[media-credit name=’MEGHAN CONLIN/Herald Photo’ align=’alignnone’ width=’648′][/media-credit]In order to build newer, condominium-style housing, three buildings just off-campus are on sale for $1. There's a hitch, however: The purchaser must move the houses to a different lot, and the buildings need several thousands of dollars worth of repair.

The houses, located at 415, 417 and 419 West Dayton St., are currently being rented to University of Wisconsin students. But owner Patrick McCaughey said he has decided to sell the establishments to build better housing.

"We want to put in more occupied housing, but we are thinking about moving the current house instead of putting it in a landfill," McCaughey said. "We're just exploring all possible options."

Bob Childs, owner of Childs' Contract Movers, said anyone who ends up buying the homes for $1 would probably pay more than $20,000 to relocate the buildings to another lot. This does not include the costs of relocating utilities and electricity. Childs has been moving houses in the Madison area for more than 45 years.

"Is [relocating the house] worth it? Well, I guess that depends on who's looking at the house and what they are going to do with it," Childs said. "You also have to think about how much it costs to build an entire new house."

McCaughey admitted the 100-year-old houses are worth preserving if the future owner is willing to put in needed renovations

"The house does need a lot of work, and the preservation worth depends on what level [the owner] wants to bring it back up to," McCaughey added.

McCaughey said he and Ald. Mike Verveer, District 4, have been talking and examining options for a while because there may be tension between company and neighborhood interests.

In a neighborhood meeting scheduled next Thursday, McCaughey said he will propose

the idea of new housing on the lots.

"We've been talking to a small group of residents already who have gone through and looked at the house," McCaughey said. "Nothing will be approved or disapproved at the meeting; we just want to get opinions."

McCaughey said he is also working with Madison Environmental Group President Sonya Newenhouse to look at the possibility of recycling every part of the house, should no one buy the structure. Another possibility, he added, was simply putting the house in a landfill.

However, Childs pointed out, that option would cost a significant amount of money and space.

"Taking something of that size to the landfill can cost anywhere from $12,000 to $20,000," Childs added. "People need to sit down and think about these options, maybe even talk about putting some money into renovation."

McCaughey said ultimately, he just wants to make good use of the current site.

"[The house] is currently in a great location," McCaughey said. "I just want to build something a little more reasonable and affordable for Madison residents."