All Forum Posts by: Bob S.

@Bob S. you probably don't want to hear this, but this is most likely a pricing issue. Me and my team sell a lot of houses in the Chicago area, particularly in the western suburbs. Housing is relatively expensive, but not to the point where it makes sense for most folks to build unless you are in a primo neighborhood. We see a lot of building in areas like Western Springs or Hinsdale, but not so much in towns that are the next rung down.

I would think long and hard about the holding costs here and also about the mental fatigue. Maybe a price reduction gets it done.

we have been the lowest priced lot in the neighborhood for some time. we are currently the lowest priced by over 5k...

and regardless of "opinion," it is the "best" lot by desirable factors: highest, cleared, relatively flat, good drainage, interior location...

0 Votes

Chicago, Illinois

Quote from @Jay Hinrichs:

Quote from @Chris Seveney:

Quote from @Bob S.:

Quote from @Chris Seveney:

Quote from @Bob S.:

@Russell Brazil - what can he do to screen the buyers better? Buyers have been presenting cash offers with proof of assets etc.

What else would you screen to prevent this from happening?

Something seems off then and maybe what is in that report you may think is not a big deal but everyone else does. What was in the report that had people shying away?

no idea, that's what puzzles me. either way, i'm inclined to keep the posting as-is and not offer the tests.

have you called the company that did the report and asked what are concerns that someone may have?

Chris I think your on the right track I bet there is something in those reports that is causing this issue .. It may not be a big deal to the current owner but it seems that it is to another buyer. And of course price usually is the issue if its priced right things sell priced to high they sit at least for single family parcel. then you have market conditions were in much of the US you can buy existing homes for less than you can build new ones for and I know this is true in many parts of Chicago land.

our renewed listing will NOT provide any reports, regardless of what any potential buyer thinks is awry. they need to do their own due diligence, even though we were going to build our own PERSONAL home on this property (again, COVID supply chains and prices destroyed our dream of doing so, and now we are forced to sell...).

0 Votes

Chicago, Illinois

Quote from @Jay Hinrichs:

Quote from @Jack Schwartz:

Quote from @Scott Mac:

There must be comparably priced buildable lots available in the general area that are not right next to a landfill.

Or more expensive lots that are affordable and buildable that are not right next to a landfill.

Landfills and those enormous overhead electrical wire distribution towers both carry risks in many people's minds.

Selling a three year old car full of rust holes is going to be a lot harder than a car from Florida with no rust even if the Florida car costs more.

It's not something someone can fix-this worry they would have about soil contamination affecting themselves and their family and their pets.

Is it zoned for things such as a filling station, or a strip Mall, or medical dental, or a church. Something besides primary living space for human beings?

But even in those instances there is still this black cloud that causes potential worry in the buyer's mind. Because you said the reports are clear-so in reality-the risk seems contained at this time. So it must be worry that is jumping up and causing cold feet.

Just my 2 cents.

Hi Scott,
Good point, you mentioned that Landfills and those enormous overhead electrical wire distribution towers both carry risks in many people's minds. I am about to purchase a property that has overhead electrical wires for an electrical distribution company (they have an easement), Is there an involved risk? I was planning to build 10 homes on the property, what are your thoughts?

I just sold 3 of my lots to a builder in Oregon there were high tension wires along all 3 lots these are the 100 foot towers major transmission lines.. they built 3 1.2 to 1.7 mil dollar homes and sold them all .. Some folks may balk but if the lot is pretty enough and well located like mine were they will sell.

our property in question does not have any power lines nearby... or anything else suspect. the only factor is the [former] landfill which was closed in 1999. the landfill is approximately 2500 feet away from the property, depending on how you look at it...

0 Votes

Chicago, Illinois

Quote from @Joseph P Davis:

Lower the Price

have already done so multiple times! we are the lowest priced land in the established neighborhood!

0 Votes

Chicago, Illinois

Quote from @Jennie Berger:

@Bob S. out of curiosity, would you be willing to share the location of the land you're trying to sell? I may know some people who would be interested.

sorry, didn't catch updates on this thread!

here you go:

https://www.redfin.com/IL/Bloomingdale/174-Merganser-Ln-6010...

as you can see, it's the LOWEST priced land in this very established neighborhood!

we can also work WITHOUT an agent!

0 Votes

Chicago, Illinois

you guys rock, keep these networking opportunities coming!

@Mark Ainley - i'll be in touch!

0 Votes

Chicago, Illinois

Quote from @Nicholas L.:

@Bob S.

i might have asked you this on another thread but are you going to local REIA meetings? i think that would be a great forum to interact with other investors who might need or want this.

hey Nicholas - i found this in my area; this is it:

https://ccia-info.com/upcoming-events

i live about an hour west of chicago proper; it's not convenient at all to head into the city.

are there other places i should be seeking REIA meetings? the current selections seem limited...

thanks!

0 Votes

Chicago, Illinois

looking to partner with a mentor who can help us start our journey in chicagoland. looking to start likely with turnkey rentals - SFH or MF. want to know how to finance and how to find "good deals" on properties outside of redfin/zillow/the obvious candidates.

i'm a tech specialist with over 20 years in the field of database administration. i could help with infrastructure, websites, etc... in return for your help with initial and possibly ongoing mentorship/partnership with getting started!

thanks! please let me know if this is in the wrong forum :(

1 Vote

Chicago, Illinois

i'm in the chicagoland area as well debating our first purchase. i personally am shying away from any unit that has an HOA attached to it due to the restrictions. restrictions can also change over time, etc... so i'm aiming towards a MF or SFH...

i'll give you a shout to connect as well so we can brainstorm!

2 Votes

Naperville, Illinois

All Forum Posts by: Bob S.

Bob S. has started 7 posts and replied 35 times.

Post: Failed Attempts to Sell Land for 3 Years

Post: Failed Attempts to Sell Land for 3 Years

Post: Failed Attempts to Sell Land for 3 Years

Post: Failed Attempts to Sell Land for 3 Years

Post: Failed Attempts to Sell Land for 3 Years

Post: Failed Attempts to Sell Land for 3 Years

Post: chicagoland - mentoring in exchance for tech help?

Post: chicagoland - mentoring in exchance for tech help?

Post: chicagoland - mentoring in exchance for tech help?

Post: Condo as my first investment property in the Chicago suburban market ?