No bites in Burr Ridge

No bites in Burr Ridge

There are 29 comments on the Chicago Tribune story from Nov 20, 2008, titled No bites in Burr Ridge. In it, Chicago Tribune reports that:

Gerri Aichinger discusses staging options with broker Diana Ivas. The Aichingers reduced the asking price of their 6,000-square-foot home to $1.09 million from $1.4 million, but they are up against developers ...

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Mobama

Park Forest, IL

#1 Nov 21, 2008
Maybe they should just drop the price--dramatically. Why this couple is building a new house out of state and moving into another, albeit smaller one before selling their mega-mansion is typical of the real estate bubble mindset that prompted many people to live and buy beyond their means.
native speaker

Chicago, IL

#2 Nov 21, 2008
No sympathy here. They need to drop it under $1 million. Agree with the first poster -- the reason we are in this economic mess stems in large part from greed like this.
Realty Check

United States

#3 Nov 21, 2008
Why does a couple, with no children, need such a big house? Greed and ego, that's why.
Julia

Palatine, IL

#4 Nov 21, 2008
I agree with the article that the dog issue is a huge one. Dogs are gross, and I would never buy a house knowing that two huge dogs had been all over it. Definitely get rid of the dog bowls, and the "dog run" area needs to be completely re-done. Someone who has over $1 million to spend on a house definitely has plenty of options now, and is not going to compromise.
Jack

United States

#5 Nov 21, 2008
No sympathy here either. How about not trying to make over 500k off the house in 9 years. The housing boom is long over, accept it on let it sit another 600 days.
Jes Wondrin

Chicago, IL

#6 Nov 21, 2008
Burr Ridge is full of homes like this -- grossly over sized McMansions. Who needs 6000 sq. ft. for 2 people and 2 animals? This is overconsumption at its finest. No amount of staging can overcome market forces. When you build something this large, that's a risk you take. But then again, if they default on their mortgage and go into foreclosure, the government will bail them out, so not to worry.
funky cold medina

Chicago, IL

#7 Nov 21, 2008
Burr Ridge is classic.... Just a bunch of new money living beyond their means. They'll never get their price unless a buyer's agent gets their client liquored up before the showing. I think their only way mess is to leave the keys on the kitchen table and walk away. GOOD RIDENCE!
Ella

Villa Park, IL

#8 Nov 21, 2008
Who cares how many people live in the home? "Greed and ego" aside, anyone who attains any level of success should be free to do whatever they want. They just need to accept the risk that the home may not be worth what they paid for it. And trust me, no one will "bail out" these folks. We're to busy bailing out generations of people on welfare.

The problem with Falling Waters is that area of Burr Ridge is crap. The view from your million dollar home is Route 83 and the trash apartments across the street. The fact that they paid so much for that house just shows how goofy they were. They bought in the wrong area, and they need to accept that, reduce the price, and move on.
Ella

Villa Park, IL

#9 Nov 21, 2008
funky cold medina wrote:
Burr Ridge is classic.... Just a bunch of new money living beyond their means. They'll never get their price unless a buyer's agent gets their client liquored up before the showing. I think their only way mess is to leave the keys on the kitchen table and walk away. GOOD RIDENCE!
At least those who live in Burr Ridge apparently graduated from high school, and learned how to spell. Unlike yourself. You sound like a jealous slug.
rts

United States

#10 Nov 21, 2008
After 600 days, someone is telling them something: the house is not worth 1.09 million. A house's value is set by buyers, period. Doesn't matter how many square feet, whether the table is at an angle or straight (talk about grasping at straws!), or how much was paid beforehand; the value is set by the buyer.

The dogs are gross. I seriously doubt there is no pet odor in that house; I'm sure there are signs of dogs everywhere. This may be why the house has been on the market for almost 2 years. And, yes, these people sound ridiculous-- 6000 sq ft for 2 people.(Dogs are not people, and they are not children.)

So, why isnt this real estate agent telling the straight story to these people--- that the house is overpriced for the market and no amt of staging is going to get them 1.09 million? The agent sounds ridiculous... turning a table from an angle to straight WILL NOT sell a house.
Obsrvr

Hinsdale, IL

#11 Nov 22, 2008
Ella wrote:
Who cares how many people live in the home? "Greed and ego" aside, anyone who attains any level of success should be free to do whatever they want. They just need to accept the risk that the home may not be worth what they paid for it. And trust me, no one will "bail out" these folks. We're to busy bailing out generations of people on welfare.
The problem with Falling Waters is that area of Burr Ridge is crap. The view from your million dollar home is Route 83 and the trash apartments across the street. The fact that they paid so much for that house just shows how goofy they were. They bought in the wrong area, and they need to accept that, reduce the price, and move on.
Spoken like a true Hinsdale elitist snob, putting your greed and ego aside...
Anthony C

Chicago, IL

#12 Nov 22, 2008
Haven't been able to sell their million-dollar plus home in almost two years, so they've already bought a townhouse and are currently building a "Colorado retreat."

Wouldn't want to be a customer of that trucking company he runs to fund all this stuff.

Oh wait, we are.
Resurrection Larry

United States

#13 Nov 22, 2008
A classic example of irrational exuberence in real estate.
just me again

Valparaiso, IN

#14 Nov 23, 2008
Reduce the price. If it has sat for almost 2 years, it is the price. End of story.

“One of Chicago's Top Realtors”

Since: Oct 08

Chicago, IL

#15 Nov 24, 2008
The issue here is certainly the price. Marketing and staging are important, but at the end of the day, you can no more sell a house above market price than you can sell a stock. One of the things the sellers' Realtor should be doing is researching and presenting them with the data on how comparable homes are priced. That's what they would need to know to help make an informed pricing decision. Reporting these numbers is something I've started doing frequently with my clients since values are always shifting.
Anthony C

Chicago, IL

#16 Nov 24, 2008
JenniferAmes wrote:
The issue here is certainly the price...One of the things the sellers' Realtor should be doing is researching and presenting them with the data on how comparable homes are priced. That's what they would need to know to help make an informed pricing decision...
Would think their agent has already done that (No, I'm not that agent or connected to that person or the industry in any way). But sellers are often unwilling to accept the reality of falling prices (not saying it's the case with this seller, just speaking generally). I've heard this from my own acquaintances. "There's NO WAY someone is going to get my house for (blank). Do you know how much I've put into it?!?"

“One of Chicago's Top Realtors”

Since: Oct 08

Chicago, IL

#17 Nov 24, 2008
That's certainly the case with some buyers. I think many agents aren't used to having to condition their sellers to that reality. Before, the rising market could catch up to overpriced homes and they would sell (making this a non-issue). Now, pricing constantly has be re-evaluated. I have a home of my own on the market, so it's all the more striking of a lesson for me.
Rochelletoo

Mason, TX

#18 Nov 24, 2008
Ella wrote:
We're to busy bailing out generations of people on welfare.
Wrong, we bailed out stock holders, not women and children on welfare.
FFS

Girard, OH

#19 Nov 24, 2008
What a jealous bunch of whiners you are.
Terry

Chicago, IL

#20 Nov 24, 2008
FFS wrote:
What a jealous bunch of whiners you are.
Hey, look, the owner of the house just showed up here!

But seriously, don't equate being critical with automatic jealousy. Many posters here stuck strictly to the cold, hard fact: the house is probably overpriced for the times we're in now.

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