Home Buyers Finding Bargains In Oak Brook’s Midwest Club

Midwest Club, Oakbrook

This month another luxury home sold in the Midwest Club in Oak Brook. 302 Midwest Club sold for $905,000 on January 13th. Listed at $800k, 302 Midwest Club Parkway is a bank owned home built in 1986 with 5200 square feet of living space, 5 bedrooms and six bathrooms. The home was once listed with a sales price of $2,999,850 and in 2007 had a mortgage against the property of over $2mm dollars.

The listing agent described the home as:

Wow! 2 story grand foyer, 1st flr master, hdwd flrs, & tray ceilings. 2nd flr w/ 4bdrms incl a master. Screened porch. 24 hr gate guard. Clubhouse w/ pool & tennis courts. OB/Hinsdale Schools! Come live the lavish life in MidWest Club! The most desirable gated community in Oakbrook!!! HOME IN MID REHAB COME TAKE A LOOK WITH ALL YOUR PERSONAL IDEAS!

Between the first time the home was listed and this last time someone started a major rehab project and then abandoned it. At the time of this sale the house had no flooring, the basement was gutted, and all the appliances, cabinets, and fixtures had been removed. The home was a shell of its former self.

Interestingly enough, the listing agent represented both the buyer and the seller in the transaction. The Midwest Club home was listed on the MLS December 14th with a demand for all offers by December 18th. Four days. Is that the best way to find the buyer willing to pay the highest price? Probably not, who knows what drives decisions on bank owned properties. Definitely notable is that the listing agent was also the buyers’ agent. One might wonder about the possible conflict of interest with dual agency in a case like this since the listing agent knew all the bids.

While this home was bank owned, most of the sales in Midwest Club over the last year have sold at significant discounts whether they were bank owned or not. If you are already searching the Oak Brook Market for a home, then it would be a good idea to set your upper price threshold around 25% higher than what you are willing to spend, especially if you are looking in the Midwest Club subdivision.  My partner wrote about the huge discounts on Oak Brook homes.

There are two additional homes under contract in Midwest Club. My guess is both will close at significant discounts off the current list price. Will sellers get the picture and adjust their prices downward toward what the current market bears? The smart ones will.

Recent Home Sales in Midwest Club, Oakbrook

# Street Beds Sq Feet Closed Date  Sold Pr  List Price  Discount
302 Midwest Club Pkwy 5 5200 1/13/2012  $   905,000  $   800,000 -13%
306 Midwest Club Pkwy 5 4700 8/24/2011  $1,100,000  $1,199,900 8%
508 Midwest Club Pkwy 5 5010 4/15/2011  $1,100,000  $1,350,000 19%
1001 Midwest Club Pkwy 6 11290 8/9/2011  $3,100,000  $2,999,000 -3%
1614 Midwest Club Pkwy 4 0 10/13/2011  $1,300,000  $1,680,000 23%
1902 Midwest Club Pkwy 5 0 8/29/2011  $2,800,000  $3,999,000 30%
2017 Midwest Club Pkwy 7 14000 11/15/2011  $1,800,000  $3,199,000 44%

 

Sari Levy

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5 Comments
Raj Patel

There is definetly some discounts to be made on properties but 25% is kinda pushing it. I personally know the owner of 2017 and he spent 6 months negotiating that deal and forced Peggy Wilson to take a loss. 1902 was owned by a bridge construction company owner and he NEEDED to dump it due to legal issues. Other then those I feel Midwest club retains it’s value as one of the best neighboorhoods in IL. As for 302, I know a cash offer of 950k was rejected on Tuesday, 5 days after it was listed stating it is “too late”. She also refused to show the property after Saturday morning….Shady deals screw over everyones values

Raj Patel

And just fyi, 1001 Midwest club figure is incorrect. It sold at a 3% premium, not a discount, because the buyer wanted the furniture as well.

Gary Lucido

Raj,

Yeah, 25% is on the high end but the last thing we would want a buyer to do is miss out on an opportunity by setting their threshold too low and then seeing properties sell below their target price.

As for 302, we found the whole process shady and the fact that the listing agent was on both sides of the deal was extremely suspicious. Whoever offered $950K either did it without an agent or without a very good agent. If an offer was submitted the listing agent is required by law to submit it to the seller and the the buyer could require a written rejection from the seller. If the listing agent refused to play then the buyer’s agent could file an ethics complaint with the realtor’s association. We’ve actually been successful in replacing accepted offers before doing just this.

Raj Patel

I saw 1801 as well. It needed a full gut rehab. The Bathroom and kitchen were original. The basement layout was very odd. I think the buyer is better off tearing the house down because the lot is a corner one and ideal. 1715 on the other hand is a steal at 1.4 because it’s 7k square feet, the appliances were all recently done and it is move in condition

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