May 14, 2007

Sale of the Week - Barrington Hills Bargain

List price: $749,900
Sale price: $775,000

The Property: Situated on a secluded country lane in Barrington Hills, this 11-room house, built in 1990, has four  bedrooms, an in-ground pool and hot tub, and a modern metal barn, as well as access to the local network of horse trails. The previous residents lost the home in a bank foreclosure, and the bank, eager to get the property off its books, listed it for sale in late March "as is" with the Baird & Warner agent Linda Rengel. The house was showing wear, she acknowledges: the entire interior needed paint, new carpet, and bathroom upgrades; the landscaping was an overgrown mess; and the garage stunk from its former use as a dog kennel ("That has to be fumigated," Rengel says). On top of all those issues, there was no way to warrant the pool's condition; it had been drained and covered for the winter, and potential buyers couldn't be told with certainty that it had no leaks or other damage.

But the property has advantages, too. Because it's only 17 years old, the house has the room sizes and impressive, semi-traditional exterior that appeals now, Rengel says. "In Barrington Hills, you find a lot of dated houses in styles people don't like. They're on gorgeous pieces of land, but you have to build. This one looks more like what people want."

Price Point: If thoroughly prepped for sale, Rengel estimates, the house would have been priced in the mid-$900,000s. Given the house's condition, she priced it at $749,900. But within two days of listing it, Rengel was entertaining five competing offers, and bidding took the price up to $775,000-still a bargain considering that any repairs (which the buyer began promptly after the May 1st closing) "shouldn't go past $125,000," Rengel says. Even spending that much, the buyers will have acquired the wooded, five-acre property at a significant discount. "That's not just the deal of the week," she insists. "They got the deal of the year."

Buyers: Not yet identified in public records

Sales Agent: Linda Rengel, Baird & Warner

Posted at 07:46 AM in Sale of the Week | Permalink

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