Restore This 1880s Gold Coast Mansion to Its Former Glory: 1500 N. Dearborn Parkway

We last chattered about this 4-bedroom vintage Gold Coast single family home at 1500 N. Dearborn Parkway in April 2010.

1500-n-dearborn-parkway.jpg

See our prior chatter here.

At that time, it was listed at about $5.5 million but the listing said it was “priced to sell” and they would “entertain all offers.”

Since then, it has been reduced $1.545 million.

The 6290-square foot house was built in 1889 and has 3 fireplaces.

Built on a 30×150 lot, it also has a coach house and a rare 3-car garage.

Much of the original woodwork is still intact, including built-ins and wood beamed ceilings.

Three out of the four bedrooms are on the second floor with the fourth on the third floor.

The house also has a 23×15 library and central air.

This house is now listed $516,000 under the 2004 purchase price.

Is this a deal for someone with some vision?

1500-n-dearborn-parkway-staircase-approved.jpg

1500-n-dearborn-parkway-parlor-approved.jpg

1500-n-dearborn-parkway-dining-room-approved.jpg

1500-n-dearborn-parkway-kitchen-approved.jpg

1500-n-dearborn-parkway-bedroom-approved.jpg

Joanne Nemerovski at Prudential Rubloff now has the listing. See the pictures and a virtual tour here.

1500 N. Dearborn Parkway: 4 bedrooms, 3.2 baths, 3 car parking, 6290 square feet

  • Sold in December 2005 for $4.466 million
  • Originally listed in July 2009
  • Was listed in April 2010 for $5.495 million
  • Reduced
  • Currently listed at $3.95 million
  • Taxes of $34569
  • Central Air
  • Coach house
  • Bedroom #1: 21×16 (second floor)
  • Bedroom #2: 17×14 (second floor)
  • Bedroom #3: 15×14 (second floor)
  • Bedroom #4: 21×10 (third floor)

101 Responses to “Restore This 1880s Gold Coast Mansion to Its Former Glory: 1500 N. Dearborn Parkway”

  1. JasonMChicago on July 21st, 2011 at 10:05 am

    No assessments (which is great) but those taxes are OUT OF CONTROL!

    0
    0
  2. “Taxes of $34569”

    “those taxes are OUT OF CONTROL!”

    Yeah, especially since a $3.5M value should be ~$50K per year.

    0
    0
  3. If this is the house I think it is, it’s also available for rent. I will try to look up the asking rent (if anon doesn’t post it first).

    0
    0
  4. $7500

    http://www.urbanrealestate.com/property/1500-N-Dearborn-CHICAGO-IL-60610-RA2BZ3BHNPFZM.html

    Mr. Heitman, should I rent it or buy?

    0
    0
  5. “Is this a deal for someone with some vision?”

    It might be a deal for someone with money, not sure vision will get you this : )

    0
    0
  6. Always loved this building when I was working on a project kiddie corner to it a few years ago. Looks like a proper restoration/renovation could easily cost $400K+

    0
    0
  7. formerroscoevillager on July 21st, 2011 at 10:22 am

    I was starring at it agog, and going “The whole thing!!??” Then wondered why the kitchen was so small for a house so grand…

    0
    0
  8. Wait – let me get out my checkbook.

    0
    0
  9. Dude … Are u kidding me? Were you working on a dog house across the street? The renovation will cost 1-2 million at a minimum depending on finishes.

    0
    0
  10. I think this one needs to get under 3 million. Probably sell in the 2.5-2.7 Range. Its only 6300 sq ft so even post reno it cant be worth more than 4 to 4.5. Plus I don’t know what kind of reno will save that tiny kitchen. It also has a really ugly coach house IMO.

    0
    0
  11. The current kitchen is so out of sorts with the rest of the house. I would think that a decent reno would expand the size of the kitchen and include custom cabinets with enough detail to match the rest of the house. The kitchen alone, if properly done, should cost 100-150K.

    0
    0
  12. This is the type of house I would buy if I was wealthy. I even like the kitchen, tucked away and not taking up any space.

    0
    0
  13. The lot next door to the north has a very narrow house being built that will eliminate all window exposure from that side. The house is mostly directed (rooms) to the south (and the house may have had a neighbor in the past when the home was first built) so the view lost is less important than giving up the free-standing appearance. I think the price is still off for what the updating will require even though the home is very sound and in good condition. Kitchens and baths will take another 500-700K with re-working/updating mechanicals.

    0
    0
  14. “Dude … Are u kidding me? Were you working on a dog house across the street? The renovation will cost 1-2 million at a minimum depending on finishes.”

