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”?

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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?

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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

13 Responses to “An “Affordable” Single Family Home in Lakeview? 3729 N. Hermitage”

  1. 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.

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  2. 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.

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  3. 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.

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  4. 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!

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  5. 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.

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  6. “2234 W. Wellington for 450k instead”

    That shows a lot of confidence in the Lathrop Homes being torn down.

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  7. 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.

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  8. 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.

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  9. 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.

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  10. 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.

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  11. “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)?

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  12. Layout seems a little strange. Bedrooms are weirdly shaped. Kitchen looks attractive. Needs staging.

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