The Cheapest SFH in Lakeview Just Sold for $329,700: 3911 N. Hermitage
We last chattered about this 2-bedroom cottage at 3911 N. Hermitage in Lakeview in November 2011.
See our prior chatter here.
It had gone under contract in just a month after being listed for $339,000.
Some of you were surprised it went under contract so quickly as it wasn’t much bigger than many condos in the neighborhood but the homeowner would be on the hook for all the maintenance and upkeep (instead of an association.)
What is better, the small condo or the small house?
One buyer apparently thought a house was better as it sold in early January for $329,700.
If you recall, there was a catch.
There was no parking and little outdoor space as the house was on a 25×49 lot. The 2-bedrooms were also split with the master on the second floor and the second bedroom, at just 10×8, on the main level.
There was, however, an unfinished basement and the house did have central air.
Scott Zelkin at @Properties had the listing. You can still see the interior pictures here.
3911 N. Hermitage: 2 bedrooms, 2 baths, no square footage listed
- Sold in March 1989 (no price listed)
- Sold in April 1995 for $115,000
- Sold in October 2003 for $275,000
- Originally listed inmid-October 2011 for $339,000
- Under contract by mid-November 2011
- Sold in January 2012 for $329,700
- Taxes of $5950
- Central Air
- No parking
- Unfinished basement
- Bedroom #1: 29×12 (second floor)
- Bedroom #2: 10×8 (main floor)
- Living room: 13×12
- Dining room: 14×11
- Kitchen: 11×9
- Den: 15×6
Not surprising.
When stuff like this sells you know that inventory sux.
different strokes for different folks…which goes hand in hand with…haters gonna hate
I went and saw this place. It needed work. Upstairs had a exterior door to nowhere (deck had been torn down and never rebuilt). Bathrooms needed updating (not because the finishings were 5 years old, more like 25) and the basement had a 6 foot 4 inch clearance. Digging that out would have cost $$$. Congrats to the buyer, having a SFH for that cheap, but it wasnt for me.
I know what a lot of rehab work (should) cost, but I have no idea what the cost is psf to dig down 1′ or so in a basement. Does anyone have a ballpark? Price to include breaking cement, digging and re-pouring cement. Thanks!
“What is better, the small condo or the small house?”
The small house.
The price action on this since 2003, relative to Lakeview 2/2 condo prices, tells you the market agrees with me.
“cost is psf to dig down 1? or so in a basement”
Under $40, including some normal “extras”–drain tile, sump pit, new structural posts,etc. If someone is offering to do it under $20 psf, I might question if they know what they are doing.
Im sure a demolition permit is being filled out as soon as possible.
Hmmm….even though it’s small was thinking I would have done it but the basement issue, no parking/no garage, on an alley listening to those garbage trucks and it needed work? No thanks.
Ps, that pricing assumes that the foundation footings are over one foot below the floor level. If not, then it could be much more expensive.
Also, with a frame house, its possible to raise the house and build up the foundation, but i dont have a good idea what that would cost.
I agree with sopo, small house is better, just not this one. House means not having to connect your lives to neighbors who you may or may not agree with on the maintenance or pay their assessments or even like/get along with. However, the benefits of your own house are outweighed by the lack of parking, need for updating and alley location here.
And just think – the buyer can now brag to the family and friends that they live “near the Mayor’s house!” lol