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Wannabuy, Home Buyer in Chicago, IL

What's up w/ properties at 4629 S. Drexel...We really like them, but something seems fishy with prices all

Asked by Wannabuy, Chicago, IL Thu Aug 7, 2008

over the place. Does anyone know anything about this property. It seems like there could be renters or something. We want to buy in this development, but things seem a little odd. There are two MLS numbers at good prices and others that are over 300 and 400 thousand dollars! The reasonable one are 06898983 and 06960873. Some others bought properties for $420,000 before! Can someone please tell me any info they may know about these properties. We saw one property there because the person working on it let us in and it was really nice, but it looks like half of the building is vacant. Please help. Thanks.

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Yes, it was on the market last year and was actually rented. I am pretty sure my client is a little more motivated this time for simple fact the he is relocating and NEEDS to sell the place. The unit directly below is on the market also at $239,000 and is much smaller than the top floor unit (the one I am listing at 239,900). Sorry you felt it was too small; it is a really quiet building and the neighbors are quite friendly. All of the original owners are still living there (my client was the only one who rented his out) . You are correct in stating that there are A LOT of properties just sitting but unfortunately that is where the market is right now. Many sellers are willing to negotiate while others can afford not too and will happily sit until they get the price they want. Let me know if you would like to take a second look at the 4900 unit

Kristin
1 vote Thank Flag Link Tue Aug 19, 2008
Hello,

It looks like quite a few of them are rentals. Other than that, I cannot tell you much about the building. I am listing a beautiful condo at 4900 Forrestville (239,900 owner is relocating and VERY motivated) if that area interest you. It is a 3 bedroom, 2 bathroom top floor unit. Building is owner occupied and very well kept. Let me know if you are interested in taking a look. Give me a call 773.206.7927 or email groupcollins@yahoo.com

Thanks,
Kristin
1 vote Thank Flag Link Thu Aug 14, 2008
Does anyone have any up to date info. on this property?
0 votes Thank Flag Link Sat Mar 6, 2010
Sounds like the large Bronzeville 4 bedroom 2.5 bath 2500sf duplex, deck, garage 06985382 at 4616 S Langley fits the description your looking for. Check it out....seriously.
0 votes Thank Flag Link Wed Aug 20, 2008
FHA is not color coded. Someone other than Deborah decided it was.
0 votes Thank Flag Link Wed Aug 20, 2008
When comes to appraisal there can be several different for exactly same property.
For example there was a house in Westmont appraised by "drive by" bank appraiser at 180k
Next guy went inside and his appraisal was 615k. Maybe extreme but real sample.
When comes to Deborah mentioning FHA financing I think everybody is oversensitive here.
Is only natural that you are trying to show to the buyer how easy can be to buy a property.
I think in different situation in different area the buyer would not even notice such thing.
Of course there is a chance that you may be correct, but there is a chance that she simply was trying to show to the buyer how easy is to get this property.
I have clients who are Black, White, Spanish, Polish, Ukrainian, Vietnamese etc.
Everybody brings own senility about certain issues.
I do not care where they are coming from and I am sure she doesn't too.
There is always a chance that our interpretation is not correct and underlining reasons are different than we think. In addition if we start doing such assessments it eliminates from the start somebody who is truly trying to help.
I think you should not be afraid that your agent is going ask you to make decision.
If you have one and discussing this on line it means that there is no trust between your agent and you because he/she will give you opinion in 2 minutes phone conversation deeper and better than all this on line discussion.
What happened to fellow with whom you made the contract for low appraised property?
Is he/she not trustworthy anymore? Hire another one.
Your entire question should be directed to him. He/She knows you and your situation and this knowledge make an agent person best equipped to help you.
I am not going personally comment on line that this or that property is overpriced or not.
To me it feels like I am discussing it up front of selling agent.
Not really comfortable for him.
I think selling agent knows what he/she should.
I think there are several different aspects to every potential transaction that should be discussed
In more private environment and with better benefit for everybody involved.
0 votes Thank Flag Link Wed Aug 20, 2008
Oh and Deborah!!!

I think that it is hillarious that you brought up FHA financing. I assume that you believe that I might need that or something or because the area is an African American area that I must need that. It is laughable. You would be surprised to know who I am and what kind of money I have. On the other hand, I am really happy that my other African American counterparts who might not be able to afford a larger down payment are able to use FHA, but your attempt is laughable. Not that FHA or only for low income or mid income individuals, but come on?!?! Next time keep income related or economic related responses out of your answer unless someone ask you. Funny funny funny. Lots of people who look just like you have yet to learn when not to put their foot in their mouth. Never make assumptions and of course you have convinced yourself that there is nothing wrong with what you said and that oh "I did not make an assumption and I am sorry if I did" but you should take a long break and read a sociology book.
0 votes Thank Flag Link Wed Aug 20, 2008
Thanks for the advice Deborah, but we are looking in the Bronzeville/Kenwood/ Hyde Park area and had a contract on quite a large place (2200 square feet 3 bed 2 bath) and had our boxes packed when the appraisal came back low and we were not willing to bring the difference to the table in this market:) So I think it depends on what area you are looking in and how much you are willing to pay. The value of the unit that Kristin is talking about is there for some people. It is not a bad development....just small. Thanks for the advice, but we are not in any way interested in Washington Park and if a buyer does not like a certain area then value really cannot help. We can afford to live where we are looking and have found some great properties, but we are on the fence about buying right now. We also have a fabulous agent and have started back working with him!
0 votes Thank Flag Link Wed Aug 20, 2008
i can help you find out. email me at jokesola@yahoo.com
Web Reference: http://www.joeokesola.com
0 votes Thank Flag Link Tue Aug 19, 2008
Dear Wannabuy, It sounds like you're looking for more value than may be offered in this building. Several of my Bronzeville buyers, have decided to expand their boundaries into Washington Park, as you can find much larger properties, many gut rehabbed or new construction, with parking for the same or less than in Bronzeville, and transportation is perfect with the Green Line Stop at 55th. Check out our new conversion, The Indiana Grand http://www.postlets.com/rem/264827. We are even in the process of securing FHA financing approval, so you could buy there with as little as 3.5% down.

Stop by our open house on Sunday 8/24/08 from 1:00-3:00p.m. Best of luck! Deborah
Web Reference: http://www.newchicago.com
0 votes Thank Flag Link Tue Aug 19, 2008
Kristin,

That condo has been on the market for a while and is overpriced. We saw it last year and the seller does not seem quite as motivated as you say. Also, the condo is super small. We looked at it an immediately were unimpressed because of the room sizes and the tiny living room. Hopefully, it sells, but not at that price. Have you been asking for feedback from people viewing the condos? Also, for that area it is overpriced. Most things are sitting on the market around there. I hope you get lucky.
0 votes Thank Flag Link Tue Aug 19, 2008
You are asking questions you should ask your realtor. Why you do not work with one?
For you as a buyer his service is "FREE" since he is paid only when sales is finalized by the seller.
What stops you from talking with some reasonable guy who I am sure will be happy to work with you?
He will do some research for you and no doubt you will have your answers.
Research require some time
0 votes Thank Flag Link Mon Aug 18, 2008
Look no further: Open House Saturday, August 16...1:00-3:00 p.m. Check out web reference here.
0 votes Thank Flag Link Fri Aug 15, 2008
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