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Home Selling in 60647 : Real Estate Advice

  • All62
  • Local Info5
  • Home Buying25
  • Home Selling5
  • Market Conditions0

Activity 5
Mike Opyd, Real Estate Pro in Chicago, IL
Wed Mar 26, 2014
Mike Opyd answered:
Sarah Ziehr, Real Estate Pro in Chicago, IL
Sat Jul 28, 2012
Sarah Ziehr answered:
Since you are so close to the blue line, you're in a great position. However, buyers who qualify for a loan right now are choosey, so make sure your property is priced right and shows beautifully. I'd be happy to put together a comparative market analysis for your property in order to weigh your options. This will tell you what has sold nearby and for how much. If you are looking to upgrade you may want to consider holding on to your condo and renting it out. Let me know how I can help!

Email me directly - sarahz@innovativepropertyconsultants.com
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er, Other/Just Looking in TYs Park, Hollywood,...
Tue Mar 29, 2011
er answered:
Hello Lane:

From the nature of your question, it sounds like you will need a lot of help. Getting a ballpark cost estimate is easy but not worth much. If you have purchased the building already then you are locked into that particular market and you should be careful not to over-build. Have a Realtor do a camparable market anaylsis of the condos in your market and be conservative with the numbers. Include in the CMA the total number of foreclosures & short sales and their condition. Pay close attention to the total Market Time of each property on the market and think about what makes your's so outstanding.

Search for and hire an experienced licensed Architect/Engineer to closely work with you. An Architect/Engineer can discuss the building process, develop schematic designs, verify the structural soundness of the building, provide cost estimates, recommend good licensed contractors (General, Mechanical, Electrical, Plumber, etc.). You will also need an experienced Attorney who knows about condo conversion, Zoning Ordinance and be sure to discuss your plans the the Alderman of the Ward early because nothing gets done without their blessing and that of the community. It's going to take some effort and time. If you are a novice at development I recommend teaming up with someone who is experienced. This way you share the liabilities and profits but at the same time you learn the ropes. Remember your a Seller in a Buyer's market.
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Mark Roncone,  in Naperville, IL
Sat Apr 19, 2008
Mark Roncone answered:
It will have a negative impact on the price of your condo. Make sure your place shows like a model and price it to sell. Best of luck to you!
0 votes 4 answers Share Flag
Ken Dooley, Real Estate Pro in Chicago, IL
Tue Jan 29, 2008
Ken Dooley answered:
Phil,

Your 3 flat appears to have a lot going for it. Your section of Moffat st has seen a lot of development over the last 5-6 years. The area immediately surrounding the El station on Western has also seen it's share of redevelopment. You've good quality units in a good location close to transportation with decent rents.

Ultimately your buyer will likely be someone that will be a live-in owner and will rent out the other 2 units. Without seeing the property it's difficult to value on rental income alone. A good owners unit is likely the key to a good price. A condo buyer not finding what they want may decide to buy your 3 flat and use the income from the other two units to contribute to the expenses.
The buyer ultimately gets a home, an investment and help with paying the mortgage and achieves this without spending on a net basis what they would've spent on a 2 Br condo.

Good luck, Ken.
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