Reduced to $3 Million from $5.8 Million in 2008: 1258 N. Lake Shore Drive in the Gold Coast
Thanks to the Groove for pointing out that this 4-bedroom Holabird and Roche single family home at 1258 N. Lake Shore Drive in the Gold Coast recently reduced its price…again.
We first chattered about it all the way back in July 2008, when Crib Chatter was still in its infancy and Lehman Brothers still existed.
See our 2008 chatter here.
Yes, it is still on the market.
And it is still one of the few single family homes built directly on Lake Shore Drive.
Built in 1895, the lot measures 20x64x20.
The property has one car parking.
There are no pictures with the listing anymore because a buyer will re-do the interior. The house does have a rooftop terrace.
But if you want to see what the “bones” of the house look like- check out our prior chatter which has the interior pics.
After nearly 4 years on the market and a $2.8 million reduction, is this house getting close to an actual realistic selling price?
Marie Campbell at Koenig & Strey has the listing. See the listing here.
1258 N. Lake Shore Drive: 4 bedrooms, 5.5 baths, 5162 square feet, 1 car parking
- Sold sometime before 1988
- Was listed in July 2008 for $5.8 million
- Several reductions
- Was listed in March 2011 for $3.95 million
- Reduced
- Currently listed for $3 million
- Taxes of $21,733
- Central Air
- Bedroom #1: 18×17 (second floor)
- Bedroom #2: 17×13 (second floor)
- Bedroom #3: 16×16 (fourth floor)
- Bedroom #4: 18×16 (main level)
Now it’s a steal. Get rid of the old people feel, and this place would be stunning. Let WL go wild and this place would be like snap snap double snap fabulous.
“Built in 1895, the lot measures 20x64x20.”
Does that mean you can only enjoy the first 2 floors? JK
I am not seeing interior pictures on the current listing. Is that right that this realtor hasn’t posted any pictures other than the facade?
Too narrow….
What would the taxes end up being?
Cool address and the rooftop views can’t be beat, but for $3mil I would buy this place… bigger lot, 2 car garage and it’s already been renovated…
http://www.redfin.com/IL/Chicago/53-E-Division-St-60610/home/14123190
a bus stop directly in front of my 3 million dollar home? no thanks
I don’t see the pictures either. Please tell me that I am looking at the wrong place and it is not the multi million dollar listing that is missing pictures.
“I am not seeing interior pictures on the current listing. Is that right that this realtor hasn’t posted any pictures other than the facade?”
That’s correct. See the prior chatter in 2008 for some interior pictures. Evidently, the agent thinks that putting the interiors in (when a buyer is going to renovate anyway) won’t actually help market the listing.
“The property has one car parking.”
question is WHERE? its been a couple of months since i have been past this place dont remember seeing any parking?
“a bus stop directly in front of my 3 million dollar home? no thanks”
a huge lake right in front of the 3mil home too. but hey glass half empty is one way i guess
I like this place, old person decor and all.
Gee…no interior pictures…are we getting spoiled much? Maybe these are conservative old-school homeowners who don’t want their antique furniture and art collection sprayed across the Interwebs for any potential burglar to check out and “case.” (No joke; this was how a GC client of mine felt a few years ago; his condo sold even without interior pix.)
Rarity = value and as one of only 4-5 sfh on the prime segment of LSD is worth quite a bit of money. Rich people want recognizition – and nothing says recognition than living in a SFH on the prime stretch of LSD. Anyone can live in a 8000 mansion in St. Charles, but nobody (in the public cares). I guarantee anyone who buys this house will be talked about and revered (for all the wrong reasons) – but that publicity and recognition is priceless to these people. No question about that.
The one car parking is essentially a reserved spot on the street. The house is a short lot and goes right through to Stone St – so the back of your house is essentially facing a street as well. Check it out on streetview. It’s an odd lot – an undesirable one at that. Considering this house needs a total gut – why not go with 1436 N Astor? It has wider & deeper lot, backs on an alley and is a way quieter street (seems to have a sale pending though) but it was priced under 3 mil for a while now.
thanks Andy, didnt know we have reserved street parking in chicago. been by here many times never even thought to look at that.
but no need for A/C here. open your front windows and back windows, cross breeze will do it all for you.
