A Tale of Two Lakeview McMansions: 336 and 338 W Oakdale
Two brand new McMansions are on the market in East Lakeview at 336 and 338 W. Oakdale. You can see both of them in this picture below. 338 W. Oakdale is on the left, with the curved front door.
Both are 7 bedrooms, 5 full baths and 2 half baths with 3 car garages. Both are 8,000 square feet.
It’s a sign of the times that 336 W Oakdale (on the right in the picture) has been on the market on and off since May 2006. This spring, it will have been for sale for two years.
336 W Oakdale:
- Originally listed in May 2006 for $4 million
- Currently listed for $3,499,900
- Sudler Sothebys has the listing
338 W. Oakdale:
- Originally listed in December 2007 for $3.799 million
- Sudler Sothebys has the listing
According to the listing, 338 W. Oakdale differs slightly from its next door neighbor in that it has a spa with an indoor swimming pool.
WOW can’t get much nicer than that! How big is the lot?
Yeah, I tend to think we skeptics toss the term “McMansion” around a bit too freely. While my visceral instincts are to despise such flagrant overconsumption, it’s still not a McMansion to me. McMansion describes a soulless, cookie cutter, cheaply constructed monstrosity, usually in the suburbs. These are lovely, and if I had a few spare million (and no heart with which to better guide the spending of my filthy lucre) I’d buy one of these. They’re beautiful, and a nice, consistent addition to their neighborhood.
These will be a tough sell, sandwiched between high rise buildings in the Sheridan Road corridor. I think they’re mediocre at best. i can’t stand Brazilian cherry floors, and especially hate any flooring on a diagonal – makes me question overall taste level of the architect/designer. The living room with partial two-story section seems very odd to me. Would be interested to get inside to see how it looks and feels.
26′ x 140′ lots aren’t conducive to a wide, flowing floor plan either – which is sought after in that price range. LR/DR are on 2nd floor – so all your guests have to come upstairs when they come in.
can definitely see why these have sat, and will continue to sit….
From the assessor’s info, it looks like they are 40 or 42 foot wide lots, but I’m not sure that’s right. Using the GIS measuring tool, the 3 lots total 105 feet, so it’s more likely that the lots are 30-35. There are three properties between the hig-rise and the western alley entrance–all have passed thru or are owned by 332 Oakdale LLC. They probably re-configured the lot lines, but the assessor has weird land areas for the parcels.
The land price for these two was $2.6mm–so, with teardown/site prep, about $1.35mm for each, more like $1.5mm if they re-drew the lot lines. 8000 ft * $200/ft (max, max–I’m being conservative b/c they look very nice) the developers may have about $3mm into each of them. They are being much, much less greedy than the Medill developer, especially considering their carrying costs for the time since they bought the land.
The other lot–which was bigger–was purchased for $1.7mm.
Sounds like a tale of one city. Nobody can sell.
C’mon, as nice as these are, if you had that much money to spend, is that where you’d choose to buy a house? This isn’t about not being able to sell anything, this is a poor product decision for the neighborhood. For that coin, you could have a similarly nice (but perhaps somewhat smaller) house anywhere in the entire metro area. I wouldn’t choose that neighborhood–too many transient adults, not enough high-end anything. You are really close to the park and Diversey Harbor, if you have a motor boat.
If you’re buying 7 bedrooms, you have kids. If you’re in that neighborhood, they aren’t going to the neighborhood CPS–so it’s magnet school or private. It’s an okay location for Parker or Latin, but for that price, you could live much closer to either–and be in a nicer immediate neighborhood, too.
For less money you could have a comparable house in any north shore or western suburb you’d want.
yeah, good point. Okay, nevermind. I’d buy the 30 Oak Street place instead. (Anyone care to spot me a million? Countrywide?)
(Anyone care to spot me a million? Countrywide?)
—
CFC is no longer honoring HELOCs:
http://www.latimes.com/business/la-fi-loans1feb01,0,7036547,full.story
What were they thinking. Two homes with classical architecture and the living room has a cut out ceiling. Oakdale and Wellington have some beautiful homes that draw those who love the old world style and close proximity to the lake and park. I think these two will be on the market a long time even with another large price reduction.
That block on Wellington is beautiful. It has always been a block of mansions- the beautiful Stark mansion is on this block, and so are a couple of other large, beautiful, early 20th century homes. The atmosphere is restful, and you are right next to the park, but have all the city amenities just a couple of blocks away. I can’t think of a more perfect place to live..but that’s me.
