Why is 111 W Maple priced below comparable condo buildings in the Gold Coast?

Asked by Tom, 60610 Thu May 8, 2008

For example, 1122 N Clark vs. 111 W Maple. Both buildings are newer with great locations.

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5
Dino Patras, , Arlington Heights, IL
Thu May 8, 2008
Dear Cheng,

We are talking about a condo BUILDING with numerous listings in the same BUILDING and numerous listing agents involved. So if ONE agent "slashed" the listing price of his/her unit, it would have little effect on the value of the other units in the building.

Please don't answer a question if you have no idea what you're talking about..
3 votes
Rozilyn Brya…, , Chicago, IL
Fri May 23, 2008
Hi Tom,

I was showing at 111 W. Maple recently, and the units at 1122 N. Clark are larger...2-bds are 50 to 100 sf smaller at 111 W. Maple, so it makes sense that their market value would be somewhat lower.

Also, sellers in 111 W. Maple are doing a much better job of "finding the market" with their lower pricing. Several units have gone under contract in less than 30 days while 1122 N. Clark units are taking longer to move (nothing is under contract in the building right now).

And there is always the matter of how updated and upgraded individual units are relative to others.

Hope this helps,

Roz
2 votes
Kristin Coll…, Agent, Oak Park, IL
Mon May 12, 2008
Hi Tom,

Although location has A LOT to do with how a property gets priced, there are other factors which can have a great influence on the pricing also. Many times in the Chicago downtown/Gold Coast market, garage space is deeded and sold seperately from the condo unit. Parking spaces in this area can range from $35K on up. Sometimes sellers choose to combine the price of the parking with the condo which makes the listing price higher. Building ammenities effect the price of a condo also...Is there an elevator, pool, health club, spa, restaurant, 24 hour doorman, concierge and/or dry cleaner in the building? All of these factor in the value and thus the pricing of condos in the downtown and Gold Coast area in Chicago.

Hope this helps,
Kristin
2 votes
Cheng, , 08817
Thu May 8, 2008
In general, listing agent is the person to slash the listing price, so the unlucky seller hit a big slasher, then the listing price would be low. And, of course, if you are a buyer, you will get a great deal, but then after your deal close, the whole community collapsed on price, now that new slashed price become the so-called market price.
1 vote
Frances Flynn…, , State College, PA
Sat Dec 20, 2008
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