9 days on the market and no showings!

[Jessica Lee]

Hi All,

Would really appreciate why we have not received any showings on this property: https://www.redfin.com/IL/Chicago/1537-N-Cleveland-Ave-60610/unit-3N/home/12650198

We have had 7 showings through open houses but no offers. Any suggestions? The building is next to a Chicago L train which we accounted for (we think) in the price. The same condo layout for other buildings within a 1-2 block radius have sold for $550,000 - $599,000. We are listed at $529,900. Do you think we need to lower the price further?

We know the train is biggest issue...not sure how to overcome this...price? Marketing? 

Any feedback is greatly appreciated!

[Mike B.]

I comped your property (Clyborne to Lasalle, North to Division). From there you have to follow the units that sold or are available on the tracks. 

1543 N Hudson Unit 2 is ACTV @ $452k

1546 N Orleans Unit 504 CLSD @ $494,700

1446 N North Park Unit 4R is ACTV @ $499k

As you can see, none of them have broke the $500k mark so I'd definitely keep an eye on that.

With that being said, you're still early in you're listing so I wouldn't panic just yet. I think you have a better product than your competition next door @ 1529 N Cleveland #3S and the CLSD unit @ 1527 N Cleveland Unit 2N for $555k makes me optimistic that you're not too far off from a contract. Give it a dozen showings and drop it $10k...If your sellers prefer to get out of it quicker then drop it to $499k.

Good luck!