In owning his Downers Grove condominium for nine years, Rob Colucci has seen considerable appreciation. He has also logged plenty of miles on his cars commuting to work near O’Hare International Airport. Time to move on, he says. “I want a washer and dryer in my unit, a garage and I want to walk to work.”
To make the upgrade, Colucci needs to reap as much money as he can from the sale of his condo. He asked us for specific advice on how to make that happen. We turned his request over to Peter G. Pappas of Coldwell Banker Residential Real Estate in Downers Grove.
Colucci’s second floor unit overlooks a private landscaped courtyard with swimming pool and tennis court. The floor plan, which measures about 1,000 square feet, features one bedroom, one bath, an eat-in kitchen, living and dining rooms and a balcony. The homeowners association provides heat, storage facilities and reserved parking. The five brick buildings that comprise the community were built about 25 years ago and converted to condominiums about 10 years later.
A previous owner installed mirrors in a portion of the dining room and built a pass-through between the kitchen and dining rooms. Colucci updated his bathroom, put in a new food disposal and bedroom window blinds and recently laid parquet flooring in his entryway. He also purchased a new and larger air conditioning unit.
“I have a big condo,” he says. “Ever since I moved in, I’ve had a dinky air conditioner.” But not anymore.
Before meeting with Colucci, Pappas researched current listings and recent sales in the complex. Yes, prices have gone up nicely, he said, but most sellers who got the highest prices remodeled their kitchens and replaced the carpeting. Their units also had two bedrooms.
Meeting the competition
“Your unit is sellable as it is but to get top dollar you’ll have to do more because of what others have done,” Pappas said.
The broker urged Colucci to consider carpet replacement himself. Although the current slate-blue carpet is in good condition, “if you’re going for top dollar I would change it to off-white to make the rooms look larger and brighter.”
A new kitchen floor would also help Colucci’s selling prospects, Pappas said. The existing vinyl tile sports a busy geometric pattern. Ceramic tile would be ideal but is too costly to do for resale, he noted. Wood, if Colucci can lay it, or vinyl are more cost-effective choices.
“You do not want to overimprove,” Pappas said. “You have one bedroom. You can only sell for so high and no more.”
The counters are pale yellow and in good shape. The appliances are almond and they all work. Pappas recommended adding a ceramic backsplash. “Not too colorful,” he added. “Something off-white or with a little flower here and there. Coordinate it with your countertops.”
Another suggestion he made is to replace the metal bi-fold closet doors with wood ones.
“Why is that?” Colucci asked.
“They look richer and more expensive,” the broker replied.
Wood accents, in the form of a chair rail in the dining room and cove molding in the dining and living rooms, would also add to the condo’s appeal, Pappas said.
To suit Colucci’s needs and interests, the dining room currently serves as a multi-purpose room. He stashes his exercise equipment here along with a console television, desk, computer, breakfast table and two chairs.
“For selling, all this has to come out,” Pappas advised him. “Put a dining room table here,”
“People buy two things,” said Pappas. “They buy space and they buy cream puff. You have to make this look like a nice dining room so people say, `I want to move here. I can have dinner here. I can serve my family.’ “
Colucci does not own a glass-topped dining table-the broker’s first choice-but he does have a wood table surrounded by six chairs in the kitchen. He can switch it with the breakfast table now in the dining room.
“Sometimes it’s an inconvenience to make it look nice,” Pappas admitted.
