Are Gold Coast Greystones Out of Favor in 2018? A 6-Bedroom at 1306 N. Ritchie Court

1306 N Ritchie #1

This 6-bedroom vintage greystone at 1306 N. Ritchie Court in the Gold Coast came on the market in February 2017.

Built in 1886, this single family home is on a 18×72 lot.

It still has some of its vintage features including wainscoting and moldings and inlaid detailing in the wood floors on the main level.

The main 3 floors have 10 foot ceilings while the basement has 7-8 foot ceilings with a full bath, a bedroom and a wine storage room.

There’s apparently a skylight (there’s no picture of it in the listing).

The kitchen has white cabinets and what looks like black appliances.

The listing says the bathrooms have been updated with Kohler finishes.

The listing also says there’s a new 5×17 deck off the kitchen (but no pictures of it in the listing) and a brick paved outdoor space off the basement.

There’s no central air but there’s space pac.

There’s also no garage parking but you can rent it in the garage in the high rise next door.

Listed at $1.599 million a year ago, it remains listed for the same price.

With buyers seeking open concept housing styles, are vintage greystones a hard sell in 2018?

1306 n Ritchie #2

Lissa Weinstein at Coldwell Banker has the listing. See the pictures here.

Or see it at the Open House on Saturday, Feb 3 from 11-1 PM.

1306 N. Ritchie Court: 6 bedrooms, 4 baths, no square footage listed

  • Last sold in September 1986 (no price listed)
  • Originally listed in February 2017 for $1.599 million
  • Still listed at $1.599 million
  • Taxes of $21,759
  • No central air- but there’s space pac
  • No garage parking- it’s available for rent in the high rise next door
  • Bedroom #1: 15×17 (second floor)
  • Bedroom #2: 11×17 (second floor)
  • Bedroom #3: 12×16 (third floor)
  • Bedroom #4: 12×16 (third floor)
  • Bedroom #5: 12×16 (third floor)
  • Bedroom #6: 9×14 (basement)
  • Laundry: 10×10 (basement)

 

21 Responses to “Are Gold Coast Greystones Out of Favor in 2018? A 6-Bedroom at 1306 N. Ritchie Court”

  1. This is an excellent location and most of the surrounding homes are undergoing renovations. The listing includes only ten photos. I suspect the areas not photographed tell the story of why this isn’t selling.

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  2. Some reasons this place may not be selling that have nothing to do with it being a greystone without an open concept:
    1) Cosmetically at least, this is a fixer upper in need of a new kitchen and likely new baths.
    2) They haven’t maintained much in the way of vintage charm.
    3) No included parking.
    4) Narrow lot with adjacent neighbors means some of the interior is likely dark.
    5) Photos aren’t very good, or very many considering the size of the property.
    6) Awkward layout, most people would trade two of the six bedrooms for more common area space, plus the usual drawbacks of “vertical living”.
    7) Seems like a “make me move” price.

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    Rating: +7 (from 9 votes)
  3. SFH? New construction parlance would be a “paired home”.

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  4. Teardown or buy the greystone next door and do gut renovations, but you’re still left with no garage.

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  5. The reason this is not selling is because the lot is too narrow. A good lot size is 20’+. Strange as it may seem, that extra 2′ makes a huge difference.
    Moreover, the kitchen and bathrooms all need to be redone (so add another $200k to the price). Other consideration is that this is the typical 70’s 80s renovation which means that it’s been ‘modernized’ to 70’s 80’s look with all the woodwork painted over, so its not really going to appeal to vintage lovers, and at the same time, is not going to appeal to modern living lovers.
    My guess is that this will close at around $1.4 – $1.5M and gut renovated by the buyer. After the renovation job, this will go for about $2.5M when resold in about 4-5 years.

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    Rating: +7 (from 7 votes)
  6. This is my dream house. I would love to live here.

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    Rating: +4 (from 10 votes)
  7. Short, narrow lot and no parking are the big bummers here.

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  8. The kitchen is what hurts it. I looks like an vintage apartment kitchen. Too small, cannot entertain. Where are all the chardonnay drunks supposed to congregate and talk about yoga?

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    Rating: -3 (from 13 votes)
  9. On a positive note it’s very close to Gowdy Playlot, a gated & fenced space that’s perfect for young kids. On the negative side construction just began to the northeast @ SEC Ritchie & Banks which imo will foul up this block for next 2 yrs. It also will block this rowhomes’ current at best sideways glimpse of the lake. And imo the new building will add to this blocks canyon-like feel – there’s already high-rises just north, due east, just southwest…

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  10. https://www.redfin.com/IL/Chicago/1304-N-Ritchie-Ct-60610/home/14125207

    1304 Ritchie sold (the matching adjacent greystone) for $1.2M in 2015. So I expect this one to sell for $1.3M since it is now 2 years later and prices have gone up even more.

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  11. This could be an awesome house if the owners of the adjacent 1304 Ritchie also bought 1306 Ritchie for $1.2. for a total price of $2.4 for the two houses combined. Then knock down the adjoining wall and create 1 big house at about $1.5 M in construction costs. You would then have a total cost $4M for a 36′ wide house in gold coast! Flip it for $7Million netting a profit of a cool $3M!

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    Rating: +2 (from 6 votes)
  12. b, great idea and I don’t think you aren’t far off in your analysis. Combined they should net about 7500 sq ft. Don’t know that there is a very large market for $7M houses without parking, but 4.5-6M seems possible.

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  13. Well, there are some hirises nearby with rental parking available… just sayin’…

    Also, there are people who feel that “urban living” at this price point does not really require a car. You can call Uber or Lyft or even an actual taxi service…or a private limo to the airport…or a weekend rental…and of course there’s the 151 bus..

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  14. And you can write off these “travel to place of work” expenses on your taxes!

    Or if you’re into fitness etc. You can always walk downtown to work, like Ann Landers did when she lived at 999 LSD.

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  15. Anyone buying a large combined home would very likely have kids and I can’t imagine not having a car with kids. Life without a car may be possible, but practically no one at this price point is doing it.

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  16. I am at this price-point, with a kid and in the same neighborhood. Between garage parking and insurance, I am paying about $500/mo just for the privilege of driving. Unfortunately, I only drive about once every other week. In hindsight, I should have never bought a car.

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    Rating: +5 (from 7 votes)
  17. I guess St. Chrys then Latin would be very walkable, but we are all over the city with our oldest, going to playdates, parties, gymnastics, etc, all with a baby in a car seat to bring along. Definitely not cheap, but neither are private schools or living in a large home in Gold Coast.

    If you can afford it, it sure beats the burbs.

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  18. Is Ogden school still popular with Gold Coasters?

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  19. “And you can write off these “travel to place of work” expenses on your taxes!”

    Didn’t of this go away in the tax reform? Most of these kinds of deductions did.

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  20. I would buy this in a heartbeat if I a) had the money and b) it was at least $200K less.

    I could care less about parking. You don’t need a car here. I think some of the high rise towers in this area have the car shares that the elite use anyways.

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  21. I think this might be fun as my wife and I look forward to being empty nesters in a few years. We wouldn’t have to worry about schools or being near a playground. The place needs lots of work, obviously, but it’s a great entry price and the building seems to have good bones.

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