VERY nice, but everything else needed some touch up work. You also have two section 8 towers right next door so alot of crime. There was a shooting about 50ft away the day after i put in my offer and they accepted, thats when i walked away.