Earlier this year, a couple approached me to sell their property - a modest frame two-flat with an additional garden in-law apartment just south of Andersonville. They bought the property decades ago, lived in the owner’s duplex, and rented out the other units. When they moved to their current home 18 years ago, they also began renting out the duplex.
Because they were eager to bring the property on the market, we promptly took photos, reviewed the comparable sales, and - based on those comps - came up with an asking price of $700k.
However, when I reviewed the photos, I came to the conclusion that the property would not come close to reaching its maximum potential because of the way it showed. With no personal stake, the tenants did not keep their apartments in order - and the duplex, in particular, did not seem suitable for a live-in owner.
I conveyed these sentiments to my clients, and I proposed the following: 1) we postpone bringing the property to the market until the lease of the duplex tenants expired two months later; 2) with those tenants out, we paint, carpet, and stage that apartment; 3) we then re-photograph the property and bring it to market.
These were not easy words for eager sellers to digest. But they did what I wish everyone in the world would do (especially my kids): they listened to me.
Check out the BEFORE and AFTER photos.
With a modest investment, they won. Big Time.
We brought the property to the market and held two open houses in a single weekend to maximize a strategic frenzy. With hoards of buyers coming through, we ended up with 15 offers and the sellers accepted the best one: $851,000. You do the math.
That, my friends, is where experience and market savvy comes to play. Happy to help you out too.
Best,
Brad
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Brookfield Zoo's Wines in the Wild
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Head to Brookfield Zoo for an evening of wine and wildlife at their annual Wines in the Wild. Guests will have the opportunity to sample tastings from a variety of wineries and distilleries plus enjoy delicious bites and bid on goods during a silent auction. Proceeds from the event will support the Women's Board of the Chicago Zoological Society and initiatives like animal health and welfare, conservation projects and research, student scholarships, outreach programming and special projects.
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Neo-Futurists' The Infinite Wrench
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At The Infinite Wrench you’ll see 30 original plays in 60 minutes, written and performed by The Neo-Futurist Ensemble.
Each play offers something different, be it funny, profound, elegant, disgusting, topical, irreverent, terrifying, or a song; all are truthful and tackle the here-and-now, inspired by the lived experiences of the performers. With new plays every week, The Infinite Wrench is The Neo-Futurists’ ongoing and ever-changing attempt to shift the conventions of live performance and speak to those unreached or unmoved by traditional theater.
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6 Bed | 4.1 Bath Buena Park
Hutchinson Historic District.
Offered at $1,995,000
Open House Saturday 12:00 - 2:00
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5 Bed | 4.2 Bath Lincoln Park
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3 Bed | 2.2 Bath Lincoln Square
Renovated home under contract with multiple offers pre-market.
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5 Bed | 3 Bath Andersonville
Sold in 1 weekend with 15 offers for $151,000 over list.
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320 W. Oakdale Ave, #2003
2 Bed | 1.1 Bath East Lakeview
Mid-Century Modern Perfection
Offered at $550,000
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3 Bed | 2.1 Bath Morton Grove
Sold in 1 day with 6 offers
Sold for $450,000
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720 N. Larrabee St, #1612
2 Bed | 2 Bath River North
Forever sunset and river views
Offered at $435,000
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3200 N. Lake Shore Dr, #506
2 Bed | 2 Bath East Lakeview
Totally renovated space with amazing views of the lake & park.
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3800 N. Lake Shore Dr, #13B
3 Bed | 2 Bath East Lakeview
Stunning vintage with
incredible views.
To be offered at $775,000
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Floor to ceiling windows flooded with west light at The Emerald.
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2 Bed | 2 Bath Gold Coast
Charming unit with huge terrace.
To be offered at $399,000
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655 W. Irving Park Rd, #5101
2 Bed | 2 Bath East Lakeview
Corner Penthouse with unobstructed
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Check
out our
"Why use the Brad Lippitz
Group?"
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Modern. Vintage. Architectural. Cool.
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And everything in between.
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Check out previous "Into the Weekends" here.
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© Compass 2024 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass Real Estate is a Licensed Real Estate Broker with a principal office in New York, NY and abides by all applicable equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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