Wednesday, May 02, 2007

Condo Market Value…

I am trying to decide whether to increase the valuation of my condo on my balance sheet. I’ve been taking a look at what closed near my residence and comparing my condo to those that have recently sold.

A 2 bedroom/2 bath condo across from my 3 bedroom/2 bath unit closed in November 2006 for $155,000. From the likes of what’s on the market and what’s sold, 2 bedroom/2 baths are going in the $150k-$155k range.

Three bedrooms condos are rare where I live and hardly ever go on the market. There was one recent sale of a three bedroom down the street from where I live in another development that sold for $178k (98% of asking).

I know that I should adjust up from my personal $150k valuation that I have on my balance sheet but what would be a good valuation? values my unit at $165,325.

I am thinking that I should adjust up to $165k because it is a good middle ground between the 2 bedroom that recently sold in my complex and also the recent sale of the other 3 bedroom unit. In addition, I put in new wood floors last year, new carpeting and completed some other minor updates to my unit which is in excellent shape. With the recent replacement of my washer/dryer stackable unit (don’t ask), all of my appliances in my condo are relatively new including the water heater which was replaced in 2003 by yours truly.

Decisions… =)


LAMoneyGuy said...

By the numbers that you give, I would say that $165k sounds fair. I would always err on the side of conservatism on this sort of thing.

Chitown said...

Thanks LA Money for responding. I am thinking $165k as well. Maybe $160k and then I can just consider that as my after broker proceeds. =)

Independent George said...

Just out of curiosity, where in Chicago are you? I'm entering the market this year, and I haven't found a 1BR I liked for less than $215k.

Chitown said...

Hi Independent George!

I actually don't live in Chicago per se although I work downtown. I am in a south suburb called Flossmoor.

If you're looking for condo's for less than $250k in the downtown loop area, Check out the South Loop. There are a few developments going up around Printer's Row.

If you are looking for something specific, I know the name of a few realtors who you may be able to contact for further assistance.

Good luck!

Independent George said...

Thanks for the info; I'm actually a bit relieved. For a while, I thought I'd managed to miss an entire neighborhood full of undervalued properties!

Thanks for the offer, but I've already got a realtor I like, and have narrowed down my list considerably.

Chitown said...

No problem. Having a good realtor can make all the difference in the world. Good luck!