^ sorry. I should clarify, as my comment was speculation. But I think you are essentially parking on the tiny concrete patch behind the house. My comment was intended to imply that it might as well just be a reserved spot on the street.
Overpriced. Narrow lot, needs total gut renovation (big $$ given age of home and historic status), sketchy parking (who wants to park their BMW on the street?), bus stop in front of house. Roof deck is amazing though. Another park related listing:
http://www.redfin.com/IL/Chicago/1910-N-Clark-St-60614/home/13344013
Not a comp but interesting.
wow not only does your monthly downpayment go from ~$28K to $14K, but you save almost $6 million in interest over the life of the loan 😀 [I didn’t even bother punching in down payment scenarios in the mort calc.]
you guys do know you get a darn nice tax freeze on the property taxes if you comply with the Historic rules right?
that right there will cover the costs of renovating the main living floor. (i think the freeze is 10 years?)
“Evidently, the agent thinks that putting the interiors in (when a buyer is going to renovate anyway) won’t actually help market the listing.”
Agents don’t think that hard. The only thinking that this agent did was probably to think: “Pictures? Yea, that’s a lot of work. This place will sell itself. Time for lunch and a mid-afternoon nap!” La-zy.
@Groove77 – Added cost of complying w/ historic rules will probably cost you all your tax savings. Also remember tax savings aren’t as valuable as regular savings because taxes paid reduce your reported income.
Groove – OF COURSE we have “reserved street parking” in Chicago. Only it’s called “dibs” and not usually practiced in the Gold Coast, mostly in the Bungalow Belt and other nabes where parking in winter is at a premium.
Given the single picture combined with this statement from the listing:
Design the interior to your taste and build out to your specifications.
I’m guessing is must be a gut job.
“Groove77 – Added cost of complying w/ historic rules will probably cost you all your tax savings. Also remember tax savings aren’t as valuable as regular savings because taxes paid reduce your reported income.”
but this historic is only the facade, correct? IIRC the facade on LSD side is looking good.
so only hoops and red tape if you want to mess with the roof or outside front or add to the structure. if you stick to the inside your all good.
and i dont think the property tax savings against the 15% will really be a factor. Go 1%’ers
“Groove – OF COURSE we have “reserved street parking” in Chicago. Only it’s called “dibs” and not usually practiced in the Gold Coast, mostly in the Bungalow Belt and other nabes where parking in winter is at a premium.”
I have seen Dibs on a “N” street between foster and Laurence where on a busy day only 11 cars would ever park there.
$3MM to live in a short, stubby house, in need of major renovation with no yard/no garage and all the headaches of historical designation?
sign me up!
This house is a steal in the mid 2 millions – there is not ONE SINGLE OTHER PROPERTY in ANY major city in the world that is this price in this type of location. REmember, this is prime LSD and there are only 4-5 other SFH houses on this street. Most people that buy 2 million dollar houses do NOT need the space (nobody needs more than 2000-2500 sq feet). They do it for entertainment/publicity, etc. This house WILL provide that more than any of those crappy houses in Lincoln park, Lakeview, Ravenswood, and other areas of the gold coast. Saying you live in a SFH on the 1000 block of LSD will open many doors – just like having a lamborghini will do the same. The truth that the lambo is an AWFUL drive, very inconvenient, and impractical does not matter – that is not the purpose for which it was bought. You guys are thinking on a totally different level. Very very common thinking for common folk. Can’t help it, though – you are followers and worker bees. We need those types to raise us up.
“Most people that buy 2 million dollar houses do NOT need the space (nobody needs more than 2000-2500 sq feet).”
Pathetic comment spoken like someone who has to worry over his monthly mulch bill. 2500 sq doesn’t even cover the indoor hockey rink.
LOL, what doors did the lambo open for you? Maybe it opened up a few conversations with some cheap skanks on Rush St (hint: so would a 3 series bmw).
Personally I would waaay rather live on Astor than on a fricken highway, and I sincerely doubt this home will catapult you into a social milieu that Astor St. would not.
Some of your comments are so superficial and vapid I have to believe you are just joking.
“(i think the freeze is 10 years?)”
8 year freeze, then over the next 4 years it incrementally rises to current value.