    Proper, not extravagant. There isn’t much wrong with the property in a basic sense.

    0
    0
  15. Proving the plumbing and electrical systems are in tact, would you necessarily have to update? I like the woodwork.

    0
    0
  16. “Mr. Heitman, should I rent it or buy?”

    rhetorical, but still:

    12*7500-34569/.055/.8 = ~$1.25mm

    Clearly, renting it is the way to go.

    0
    0
  17. While it isn’t the kind of place I’d buy if I was looking to spend $4m, you have to appreciate all of the fine work once done in this place.

    It makes me sad that whoever owned this place held onto it longer than they should have, and now it will likely be sold to someone who won’t give it the respectful restoration it deserves.

    0
    0
  18. You guys have no idea about pricing on high end properties. You guys also have no idea how many people in the chicagoland area live in 4 million + houses – there are hundreds (if not thousands) of people who can afford this place.

    Also, 35000 for taxes is cheap for this place. There are thousands of people in the chicagoland area paying way more taxes than this for a much less expensive house. Seriously, just look at the tax bills in Naperville, Hinsdale, Kenilworth, Winnetka, Wilmette, etc. – you would be shocked.

    G- stick to the low end properties. You obviously are a fish out of water on this one.

    0
    0
  19. The kitchen is small because that is probably the orginial kitchen space when built and the wealthy owner had servants that worked in the space, so they weren’t typically given much space. Plus, I bet the walls surround most of the kitchen are probably load bearing that expansion of the kitchen square footage would be proportionally expensive. I wouldn’t mind the relatively small kitchen, because I would be getting a house that is cost prohibitive to replicate with modern construction, 100+ year old old growth woodwork, and the preimier location in the City with good parking and natural light.

    Plus in regards to the kitchen, I bet most people able to purchase a $3mil+ house are either (a) working so much that they don’t eat meals at home, (b)hire a cook, (c)are trustfund/inheritance recipiants and eat out for every meal due to their extravagantly leisurely lifestyle.

    0
    0
  20. “Plus in regards to the kitchen, I bet most people able to purchase a $3mil+ house are either (a) working so much that they don’t eat meals at home, (b)hire a cook, (c)are trustfund/inheritance recipiants and eat out for every meal due to their extravagantly leisurely lifestyle.”

    Not true…many enjoying cooking as a hobby, employ nannies who we want to cook organic meals for our children (and teach our children how to cook and eat healthy), and spend most of our time home in the large open kitchen family room. Cooking is not necessarily a chore…its an escape from the business world. Depending upon the floorplan, you might be able to expand the kitchen into the home and relocate the room that you incorporated into the kitchen. I’ve lived in really unique, historic homes and I can attest that they aren’t worth it if they don’t function for daily living.

    0
    0
  21. “G- stick to the low end properties. You obviously are a fish out of water on this one.”

    By pointing out it might be underassessed? The only obvious thing is that you know very little about real estate. It is a proven fact.

    0
    0
  22. So if someone had just bought a totally renovated SFH down the street with about 4500 sq feet including basement) for $1.3- does this house mean they got a bad deal?

    0
    0
  23. Given how unique the property is and that it is in the best location in Chicago, I think current ask is definitely in the right realm. I like the space better than Dimon’s old joint, which sold for like $5-6MM right? So buying this place at ask leaves $1MM for renovations to bring it up to speed.

    0
    0
  24. Sabrina — Did you mean to title this “Restore This 1880s GOLD COACH MANSION…” Just wondering – I mean, it’s GOLD Coast and has a COACH house, so maybe you did. 🙂

    0
    0
  25. nyc buyer, a totally renovated 4,500 sq ft SHF for $1.3? I suppose it depends just how far “down the street” the house is (by “down the street, I presume you mean the GC, OT or ELP). Unless it’s in some semi-seedy south of Division spot in the GC, or some too far south and/or west section of OT, I can’t see how it would be a bad deal.

    0
    0
  26. Clio – after watching you try to underwrite that property the other day I will forever laugh at everything you say. I’ve been lurking here for a while and I would trust your opinion least of anyone on this site.

    0
    0
  27. Total $4M+ sfh/condo/th properties sold in Chicago metro area since 1/1/2000 per mls = 329

    Where they are located:

    Chicago 131 (77 attached, 54 detached)
    Winnetka 57
    Lake Forest 55
    Hinsdale 19
    Glencoe 17
    Highland Park 13
    Kenilworth 8
    Wilmette 7
    Burr Ridge 5
    Barrington Hills 4
    Oak Brook 4
    Lake Bluff 3
    Evanston 3
    Naperville 1
    Bannockburn 1
    Northfield 1

    0
    0
  28. formerroscoevillager on July 21st, 2011 at 1:14 pm

    Obvi some of the wealthy are buying 2 2M properties and that skews the numbers.

