Deer Park Estates Deer Park Illinois - Why The Town-Homes Are Not Selling

Deer Park Estates Deer Park Illinois - Why The Town-Homes Are Not Selling

Last Thursday I closed on one of my listings in Deer Park Estates, Deer Park Illinois. The unit is a 3 bedroom, 2 and a half bathroom end unit which for the photo you would be forgiven if you thought it was a single family home. It has a full basement, unfinished and not a walk-out. A DP4 unit it is certainly one of the nicest looking units and at only 3 years old was in tip top condition with many upgrades. Our listing price was $375,000. When pricing the home we had to consider that the builder is still on site building the last phase and their prices are well below the original $500,000 plus that was being asked in 2007. Their current price for a DP3 middle unit is $364,900 and they have 1 DP4 at $419,900.



We sold for $364,000 which is 97% of asking price and no credits to buyer for closing costs. Simply put the property was priced right for the market.

In addition to the builder listed units here there are 3 re-sales listed for sale.
A DP6 unit which is a little larger than the DP4 with about 200 more square footage and a fully finished walk out basement. Asking price is now $525,000. The question is does that really add $161,000 in value?
Next is what appears to be a DP3 unit with the same square footage as my sold DP4 but is does have a walkout basement - although not finished. Asking price is a whopping $669,000.
Finally we have a DP10 which has almost 2800 square feet. This unit has a loft, a den and a master sitting area as well as the 3 bedrooms and 2 and a half bathrooms. Price being asked is an outstanding $699,000. This unit has a pre-foreclosure status, meaning the borrower has defaulted on the mortgage.
Again I ask, would you be willing to pay this increased prices? Would I as an agent be able to show my buyers how these units are worth considerably more. Finally would the appraiser be able to appraise for the amount?

As agents we say this over and over again. The most critical issue in selling homes in any market is price. You have to sell your property 3 times. First you have to get a buyer willing to pay. Then you have to get the Realtor to show the buyer comparable sales at about the same price. And finally your price must past the appraisal process.

My opinion is that the builder will be selling their remaining units before these. And sales are setting the market price.

Copyright 2010 Corinne Guest All Rights Reserved - * Deer Park Estates Deer Park Illinois - Why The Town-Homes Are Not Selling *