Home Selling in Uptown>Question Details

Syed, Home Buyer in 60640

I own a small studio in Uptown (Wilson and Beacon). If I want to sell it any time soon, how much of a haircut will I need to take (2005@$107,900) ?

Asked by Syed, 60640 Wed Dec 28, 2011

It's about a 400 square foot condo--yeah, pretty small. But it's served me well and the association is pretty well run and financially sound. I have no real need to sell, but it would be nice. In this market, what is a realistic price for something like this? And are sales for studios in that area actually taking place?

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Answers

11
Now its the perfect time to sell it
0 votes Thank Flag Link Wed Apr 9, 2014
Sounds like you have answered your own question. Rent it out and hang in there. Rental mkt is hot and you can get a trifecta of tax advantages with the right accountant.(mine). Why take a hit if you don't have to?

Best Regards,
0 votes Thank Flag Link Sun Dec 30, 2012
Syed,

If you haven't sold yet, now is a good time. Prices are up, mortgage rates are down and inventories are low.

All the best,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Tue Dec 11, 2012
Hi Syed,

Thank you for giving me a chance to talk to you quick. For all Sellers I have a three step process in getting started.

1. I'll need more information about your home, the association, yourself and what your thoughts are on where the market is currently.
2. Let's schedule a time for you to tour me around your home as you would a potential buyer telling me as much information about your home, the building, area and even improvements you've done since purchasing.
3. After touring I will do my due diligence to find comparable properties that have recently sold and homes that are currently on the market in order to target what our direct competition will be. We will discuss next steps, what you can expect throughout the selling process and I will answer any questions you have.

Pretty simple to get started and I would love to be your Realtor. Please see my link below to read testimonials from past clients!

Please call my cell or send me a quick email and know that I'm here to chat.

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL
jeffstewart@atproperties.com
0 votes Thank Flag Link Wed Dec 28, 2011
Hi Syed without seeing the studio, it is truly difficult to evaluate, and since there are many properties of similar kind on the market and if you are at least cutting even, you may want to wait before selling, on the other hand, these decisions always depend, can you absorb the cut on what you would like to get for the property, will you
any cash in your pocket or will you just simply get rid of it, without having to bring money to the table....

It all depends on that, plus your rental income is taxable income, so see if you are actually cutting even.

You truly need to have an experience city agent have a look and give you GOOD advice not just list your
studio...

Good luck to you.
Edith YourRealtor4Life! and Northern Illinois and Northshore Expert
Working always in the very BEST interest of her clients
0 votes Thank Flag Link Wed Dec 28, 2011
"New Borders"
--didn't Borders go bankrupt?

Unfortunately, it's not an amenity building. But I don't think there are any west of Broadway, which is where this unit is located. It does, however, include internet with the assessment. And there's a little dog run on the side of the building--not that any of that matters. I'm surprised that the rents on Clarendon are going for that much. I'm more or less breaking even at $750/month on my unit (and a great tenant).
0 votes Thank Flag Link Wed Dec 28, 2011
Hi Syed, In the last 6 months several studios have sold between $31K and $73K. Currently on the active market are several studios ranging in price between $40K and $84K with 1 on Clarendon beautiful vintage building for $107,000. Is your studio on a high floor in an amenity building? If so, renting it out would be better for you ...rents now in Uptown for a high floor studio that is to the nines updated...between $1000 to $1100. I was driving thru Uptown yesterday and some nice changes are taking place ...new Target, New Aldi, New Borders..some new restauants along Broadway. When the Riveria theatre has a faceliift that will be nice. My point is that the area is coming along nicely ....do you want to buy another "block of studios"? Call me anytime to discuss Cathleen 312.264.1182. Have a nice day.
0 votes Thank Flag Link Wed Dec 28, 2011
Hi Syed. I just sent you some information, but as I mentioned to you last year if you have a choice.......wait.
0 votes Thank Flag Link Wed Dec 28, 2011
Would you like a trim or a crew cut?
17 studios have sold in Uptown over the last 12 months ranging from $31k - $74k.
Many factors go into the pricing of the studio ranging from the condition of the unit, the building, the neighborhood, etc.

Find a good agent to represent your interests and do a proper evaluation for you. If you need any help, feel free to contact me.

Bill J Deligiannis
630-788-5288
Charles Rutenberg Realty
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Wed Dec 28, 2011
It matters which building it is in. Have an agent come by, check it out and provide you with a CMA. (comparative market analysis) This way you would know what your property is worth. I would be happy to help!

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
mlaricy@americorpre.com
708-250-2696`
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Wed Dec 28, 2011
Contact a realtor to run for you comparables in your area and give you also the time frame in which the comparables sold, this will give you a picture of what is going on with condos in your area. This is free of charge service and is the best bet in making your choice of listing your property at this time. Debbie Bergthold-Smith Classic Real Estate
0 votes Thank Flag Link Wed Dec 28, 2011
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