    “329”

    0
    0
  29. Thanks for the list, G. No $4 million sales in Dolton or Calumet City yet?

    0
    0
  30. G- string- what do your numbers prove? Also, remember that most people that live in 4 million dollar plus properties have lived in them for more than 11 years. The number of 4 million + properties single family properties in the chicagoland avenue is WAY over 1000. The bottom line is that there ARE hundreds (if not thousands) of people in the chicagoland area that can afford a 4 million + property.

    Also, your numbers don’t reflect people who built their houses (most new contruction sales aren’t recorded) when the home is custom built.

    Your data is flawed – and one cannot come up with any reasonable/logical conclusion when you start with incomplete data. The fact that nobody on this site seems to understand this is beyond frustrating. You guys, seriously, are a bunch of losers.
    Have fun renting your crapshacks and keep wondering why you are unable to “move up”

    0
    0
  31. Thanks, anonny. The house I was referencing is somewhere between NLSD, Burton, Astor and Schiller.

    0
    0
  32. So it’s on Astor between Burton and Schiller? Very nice.

    0
    0
  33. “G- string- what do your numbers prove?”

    clio, It is important to look over all kinds of data if you hope to achieve some real estate knowledge. Take all the pieces and utilize when applicable. Your track record of idiocy implies to me that you need all the help you can get. You’re welcome.

    But, since you asked, this data set certainly proves where the high end mls sales have occurred. This could be useful in, say, a discussion of whether or not there is more big money in, I don’t know, Lake Forest or Oak Brook. This data does appear to make a very strong case for one over the other. Or, say, one wants to know which high end eastern DuPage County town has the third most $4M mls sales – that could be proven from the data, too. See, you could draw some completely reasonable/logical conclusions from this data. The fact that you don’t see that helps me understand why your real estate knowledge is lacking.

    “The bottom line is that there ARE hundreds (if not thousands) of people in the chicagoland area that can afford a 4 million + property. ”

    No, the real bottom line is how many need another?

    “You guys, seriously, are a bunch of losers.”

    OOOOH, very convincing.

    0
    0
  34. Looking to buy on July 21st, 2011 at 2:04 pm

    1.) It’s a rare property, not many SFH lots in the gold coast. (compared to LakeView/LP)
    2.) I’ve gotten estimates of ~$200/sq ft for SFH renovations. So at 200*6500=$1.3M

    0
    0
  35. “So it’s on Astor between Burton and Schiller? Very nice.”

    Not to get too into it, but, no. Nothing that cheap on Astor in a SFH in a decade.

    0
    0
  36. G-string – take a look around Lake Forst, Kenilworth Winnetka, the Gold coast, and the nicer areas of Hinsdale and Oak Brook. Most of these houses are over 4 million dollars but very few have been available for sale in the past 11 years (a very small percentage). Therefore, if you want to know where the highest concentration of high end homes is, you have to look further than just the sales in the past ten years, moron.

    0
    0
  37. Not on Astor, but somewhere within that 4 block radius, closer to the lake.

    0
    0
  38. “Not on Astor, but somewhere within that 4 block radius, closer to the lake.”

    This one, yeah? There are some photos floating around on zillow and elsewhere. Yikes on bathtub, kitchen, furniture. Maybe a deal though.

    http://www.redfin.com/IL/Chicago/48-E-Schiller-St-60610/home/14126167

    0
    0
  39. Maybe the sale will help with these taxes:

    http://www.redfin.com/IL/Chicago/50-E-Schiller-St-60610/home/14125120

    0
    0
  40. “This could be useful in, say, a discussion of whether or not there is more big money in, I don’t know, Lake Forest or Oak Brook. This data does appear to make a very strong case for one over the other.”

    G- you are a total fucking idiot. Just because Lake Forest has logged more 4mm sales than Oak Brook doesn’t mean ANYTHING – you have to look at the number of sales in relation to the total number of houses. For example (and obviously you need an example because you are so fucking illiterate and stupid), if city A has a total of 100 houses and 10 houses sell for 4 million but city B has 1000 houses and 12 houses sell for 4 million, does this mean that city B is more expensive? – according to your idiotic conclusions – it does!!).

    Also, Lake Forest has had much newer construction and a higher number of properties for sale in the past 10 years than oak brook. Same as Hinsdale.

