Home Selling in Kenilworth>Question Details

Kevin, Both Buyer and Seller in Kenilworth, IL

How do you estimate a listing value for a Kenilworth house that is sure to be a teardown?

Asked by Kevin, Kenilworth, IL Thu Mar 10, 2011

In the "new normal" of house prices, how do you judge what the listing price should be for a Kenilworth house likely to be a teardown? Since the crash in prices, there are very few Kenilworth properties that have sold as teardowns, so it's difficult to find comparables.

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Pay a fee for service appraisal and be wary of investor interests that want to use your land to speculate on building a house and do a partnership. Pay $400 to an appraiser and approach the builder buyer pool. Your lot needs to have a feasibility study too to see what the max house can be built on it. Call the city and see if you face restrictions to what can be built on it.

Good luck!
0 votes Thank Flag Link Fri Mar 11, 2011
Just call Peter Wall at http://teardowns.com/ - he is an expert on North Shore redevelopment property and specialzes exclusivley in teardowns. Peter can be reached at 847-446-4133.

Thanks,

Brian Hickey
teardowns.com
630-654-4100
Web Reference: http://teardowns.com/
0 votes Thank Flag Link Fri Mar 11, 2011
Hi Kevin,

You are right that there's little hard data re recent land value transactions in Kenilworth. As you know, prices in Kenilworth depend heavily on lot size and location. Properties east of Green Bay Rd. have always fetched higher prices; however, there are 2 different areas west of Green Bay to consider--the smaller lot streets and streets with larger lots and more upscale homes. In this "western" area, the property at 623 Melrose is under contract, with a final list price of $350,000--it's a 50' x 125' lot. In the same area, there was a property listed at 550 Sterling (but now off the market) for $425,000--same lot size. Still west, there is a property at 523 Greenwood now listed at $1,195,000, having come down a couple of hundred thousand dollars from its original list price--the lot size is 76' x 166' and is on a very strong block of upscale homes.

In order to determine the value of the property you have in mind, it would be essential for me to know more about it and if possible, see it firsthand.

I've lived in the area for many years and would be glad to help you navigate this real estate project. Please feel free to call me at 847-507-8832 or email me at dayle.lively@bairdwarner.com.

Regards,

Dayle Lively
0 votes Thank Flag Link Thu Mar 10, 2011
Hi Kevin,

I would encourage you to have your Real Estate Agent, pull up the sold and active comparable sales for lower end homes on similar size lots & location to the one you are considering. There is a value added component for homes located closer to the Center of Town and in close proximity to Lake Michigan and Parks.

Let me know if I can assist pulling up these comparables for you so you can make an educated decision on an offer and final purchase price.

I can be reached directly at 847-275-5528

David Jaffe-SRES, CDPE
Realtor-Coldwell Banker
0 votes Thank Flag Link Thu Mar 10, 2011
Pricing a teardown is no different from pricing any other property - it's based on comps of similar properties. There are not a lot of sales in Kenilworth on a regular basis, teardown or otherwise, but if an agent knows the market and area, it's not difficult. Because of its small size and exclusivity, Kenilworth is unique and a teardown would still sell for more there than in, say, Winnetka.
Web Reference: http://www.CallMargaret.com
0 votes Thank Flag Link Thu Mar 10, 2011
In these circumstances best to contact an appraiser

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Mar 10, 2011
Yes, you are right. Very few homes are sold as teardowns. It is not as easy as seeing what the neighbor just sold their teardown for. Many factors have to be considered, along with know how to use the various data points, to really maximize your price. A conversation would be most clear. Give me a call on my cell 773-295-2358. Happy to help. Talk to you soon. Paul Gorney, Prudential Rubloff - Wilmette.
0 votes Thank Flag Link Thu Mar 10, 2011
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