An “Affordable” Single Family Home in Lakeview? 3729 N. Hermitage
We’ve chattered a lot about the glut of million dollar single family homes on the North Side. But what about those that appear to be “affordable”?
This 3-bedroom home at 3729 N. Hermitage in Lakeview has been on the market since June 2008. It seems to have it all: location, a 2-car garage, and central air.
It’s also been reduced by $75,900.
The listing says it’s been rehabbed.
Why isn’t this selling?
Stephanie Biederman at Koenig & Strey has the listing. See more pictures here.
3729 N. Hermitage: 3 bedrooms, 2 baths, 2 car garage
- Sold in November 1990 for $126,000
- Sold in September 2000 for $380,000
- Originally listed in June 2008 for $774,900
- Reduced several times
- Currently listed at $699,000
- Taxes of $6770
- Central Air
- OR – you can also rent it for $3000 a month
probably because at $126K in 1990 it was affordable to much of the city dwellers. at $700K they are shooting themselves in the foot with the amount of buyers. I don’t have records but i’ll bet 95% financed and re-financed a few years later, then a HELOC.
Interior looks really nice, btu they should make that little girl’s room more neutral.
Only two bedrooms on the 2d floor (the 3d is b/t the LR and DR–per the floorplan) so it’s more like a 2 BR plus Den, with only the Master BR being over 10×10.
I’m guessing the basement isn’t full height (prob ~6 foot clearance).
The space open to the second floor is (at best) quirky.
Seems like the ceilings on teh first floor are pretty low– about 8 foot, based on the refrigerator.
Nice enough place, but just too, too expensive. Places like this were selling for low to mid-$400s in ’01, mid to high $500s seems more realistic, to me.
It appears they have room to negotiate. Public records indicat that the last refi was in 11/05 with a 1st for $334,500 and a 2nd for $175,000 – both with JPMorgan Chase.
Motivated seller usually means starting to fall behind on payments. $3,000 a month probably just covers their $510k mortgages. Unforuntately these sellers already spent their appreciation. The took the second mortgage to pay for the renovation and the granite kitchen table, etc. Too bad!
I like 2234 W. Wellington for 450k instead. Its slightly further west, but this location on hermitage is further north. This place is a tad overpriced IMO. Lots of houses out there in the 500’s in south west and north west lakeview.
“2234 W. Wellington for 450k instead”
That shows a lot of confidence in the Lathrop Homes being torn down.
A fairly nice place. Seems to need some staging to help with the first floor layout.
The pricing is still in the stratosphere. If you buy this for $630 to $675 wouldn’t you be scared that in 5-7 years you’d be selling for the same price?
$565,000 seems fair to me.
Looks like the photographs were shot with a wide-angle lense to visually expand the view into the rooms, a common realtor trick. Floor plan identifies small rooms. This house is for small-sized people. I’d soon feel cramped in these modest spaces.
It’s a tidy and cozy little house, and some of us actually like a place with a little smaller scale, but that is updated and fresh.
List it at $525k, and work down a little, and you’d have something. It’s too high by at least $150k, though.
Anon points out some “flaws” I think accurately.
Two other reasons it hasn’t sold; they came out of the box too high as this house does not have a garage (but one can be built on the lot) and it’s a short lot at 108 ft. You get penalized for pricing too high in the start.
They should have taken it off when the melt-down hit in October (if possible) and bring it back in February at $629K with some touch-ups and it should fly out the door.
This is a move-in quality home in a nice location. Regradless of comparables that help it’s list price (which show a teardown/gut rehab property selling for $450K on the street this summer) this house will sell for over $600K, especially with favorable financing rates hanging around. Great spot, nice condition, great deck. If it has any yard at all, then it should get over $600K.
“this house does not have a garage”
The listing says two car garage. Is this another example of the reliability of the MLS (or is Eric wrong–there’s a tree blocking the aerial view)?
Layout seems a little strange. Bedrooms are weirdly shaped. Kitchen looks attractive. Needs staging.