    Again, you have to have some common sense, education, intelligence and experience to understand what I am saying. The fact that you don’t doesn’t surpise me one bit.

    0
    0
  41. “Most of these houses are over 4 million dollars but very few have been available for sale in the past 11 years ”

    Wait–does the current value matter, if they aren’t interested/don’t need to sell, or doesn’t it?

    I’m v. confused!

    0
    0
  42. it may be muggy otuside but its getting shilly in here

    0
    0
  43. I stand by the obviously reasonable/logical conclusions that I suggested could be drawn from the data:

    This could be useful in, say, a discussion of whether or not there is more big money in, I don’t know, Lake Forest or Oak Brook. This data does appear to make a very strong case for one over the other. (Lake Forest)

    Or, say, one wants to know which high end eastern DuPage County town has the third most $4M mls sales – that could be proven from the data, too. (Oak Brook)

    Are you arguing against these reasonable/logical conclusions drawn from the data? I don’t see anything in support of your claims that “Most of these houses are over 4 million dollars but very few have been available for sale in the past 11 years (a very small percentage)” and “if you want to know where the highest concentration of high end homes is, you have to look further than just the sales in the past ten years”. I am more than willing to consider any facts you may offer, but I never see any from you before. BTW, the MLS has only 19 $4M+ sales from 1990-1999 (none in DuPage County), so I don’t think they will alter the reasonable/logical conclusions drawn above.

    “G- you are a total fucking idiot. Just because Lake Forest has logged more 4mm sales than Oak Brook doesn’t mean ANYTHING – you have to look at the number of sales in relation to the total number of houses.”

    LOL. For a rate, you do. But I didn’t mention a rate, did I? I assume you didn’t calculate it because you don’t know how? Let me help you understand:

    Lake Forest 55 sales 7,016 total houses = 0.78%
    Oak Brook 4 sales 3,181 total houses = 0.13%

    “Again, you have to have some common sense, education, intelligence and experience to understand what I am saying. The fact that you don’t doesn’t surpise me one bit.”

    OOOOH, very convincing.

    0
    0
  44. Wow. Would they really take $7500/month for (what they value as) a $4MM place?

    Downside is that whoever rents can’t update (and that probably really hurts rental interest), but still…. that is a monster deal/spread.

    IMO, 4MM is a fair price (maybe even a little undervalued).

    0
    0
  45. Yes, DZ- the black tub, furniture and decor were terrible, but it’s amazing how far a little bit of decent taste goes. Kitchen (aside from the viking appliances) and baths all being redone. The former owner was a real cheeseball in my opinion.

    0
    0
  46. formerroscoevillager on July 21st, 2011 at 2:42 pm

    Groove wins the thread…

    “it may be muggy otuside but its getting shilly in here”

    0
    0
  47. yeah, it was rhetorical.

    but just for kicks, it’s actually $1.8 mil (you forgot to include the coach house)

    “rhetorical, but still:

    12*7500-34569/.055/.8 = ~$1.25mm”

    0
    0
  48. “but just for kicks, it’s actually $1.8 mil (you forgot to include the coach house)”

    You forgot to mention the coach house was a separate rental!

    With that, it’s *totally* worth it to buy.

    0
    0
  49. Clio,

    Do you have to call everyone a “fucking idiot?

    Generally G puts data out there for interpretation, and you bash it in a very simplistic manner. If I were you I would shut my piehole (or cut your fingers off), another option is put some real facts out there to voice your position.

    You are really making a fool of yourself.

    0
    0
  50. “This could be useful in, say, a discussion of whether or not there is more big money in, I don’t know, Lake Forest or Oak Brook. This data does appear to make a very strong case for one over the other. (Lake Forest)
    Or, say, one wants to know which high end eastern DuPage County town has the third most $4M mls sales – that could be proven from the data, too. (Oak Brook)”

    uhhh – G-string you are sounding like a total and complete moron to anyone from Eastern Dupage county. Again, if you don’t know the area, you CANNOT make sense from sales data. This is exactly where Zillow gets into trouble. There zestimates are ALL BASED ON DATA – but we all know that there are completely and totally idiotically unreliable and inaccurate. This is exactly the reason why – the data is important, but you REALLY HAVE TO KNOW AN AREA – you have to know about new construction (which are NOT recorded as sales when you custom build a house – and virtually ALL houses in Oak Brook are custom built – very few spec houses). All of these factors are extremely important – but lost on someone who doesn’t have the intellecutal capacity or maturity to understand. To everyone else – THIS is the problem with sending your kids to a second rate school – they turn into morons like G (seemingly intelligent b/c of the data spouting = but in reality, a completely wrong moron – a zillowite).

