Lakeview Single Family Home Sells Again Only a Year Later: 3652 N. Hermitage
We’ve chattered about this 3-bedroom home at 3652 N. Hermitage in Lakeview several times in the past year as it sold in 2009 and then was re-listed not even a year later.
See our April 2010 chatter and pictures here.
It went under contract within days of listing and now has closed for $12,500 over the 2009 purchase price.
The house had an unrenovated kitchen with the original kitchen stove (which some chatterers loved and others hated.)
It also had the bells and whistles buyers look for like central air and a 2-car garage.
Two of the three bedrooms were on the second floor.
Berg Properties had the listing.
3652 N. Hermitage: 3 bedrooms, 2 baths, 2 car garage
- Sold in November 2002 for $386,500
- Originally listed in August 2008 for $599,900
- Withdrawn in November 2008 at $599,900
- Re-listed in April 2009 at $539,900
- Sold in May 2009 for $525,000
- Re-listed in April 2010 for $564,900
- Under contract within days
- Sold in May 2010 for $537,500
- Taxes of $6551
- Central air
- Living room: 13×12
- Dining room: 10×10
- Kitchen: 14×12
- Bedroom #1: 14×12 (second floor)
- Bedroom #2: 18×12 (second floor)
- Bedroom #3: 9×9 (main floor)
- Partially finished basement
Potential knife attack!
Unless the owner was a Realtor, the initial buyer lost money once the Realtors took their cut.
“Unless the owner was a Realtor, the initial buyer lost money once the Realtors took their cut.”
I don’t know well enough how to work out the exact details, but I’m fairly sure they lost a pretty penny.
umm something seems fishy here
The market is hot hot hot. Buy now or be priced out forever.
they added a new garage right before they listed. so yes I think they absolutely lost some cash. the only thing I can guess is divorce or job transfer or something.
That kitchen is grounds for divorce.
People are still losing their white-collar jobs here in Chicago. Perhaps 2009 purchaser needed to become 2010 seller. Not looking good for architects anywhere.
Not really relevant to this post, but could someone post the cash flow formula again? Or point me to a post where they remember it being posted? I’ve done my own math, but wanted to check it against the formula here.
We’re thinking of purchasing two flat property that needs a lot of work (100k), but is in a great neighborhood and at a very low price (sub 100K). We would pay cash for the property and with the money we save in rent (at the expense of course of living substandard from our current digs) for two years, we won’t be out of pocket more than 20K. After this, we can rent it out and hold it as an income property, or stay if we like it.
I am hesitant about this, however. My father, who lives in another state, takes on these types of projects quite frequently and always comes out ahead. The only problem is that he has “people” i.e. his own employees from his unrelated business and other contractors that he knows and has worked with for a long time. Plus, he’s pretty handy. I fear that we couldn’t replicate his success here in Chicago.
Any thoughts? In my opinion, it might be better to buy something with more charm and curb appeal that, while being initially more expensive, is more worth the work and effort. My significant other thinks that doing it without involving the bank is the way to go.
I would appreciate the opinion of the Cribchatterers.
Resales of the same home are what the Case-Shiller uses as the basis for its index. Expect the index to trend upwards for a couple of months until the precipitous freefall resumes this fall after the June 30 closing numbers have been factored in. Here’s another property in my ‘hood that closed up from a year ago.
http://www.redfin.com/IL/Chicago/3805-N-Kilbourn-Ave-60641/home/13459075
$222,000 in Oct 09
$255,000 in March 10
Homedelete,
No time to research this one but who buys in October and sells in March unless they are trying to flip after some renovations? Did they renovate this place?
Gary I think they did some simple renovations. However, I don’t know there people or the owners, but, I did read on everyblock that there was a strong arm robbery in the alley behind the house and then it went up for a sale a few days later. I don’t know if the two are related but it’s awfully coincidental.
Berg Properties was the listing agent on this one. They’re generally a flat-fee MLS listing provider. $300-400 IIRC. I used them on my previous sale and it worked out great. Sold the home for $2k under ask in 3 days.
Another case of a purchaser being more in love with the thought of owning than actually living there. Pretty common among the set that pays bubble pricing for properties like this.
I was the seller from 2009. I know that flipping wasn’t their intention when they bought. They weren’t first time buyers when they bought from us. As far as I know, the only improvement made was a new garage and some repainting (painted the original wood trim- a downgrade in my opinion). Not privy to the details but my guess would be that the reason for them moving has to do with a growing family.
thats planning bp style
“details but my guess would be that the reason for them moving has to do with a growing family.”
“The market is hot hot hot. Buy now or be priced out forever.”
I don’t disagree entirely with the underlying sentiment but I have seen a lot of sales activity lately. More than I expected and at somewhat higher prices than I would have thought.
Just an observation, not saying that prices won’t trend down in the medium term.
There’s been a lot of activity up April 30th and then shortly thereafter new contracts precipitously fell. new mortgage apps fell by something like 30% from last May! There’s a lot of closings but if you look at new properties under contract in May and June it’s slowed to a trickle.
“#DZ on June 15th, 2010 at 11:56 am
“The market is hot hot hot. Buy now or be priced out forever.”
I don’t disagree entirely with the underlying sentiment but I have seen a lot of sales activity lately. More than I expected and at somewhat higher prices than I would have thought.
Just an observation, not saying that prices won’t trend down in the medium term.”
“There’s been a lot of activity up April 30th and then shortly thereafter new contracts precipitously fell. new mortgage apps fell by something like 30% from last May! There’s a lot of closings but if you look at new properties under contract in May and June it’s slowed to a trickle.”
I’ve been looking at houses in the $700K-$1MM range. I wouldn’t have thought it would be much affected by the tax credit, but who knows. Have also seen a couple go under contract in last week or two, but I acknowledge it’s far from scientific, and I also see some listings bounce back and forth between under contract and active.
The tax credit doesn’t affect the $700k+ range plus per se but it is affected in that if those lower on the housing ladder can’t move up then the higher end slows down too. The higher end is in no way shape or form decoupled from the rest of the housing market.
“I wouldn’t have thought it would be much affected by the tax credit, but who knows.”
“The tax credit doesn’t affect the $700k+ range plus per se but it is affected in that if those lower on the housing ladder can’t move up then the higher end slows down too. The higher end is in no way shape or form decoupled from the rest of the housing market. ”
So, if DZ’s anecdotes turn into data, that means that the under $700k piece of the market is doing fine? Because that’s what you just implied.
dz is saying hes seen some/couple of big props move; which means only what he said, we can presume he’s been following this price market/area for a bit and is relaying his read on it.
I’ve actually been tracking what’s going on in the market. Anecdotaly it looks like interest has died. Statistically across all Chicago and above 100K list prices contract activity is off 15% from last year.
A couple big properties move in a slow market whereas a few or many big properties move in a good or hot market.
I told you things were slow. My permabear attitude has some basis in factually reality.
Gary said it’s off 15% from last year and last year was pretty bad.
And of course there’s the locationlocationlocation factor: “Walking distance to Wrigley Field! Be in the midst of all the action when the Cubs win the World Series!”
Executed Recorded Document Type Amount
05/26/2010 06/09/2010 MORTGAGE $415,000.00