“I have seen Dibs on a “N” street between foster and Laurence where on a busy day only 11 cars would ever park there.”
I’ve seen dibs when there is less than two inches of snow, and the dibser didn’t so much as sweep around the spot, nevermind shovel.
Groove – I’ll go you one better n “dibs.” I saw a “spot” on my street last year – in SUMMER – decked out with old kitchen chairs, etc. Obviously the work of a newcomer to Chicago who wasn’t quite clear on the concept.
“LOL, what doors did the lambo open for you? Maybe it opened up a few conversations with some cheap skanks on Rush St (hint: so would a 3 series bmw”
1. immediate seating at any restaurant/bar I pull up to.
2. free drinks and conversation at any bar/restaurant I pull up to.
3. introduction to the owners/managers at any bar/restaurant I pull up to.
4. celebrity-type buzz about me at any place I walk into.
(and all you have to do it is once – the valets, bartenders, owners, etc ALL remember). I get THE BEST service at these places.
I am a very very shy person and don’t like starting conversations – the car speaks for me and creates instant attention which is much apreciated by me. I know that many of you don’t believe me (hell, I wouldn’t believe it myself before) but the difference is ASTOUNDING.
“headaches of historical designation”
There’s always cries that ‘the city needs to save all old buildings!’, but these people don’t own or pay for the upkeep.
clio, sorry but i call
1. bullshit
2. bullshit
3. bullshit
4. bullshit
what happens at the strip clubs you frequent doesn’t apply to the rest of society.
pulling up in a Lambo wouldn’t get you a free cup of coffee at Starbucks.
Funny…. all the things Clio mentions regarding the joys of Lamborghini ownership are the exact opposite of what I would want.
I actually prefer the 53 E Division location to this one… and the place is nicer! $2MM.
“all the things Clio mentions regarding the joys of Lamborghini ownership are the exact opposite of what I would want”
You prefer a Seinfeldian Chinese restaurant situation whenever you go to a restaurant/bar? Wow.
“I actually prefer the 53 E Division location to this one… and the place is nicer! $2MM.”
agree its nicer but i prefer this one, if roof top deck wasnt part of the deal i may think ohterwise.
from all four front windows you get a lake view inside an historic house with the cache of it being one of the few SFH on LSD. and darn it its dang good looking on the outside.
“pulling up in a Lambo wouldn’t get you a free cup of coffee at Starbucks.”
you actually would be surprised. in addition, the business opportunities and introductions it provides is the MAIN reason rich people buy things like this. There are many benefits of living like this (and comfort isn’t necessarily number one).
“introductions it provides is the MAIN reason rich people buy things like this.”
The main reason nouveau riche people buy things like that….
Clio,
so you still want to have the bet?
i roll up in Dan#deuce’s Prius you roll up in the Lambo, and lets see who get what free and who leaves with best in the place. (we can also do quantity too)
“The main reason nouveau riche people buy things like that….”
jenny, let me explain something to you. There are only a handful of people who are easily recognizable in Chicago and it is true, those people could pull up in a chevy nova and still get the attention/respect, etc. People w/ money/fame/quality who do NOT flaunt it actually have to work VERY hard to let people know who they are – it takes a lot of time, effort and repetitive attendance at “insert name” for people to know who and what you are (think about it – if the son/daughter of some rich scion from lake forest/winnetka/kenilworth was dressed down and walked into a crowded Nomi, Epic, Sunda, etc – do you think they would automatically get any attention?). On the other hand, I could drive up to any of those places, ask the valet if they could get me seated right away (after slipping him a 50) and lo and behold, I get seated EVERY SINGLE FUCKING TIME – without any reservations. I can get right in to any bar with a line outside also (the same CANNOT be same with old money).
“think about it – if the son/daughter of some rich scion from lake forest/winnetka/kenilworth was dressed down and walked into a crowded Nomi, Epic, Sunda, etc – do you think they would automatically get any attention?”
Most certainly. The maitre d’ would now be concerned that he just sat some asshole who flipped him $50 into a good seat and he knows that if he sits anyone with any real class near the $50 asshole, he was previously laughing at, the ones with real class may never return again.
As for me Clio.. I tend to eat at the same places regularly enough that I always get a table and keep my $50 and my self respect.