    0
    0
  51. Thanks for the sage advice Clio. Where did you go to school? This thread has convinced me, you must have had a really first-rate education.

    0
    0
  52. “Thanks for the sage advice Clio. Where did you go to school”

    Lab School then U. of Chicago, then Harvard and Stanford (for my post-graduate work). I’m glad you realize the value of education.

    0
    0
  53. Clio, no one here would reasonably believe you went to any of the schools you list. No chance.

    0
    0
  54. “Clio, no one here would reasonably believe you went to any of the schools you list. No chance.”

    That is not surprising – people here don’t want to believe the truth about real estate, why would they believe the truth about my education. Not surprising at all – very consistent.

    0
    0
  55. “This is exactly the reason why – the data is important, but you REALLY HAVE TO KNOW AN AREA – you have to know about new construction (which are NOT recorded as sales when you custom build a house – and virtually ALL houses in Oak Brook are custom built – very few spec houses).”

    I hate wading into the “oak brook” argument- but I find that suburb to be really old now. Sure, there is some new construction, but most of the land has been built on now. Take the Midwest Club. That has been there, what 25 or 30 years? The houses show it. Many are out of date (and over priced.) People are having an awful time selling in there. Buyers want “new” and those houses are not (and not maintained as they should be at that price range.)

    0
    0
  56. “Sabrina — Did you mean to title this “Restore This 1880s GOLD COACH MANSION…” Just wondering – I mean, it’s GOLD Coast and has a COACH house, so maybe you did”

    Sorry- late at night and I had the coach house part on the brain. Thanks for the heads up.

    0
    0
  57. Wow – a renter from the city of chicago speaking so authoritatively on the village of Oak Brook. Unbelievably arrogant and uninformed – typical, though…..

    0
    0
  58. “Is this a deal for someone with some vision?”

    It’s a good deal for someone who is blind! Who wants curb appeal that seems to intentionally invoke fecal matter.

    0
    0
  59. I like the place but I see what you mean Brad : )

    0
    0
  60. “Wow – a renter from the city of chicago speaking so authoritatively on the village of Oak Brook. Unbelievably arrogant and uninformed – typical, though”

    your still an asshat and oak brook still sucks. not much more needs to be said.

    0
    0
  61. Wow – now a grammatically challenged judgmental oaf has opinions as well!!

    0
    0
  62. “Wow – a renter from the city of chicago speaking so authoritatively on the village of Oak Brook. Unbelievably arrogant and uninformed – typical, though…..”

    I used to live near the Midwest Club. I still know people who live in there. They can’t sell for the life of them. Some realtors have been feeding me stories about what is going on out there as well. The houses just haven’t been updated. Some haven’t been touched in 15 or 20 years. And the area just doesn’t have the cache it used to for the 30-somethings who will be the new targeted audience of buyers in that area.

    They want “new”.

    On a similar note- I know someone who has what I would call a real mansion in a northern suburb (NOT north shore.) It’s a 10,000 square foot house built in 1995. It’s been on the market for years. The realtor recently told them that they need to replace all the doorknobs in the house (because they are “dating” it) and faucets and counter tops in the 7 bathrooms (again- “dating” it.)

    Buyers want “new” – in EVERY price point. And there’s plenty to choose from so they’ll just bypass those that aren’t up to date.

    0
    0
  63. “Wow – now a grammatically challenged judgmental oaf has opinions as well!!”

    next time you have any thoughts or opinions please see what i will now refer to as Rule #1

    http://cribchatter.com/?p=11027#comment-172265

    0
    0
  64. “Wow – a renter from the city of chicago speaking so authoritatively…”

    The time for calling someone a “renter” as a soft pejorative, has come an gone. Get with the program, hello it’s not 2005 anymore in case you haven’t noticed. Millions of lemmings are still living in a dream world in which their homes have not lost value in their own minds.

