Hi, bought my condo (3400 square feet) in a private park a little over two years ago. We paid 950,000. It is beautiful/

Asked by Chicgirl27, Hyde Park, Chicago, IL Fri Sep 18, 2009

It has old charm with all modern updates. It was completely renovated. Took previous owners two years to do so (living out). How much can we expect to lose if we sell in the next year? We would love to move to the northside.

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Edith Karoli…, Agent, Winnetka, IL
Tue Sep 22, 2009
Hi Chicgirl27,
You seem to have a beautiful property a gorgeous size and a completely renovated place always will sell better than any other. But the market being the way it is, and if you bought only 2 years ago, you bought at the height of the market and now we are not, we are in a buyers market, more properties on the market than ready and willing buyers looking and ready and willing to commit, but having said that....

Each property is an individual property and its location and circumstances are different...But in today's market and the short time you have lived in the property it is more likely that you will have to consider a loss when selling now or in the near future..., but then depending on what you intend to buy, you will also be able to buy your next property at a much lower price??? It depends what type and where and what price range!


I would love to prepare a pre-market evaluation for you, without home visit at this time, it will just show you all that is available in Hyde park and potentially in surrounding areas, but for that I would need from you,
the address, and some details of the improvements and special features (monthly assessments and what they cover, and the parking situation attached to the unit, and floor level and age of property building)

E-mail directly to EdithSellsHomes@gmail.com as soon as I get your address and e-mail address I will forward to you a pre-market overview with listing sheets of properties sold, and those on the market at this time.

I also would suggest you let me know where you intend to move to and what kind of property you are looking for, as I could e-mail you some information there as well, so that you can crunch some numbers....

Are you thinking about moving within the city of chicago, to another condo/townhouse, or are you thinking to move further North to the Near Northern suburbs????

I would love to assist you and I am looking forward to hearing from you....
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients
Edith speaks French, German, Spanish +
0 votes
Tom McCarey, Agent, Chicago, IL
Sun Sep 20, 2009
Hyde Park Denizen,

The other respondents to your question are quite correct in saying that to give you the truest assessment of what your place is worth you need to get a comparable market analysis that reflects the adsorption rate. But your question presupposes loss, and this presupposition appears accurate when we go back some two years and we see that nothing in Hyde Park has cleared the $900k threshold on the condo market. From $800k-$900k we have six closed transactions and roughly the same between $700k-$800k.

This being the case, we might anticipate that consumers would view your listing through the prism of shaving a good 10% - 20% less than what you paid at the market's peak. The one thing that could make a very big difference is what happens in about a week when the announcement is made regarding the 2016 Olympics. Chicago is one of four finalist cities and if we are awarded the Olympics it could very well be that your property just broke even if not gained a few percentage points on what you paid.

Best of luck making a decision. The northside is great, by the way.

Tom McCarey
The Real Estate Lounge Chicago with @properties
0 votes
Pat & Steve…, Agent, Westlake, OH
Sat Sep 19, 2009
I agree with Sandra. You need a formal Comparative Market Analysis. You need a Realtor to go through your condo to determine what features you have compared to condos currently listed on the market & compared to condos that sold within the past 3 months that are similar to yours (valid comparables).

With the above said, no one can predict what price your condo will sell for at any particular time. Any Realtor who would do so is acting irreponsibly.
0 votes
Colleen Harp…, Agent, Chicago, IL
Fri Sep 18, 2009
I would hope you wouldn't loose anything if you are looking to sell next year. You bought at $279.00 a sq ft and that probably includes a parking space or two. If you are a unique property your value may not be a downward trend.You sound like you have an exceptional unit .High end buyer are looking for all of the bells and whistles and it sounds like you have them. I would be glad to take a look and give you an analysis of your value.

Cheers,

Colleen Harper
Colleenharper@atproperties.com
0 votes
Sandra Matson, Agent, Chicago, IL
Fri Sep 18, 2009
Hello Chicgirl27,

There are a couple of reasons I cannot give you an answer. First, I would not offer that kind of information without viewing your home and doing a formal Comparative Market Analysis. Second, it is impossible to predict what the market will be in the next year.

What I would suggest is that you have your Realtor (if you have one) do a Comparative Market Analysis which will give you an idea where you are now. That is something I am happy to do for my clients at any time. If you do not have a Realtor, let me know if I can be of assistance.

Best regards,

Sandra Matson, CRS, GRI, ABR, ADPR
Baird & Warner Residential Real Estate Since 1855
Sandra@ChicagoMetroLiving.com
Direct: 312.981.2315
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