how to sell a rehabbed home with a shared driveway?

how to sell a rehabbed home with a shared driveway?

Member since 2020 · 18 posts · 4 votes

We finished rehabbing this 4 bed/2 bath house in Oak Park, IL and expected to get it under contract within a month or two. Comparables in the area sold for between $400-500k, and since mine didn't come with a garage I thought I could probably sell it at the very least in the $420s (considering the detailed rehab). Redfin even listed it as a "hot home" the first week of listing it.

Almost 9 months later, the property is listed at $370k and no solid offers (despite many showings). I've come to realize the shared driveway and a lack of a grassy backlawn may be a bit of a turn-off for a family house.

Any suggestions on what tweaks or marketing pitches can be done to get this thing sold? Does it make sense to add a small lawn to the back (really no space for a garage)? Any creative upgrades? It's in a nice historic part of town, couple blocks from police station, multiethnic, etc., but buyers are just not pulling the trigger.

At this point I am probably just breaking even or perhaps going a bit under.

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Dawn BrenengenBusiness Member
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Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
6y

What has your feedback been? If the negative feedback was that there was no yard and the shared driveway, then I would go ahead and make a grassy area if the lot make sense to do that in. There’s nothing you can do about the shared driveway, so only price can overcome that objection

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  • Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    6y

    No constructive ideas here, but we did have one many years ago & it only sold to a neighbor who wanted it for their aging mother who didn't drive. We did double our money & then held the note @ 9.75% for 12 years, but it was a foreclosure that we stole & did nothing to it. I literally handed the neighbor the keys & said it yours 'as is'.

    The shared d/way is something I have avoided ever since until we got that GREAT DEAL on two homes on one deed with the narrow driveway between the two homes. The inherited tenants were great as one set didn't even have a vehicle plus there was a lot of paved parking in the rear of both homes. Then with new tenants with cars it changed & they were constantly at odds about parking & keeping the driveway clear of snow/debris (our plow guy couldn't fit down the driveway) & their visitors parking, some in the driveway o/night. We finally sold that one as well, lesson learned AGAIN!!!

    Good luck !!!

  • Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    6y

    @Pierce W. I am sorry to hear about the tough sale. Oak Park is a tricky neighborhood and I have run into this scenario before as a listing agent where the long market time and large amount of inventory discourages sellers. There are some very high sales points, but it also can be tough to sell properties at times and the market time in Oak Park is long as well. I took a quick look, and I am guessing your house is the one in the northeastern corner on Washington. There are a few sales comps in that part of Oak Park that are higher, but there are also some that are lower. This isn't what you want to hear, but it is probably a pricing issue at this point. If you are looking for less painful things to try than a price reduction, you may try updating the photography and adding more photos. 

  • Dawn BrenengenBusiness Member
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    Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
    6y

    What has your feedback been? If the negative feedback was that there was no yard and the shared driveway, then I would go ahead and make a grassy area if the lot make sense to do that in. There’s nothing you can do about the shared driveway, so only price can overcome that objection

  • Member since 2020 · 18 posts · 4 votes
    6y
    @Pat L.

    Thank you for sharing your experience.
    Yes, lesson learnt: NEVER AGAIN!

  • Member since 2020 · 18 posts · 4 votes
    6y
    @John Warren

    That is great advice John. What are your thoughts on virtual staging?

  • Member since 2020 · 18 posts · 4 votes
    6y
    @Dawn Brenengen

    You are right Dawn. I think it is going to be a price-thing in the end.
    Will get some lawn quotes over the weekend :)

    Thanks!

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