    FUNNY anecdote. A few years ago when I moved into my beautiful modern 3/2 rental condo in an elevator building, one of the “owners” turned his nose up at me calling me a “renter.” He did this repeatedly and blatantly, even going so far as to say things like “you’re in an unfortunate position being that you are a renter.” It was like there was something seriously wrong with this guy. In reality he was just trying to convince himself and justify his own incredibly stupid decision to buy. Fortunately I’m mature and pragmatic enough not to rebuff my new neighbor right off the bat, so I just let his b.s. roll right off me. Well move forward a couple years and there have been forclosures, increased maitenance costs, and other persona non-grata horrible renters in the building, so now the same guy realizes that he is paying more than double what others are paying on a monthly basis and his unit is not as nice. And he has complained vocally about this in the lobby. I’m not worried about saying this on here, bc I know this “owner” is far to ignorant to ever read a financial/RE blog. So whereas before he was throwing around the word “renter” like hate speech, now the same person wishes he were a renter. He’s scheming on ways to get out of his “ownership” situation, but unfortunately for him he has a good steady (but non-portable) job, so the bankers are never going to let him off the hook, hehe.

    The reality is that rent vs own is just a financial consideration, regardless of the glorified mythology that own>rent devotees promote. Unless you are paying cash the so called “owners” are just RENTING money and using it to buy a headache.

    Among my peer group I have to not talk to much about rent vs. own because almost everyone bought and I don’t want to make people jealous that I’m a renter, or have too many hurt feelings or crying at the dinner table. But on here on the internet I don’t care. So in your face all the stupid bagholders who held their noses above renters, haha.

    RENT till you’re RICH. Don’t BUY & CRY. Suckers!

    0
    0
  65. “The reality is that rent vs own is just a financial consideration, regardless of the glorified mythology that own>rent devotees promote”

    No renting provides more flexibility as you can move for a job and not worry about taking a big capital loss, or even being prevented from moving altogether.

    “Unless you are paying cash the so called “owners” are just RENTING money and using it to buy a headache. ”

    Even owners that pay cash are always on the hook for taxes and/or assessments. In a sense they are renting, too, renting from the tax man. Only exception is owner occupiers with the senior exemption with no HOA where the taxes are trivial.

    At some point in the future the discount to owning might make up for the inconvenience of possibly being immobile for a new job opportunity. I’m already seeing some properties at a steep enough discount for this, but not in any area I’d like to live (yet).

    0
    0
  66. Err the discount FOR owning.

    0
    0
  67. “So in your face all the stupid bagholders who held their noses above renters, haha. RENT till you’re RICH. Don’t BUY & CRY. Suckers!”

    If you buy at or below rental parity and live in your home for a long time there are many benefits which come with that. If I had rented instead of bought in Brooklyn back in 1998, my rent would be much higher than my monthly assessments are now. Plus you have the tax deductions equity when you own.

    I feel sorry for the people who bought with signigicant downpayments during the bubble and are underwater now. Not so sorry for those who bought with little to no money down.

    Also, there are benefits which come to your neighbors and your community when you buy. I would much rather live in an area with more owners than renters. Those areas will always be cleaner, safer, nicer places to live because your neighbors have a vested interest in the neighborhood and don’t have the attitude that if they litter someone else will clean it up for them.

    0
    0
  68. tax deductions AND equity.

    0
    0
  69. Local – Ever heard of Irv and Essie Kupcinet? They were the quintessential “couple about town” and according to some reports, they ate almost EVERY meal at a restaurant or had food catered-in for their parties.

    Judging from my experience as a Realtor who has seen my share of upscale houses/condos, I’d say that for many “contemporary” Gold Coast dwellers that may still be a viable lifestyle. Many of these units have elaborately decorated living/sleeping spaces, with the kitchen as an afterthought.

    And from what I have seen on those kitchen shelves, I’m not sold on the idea that rich folks are all that concerned about “organic” diets for themselves/kids. The health-foodies seem to be mostly middle-to-upper-middle class types. OTOH lower-class folks tend to eat cheap junk food while the upper-classes eat expensive junk food (esp. “gourmet” pastries and frozen meals).

    0
    0
  70. @Jenny, I’m with you. If the mechanicals are in good shape, I don’t see what has to be renovated either. If anything, it would cost $30K max to “sterilize” it via Pottery Barn – Chicagostyle.

    Beautiful as is.

    0
    0
  71. Not all of us that cook need a camera crew and audience in the kitchen. Cooking for me is a private function, the eating/entertaining part of the meal for me is in the dining room. So that kitchen to me looks perfect.

    0
    0
  72. “Not all of us that cook need a camera crew and audience in the kitchen. Cooking for me is a private function, the eating/entertaining part of the meal for me is in the dining room. So that kitchen to me looks perfect.”

    Then how will your guests know whether or not you used the cooking spoon to taste the sauce?

    (who was that complaining about how unsanitary that is? someone help me out!)

    0
    0
  73. “If you buy at or below rental parity and live in your home for a long time there are many benefits which come with that. If I had rented instead of bought in Brooklyn back in 1998, my rent would be much higher than my monthly assessments are now. Plus you have the tax deductions equity when you own.”

