We have some land on W. Wadsworth, near Green Bay. How do we find out how much it could sell for and is this a good time to sell?

Asked by Linda, 60087 Sun Dec 12, 2010

Also, how can we find out how much it was worth in 1994?
Thank You

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John Walin, Agent, Libertyville, IL
Fri Feb 11, 2011
Not yet mentioned is the Lake County website interactive mapping feature that profiles every PIN in Lake County. There also are recorded sales NOT in the MLS, so often with land the lot never had an MLS number so easy for an agent to miss transactions that happened without an agent. Land values are tough! Many builders are re-evaluating their 2011 building plans after taking the last three years off! So you might be surprised. Your 1994 valuation question leads me to think this is an estate matter and calculating appreciation from that transaction 16 years ago. A good real estate attorney can pull title policy and establish past recorded sales data before computers took over.

Please call me if I can be of service!

John Walin
847 276-0120
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Lisa Schade, Agent, Libertyville, IL
Tue Feb 8, 2011
Hi Linda-
To get a good idea of what your Land on W.Wadsworth near Green Bay road would be worth in today's market, you can contact a reputable Realtor and ask to have a CMA (Comparative Market Analysis) done. To find out what the property would have been worth in 1994, you can also ask for a Historical CMA.

If you would like any further assistance, please feel free to contact me directly.
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Gary Geer, Agent, Antioch, IL
Mon Dec 13, 2010
Hi Linda,
Contact an agent and request a Comparative Market Analysis. A good analysis will include what recent homes sales have been in your area of Wadsworth all within the the last 6 month or shorter period. You can also request a a Broker Price Opinion of your home where you receive a more detailed opinion of your homes value. The agent you use should include comments to assist you with staging your home and tips on how to accomplish selling your home in this buyers market. You will need to stage your home for sale, and then price your home aggressively so any buyers who are serious will want to make an offer on your home. Feel free to contact me anytime for assistance.

All the best,
Gary Geer
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Jack Flash, , Mount Prospect, IL
Mon Dec 13, 2010
Hi Linda,

As other agents have mentioned, there's no easy way to determine what a property may have sold for at that location. But it's not impossible to get an idea.

I used the house price index calculator on the federal government's web site, linked below. Using that, I found that a property purchased in the Chicago MSA in the third quarter of 1994 for $100,000 house would have sold for roughly $163,000 the third quarter of this year.

The MLS archives also shows three parcels of vacant land not far from the intersection you're asking about that sold in 1994. These three parcels were each a little over 1.5 acres and were forest preserve adjacent on 29th St. The lowest sale price was $34,900 and the highest was $42,000.

In the past twelve months, there have been three parcels of vacant land sell in Beach Park. There were two parcels, 1.5 acre parcel that sold for $91,000 and a 2.8 acre parcel that sold for $75,000. One parcel, 3/4 of an acre, sold for $24,000.

But there's a lot to consider. Subtle things like zoning can make a big difference. If you are looking to sell this parcel, you should contact a broker in that area and have them do a proper market analysis for you. If you need this information for insurance or other reasons, you may wish to contact an appraiser.

If you need a referral for either a broker or appraiser in that area, drop me a line.
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Mike Stodola, Agent, Libertyville, IL
Mon Dec 13, 2010
I assume you mean near Green Bay Road and not Green Bay in WI. I'd be happy to do a market valuation for you after taking a look at the parcel. As far as 1994 goes...there's not an easy way to find out what it was worth then. Did you inherit it at that time? Do you need a valuation because of tax implications? You can call me at 847-557-1622.

Mike Stodola
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Jerry Grodes…, Agent, LOda, IL
Mon Dec 13, 2010
I can refer you to one of our agents in Wisconsin. I have some good friends/ Realtors up there. United Country is the nations leading company to specialize in Real Estate in rural America.. and they've been doing in since 1925. You'll be able to get a credible analysis and advice on your property.
Email me at farmandlakehouses@yahoo.com
Happy Holidays,
Jerry Grodesky Broker
0 votes
Akop Balayan, Agent, OJai, CA
Sun Dec 12, 2010
Hi Linda,

Your best bet would be to hook up with a realtor and ask for a Comparative Market Analysis, or CMA. A CMA will provide you with recently sold property which is similar to your property. Using this data you will begin to have some kind of idea as to the value of your property.

Is this a good time to sell? That question is better left to a realtor who knows that area, and the market for land. In my area land sales have been very slow.

Good luck,
Web Reference:  http://www.vchousehunt.com
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