Oct 12, 2009

Sale of the Week

Troubled House Back On the Market — Hinsdale

List Price: $2.699 million
Sale Price: $1.400 million
The Property: This 27-room house, once priced by its builder at about $4.5 million but sold unfinished and with various contractors’ liens against it, was bought on October 2nd by an investor—who put it right back on the market, priced at $2.55 million, on October 5th.

Situated on a brick street in a section of southeast Hinsdale that holds some of the town’s most significant architecture, this brick Colonial stands on a half-acre lot. (From the front, the place doesn’t look big enough to hold 27 rooms and 12,000 square feet of space, but it’s a much deeper house than it is wide.)

The builder, who is not clearly identified in DuPage County records, had completed the structure but not the seven-bedroom interior. Doorways were only framed out (not finished), kitchen appliances were not installed, and many other details were left undone. Outside, the front portico and entry are only partially finished, and the driveway is a temporary gravel lane for trucks.

Details aren’t at all clear in the public records, but Ryed Douedari, the Coldwell Banker agent who sold the house for a lender he won’t identify, says the builder owed about $2.6 million when the house sold for $1.4 million. The buyer, he says, is an investor who “cleared up all the liens and violations on the property.” He would not say how much that cost, but a Hinsdale real-estate source with knowledge of the property estimated the costs at between $300,000 and $500,000. (The buyer is not yet identified in DuPage County records.)

The buyer made a cash offer on the house about ten days after the bank put it on the market last spring, Douedari says, but the closing was delayed until October “because of the violations that had to be fixed.”

Price Points: Douedari says that the new owner, whom he is also representing, is offering to either complete the house for a new buyer, for a total price of about $2.9 million, or sell it as is for $2.55 million. Douedari says that he already has at least one buyer on the line, somebody who “didn’t see it before it sold, when it was [available for] less.”

Listing Agent: Ryed Douedari of Coldwell Banker, 630-330-4606; ryed.douedari@cbexchange.com

Posted at 08:20 AM in Sale of the Week | Permalink

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