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Teardowns.com Owner Defends Sale of 122-year-old Hinsdale House

Brian Hickey said that if a beautiful home goes up on the property, "you won’t hear anything about the old [house]."

 

The owner of the company that facilitated the recent sale of a 122-year-old Hinsdale home for redevelopment says the most important aspect about the transaction is not the age or style of the home, but the satisfaction of the buyer and the seller.

Teardowns.com was behind the recent sale of the 206 N. Washington St. property, which got public attention last week when several members of the Village of Hinsdale Board of Trustees voiced disappointment that the home on that land, built in 1890 by a Civil War veteran, was slated for demolition.

READ: Potential Teardown of 122-year-old Hinsdale House Gets Trustees' Attention

Brian Hickey, who founded Teardowns.com in 2001 to connect sellers of property with redevelopment potential with interested buyers, said the house had been on the traditional market for two-and-a-half years with two different agents and had received no offers. A hidden-in-the-back chef’s kitchen and a master bedroom without a bathroom or a closet are among the hard-to-sell interior features of the home, Hickey said.

After the seller decided to list the home on Teardowns.com, the property sold in four days to a Hinsdale buyer interested in redeveloping it.

“The buyer’s happy. The seller’s happy,” Hickey said. “Really those are usually the two most important components.”

The Washington property sold for $1.5 million, Hickey told The Doings last week, which was significantly less than the $2.4 million the seller paid for it in 2005. The Doings reported that before being posted to Teardowns.com, the home had been listed at a price as high as $2.2 million.

“For that kind of money, I think buyers would expect a closet and a bathroom,” Hickey said. “It caused buyers to look at that home and not be overly thrilled about what they’re not getting.”

As far as the community’s attitude toward redevelopment, Hickey said people care more about what goes up than what comes down.

“If 206 is not within the character of the community … there’ll be a huge backlash,” he said. “If it goes up and it’s beautiful, you won’t hear anything about the old [house].”

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Related Topics: Hinsdale Real Estate, Housing Market, Real Estate, and Teardowns

brian hickey

3:11 pm on Thursday, February 14, 2013

Joe,

I appreciate you bringing this story back to it's original thesis - customer satisfaction.

Thanks,

Brian

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Joel Bittner

3:29 pm on Thursday, February 14, 2013

“The buyer’s happy. The seller’s happy,” Hickey said. “Really those are usually the two most important components.”
Amen...everyone else keep your nose out of it.

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Helena

7:32 am on Friday, February 15, 2013

And American history is of course worth nothing to people with dollars in front of their noses....

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brian hickey

9:27 am on Friday, February 15, 2013

Helena,

Real question; which is more important/valuable, the history of the Village or its future?

IMHO, it's a delicate balance with lots to consider on both fronts - a very complex issue. And yes, property owners do have a financial stake in the outcome.

As a real estate guy, I would say that a Historical Landmark designation, the one that comes with language like this: "all alterations or modifications to the current structure must be in accordance to this or that and approved by the XYZ commission" can be financially damaging to the current property owner....yes, the value of the real estate would actually go down and would most likely continue to depreciate over time...that's a big ouch - not sure anyone wants to be that property owner.

Lots of moving parts to consider when we protect anything from change.

Evolution not revolution :)

Thanks,
Brian

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Laurie

11:37 am on Friday, February 15, 2013

Interesting response from someone who makes their living from that "evolution", and really, some things are worth fighting for via a "revolution" (an old house is not one of them necessarily). Just ask the founders of this country. Sometimes, it is actually ok to keep some things the same...it is comforting. I don't begrudge anyone buying a property and doing what they want with it. Unfortunately, it would be outstanding if there was a respect for some of these homes that are held near and dear to our town and the history. Many of these houses HAVE been completely renovated, and are absolutely beautiful. Those owners saw VALUE in the history of our town, and invested in its future by ensuring the home would stand for maybe another 100 years. I have seen the "future" of Hinsdale in some of the houses recently built, and when people say "money doesn't buy taste", they mean it. It will be difficult to see this home perish like it most likely will. My next hope is that something goes up that is reminiscent of our village's charm, but I won't hold my breath.

Cheryl Wintz

9:21 am on Friday, February 15, 2013

I will most definitely miss the house. This it is the house i grew up in from 1962 to 1982. I drive by the house every day, and will certainly miss its presence. It was always one of the landmark homes back in the day. But i am glad that Brian is making money, and that the buyer and seller are happy!!! They get to live with all the negative thoughts surrounding this venture.

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brian hickey

9:58 am on Friday, February 15, 2013

Cheryl,

I too drive by the Hinsdale 1800's house I grew up in every day or so - I do wonder what will happen to it - I guess the market will decide........if I had a huge bank account, and it went up for sale, I may even take a stab at renovating it....

FYI - my commission on the sale of 206 N. Washington is set to be $5,000 - not enough to retire but I'm certainly not complaining.

