All Forum Posts by: Mike W.

I'm in the same exact situation, would any of you be willing to send me a blank copy of a Michigan Purchase Agreement as well?

This is a follow up to my original post on July 23rd about my Lincoln Park investment property not selling: https://www.biggerpockets.com/...

To update the story now, I ended up pulling the listing off the market in August after 40+ showings and feeling totally depressed I did not get any offers. I put the condo back up for rent the following weekend with the intent to also give the condo a light renovation before the renters moved in (paint, rehab bathroom, paint kitchen cabs, add backsplash, new light/fan fixtures). I showed the condo to rent that weekend, and had people lined up to see it. One renter was so excited that they not only wanted to sign a lease immediately, but they also wanted to sign a right of first refusal to buy the place when I list it in 2021. I signed with them. This was before the rehab! What the heck happened? This property is a mystery. Anyway, I put about 10k into the rehab and have some very excited renters moving in who are clearly interested to buy it next year.

The questions is: what now? All comps for condos still come in way above what I had this place listed. The main complaints were too many stairs (it's third floor with no elevator) and closed off layout. I've worn out my welcome renting with the HOA who wants me to stop renting after this lease because we are over the HOA cap on units rented. Should I just put it in the hands of my tenants to make their best offer? Or should I set a reasonable list price for them to consider for the first right of refusal? It's tempting to raise the price because of the fresh new look in the condo. Not sure what to do next...

On Redfin.com, you can search a neighborhood, and then you can click "market insights" at the top of the right hand side banner and it will give a score to the competitiveness level of the neighborhood. (this is for computer format, not sure what other device formats look like)

On Zillow.com, you can click on "sell," then click on "home values" and you can type in neighborhoods to search. More popular areas or cities will have a "market temperature" telling you how hot the area is for real estate.

Hello world,

What am I missing? I realize it's a pandemic, but other similar units are selling, this one will not sell.

I own an investment property condo, 2bd/1ba in Lincoln Park in Chicago. It's in the heart of Lincoln Park off Armitage Ave on a little desirable street, we have now made it the lowest priced 2bd in the neighborhood (besides garden units and high rises), it has decent finishes, in unit laundry, GFA, we had it staged, I don't get it. It cash flows as a rental property $200 per month after a bank loan. 

My agent said he's stumped, we get 3-6 showing requests per week. Buyer feedback reviews have noted the small 900sqft space, but then why do other 900sqft condos in the neighborhood sell?

Here's the listing: https://www.redfin.com/IL/Chicago/1919-N-Bissell-St-60614/unit-K/home/13351562