“The maitre d’ would now be concerned that he just sat some asshole who flipped him $50 into a good seat and he knows that if he sits anyone with any real class near the $50 asshole, he was previously laughing at, the ones with real class may never return again.”
“Your women. I want to buy your women. The little girl, your daughters… sell them to me. Sell me your children.”
““Your women. I want to buy your women. The little girl, your daughters… sell them to me. Sell me your children.”
Didn’t even see that coming. I am ashamed. Where is HD right now when I need him? So that I can be like the average looking girl next to the fat chick.
“I get seated EVERY SINGLE FUCKING TIME – without any reservations. I can get right in to any bar with a line outside also (the same CANNOT be same with old money).”
Collective WOW! I would imagine it helps tremendously to be a party of one.
But, let’s be a bit careful about mistaking sympathy for favoritism and special treatment.
“Your women. I want to buy your women. The little girl, your daughters… sell them to me. Sell me your children.”
LOL quoting blues brothers in a blog about chicago real estate should have cause a black hole somewhere.
That’s right, I’m Abe Froman.
…Abe Froman, the Sausage King of Chicago?
—
““Your women. I want to buy your women. The little girl, your daughters… sell them to me.
Sell me your children.”
LOL quoting blues brothers in a blog about chicago real estate should have cause a black hole somewhere.”
“LOL quoting blues brothers in a blog about chicago real estate ”
You honestly didn’t think of Chez Paul? I.Don’t.Believe.You.
“The maitre d’ would now be concerned that he just sat some asshole who flipped him $50 into a good seat and he knows that if he sits anyone with any real class near the $50 asshole, he was previously laughing at, the ones with real class may never return again”
Uhhh – obviously you know NOTHING about the bar/restaurant industry. As the owner of such an establishment, I can ASSURE you that the waiter/waitresses/managers/maitre d’s don’t give a shit about who or what you are – they are only interested in their money. Also, if you ever spend time in a kitchen – they make fun of EVERYONE (rich and poor, pretty and ugly – nobody is off limits). They really don’t give a fuck about what you personally think of them – they are the greatest actors of all time.
“As the owner of such an establishment”
Lemme guess: TGI Friday’s?
“As the owner of such an establishment”
You really need help.
“As the owner of such an establishment, I can ASSURE you that the waiter/waitresses/managers/maitre d’s don’t give a shit about who or what you are”
For those keeping track:
doctor
real estate agency owner
construction company owner
restaurant owner
Did I miss any other jobs?
chuk – nope, that’s it….. for now (and ALL true)
“Did I miss any other jobs?”
Being an annoying DB?
Benji, if I could be paid for that, believe me, I would add that as job # 5.
You do it for free already!!
who says college students are poor? more lies perpetuated by the media….
http://finance.yahoo.com/news/meet-the-22-year-old-who-owns-a–88-million-crash-pad-in-ny.html
Yeah- let’s talk about Bill Gates’ children too.
Generation Y and the generation coming after them (whatever they’ll be called) are in a world of debt pain and it’s only getting worse (as they keep going back for more degrees as this not-so-great economy drags on.) Eventually, the education bubble will bust too. Who knows when though.
Back to the matter at hand
Despite it’s rarity as one of the few SFH’s on LSD, this property has been on the market for 3.5 years and still has not sold.
So what’s the property eventually going to trade at?
“Despite it’s rarity as one of the few SFH’s on LSD, this property has been on the market for 3.5 years and still has not sold.
So what’s the property eventually going to trade at?”
yeah at a starting price of 6mil you can see why its on the market for that long.
Honestly now at 3mil i am shocked it hasnt sold, but again the just my view and most dont have the standards and tastes i do.
““As the owner of such an establishment”
Lemme guess: TGI Friday’s?”
and its on butterfield road
Jesse on where Ritholtz gets it wrong on MF Global:
http://jessescrossroadscafe.blogspot.com/2012/02/ritholz-has-main-theme-right-but-gets.html
SO SORRY for off topic. Meant to post that on Ritholtz. My bad.
SOLD for 3mil even
” Groove77 (August 14, 2012, 2:43 pm)
SOLD for 3mil even”
i will need to google it but i think i called 3mil closing price a long time ago