Julie, Both Buyer and Seller in Chicago, IL

I have a one bedroom one bathroom condo in St. Ben's/North Center neighborhood. It was completely rehabbed

Asked by Julie, Chicago, IL Fri Jun 6, 2008

2 years ago with new hw floor, ss appliances, granite, etc. It is roughly 800 square feet with a giant deck. Assessments are under $100...Does anyone have advice on what it should be listed for?

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5
Maria Clark, Agent, Chicago, IL
Mon Feb 23, 2009
Julie: I have a client that is interested in renting. Are you interested in renting this unit?
0 votes
Jim Roth, , Chicago, IL
Mon Jun 9, 2008
Julie, without knowing anything more then what you described about your unit - here are some avg. based on the last 5 months of activity.
Total Avg LP Avg MT
Sold 14 $237,400 283
Active 21 $261,965 144
Under Contract 4 $233,700 235

Or you can make the assumption in that your purchase has not seen any appreciation and is worth what you paid for it 2 years ago... or slightly less.

I too know the ground floor pain of this, as I have been a home owner on the 3800 block of hoyne since 2000.
0 votes
Ken Dooley, Agent, Chicago, IL
Sat Jun 7, 2008
Hello Julie,

It's difficult to give you a price range without knowing all the details of your particular unit including it's location. The fact that you purchased in the past 2 years and with the market moving sideways since then it's likely you know more about your units value based on what you paid than anyone answering your question.
In your favor is buyers are still looking in this area due to proximity to transportation and neighborhood offerings and the level of conversions has dropped off reducing the availability of recently converted units at favorable price points. Be careful though, any buyer will be savvy and come armed with recent comparable sales and overpricing a unit outside of comparable sales will not get you the results you need.

Best of luck, Ken.
Web Reference:  http://www.KDRchicago.com
0 votes
Eric Marcus, Agent, Chicago, IL
Fri Jun 6, 2008
Julie,

Congratulations! Our zip code has held up relatively well in this market.

I have set up a search 1 bedrooms that have SOLD in the St. Ben's area - defined as Addison to Montrose, Damen to Western. Active properties are useful for pricing your property but SOLD properties are the best indicator. Follow the link below to see the 30 most recent sales of 1 bedrooms in the area.

http://mredllc.connectmls.com/servlet/QL?D=3PC2KSX39UUHGNB2I2Y

The comparable sales for the last 9 months are the best, but there were not many of those sales so I expanded it to the last two years (which may include your last purchase!)

When pricing a property I give the most weight to units that have sold, then units that have not sold, then active listings. The price of your unit will depend on many factors with the biggest being whether it has parking, central air and in-unit laundry. Also your proximity to the el will be a factor as well as if you are located on one our busy streets (Western, Damen, Irving Park, etc.)

Please let me know if you need any more help. Best of luck!!
Web Reference:  http://www.esmrealty.com
0 votes
Brian Nygard, Agent, Des Plaines, IL
Fri Jun 6, 2008
Hi Julie I live a couple blocks from you and know the area VERY well. Please feel free to send me a quick note and I will reply in complete detail.

In the meantime feel free to check out some comparable 1 bedrooms in Northcenter: http://www.mlsfinder.com/il_mlsni/scottepstein/index.cfm?act…
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