Are Deerfield/Lincolnshire comps really comparable?

Asked by ChicNotGeek, 60015 Sat Jul 18, 2009

I am interested in making an offer on a house in Deerfield that is on the border with Lincolnshire. I can't find any relatively recent sales on the Deerfield side of the line, but found a few on the Lincolnshire side of the line. Is it really comparable to use Lincolnshire comps, that are in the same physical neighboorhood, event though they are technically in different zip codes. THe houses are so close that the house that is the neighbor to the back is in Lincolnshire, but the house I'm interested in is in Deerfield. The home values don't vary that much, but I still wonder if Lincolnshire comps are comparable enough to use for a Deerfield sale.

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9
Robert Lee, Agent, Arlington Heights, IL
Tue Mar 8, 2011
Don, great answer! Regardless of where comparables are located, whether they are different towns or not the same basic principles apply.
0 votes
John Walin, Agent, Libertyville, IL
Mon Jan 24, 2011
I agree with Molly, most buyers shop by school districts, neighborhood and age of home.
0 votes
Molly Browe, Home Buyer, 60069
Thu Jan 6, 2011
I live in LIncolnshire and work both Deerfield and Lincolnshire. Buyers tend to stay in the same school district so those are the comps to use. However transferees will look at both so proximity does matter!
Molly Browe
REMAX Showcase
847 420 3308
All listings can be found at:
http://www.molly2.com
Web Reference:  http://www.molly2.com
0 votes
Don Stein and…, Agent, Deerfield, IL
Fri Feb 5, 2010
Hello,
In answer to your question, Deerfield borders Riverwoods not Lincolnshire. To compare properties this is what you might consider: Lot size, age, room count, updates and school districts. When in doubt consult a Realtor very familiar with the area or areas you are considering. Don and I work out of the Coldwell Banker office in Deerfield. We've serviced these areas for many years. If you have any questions, don't hesitate to contact us.
Brenda 312 518-1217
Don 847 508-0098
http://brendadon.com
Email:brendadon@cbexchange.com
0 votes
Dana and Tom…, Agent, Long Grove, IL
Fri Jul 24, 2009
I grew up in this area (off of Duffy lane) and have marketed properties here. There are some definite differences/challenges to accurately valuing these homes. For example, if the home is in Riverwoods, but the schools are Lincolnshire (district 103 and Stevenson) then I would lean toward comps in the Lincolnshire area with similar lot sizes/ammenities/square footage. If the home is in Riverwoods but the students go to the Deerfield schools, then I would use comparables that are further to the east toward Bannockburn and Sanders Road.

Hope this helps!

Tom Carris
RE/MAX Showcase
http://www.TomCarris.com
0 votes
ChicNotGeek, , 60015
Sat Jul 18, 2009
Thanks for your feedback, and for your offer of help if this doesn't work out.
0 votes
Al Aronow, Agent, Libertyville, IL
Sat Jul 18, 2009
If things don't work out and you would be interested in finding out about other properties that would suit your needs, please keep me in mind and give me a call. I'd be happy to help. I've been helping people buy and sell homes for over 35 years. Experience can make a difference.

Thanks again,
Al Aronow
RE/MAX Suburban
847-557-8501
Web Reference:  http://www.alaronowhomes.com
0 votes
ChicNotGeek, , 60015
Sat Jul 18, 2009
THanks, 'technically' the home is in Riverwoods, but I referred to it as Deerfield since it's the same zip code. The agent said that they bought a new house in S. Barrington because they wanted to house their horses where they live instead of continue taking them to a stable or boarding facility. It's been for sale for about 6 months, but they had renters before that for about a year. "Unfortunately" my husband and I stumbled into the open house without an agent, so we're kind of SOL in terms of finding a buyers agent at this point.
0 votes
Al Aronow, Agent, Libertyville, IL
Sat Jul 18, 2009
Are you sure that the neighborhoods bordering the Deerfield property are located in Lincolnshire? The reason I ask is because according to the map the towns bordering incorporated Deerfield are Bannockburn and Riverwoods. Either way, if the properties are in close proximity to each other and not in the same zipcode but are of similar size in square footage, similar age, similar lot size, possibly the same school districts and have closed in the last three months, you can be pretty sure that these are comparable sales that a bank appraiser will use to verify price. If they haven't closed in the last three months, there might be an adjustment made. You must also consider what is the reason for sale of the property you are interested in. Reasons for sale include foreclosure, short sale, REO (bank owned), corporate owned, transfer, up size, down size, etc. The reason for the sale of the comparable sales is also important in determining value. All these factors need to be taken into consideration.

Good luck . Let me know if i can be of any further help.

Al Aronow
RE/MAX Suburban
847-557-8501
Web Reference:  http://www.alaronowhomes.com
0 votes
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