BERWYN JULY CLOSINGS

[tony la]

3915 S. OAK PARK AVE     5 RM. 3 BR. 1 BA.     BRICK RANCH W/BASEMENT     $236,900.00
3502 S. HIGHLAND           5 RM. 2 BR.  2 BA.    BRICK RANCH W/ BASEMENT    $211,633.00

[tony la]

1843 S. ELMWOOD         12 RM.  4 BR.  2 BA.  BRICK TWO FLAT               $370,000.00
2306 S. CUYLER             11 RM.  4 BR.  2 BA.  BRICK TWO FLAT               $349,900.00
3502 S. GROVE              10 RM.  5 BR.  1.5 BA. AMERICAN 4 SQUARE        $270,000.00
2213 S. KENILWORTH      7 RM.  4 BR.  1 BA.   BRICK BUNGALOW             $258,000.00
1604 S. HARVEY              7 RM.  2 BR.  1.5 BA.BRICK TUDOR                   $257,000.00
3517 S. GUNDERSON        6 RM.  2 BR.  2 BA.  BRICK RANCH                    $230,000.00

[Peacelily]

Tony, Are the prices the selling prices of the homes, not the list price? Thank you. 

[tony la]

All prices are closed prices.

[tony la]

1920 S. KENILWORTH            16 RMS.  5 BR.  3 BA.   BRICK 3 FLAT                 $375,000.00
2633 S RIDGELAND                COMMERCIAL MIXED USE 2 FLAT 3 BR. 1.5 BA.    $285,000.00

[Bear]

Mid point of the month and only 10 closings in all of Berwyn?...

That is about as flat a market as you can get....No wonder Pav can't
buy a better looking rug...

Ten closings sure don't feed the number of realtors here...It must get even
better in Naperville where there is one real estate agent for every six residents

My mom works for a high end condo builder in Naples, Fl for amusement, a
multi-billion builder...They don't forsee any market recovery for at least a year

[tony la]

1221 S. HOME        10 RM  4 BR. BRICK TWO FLAT... FULL FIN BASE.     $328,500.00

[tony la]

3810 S. MAPLE              7 RM.  3 BR.  2 BA.     BRICK BUNGALOW                    $264,000.00
2307 S. HIGHLAND         6 RM.  3 BR. 1.5 BA.   BRICK COTTAGE                       $223,000.00

[tony la]

3527 S. WISCONSIN           6  RM.  3  BR.  2  BA.      BRICK BUNGALOW             $310,000.00
2719 S. HIGHLAND             6  RM.  2  BR.  1  BA.      BRICK BUNGALOW             $280,000.00
1832 S. MAPLE                  9  RM.  3  BR.  1.5 BA.    BRICK GEORGIAN               $274,000.00
1420 S. LOMBARD              5  RM   3  BR.  1  BA.      BRICK RANCH W/BASEMT.  $230,000.00

[tony la]

1517 S. GROVE        16  RM.  8  BR.  3  BA.  1996 BUILT BRICK 3 FLAT                   $437,000.00
3130 S. WESLEY      12  RM.  5  BR.  2  BA.  FRAME 2 FLAT                                   $273,000.00

[tony la]

1407 S. KENILWORTH        7  RM.  3  BR.  1  BA.     BRICK BUNGALOW           $253,000.00
3334 S. HOME                 13  RM.  4  BR.  3  BA.     VICTORIAN  (HURRAYY!)  $372,000.00

[pkd50]

Why hurray?

[tony la]

Been on the market about 18 months.

[pkd50]

What was the original asking price?

[tony la]

It started at $449,000.00.  Rehabbers rolled the dice and lost.  Current rehabber paid $365,000.00
and had to put on a new garage.  With tax credits and closing costs he probably lost about 40k.

[tony la]

1227 S. HARLEM           4  RM.  1  BR.  1  BA.    CONDO                            $111,375.00
2108 S. HIGHLAND       11 RM.  5  BR.  2  BA.  BRICK TWO FLAT                $332,000.00
2119 S. GUNDERSON    14 RM.  6  BR.  2  BA.  BRICK TWO FLAT                $365,000.00
3708 S. CLARENCE       17 RM.  8  BR.  5  BA.  BRICK THREE FLAT              $428,000.00

[Bru67]

It started at $449,000.00.  Rehabbers rolled the dice and lost.  Current rehabber paid $365,000.00
and had to put on a new garage.  With tax credits and closing costs he probably lost about 40k.

Flippers are getting creamed everywhere.  It ain't like the good ol' days of 2001-04.  When I was looking in Oak Park back in '02-03 I'd be shown a mildly freshened up house for $250k and would do a Tribune transaction search and see that the seller paid $160k for it 3 months earlier.  They were all like that it seemed.  So I picked Berwyn over paying some dude $90,000 for new countertops and a stainless steel refrigerator.  A couple of years later the wave apparently hit Berwyn after south OP topped out.

Some say flippers are good because they rehab deteriorating housing.  I'm not so sure myself.  Seems like they may, by and large, cut too many corners.   

[delbowz]

I'm very interested to see what the house on 6500-block of 28th Street sells for.  Total Rehab - I hope the sellers make thier money - because they GUTTED this place and completely re-habbed it.  I wish I had taken before and after photos - we're talking new driveway, new porch, new roof, new siding, new deck, new windows, new drywall....  As a neighbor - this was a very welcome rehab - and I really wish the seller well!

Denise

[OakParkSpartan]

It started at $449,000.00.  Rehabbers rolled the dice and lost.  Current rehabber paid $365,000.00
and had to put on a new garage.  With tax credits and closing costs he probably lost about 40k.

Flippers are getting creamed everywhere.  It ain't like the good ol' days of 2001-04.  When I was looking in Oak Park back in '02-03 I'd be shown a mildly freshened up house for $250k and would do a Tribune transaction search and see that the seller paid $160k for it 3 months earlier.  They were all like that it seemed.  So I picked Berwyn over paying some dude $90,000 for new countertops and a stainless steel refrigerator.  A couple of years later the wave apparently hit Berwyn after south OP topped out.

Some say flippers are good because they rehab deteriorating housing.  I'm not so sure myself.  Seems like they may, by and large, cut too many corners.   

I've seen nice rehabs which really improve the home, and I've seen cheap rehabs which just slows the deterioration of the home or worse.  UnfortunatelyI think Berwyn is getting more of the latter than the former.

Cheers,
Brian

[tony la]

Brian,

Buyers are pretty wise....give them a little credit.  They recognise some of the same things you do.
If the property is priced rite it will sell regardless of cut corners.  Most of these homes were really bad.  Berwyn has always been a feast for rehabbers.  Problem is there is too many that think it is easy...its not. 

You have to know construction costs and most importantly know what it will be worth in 6 months and what market conditions are going to be in 6 months. 

When a property becomes available let just say it goes on the market for 200k.  Fixed up average it is worth 260k.  The bidding gets so crazy out of say 15 bids..  11 of the bids do not know what they are doing.  It finally sells for 219k.  The buyer thinks it worth 285.. because he does not know the market.  He thinks it will take 15k to fix but it really takes 20k to fix.  And thats how it happens.

By the time he is done with tax credits and transfers he bought, rehabbed, and sold a home and brought 10k or more with him to closing.

I get a call at least once a month from an investor who had grandeur in his eyes and ends up loosing money.  Thank God they have equity in their homes.  And sometimes they do not have that anymore.

The rehabbers who know what they are doing are a lot of times priced out of the market by inexperienced rehabbers.