    The proper comparison also includes either interest payments or opportunity cost on capital, not just assessments.

    When you rent at or below buy parity (and almost all rentals are at or below buy parity) there are many benefits which come with that too. The money you save is real equity, which you can invest, and you’ll never have a negative equity problem which a third to a half of Chicago area “owners” already have or are going to have.

    I agree that a neighborhood of ALL rentals is not going to be as nice as a neighborhood of ALL owners, but today you can rent in “owner” neighborhoods and buildings, because there are millions and millions of bag holders out there. And also both the stigma and actual quality of rental areas compared to owner areas is changing, as people wake up to the bubble having popped.

    Germany, a wealthy and fully developed country, is something like 70% rental. They never drunk the kool-aid and went “ownership” crazy like us. Hopefully we will be more like them in this regard in the future. Remember the vast majority of owners have are just renting money, and paying more to rent that money than to it would have been to rent the house. Does it make economic sense? Is it sustainable? If only everybody knew to ask these questions.

    When you add up the pain, suffering, financial destruction, family destruction, economic misallocation, of what has been surely the biggest mass mal-investment of all time, it is worse than all wars this country has faced combined. Drinking the “I should own, Suzanne researched it” kool-aid has its consequences.

    0
    0
  74. “(who was that complaining about how unsanitary that is? someone help me out!)”

    i want to say it was the same person complaining about butter in recipes? or Americans put butter in everything.

    0
    0
  75. Germany, a wealthy and fully developed country, is something like 70% rental. They never drunk the kool-aid and went “ownership” crazy like us.

    Brad F, no disrespect, but Germany’s not so wealthy anymore – remember, this is the country which gave us Aldi – and this is a good example which proves my point because I noticed in Berlin where most people are renters, everything’s covered in graffiti and people don’t seem to have much respect for other people’s property, (even though I LOVE Berlin, btw).

    Compare that to Poland which is much cleaner and where pride in home-ownership is part of the culture. During communist times you could not own your home if you lived in the city. Everything was public property. Rural areas were exempt from this, so many city dwellers got their hands on whatever construction materials they could whenever it was available and built themselves summer homes in the country.

    Meanwhile people were getting paid decent wages and there was nothing to buy, so they saved up, and when communism died, everyone in Krakow bought their flats for like $3,500. And everyone opted to buy.

    I’ve noticed that in American cities too, first generation Poles care for their homes meticulously inside and out.

    0
    0
  76. “(who was that complaining about how unsanitary that is? someone help me out!)”

    Pretty sure it was Jon, whose home I would eat in anytime.

    0
    0
  77. BTW, I’m still lusting after an Albany Park short sale I tried to buy last year which was owned by an older Polish lady. It was a lace-curtained little cream puff of a cute apartment. But the short sale was a nightmare with unscrupulous agents who tried to shake me down for a large extra commission so I had to kill the deal.

    0
    0
  78. gringozecarioca on July 22nd, 2011 at 12:35 pm

    “as you can move for a job and not worry about taking a big capital loss”

    Is that a joke? Bob, you’re like top MBA, moving expenses shouldn’t even be a consideration. Bump it up for taxes and have them cut you the check.

    “Then how will your guests know whether or not you used the cooking spoon to taste the sauce?
    (who was that complaining about how unsanitary that is? someone help me out!)”

    My wife!!! God forbid she catches me when I do that.

    “i want to say it was the same person complaining about butter in recipes? or Americans put butter in everything.”

    Has this person *ever* seen the kitchen in a French restaurant? Butter is a like manna from heaven.

    0
    0
  79. “(who was that complaining about how unsanitary that is? someone help me out!)”

    “Pretty sure it was Jon, whose home I would eat in anytime.”

    Haha. I don’t recall saying it on here, but it is something that I do feel very strongly about. I won’t eat things that people make (and bring to work, for example) unless I have seen their kitchen and it passes inspection. And that’s where I consider myself to be flexible. I will never eat anything made in a home where there is a cat or -eek- cats.

    0
    0
  80. gringozecarioca on July 22nd, 2011 at 12:48 pm

    “Germany, a wealthy and fully developed country, is something like 70% rental. ”

    Manhattan and San Fran are both higher, explain?

    The problem is not owning a home, the problem was letting a bunch of children have credit.

    0
    0
  81. “Then how will your guests know whether or not you used the cooking spoon to taste the sauce?

