4440 W Lunt, Lincolnwood, IL

[US-Traveller]

Originally Posted by neeshera

There is a new property at 4440 W Lunt in Lincolnwood which is currently on the market for $1.090,000. The original listing price in 2006 was $1,389,000. It has been sitting on the market for two years and the last price drop happened in Oct. 2008 from 1,149,000 to its current price.

This house is very close to Proesel Park and has 5 bdr and 4.1 bth with a 2 car garage. The basement is unfinished. The refrigerator, washer-dryer and carpets are not installed and are waiting to be selected by the buyer. Of course, that means, the quality of those are waiting to be decided on the negotiating price.

I seriously believe this house is extremely overpriced and the builder needs a reality check.

Any realtors out there who have advice on what should be the starting price for negotiations and how much this house is really worth for?

I know that home and it is priced very appropriately. Lincolnwood new construction homes have sold for over $3 million. That area is a hot bed for new construction. It is high quality by DS Development who also builds in Glenview and Wilmette. If you are looking at the home I wouldn't be worried.

[neeshera]

My realtor says, considering all the unfinished aspects, the house would be more appropriately priced if it was offered at $750,000.

[middle-aged mom]

There are no closed comps, including short sales, within the area that would support a revised ask price of $750,000.

It looks to me like the builder is in a break even situation, relative to financing. I have no idea of the terms associated with such financing or if the builder has the money to write a check, at closing.

Maybe someone else will buy this place, or maybe not. Buyers with the ability to pay cash or obtain financing at this price point, have time on their side and may have a wider net, in terms of areas they are willing to consider.

[neeshera]

Middle aged mom, your reply baffles me. I really couldn't figure out what you are trying to convey. Mind clarifying further?

[Drover]

What she's saying is that 750K is a lowball offer and that their asking price is justified.

[middle-aged mom]

Here I am.

Again.....I do not work this area nor have I personally seen the subject property or any of the recent closed or active comps. There may or may not be something significantly " off" about it or the specific location, that cannot be gleaned from the MLS.

When I look at online comps for homes that recently sold/closed in this area between $700-750, there does not seem to be any basis for a reasonable comparison to the subject home, apples and oranges.

Based on this, an offer in the $700's appears to be a serious low ball without factual defense. Would a cash sale and the ability to close quickly make a difference to the builder? I do not know.

To accept such an offer, it appears the builder would need to address the difference between the debt load and the closed sale price. I know the builder's name and reputation. I do not know how many spec homes this builder carries or their financial condition.

There is no doubt that there are one off $1MM+ spec homes, in the greater Chicagoland area, that have sold at deep discounted prices because there was no other choice. To assume that all spec homes, everywhere, will sell at 30-40-50% discounts seems somewhat unreasonable.

I bow to any agent who really knows the local dirt. I also know that some agents do not do their homework and sustain the fantasies of buyers that they can get a steal of a deal on any home, not to different than some agents who take significantly overpriced listings. It's sometimes the buyers and sellers who are being sold, not the properties. Know what I mean?

[dinesh72]

Neeshera,
I'm also looking at buying in Lincolnwood - but not this particular property. Could you give me some insight? How are the public schools in this area?

Thanks.

[Avengerfire]

I wonder if this house has sold yet and for how much if it has.

If it has not I wonder how much the asking price is now.