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Villa Taj, Burr Ridge Uninhabitable

Discussion in 'Illinois' started by Obsolescent, Mar 16, 2011.

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  1. Obsolescent

    Obsolescent Senior Member

    20
    Jul 6, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
  2. Mutyger

    Mutyger Member

    0
    Jul 9, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Missouri
    How in the heck does a dentist afford something like that and still does not live there? Does anyone know where the dentist is currently living? I would like toi see that house too.
     
  3. Obsolescent

    Obsolescent Senior Member

    20
    Jul 6, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    As I understand it he owned a chain of dental stores and moved to Florida. The Chicago winters were to harsh for his wife.

    http://chicagoist.com/2009/10/17/villa_taj_mansion_in_burr_ridge_is.php
     
  4. Pat Butler

    Pat Butler Senior Member

    12
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I appraised something high end like that years ago in LaGrange Park. It was under construction and almost complete. I got the cost data from the lender and started noting all sorts of discrepancies. The guy was rolling in his site and demo expenses (prior house) into his cost workup for his new house. He had outrageously high numbers for his construction costs. I interviewed him and found out he was also trying to finish the basement (against code) and was padding his numbers to have additional money to do that.

    Ended up under appraising by hundreds of thousands of dollars. Too bad the lender for this property didn't have a good appraiser.
     
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