117 E 2nd St in Springfield

[iloveionia]

I've been in this house in the last year.  It's remarkable.  The owners restored the house as Strider states.  Dedicated their every moment to it's rebirth.  What I most love are the windows.  They "tuck" or "push" up into the walls, through the ceiling so to speak.  Total wow factor. 
This house also retains evidence that fireplaces were used to heat homes as they are everywhere and not always the centerpiece of the room.  Gosh.  I've forgotten how much I love this house!!

[Debbie Thompson]

AVS, did I read your post wrong?  I just got a an FHA 203k loan, and I'm not a first time home buyer. 

Agree it's a big house with probably big utility bills.  Would look into how to mitigate that, but know that old houses such as this with balloon framing need special attention to the type of insulation, because they are meant to "breathe."  If the buyer wants to insulate, need to find someone with knowledge of historic homes.  (It may have insulation for all I know.)

But as a big house for a big family, how amazing.  A somewhat well-to-do family who can well afford the repairs, and perhaps even pay cash, could probably handle the utilities.  Look into geothermal or solar HVAC.  Tankless water heaters.  CFL lights.  Get an energy audit.  Keep the thermostat at 80 in summer and run fans.  Keep it at 65 in winter and waer sweaters.  There are ways to mitigate high utility bills.

[Cheshire Cat]

What kind of money are we talking to purchase it?  I am assuming this is as is?

[iloveionia]

The house is totally livable as is.  This family/owner has lived there for 15+ years!  Under $200,000.  I think $155,000 but I'd have to go back and verify.  Short sale.

[Cheshire Cat]

Thank you.  I am going to pass the info to an interested buyer. 

[If_I_Loved_you]

For Sale: $155,000
Price Cut (Feb 25): -$4,000
Zestimate®: $195,748
Est. Mortgage:
$547/mo
See current rates on Zillow

    Bedrooms:6 beds
    Bathrooms:4 baths
    Single Family:4,739 sq ft
    Lot:14,810 sq ft
    Year Built:1886
    Last Sold:Apr 2006 for $91,500
    Heating Type:Contact for details

    Get more info
    Save this home
    Get updates
    Email
    more
        Print
        Send to phone
        Get new listings in email
        Claim this listing
        Report problem with listing
        Post to Craigslist

Foreclosure InformationWhat's this?
 
JAN 25 2013   Home in default      The owner of this property has been served a Notice of Lis Pendens.
APR 5 2006   Loan issued   $245,000   A loan was issued by JPMORGAN CHASE BANK NA on 04/05/06 in the amount of $245,000.
APR 5 2006   Previous sale   $91,500   This home last sold for $91,500.
Foreclosure Trustee or Attorney What's this?

Name:
    PHELAN HALLINAN PLC
Address:
    2727 W CYPRESS CREEK RD, FORT LAUDERDALE, FL 33309

More foreclosure informationLearn more at Zillow Foreclosure Center
Description
Historic Large Frame Home one of a kind located in The Historic District of Springfield exhibiting the Victorian, Queen Anne & Gothic Revival styles. This historic home is featured in the Jacksonville Architectural Heritage Publication lst edition. It has been restored with hardwood flooring,…More

        Days on Zillow744
        CoolingUnknown
        ParkingUnknown
        Basement TypeUnknown
        FireplaceUnknown
        Floor CoveringUnknown
    More

See data sources
Zestimates
   Value   Range   30-day change    $/sqft   Last updated
Zestimate What's this?   $195,748   $143K â€" $391K   -$13,574   $41   02/26/2013
Rent Zestimate What's this?   $1,503/mo   $1.2K â€" $1.9K/mo   $0   $0.32   02/25/2013
Owner Estimate   

Post your own estimate
Agent Comment   

You must sign-in and claim this listing in order to post a comment

    Zestimate
    Listing price
    Rent Zestimate
    more
        Zestimate (% change)
        Tax assessment
        Tax paid
        Page views
        1 year
        5 years
        10 years

This home
   --
Springfield
   --
Jacksonville
   --
•
•
•

[If_I_Loved_you]

http://www.watsonrealtycorp.com/search/listing-detail?ID=FB94E421-BA3C-4A4F-B86A-EB4C57B500E0

[duvaldude08]

Any pictures?

[JFman00]

It's well within my reach for a 203k, but the price tag just seems beyond low given how much work has already taken place. I can't shake the feeling that something is very, very, very wrong with it. Plus, being single and deployed makes me very wary of getting into something I couldn't finish. But that kitchen alone looks like a $50k+ of work already complete...

[Debbie Thompson]

duvaldude08, click the link on the very first post on page 1 to go to the listing.  There are lots of pictures.

