Luri Properties

Our Lincoln Park clients made $350,000 with one phone call!

In early February, my phone rang:

“Roger, my wife and I are down in Florida and we’ve decided that we’re ready to sell our house and move. We already have a couple of strong offers, but before we accept one, I wanted to see what you could do for us.”

They had lived in their home in the Wrightwood neighbors area of Lincoln Park for almost 40 years. Their kids are grown and they were ready for a new home closer to the grand kids. Our client’s house is a quaint older frame house situated on a highly coveted extra-wide double lot - with a rare side yard.

We had talked by phone a couple times over the years and we’ve sent them market update letters from time to time. Because they were now considering selling, he had grabbed our letter from his desk when they left for Florida.

He had been getting calls from brokers and builders who made him cash offers for his home and had already been able to negotiate one of them from their original offer up to $3.1M.

I told him that:
1. We could complete an off market sale within of a couple of weeks (before they came home from Florida).
2. We didn’t need keys or need to show anyone the inside of the house.
3. I was confident that by putting his home directly in front of all of the builders and developers looking for similar projects in Lincoln park, they’d bid the price up and we’d get him $3.4 - $3.5M.

Why were we so confident? $3.1M seemed like a great price. That would have already been the highest price paid per land square foot to date in the Wrightwood neighbors area.

But builders in Lincoln Park and nearby North side neighborhoods know us as the go-to brokers for development sites. We are constantly looking at the numbers for new construction sales, inventory and development costs.

We knew that right now, builders would be willing to pay considerably more for this particular site.

He had nothing to lose, so he signed a listing with us at $3.4M via email and we went to work.

In the next few days we received 5 new offers for his home, and thanks to this competition we were able to drive the price all the way up to $3.45M!

The buyer even agreed to give him two additional months possession after closing so he would have time to find a new home and get moved.

Our clients are very glad that they made that $350,000 call!

An unsolicited cash offer will rarely be your highest and best number. A buyers goal is to buy your property, before any of their competition sees it, and they are forced to pay more.

This is another example of legislators who clearly don’t understand real estate, passing legislation that will only serve to further limit supply of affordable homes.

In this case they look at the lowest price home sales and and see that most of these homes are sold to “flippers”.

They obviously designed this legislation to make it more difficult for flippers to purchase these low priced homes,

The narrative is that these “flippers” are snatching up these low priced homes that otherwise would have been ideal for first time home buyers.

The fact is that the low priced homes that “flippers” buy are usually low priced because they are old and often in need of extensive renovations or a complete gut.

These homes are not suitable for a first time buyer who generally knows nothing about home maintenance let alone construction.

Building components do not have unlimited life. Doing extensive renovations is expensive and usually it is impossible for a homeowner to do while you are living in the house.

The fact is that the newly renovated homes that a “flipper” would sell or rent after renovation may be more expensive than you’d like, but they are affordable homes by today’s standards.

Again, homes don’t last forever. Year by year, components such as roofs, HVAC systems, plumbing, fixtures, appliances, flooring, siding, concrete walks, etc. reach the end of their useful life and need replacing.

A first time home buyer is seldom interested in buying a nasty old home that needs a lot of work.

If a first time buyer buys a low priced home that may still be livable, but needs a lot of work, they seldom understand the scope of work, or the cost of the work that the house needs now, or will need in the next few years.

This can easily turn into a financial nightmare for them.

By passing legislation that is going to make it more difficult for “flippers”, our lawmakers are actually limiting the supply of descent quality affordable homes which will certainly have the effect of making them more expensive.

New Massachusetts home-inspection law takes effect - Boston Agent Magazine A new law in Massachusetts took effect today that aims to prevent no-inspection home sales. The law aims to disincentivize house flippers.

First Look!
Preview this weekend Sat 11-1 and Sun 1-3

Stunning Belmont Harbor Views

3180 N Lake Shore Drive
Rarely available 2000sf - 4 Bedroom, 2.5 Bath

Lincoln Park and Belmont Harbor are your front yard.
Bright end unit with 3 exposures.
Semi private elevator to unit.
Full amenity building.

Entertainer’s dream or serene city retreat—sunlight all day, sweeping lake and skyline views, and space that truly feels like a home.

For more information on this incredible home or any of our other upcoming properties;

Just call or text me at 312.593.5080 for a private consultation.

Roger Luri - Luri Properties
rogerluri.com

Out for my daily walkabout in the neighborhood.

Here's a new single family home under construction on the 1200 block of Wrightwood.

This is a wide lot home and will be priced at ~ $4M.

These wider lots have been in demand for homes, and for wider / bigger condos.