    (who was that complaining about how unsanitary that is? someone help me out!)”

    lol anon, I thought it was you

    0
    0
  82. gringozecarioca on July 22nd, 2011 at 1:06 pm

    “lol anon, I thought it was you”

    Perfect!!

    0
    0
  83. “Then how will your guests know whether or not you used the cooking spoon to taste the sauce?”

    How do you handle that sitation anyhow? Say you have an acute onset of illness and that you are not hungry after all?

    0
    0
  84. “Haha. I don’t recall saying it on here, but it is something that I do feel very strongly about. I won’t eat things that people make (and bring to work, for example) unless I have seen their kitchen and it passes inspection. And that’s where I consider myself to be flexible. I will never eat anything made in a home where there is a cat or -eek- cats.”

    Yup, it was definitely something along those lines. Remember thinking it was both impressive and odd.

    0
    0
  85. The thing that makes me ill is people at work who bring their food into the bathroom. Once a woman was exiting from a stall as she bent over to retrieve her (OPEN) yogurt container from where it was balanced on the toilet.

    0
    0
  86. “lol anon, I thought it was you”

    Nope. I thought it was one of the women.

    0
    0
  87. found it. it was Jon, in response to Peg Bundy talking about wanting privacy in the kitchen to lick the spoon:

    http://cribchatter.com/?p=9737

    0
    0
  88. Please explain what a 60 year old business has to do with modern German wealth distribution.

    It’s gaining market share, even in tonier areas because people have less disposable income.

    0
    0
  89. Bob 2 (Not Bob) on July 22nd, 2011 at 1:54 pm

    “It’s gaining market share, even in tonier areas because people have less disposable income.”

    Rich people have been shopping there for a very long time. Aldi has been hip and cool since the early 90s.

    0
    0
  90. I shop at Aldi. I’m not knocking it. Just stating a fact.

    0
    0
  91. gringozecarioca on July 22nd, 2011 at 2:06 pm

    “Bob, do you also Neal?

    ROFLMAO!

    0
    0
  92. gringozecarioca on July 22nd, 2011 at 2:13 pm

    “I like the space better than Dimon’s old joint”

    Doesn’t quite show as well though, does it?

    0
    0
  93. Jon I am the same about eating food other people have prepared. The problem is visiting my inlaws, because I physically can’t eat anything prepared in their kitchen. My solution anywhere else is always to bring a dish, and supplement with bread/salads.

    Milkster the food in the bathroom grosses me out too, but that yoghurt story is the worst. Ew. Glad I already ate my yoghurt for today because I would not want it now.

    0
    0
  94. “How do you handle that sitation anyhow? Say you have an acute onset of illness and that you are not hungry after all?”

    Just because you put it on your plate (making them feel good) doesn’t mean you have to eat it (risking dirt/saliva/cat hair). Just rearrange it so it looks like you ate some – weren’t you ever a kid?

    0
    0
  95. “My solution anywhere else is always to bring a dish, and supplement with bread/salads”

    Wait–you won’t eat food *cooked* by someone, but you’ll eat a *salad* that was inadequately washed in their filthy kitchen, using germ covered hands? Do you have a death wish?

    0
    0
  96. rofl

    0
    0
  97. Lately I’ve been thinking about the desirability of upgrades for suburban homeowners. Wouldn’t it be better just to give the home a fresh coat of paint and try to compete on price? Is it worth spending on anything other than paint & any necessary repairs? If a seller can list at a significant discount to his neighbors, wouldn’t that be more likely to lead to a sale than upgrades?

    “I used to live near the Midwest Club. I still know people who live in there. They can’t sell for the life of them. Some realtors have been feeding me stories about what is going on out there as well. The houses just haven’t been updated. Some haven’t been touched in 15 or 20 years. And the area just doesn’t have the cache it used to for the 30-somethings who will be the new targeted audience of buyers in that area.

    They want “new”.”

    0
    0
  98. Anon you’d be amazed at how many people simply dump a bag of lettuce right out into the bowl without washing it. And that, I don’t mind. I also always offer to help!

    0
    0
  99. it is so not true that butter is essential to French food. You all mix restaurant gourmet dishes with home made.

    0
    0
  100. “Anon you’d be amazed at how many people simply dump a bag of lettuce right out into the bowl without washing it.”

    I wouldn’t be amazed–that was my point. If there were anything I wouldn’t eat at someone’s house b/c of germ/ick factor, it would be salad (and other uncooked, germ-friendly, stuff).

    0
    0
  101. gringozecarioca on July 22nd, 2011 at 4:55 pm

    mm… Don’t you eat dogs and monkey brains?

    0
    0

Leave a Reply