JFman00, it is unbelievable what houses in Springfield (and probably elsewhere) are going for right now.  I think the banks are just selling them at fire sale prices and writing off the losses to get them off their books and move on.  Last year, we purchased a 3/2 Craftsman bungalow for $23,000.  Did about $1000 in repairs, cleaned, painted, put a couple coats of poly on the floors, and it was ready to live in.   A couple months ago, we purchased a 2/2.5 1800 sq ft home with a 2/1 687 sq ft cottage in the back yard for $47,900.  It needs about $25,000 in repairs, for a total investment of about $73,000.

Those deals are drying up as the market is improving.

Without having walked it, this sounds like a steal to me.  Don't forget...you can put in the contract you want a home inspection, with the option to call in others.  If it comes out iffy, you could have a structural engineer, plumber, roofer, contractor, electrician or anyone else you feel the need to look it over based on the home inspection.    We've done that before when a home inspector told us to have the roof looked at.

[SPR Nole]

I can't shake the feeling that something is very, very, very wrong with it. Plus, being single and deployed makes me very wary of getting into something I couldn't finish. But that kitchen alone looks like a $50k+ of work already complete...

I think the pics are a little deceiving.  I was in it a few weeks ago.  AVS is right that the stairs do need to be rebuilt and the est I was told was $20k.  But it needs more work...some cosmetic, some maybe more involved.  My "uneducated about restoring old houses" guess is that if you do not have at least 40k to put into it immediately then you probably should not buy it.

But go see it.  It has great potential.  But be warned that it is very cluttered and messy right now.

[strider]

If you walk through this house or any old house and like what you see but are nervous about the work it might or might not need, please go back with a contractor that specializes in historic houses.  There is a huge difference in how things should be done and dealt with between these old houses and the newer ones.  A contractor very experienced on doing additions on a normal house will often run for cover from anything he sees on an old house.  We even have issues with home inspectors because what would be an issue on a house built in 2000 isn't even a blimp on the worry radar in a house built in 1895.  It is not unusual for a inexperienced contractor to over estimate the needed repairs on an old house simply because they don't understand the old materials and construction techniques. 

The best advise for purchasing any historic house is to find the right people to give you the right advice so you can make that informed decision.

[Debbie Thompson]

At that price, it probably need works.  Check out the roof.  Is it leaking?  Checking the plumbing and wiring.  The structure. All the systems.  Those are things that have to be right, but which don't show when you rehab something.  Half our rehab budget for this house went to new plumbing, some new wiring, a new roof, and structural repairs.  Consequently, we still have the 1930's kitchen (which I love, BTW, and would not change, but lots of people don't see it that way. They want new.)  So if you go for it, do it with your eyes open.

The house we just bought for $47,900 needs $25,000 in work.  That's over 50% of the purchase price.  But we'll still have an amazing house for $73,000 or so when it's done.  The value is there.  This is an amazing house which you will have to put some money into.  You just need to know that going in.  And plan on 10% to 25% more than you think, because you always find more stuff once you get going.

That said, if you don't want to take it on, there are lots of houses for sale in Springfield that DON'T need rehab and are move-in ready.

[SPR Nole]

And as far as the Otis Toole connection goes...

I am not sure he ever lived there, but in 1982 he did barricade a tenant in a room and set the house on fire.  It was a rooming house at the time and he was convicted of the murder.  You can read about the case here:

www.law.fsu.edu/library/flsupct/65378/65378Ini.pdf

[avs]

Its also in a part of Springfield alot of people consider less desirable having less neighbors around...

While 2nd st. between Market and Hubbard would leave the house with no direct neighbors.  Market between 2nd and 3rd is almost completely full of great homeowners (including the house at the corner of market and 2nd), and Hubbard between 2nd and 3rd has some great owners too. 

This house is actually shielded from the Apts on Market and 2nd, and any noise/disturbance from them would be lessened.

It is all perception, I agree.  But everyone's comfort levels are different.

The house is aggressively priced probably because they are short selling and need to attract a buyer asap.  Since the house does need some work to be able to be financed then they need to attract a buyer willing to do this.  It is also a large house and sometimes that overwhelms people ("I would have to clean it and buy so much furniture" )

Your offer can always be contingent on a home inspection and WDO Inspection (wood rot and termites), you would have 10 days to get an inspection and notify the seller if you want to cancel based on the inspection results.  The house does need about 20K put into the stairwell and the roof needs work it says in the Realtor remarks.

It hasn't sold because the right buyer just hasn't seen it.  I wouldn't worry about why it is priced where it is - an appraisal will solve that issue and I am sure your Realtor will pull comparable sales for you.  Think if it is what you want, can you handle some work?  Do you like the location (it is walkable to downtown, the river and Uptown Market)?  If you take a look and love it then make an offer contingent on inspections and move through the process.

The price was lowered last night again to $145K - the seller is motivated to sell so that is a good sign

Amanda Searle