The Libertyville Project That Broke Even

We bought 16059 W Arlington Dr. in Libertyville for $255,000, renovated it and listed it for sale. The house looked great, but the listing description incorrectly stated that the HVAC had been installed in 2023. It hadn’t, and we had records showing the equipment predated our renovation.

The property was in a flood zone, and that description became an issue during the review. My understanding from the experience was that certain renovation keywords in listings could flag properties for scrutiny under FEMA related floodplain requirements. That was something I hadn’t been aware of before this project.

Lake County issued a stop work notice, and correcting the description didn’t end the process. We spent roughly six months working through building and engineering requirements, supporting documents, permits and inspections before receiving the approvals needed to sell.

We ultimately sold for $425,000 and broke even after the project costs. The capital came back, but I spent a long time working on a property that paid me nothing. Getting through it without losing capital mattered, although I would have preferred to get paid for the experience.

The biggest lesson was to stay on top of every aspect of the project, including work you’ve hired someone else to handle. Have your realtor send you the listing description before it goes live, and check every claim against what actually happened. Once they hit publish, you’re the one dealing with whatever their mistake brings to your doorstep.

I now treat reviewing the listing as part of managing the project. After months spent getting a property ready, it deserves more than a quick glance before publication.

Have you had a listing mistake create a problem after construction was finished?