Would You Like To Be My Neighbor?

[billroper]

The just-slightly-smaller house three doors over from ours is on the market here. Apparently, he's added a bedroom and a full bath in the basement. I didn't know that it was legal to add a bedroom in the basement, but...

I'm thinking he may be a bit optimistic in his pricing. If not, then this house is worth a lot more than I thought it was.

Comments

[laurel-potter.livejournal.com]

You can legally have a bedroom in the basement as long as you have some sort or egress that you can get out in case of an emergency.

I know that because I have one (without the egress, shh, don't tell anyone).

[billroper]

And these basements have escape windows, so...

[catalana.livejournal.com]

I'd love to live three doors over from you, but I need to win the lottery first. *grin*

[rmeidaking.livejournal.com]

Zillow.com thinks that house is worth $529K. It has priced all of the houses on Citadel Court between $465K and $550K.

People who are selling homes themselves are notorious for over-pricing their houses. I think this is the case here. Given that he would want some room for negotiation, $599K would probably be a better asking price, given that it's the beginning of the spring shopping season. OTOH, given what mortgage interest rates has done to housing values, who knows what the house is worth. Zillow dropped the value of our house by $75K this spring. (I am hoping I can get a drop in my assessment value, too, but first a comparable house has to sell in my neighborhood, which hasn't been happening.)

[jrittenhouse.livejournal.com]

Zillow thinks our (in Lisle) is worth $300k; we paid about $180 for it in 2002. It's probably a little high, but not much; the location is probably the big factor, as they're doing a ton of teardowns in Lisle. (The outside of the house is nothing, but we put a lot of money into redoing the inside.)

[johnridley.livejournal.com]

I see it's one of those "Garage with attached house" things. Houses with huge garages dominating the house from the curb view are thankfully starting to fall out of vogue. It's about time, they're really not pretty, but I guess it's difficult to put a large house on a small lot and have a 2+ car garage that's easily accessible from the road without putting the garage right out front.

If there are full-sized windows or some larger opening in the basement, then it's legal to have a bedroom down there - you need an egress route. If it's just casement windows, then not.

[tigertoy.livejournal.com]

If there are full-sized windows or some larger opening in the basement, then it's legal to have a bedroom down there

In Des Plaines, don't you need to have lifeboats too?

[billroper]

We're on the dry side of town. :)

[billroper]

There's an escape window, so they're good then.

[tesral.livejournal.com]

Will you be adding a cardigan sweater to your ensemble?

[billroper]

I miss the reference here...

Be My Neighbor?

[tesral.livejournal.com]

Bill, turn in you childhood at the window. Won't you be my neighbor? The little song that Mister Rogers sang as he put on his sweater?

Re: Be My Neighbor?

[billroper]

Mr. Rogers turns out to have been just out of my time period for one reason or another.

Or as daisy_knotwise would say, "He was on Guam."

[daddy-guido.livejournal.com]

Based on the inventory of homes I've seen in our neighborhood, I'd say the guy had a big pipeful of crack before deciding on his price.

The houses on your street are likely worth about a half-mil give or take, and he might get an extra 20k for the additional bathroom, but the basement "bedroom" won't add value, and might actually deter a buyer.

I'd be surprised in the current market if he got more that $520K - let me know, if you remember, when he selld it what he got. I may need to revise my thinking.

[billroper]

The house at 795 Citadel (the same size as ours, but sitting on Dempster) sold for $529,000 on 11/18/2004. It'll be interesting to see what happens in this market.