Posted by: union03g | December 28, 2009

3725 N Magnolia Ave – Why This Graystone Will Never Sell

I’ve been following this gut rehab single family graystone at 3725 N Magnolia for the past 5 years (my friend lives nearby). It’s been on and off the market for 4 years at around $2 – $2.5 million. The crazy European developer ran out of cash several times and made really weird, unattractive choices.  What a travesty on such a beautiful street!

I finally came across pics of the inside and realized why this place will never sell:

  • The kitchen finishes are hideous and overly ornate. This will only appeal to a select group of buyers.
  • The living room has an awkward layout in relation to the fireplace
  • There is brick falling off the exterior wall visible from the ground (cheap roofing job and water damage)- the seller is letting this place fall into disrepair
  • The price is 2 million dollars and hasn’t budged much.
  • The rooftop is bare but there’s a doghouse exit. People want a rooftop deck with a few of Wrigley. Big mistake.
  • The developer is nuts and won’t negotiate on price. People want to trust a developer and this will never happen here.

Follow me on Twitter: G_rant


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