They’re Not Going to Give It Away: 607 W. Deming in Lincoln Park
We last chattered about this 8 bedroom vintage house at 607 W. Deming in Lincoln Park in March 2010.
See our prior chatter here.
If you recall, it was subject to the Chicago Tribune’s “Elite Street” column because the property was owned by former Channel 7 reporter Andy Shaw and was being used as a bed and breakfast.
The historic property, which was built in 1886 on a 32×210 lot, is nearly 9000 square feet and the listing says it’s zoned RM-5.
The main building has 2 owners units and the coach house in the rear has 3 separate apartments.
It has a garage and 1-car parking pad.
You’ll remember from the Elite Street article:
“We ran it as an inn at full speed for more than a decade, and we loved every minute,” Shaw said. “It’s a great house on a great street in a great neighborhood, and we attracted some of those most interesting visitors in the entire world. It was a phenomenal experience and a wonderful business for my wife to run while I did my ABC job.”
As the couple approached 60, however, they started to burn out. They listed the property for eight months in 2007 for $2.999 million. They relisted it last year for $3 million.
“We don’t have to sell,” Shaw said. “If we needed to get the cash out of it, we’d sell it for a lot less. There’s no reason to give it away.”
Buyers could continue operating the inn or convert it to a single-family home, condos, a nonprofit group’s headquarters or a corporate training center, Shaw said.
“It’s a turnkey,” he said. “It’s ready to go right now in any number of ways.”
Shaw’s ready to check out of B&B business [Chicago Tribune, Feb 25, 2010, Bob Goldsborough]
Over three years later, the property is still available.
Listed at $3 million in 2010, it has been reduced to $2.575 million.
Will this property finally sell in 2013?
Elizabeth Ballis at Coldwell Banker now has the listing. See the pictures here.
607 W. Deming: 8 bedrooms, 5.5 baths, 8900 square feet, coach house
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- Sold in 1998 for $973,000 (per the Tribune article)
- Originally listed in February 2007 for $2.999 million
- Withdrawn in August 2007
- Re-listed in June 2009 for $3 million
- Was listed in March 2010 at $3 million
- Was listed in February 2013 for $2.75 million
- Reduced
- Currently listed at $2.575 million
- Taxes now $24307 (they were $31,407 in March 2010)
- Central Air
- Garage plus 1-car parking pad
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My wife & I stayed here when it was a B & B quite a few years ago. Really enjoyed it. The upstairs bedroom suite with the glass block bath is very nice. Seems to lend itself much more to being an inn than a SFH. Never went in the coach house, but it appeared to be big.
“‘We don’t have to sell,’ Shaw said. ‘If we needed to get the cash out of it, we’d sell it for a lot less. There’s no reason to give it away.'”
Maybe not with this guy, but generally this means, “We have to sell. We want to get as much cash out of it as we can. We’re going to sell it to someone.”
Those kitchens and baths are too dated… there is no way that someone will buy this place for $2.575 M with the intention of it being a SFH. Chop off a million and you might get some nibbles.
I wonder what condition it was in to justify the low price paid in 1998. Even then, under $1 million for an 8 bedroom SF in ELP would have been an incredible bargain.