They’re Not Going to Give It Away: 607 W. Deming in Lincoln Park
The Tribune’s “Elite Street” column this week highlighted the vintage home of former Channel 7 reporter Andy Shaw in Lincoln Park at 607 W. Deming.
The historic property, which was built in 1886, is nearly 9000 square feet and is currently being used as a Bed & Breakfast. The listing says it is zoned RM-5.
It has a 5 bedroom, 5 bath coach house that the listing says is being rented for $5500 a month.
It also has parking- at least one spot- but one of the listings I looked at said 3 spots.
First listed in February 2007 and then withdrawn, it has now returned to the market to try again.
“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]
Scott Foster at Re/Max Exclusive Properties has the listing. See the virtual tour here.
607 W. Deming: 9 bedrooms, 11 baths, 8900 square feet, coach house
- 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- Withdrawn in August 2007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
- Currently still listed at $3 million
- Taxes of $31,407
- Central Air
I just had a random conversation about this property with some close friends of the Shaw’s. Didn’t know that it was on the market and funny to see it on CC.
That is not one but two rediculously huge houses
““We ran it as an inn at full speed for more than a decade, and we loved every minute,””
And they’re going to continue loving every minute of it for the next decade. Its their God given right to outsized appreciation and they’re going to teach the market!
Reminds me of the Beatles lyrics from the song “A Day in the Life”–
“Nothings gonna change my world..”
Show me the books for the last 5 years. Let me try and understand how this is worth $3MM.
“Let me try and understand how this is worth $3MM.”
Stacks of gold bars or hundreds hidden behind the drywall?
Bob I agree 1000%. Let’s double the current rental income and assume that’s on a net basis (not including costs to run a B&B and opportunity value of time to run a B&B that I would have to put in) and you are yielding a 4.4% at $3MM. I wouldn’t consider less that 7.5%.
Obviously sensitive to revenue assumptions.
Another negative. I don’t like people. So this pretty much makes the whole thing moot except as a SFH.
Broadly speaking, I love sellers that posture like this.
So what if you “don’t have to sell”… There is a reason your property is listed, right? It’s not the enjoyment of having people come look at it.
To me, using implicit lack of motivation as a price negotiation strategy smacks of a weak, sophomoric approach. I think there are many better ways to maximize value. It seems to me that most buyers will look right past it, or are turned off and never end up giving the property a serious look.
So they “don’t have to sell”, but the property listing says it’s “priced to sell”.
Is there a law that says B&Bs need to have many different contrasting floral patterns? It sure seems like it.
Here’s an extended look at the 600 block of Deming, including a few brief snaps of the Shaws’ place.
http://www.youtube.com/watch?v=UKMBpp5bZ3U
“There’s no reason to give it away.”
And will the sellers require the new buyers to also feed the squirrels? Write letters why they would be the best buyer?
Wake up, it’s 2010, not 2006/2007.
Is that a quilt of israel/jewish stars on the wall??!!
“Is that a quilt of israel/jewish stars on the wall??!!”
And if it is … what? You’d be worried that the owners are mossad agents traveling under aussie passports? Then, if you’re a hamas leader, I’d suggest to opt to stay elsewhere. Otherwise, who cares?
I care because the Magen David has taken on all the trappings of a hate symbol, sorry, I wouldn’t stay there if I had to look at that kind of stuff, it’s offensive. Good for Dubai in banning Israelis after the stunt they did with stealing other “ally” nations passports. Corrupt Israeli is no more moral than “Hamas”, nice try though.
troll
Dan: “I care because the Magen David has taken on all the trappings of a hate symbol, sorry, I wouldn’t stay there if I had to look at that kind of stuff, it’s offensive. Good for Dubai in banning Israelis after the stunt they did with stealing other “ally” nations passports. Corrupt Israeli is no more moral than “Hamas”, nice try though.”