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Every home has a story and when it comes to sell, some stories make those sale odds very tough. I was contacted almost three years ago to work with the owners of this Dundee horse property to help them sell. The kids had left home, almost, and it was time to downsize. But there’s one big objection that will be tested. The Longmeadow Parkway road extension.
Locals might well shudder at those words and say “you want to sell a house that’s going to be right next to the extended Longmeadow Parkway Extension, are you insane?” There’s no doubt that it’s very tough to sell properties of any kind near busy roads unless the market is experiencing an extreme shortage, but that’s not us, not this year. Add to that, the nice beautiful open farmer’s fields are going to be plowed through with a four lane highway right next to your house and boom, it’s now a construction zone for several years and who knows what it will be like once the road is finished.
The building of a road is the worst part. Work started in 2016, a year after we first started marketing the home, expected to be finished in 2019. Once finished and done there will be some positives for the property. Right now it’s accessed down a long dirt and gravel drive. Horrible in the winter, requires expensive maintenance and batters your cars suspension. In future it will have a small on ramp direct to a new paved road. Talk about easy in and easy out to the nearest towns and work places. Also once the road is finished the construction aspect goes away and it’s just traffic. Houses next to roads sell all the time and once it’s there people accept it for what it is.
The road will be busy, no doubt, if that were not the case they would not be building it despite all the protests. However when you’ve got an 8 acre property, the new road will not be sitting right on top of you. There’s plenty of land to increase the amount of trees to create a natural barrier.
Suffice to say the showings were sluggish. We had an interested party early on but they did not proceed. We had a couple of other bites but due diligence caused them to move on. After about 18 months we took the property off the market for a rest and that’s when the buyer came through. The seller certainly incentivised the buyer to pull the trigger, and he did. Did we sell at top dollar. No that would be impossible. There’s really only one way to deal with objections and it’s money. So once the money was right the seller accepted the buyer’s offer and the sale closed yesterday.
Properties that are tough to sell need to have owners who accept it’s going to be a battle. It requires patience, it does not help blaming a listing agent, which thankfully these clients did not do, ever. An understanding of the situation and a willingness to reduce the price regularly until it was right, was all that could be done. My clients are now moving on to the next stage of their lives, in a smaller home, smaller acreage and a new town to explore. They have me to protect them, guiding them to a great purchase.
Here’s an extract from the Myths v Facts statement issued by Kane County IL:
Myth: “Drops nearby home values up to 20 percent”
Fact: Longmeadow Parkway impacts the fewest homes when considering all other construction alternatives, including the “no build” option, as existing and projected traffic growth and congestion are already impacting existing residential neighborhoods and are anticipated to worsen. There will be positive benefits for most residents, because Longmeadow Parkway will increase access and reduce existing and projected congestion impacts in many residential areas.
My Clients Were Affected More Than 20%
Someone always loses and in this case my clients lost a lot more than 20%. Even if most residents have positive benefits, there’s always a few that don’t. There are a few homes left on Forest Drive and I am not sure I would want to try to sell them! It is the one road adjacent to the new road that was serene and peaceful with acreage, and most owners like it that way, it’s why they live there. It may force some owners to up and leave the homes, let the banks foreclosure or simple drive away. One other home listed but did not sell and gave up. His value has declined as have the others. Absorbing unexpected property value loss after a recent tough market crash is painful, very painful.
I shall move on to the next project, I honestly don’t want another one like this for a while.