Thanks for keeping track :)

Brian

Bill

9:51 am on Friday, February 15, 2013

Bill
I recently sold my beautiful 90 year old home in Hinsdale. It was a lovely old house, full of charm. But it had problems. If it was 20 degrees outside, we had to wear sweaters. The air conditioning couldn't keep up if it was 80 degrees outside . There were large bedrooms but no closet space. There was one bedroom that's only access was through another bedroom . I sold my house through Teardowns. I'm thankful I was able to move the property and not pay the heating bills and taxes any longer than necessary. The house came down. If a house does't fit the buyer's needs, and as long as the check clears, the buyer should be able to do whatever he/she wants.

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brian hickey

9:58 am on Friday, February 15, 2013

Appreciate the business Bill :)

Thanks,

Brian

Kathleen Miller

10:25 am on Friday, February 15, 2013

I owned a beautiful 100 year old house on South Washington Street that was for sale for quite a while. Everyone loved the house, but no one wanted to buy it, and eventually it was torn down. It was a great house, but had many of the same problems shared by other old houses, and people today are not interested in rehabbing, despite what you see on HGTV. So there is a boring brick house on the corner now, with a garage facing the street. I wish the builder had cared more about fitting the new house into the neighborhood.

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Sara Byron Jeffers

12:35 pm on Friday, February 15, 2013

I understand the principles involved in buying and selling real estate. But to say that no one will remember that beautiful house is insensitive and insulting. What would convince Brian that some people are aware of their surroundings? Should we whine about it every day? Granted there are some house that have been torn down that I cannot remember the next day. But I remember the Middaugh Mansion in CH, the Sears Craft Cottage that is no longer on The Lane, the gorgeous home with the widow's walk that used to be on Monroe,the original farm house that came down on Washington-and the nine beautiful trees that they took out with it, the stucco house on the corner of The Lane and Garfield that is now a garden, the Dutch Colonial at Ravine & Garfield and the BIG Victorian at Garfield by the library. I remember the developer that wouldn't allow us to save perennials. (Midnight paeony digging took care of that.) So, don't tell me what I will or will not remember. Don't tell me that another cookie cutter mansion will be better. My childhood home in Naperville is gone. My father's childhood home in LaGrange is gone. My grandfathers farm in Burr Ridge is gone and a development.They were all sold fairly and we were compensated for their sales. But we remember them.
I also remember the PR person at Macy's saying that Chicago will never remember Marshall Field's once Macy's takes over. I, and others I know, have never shopped at Macy's. Not even for Frango's.

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brian hickey

1:22 pm on Friday, February 15, 2013

Anyone want to touch on solutions? Clearly, for some, there is a problem, how can it be solved? Or is the problem purely individualistic with no group solution to ponder?

Ideas?

Anyone..........Bueller? :)

Thanks (again),

Brian

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Scott Miller

4:30 pm on Friday, February 15, 2013

What en easy question to ask when you profit from the lack of solution. Regardless of how low the commission is, $ always wins. This sale and others like it remind me of something a mentor once said to me: "Just because you can doesn't always mean you should" I am proud to have owned 2 different 120yo homes in town and have loved them quirks and all. I have always approached old home ownership as a sort of stewardship and it unfortunate the seller couldn't find an alternative to marketing the home as a teardown. I guess though this story's "thesis" is really about everyone getting what they want: the seller unloads their home (at a loss), the buyer gets a plot of land to do with as they wish and the facilitator makes a profit.

brian hickey

4:50 pm on Friday, February 15, 2013

Scott,

You may a little late to the party...the seller tried to sell the house through traditional marketing channels for over 2 1/2 years - using the best agents in town (by production). It was only after that lack of success (no offers for 2 1/2 years) did he choose to change marketing strategy.

As far as solutions, I'll go ahead and be the first one to offer up an idea or two (three actually).

1. All new construction must comply with all Village ordinances and zoning codes.
2. If something comes on the market deemed to have historical significance, everyone opposed to even the remote possibility of the property being redeveloped must buy the property either together as a unit or individually.
3. At the time of the purchase certain covenants must be included that forbid any modification or alteration of the home (that includes the kitchen sink) unless approved by the Hinsdale Historical Society. The term of the covenant will be 100 years.

That oughta do it :)

OK, I'm done - thanks to all for the dialog.

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Teri D. Springer

5:08 pm on Friday, February 15, 2013

Brian, you already know how I feel about it. That said, I understand that the sellers wanted out and the buyers have a right to do what they want (within reason). That said, the 120+ year old home I bought last July was on the market for 5 years. Only one other person tried to buy it (on land contract) and had to give it up after less than 3 months when he realized just how much work/money it was going to take to save it. The only other two interested parties wanted to tear in down and either use the property as an access road to land behind it (it was a developer with purchase rights to the farmland behind) and the other wanted just the 2 acres and the barn for his wharf/dock business. The owner refused their offers. She preferred to continue to pay the taxes in hopes that someone would come along who loved the old place.....and I did and do....

I understand where you are coming from. I also understand the desire to save the history of Hinsdale. It's a difficult conundrum.