These are great houses, too. But $3 Million is a LOT of money. You can’t use the traditional income multipliers to figure affordability for really expensive homes- just because someone who makes 100K a year can theoretically afford a $350K home doesn’t mean that someone who makes a million a year can afford a $3MM home. The geometric increase in expenses makes these expensive homes a very hazardous thing because there are so few jobs that pay that well, and so few people who can afford such a home, that you are taking far more risk borrowing 3X your income for such a place than you would be for a home in a lower bracket. That’s why, in the past (before 2000) you usually had to put 50% down to get a loan on an upper bracket home no matter how much money you earn.
These are going to be hard sells and linger on the market a long time no matter how good a deal they seem to be.
I have been looking for homes for the past year or so in the $1.5-2 million dollar range. $3 mil is a probably out of my price range and I think it would be weird with that condo looking down on it. Mostly looking in neighborhoods with a quick commute to downtown. Anyways you would think with the jumbos being in the 7+% area, not to mention the down payment necessary and how hard it is to get approved for these loans this market would nose dive but the sellers are staying surprisingly resilient, thus I haven’t seen a single home that I feel would actually be worth the money they are asking. I mean come on people, the stock market dropped 40% last year, you think your house is worth 20% more than when you bought it in 2006!?!?!?!?
The comment about the CPS in the Lakeview area is ignorant. Anyone who knows the first thing about the neighborhood knows that the families that live there are heavily invested in public education. Nettlehorst is a wonderful example of everything an elementary school can be.
Besides, if you’re putting out that kind of coin for a home, you probably are sending your kids to one of the fancy private schools, all easily gotten to, from the neighborhood, or for middle school and beyond, you’re sending them to the best public schools in the CPS system.
“Besides, if you’re putting out that kind of coin for a home, you probably are sending your kids to one of the fancy private schools,”
having “coin” doesnt guarantee admittance to parker or latin. many with “coin” still have to jump through hoops to get in latin and at times are not admited.
“or for middle school and beyond, you’re sending them to the best public schools in the CPS system.”
sorry bud, there is no such thing as “middle” school in the CPS system. there is IB 7th 8th grade that is part of a HS, but thats as close as you get for middle school.
“he comment about the CPS in the Lakeview area is ignorant”
again before you call someone ignorant, please have YOUR facts straight before you use the word ignorant (unless being used on yourself)
“having “coin” doesnt guarantee admittance to parker or latin. many with “coin” still have to jump through hoops to get in latin and at times are not admited.”
Right! I thought the same thing Groove. People are so clueless about CPS and how it works. It seems like so many think that if they move into Blaine or Bell then all is well with the world- completely forgetting about that little thing called “high school.”
And yes- not all of the people who buy McMansions will have kids talented enough to get into Latin or Parker OR any of the magnets. Most will have “average” kids. Then what?
“then all is well with the world- completely forgetting about that little thing called “high school.””
i have seen that since i was little, parents moving the summer after elementary graduation comes. but that was back in the day when people could just up and move.
“People are so clueless about CPS”
and people who know the CPS are clueless too. seriously there are $300 seminars people attended just to learn about how to navigate the CPS and its convoluted way its structured. and once you get close to figuring out a portion of it the change something.
“not all of the people who buy McMansions will have kids talented enough”
yes if genetics hold true, the the apple wont fall far from the parent who PURPOSELY bought a mcmansion
“Anyone who knows the first thing about the neighborhood knows that the families that live there are heavily invested in public education. Nettlehorst is a wonderful example of everything an elementary school can be.
Besides, if you’re putting out that kind of coin for a home, you probably are sending your kids to one of the fancy private schools”
How is this not contradictory? If “the families that live there” are heavily invested in public education, why would a “family who lives there” most likely send their kid to private school?
Also, what the assessor calls 332 (which appears to be 336 in this post) sold for $1.95m in March. 338 (which the assessor calls 336) appears to be owned by the developers.
anyone want to cuff a number, of how many joints of 1/2 in copper pipe, a plumber would probably (casually) seal in a day, using no special tools other then a benzomatic torch?
Not my style, but unless an Irish person is living here, I see no need to call these McMansions. Very nice places. Kitchens a bit tight but really nice as well.
THESE are McMansions
http://si.wsj.net/public/resources/images/w-home-mcmansion08112005202638.jpg