Pricing Correctly - Booth Hansen Designed Townhome Closes in Lincoln Park
Pricing Correctly - Booth Hansen Designed Townhome Sold in Lincoln Park
Booth Hansen?
If you don't know Booth Hansen, you have most definitely seen some of their work. They're commissioned to work on Virgin Hotels' first North American hotel, scheduled to open in 2013 at 203 N Wabash. They're currently involved in a study on the restoration of the legendary Uptown Theatre, they designed the Joffrey Tower at State and Randolph, SoNo, and the conversion and renovation of the previous Shubert into the now-named Bank of America Theatre on Monroe Street.
2158 N Lakewood Ave
In a prime, Lincoln Park location this townhome was sure to sell quickly if it was priced right. Sell quickly, it did. In only 28 days and for nearly 93% of the listing price. The development is fee-simple ownership, which in this case means that there are no monthly assessments. Any maintenance or repairs are handled by the individual owner, which can keep you from having to pay for your neighbor's roofing problem. On the other side, you handle all of your own repairs yourself.
The townhome development, built in 1989, was designed by the aforementioned Booth Hansen, and this particular home was an extra-wide corner townhome with a private, wrap-around yard that was fenced in. The room sizes are enormous and the listing states that there is 2,800 square feet of living space. With three bedrooms plus a den, and three full baths, plus a half bath, this was a great alternative to a single family home. The townhome also featured an attached, one-car garage, and a parking pad for a second car.
This townhome sold for $647,000 in early December, 2011, and was clearly priced competitively based on the 28 days on market. You can still view the photos here.
Pricing Correctly
This sale was a great example of pricing correctly from the start, and eliminating additional time on the market. In the current market state (read: declining), it's increasingly more important to price correctly from the start. In a declining market, the longer you sit on the market the more value your home is probably losing. Of course, every market is different. And your market may be your city, your neighborhood, your street, and maybe even your building itself.
For this reason it's essential that you talk with a real estate professional who is familiar with your type of home and that has direct experience in your market. In Chicago, we at the Townhome Shop have the resources and the experience to help you correctly position and sell your property. You can find our contact information here, and feel free to reach out for a no-cost consult on your property and your individual market.
Booth Hansen?
If you don't know Booth Hansen, you have most definitely seen some of their work. They're commissioned to work on Virgin Hotels' first North American hotel, scheduled to open in 2013 at 203 N Wabash. They're currently involved in a study on the restoration of the legendary Uptown Theatre, they designed the Joffrey Tower at State and Randolph, SoNo, and the conversion and renovation of the previous Shubert into the now-named Bank of America Theatre on Monroe Street.
2158 N Lakewood Ave
In a prime, Lincoln Park location this townhome was sure to sell quickly if it was priced right. Sell quickly, it did. In only 28 days and for nearly 93% of the listing price. The development is fee-simple ownership, which in this case means that there are no monthly assessments. Any maintenance or repairs are handled by the individual owner, which can keep you from having to pay for your neighbor's roofing problem. On the other side, you handle all of your own repairs yourself.
The townhome development, built in 1989, was designed by the aforementioned Booth Hansen, and this particular home was an extra-wide corner townhome with a private, wrap-around yard that was fenced in. The room sizes are enormous and the listing states that there is 2,800 square feet of living space. With three bedrooms plus a den, and three full baths, plus a half bath, this was a great alternative to a single family home. The townhome also featured an attached, one-car garage, and a parking pad for a second car.
This townhome sold for $647,000 in early December, 2011, and was clearly priced competitively based on the 28 days on market. You can still view the photos here.
Pricing Correctly
This sale was a great example of pricing correctly from the start, and eliminating additional time on the market. In the current market state (read: declining), it's increasingly more important to price correctly from the start. In a declining market, the longer you sit on the market the more value your home is probably losing. Of course, every market is different. And your market may be your city, your neighborhood, your street, and maybe even your building itself.
For this reason it's essential that you talk with a real estate professional who is familiar with your type of home and that has direct experience in your market. In Chicago, we at the Townhome Shop have the resources and the experience to help you correctly position and sell your property. You can find our contact information here, and feel free to reach out for a no-cost consult on your property and your individual market.