Teri D. Springer

5:09 pm on Friday, February 15, 2013

BW, Scott Miller....are you THE Scott Miller I went to high school with??? Married to Pat? If so, I am happy you share my love for old homes, quirks and all. If I was still in Hinsdale I would have gladly bought this home.....

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Scott Miller

5:20 pm on Friday, February 15, 2013

Brian - I wasnt late to the party as you flippantly and erroneously stated. When i opined that it was unfortunate that the seller couldn't find an alternative to marketing the home as a teardown I meant it as a statement of fact not a judgement of the seller. Maybe I need to make it clearer for you: it's unfortunate that the only available option for the seller after 2.5 years on the market was to sell the home as a teardown.

Glad you are done. Thanks for trolling the site and responding (somewhat disingenuously) to every comment made. The people who have commented thus far have done so out of good faith and good intention they deserve the same level of sincerity in response.

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Melissa D

2:10 pm on Sunday, February 17, 2013

Scott, thanks for your measured response. My words would have been a little stronger, especially given his ridiculously sarcastic "solutions." He has been beyond flippant to the point of insulting, and frankly, I will recommend to my husband and friends who are interested in teardowns to NOT use his website but find properties on their own. Heck, I'll even help them to research properties if it helps them avoid this guy. He's entitled to make his living the way he sees fit and opine here all he wishes, but we are entitled to judge his character based on those comments and decide in whose hands we want to put our money.

Jolyn Crawford

8:57 am on Saturday, February 16, 2013

If the town residents and leaders are worried about preserving history, they should start a historic and preservation commission and fund it. Otherwise, let the market prevail.

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john Bohnen

10:01 am on Saturday, February 16, 2013

Jolyn: Hinsdale's Historic Preservation Commission, of which I am a member, has been in existence for many years. We meet at 5:00 at Memorial Hall on the second Tuesday of each month. Our mission is to promote awareness of historic structures and encourage owners to respect our heritage. Ultimately, it is the responsibility of owners of historic properties to seek out measures to protect as we have no authority to register these properties or insert covenants in the deeds. Landmarking properties and seeking out tax freezes are measures that often help in preserving historic structures and we stand ready to assist in that process for anyone who is interested in investigating these things. Sincerely, John Bohnen, Member, Hinsdale Historic Preservation Commission and Owner, County Line Properties

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Jack Fredrickson

10:11 am on Sunday, February 17, 2013

I live down the block from 206 N. Washington. I've been in that house many times. It needed some interior reconfiguration, and interest from the sort of buyer willing to do that. None was found, the market ruled, as it should, and the house will come down. And something huge will have been lost. As for top notch realtors? Word is, one of those top-notch geniuses suggested slapping that coat of pale lemon paint on the house, guaranteed to peel off the smooth brick in a few short years. Another inhibitor, for sure.

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Benton Bullwinkel

3:03 pm on Monday, February 18, 2013

Sorry to say this but "Historic Hinsdale" once again proves itself an irony. This house was across the street from the now demolished house I grew up in. It has beautiful details and gardens in the back. It will likely give way to another great architecturally uninspired atrocity. I loath the fact that I have to consider this wasteland my hometown.

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Duncan Idaho

10:06 pm on Monday, February 18, 2013

Just drive around Hinsdale on a Saturday and open your eyes. You will see the results of years of neglected enforcement of standards and an abandoned infrastructire, especially the roads. Hinsdale has just become simply a pedestrian suburb with an absence of character and attraction.

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Paul J

6:43 am on Tuesday, February 19, 2013

Just because something is old, doesn't make it worth preserving. They made crap 100 years ago, too.

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Tracey Bouton

9:29 am on Tuesday, February 19, 2013

Hi Brian! This happened in Naperville a few years ago with a very similar house that was not in the historical district. The neighbor of that home bought it and demolished it to give him a big side yard. It was before the crash, so it was around a million that no one could come up with. So it went. I lived in Hinsdale and loved the charm. It sure was fun building homecoming floats in someones big detached garage. Here's a thought, one hundred years from now, all new people. So then no one will care. Good for you for filling a niche in the market. Tracey Bouton :)

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Jason Lewis

12:33 pm on Thursday, February 21, 2013

"Hickey said people care more about what goes up than what comes down." This couldn't be further from the truth and is a totally clueless comment. Hinsdale is a historically significant town and there needs to be more done to preserve its history. More needs to be done to keep companies like "teardown.com" from coming in and running rampant, motivated purely by profit. People move here for its historical charm and living history. This can not become a place for McMansion house flippers.

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brian hickey

3:19 pm on Thursday, February 21, 2013

I was trying to stay out of this, but if I'm going to take a bullet, at least I want to face the shooter.....:)

Jason,

As Mr. Bohnen pointed out, Hinsdale's Historic Preservation Commission meets at 5:00 on the second Tuesday of each month in Memorial Hall - IMO, that's the best place to vent and talk solutions for preservation.

While you're at the meeting can you tell them to run Starbucks out of town - the coffee is just too strong and expensive :)

Brian

KGS

1:05 pm on Thursday, February 21, 2013

Hinsdale- more money than sense..

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