Gold Coast Mansion on the Market For 3 Years Reduces $600K: 53 E. Division

This 1910 Georgian mansion at 53 E. Division in the Gold Coast has recently been restored.

53-e-division-approved.jpg

It has all the upscale finishes you would expect in the Gold Coast including extensive moldings, French chevron floors and a Boffi kitchen.

There is a 2-car garage on a 22×86.6 lot (although the public listing also says its a standard chicago lot- but this would indicate it is not.)

It has been on the market for over 3 years and was recently reduced $600,000.

As an added bonus, the first time buyer of the property receives a 12-year historic property tax freeze.

You can check out what look to be further pictures of the property on the designer’s website: bellfia.com. (Warning- music)

Valerie Samutin at Baird & Warner has the listing. There are only a few interior pictures here.

53 E. Division: 5 bedrooms, 5 baths, 3 half baths, over 7000 square feet, 2 car garage

  • Sold in April 2005 for $1.8 million
  • Originally listed in July 2007
  • Was listed in May 2009 for $5.3 million
  • Reduced in September 2010
  • Currently listed for $4.7 million
  • Taxes of $25,764
  • 4 fireplaces
  • Library

41 Responses to “Gold Coast Mansion on the Market For 3 Years Reduces $600K: 53 E. Division”

  1. Obviously if your place has been listed for three years with no sale you really have no idea what the heck you are doing.

    Instead of the listing saying: 600K OFF! it should instead say “ONLY 2.9mm FOR A REHAB!”, or “ONLY 161% ROI TO THE FLIPPER!”.

    lol

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  2. I agree with Bob!

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  3. At this price I’ll take two. That way I’m saving 1.2 million!

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  4. I love that they could only muster 3 (poorly shot) interior photos . . . and an unmade bed. Classic.

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  5. Wow in 2008 a car dealership owner invested in gold coast real estate with a realtor. Talk about three industries that have taken a beating this recession.

    I hope he hedged these losses by investing in financials.

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  6. Taxes are good for that price.

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  7. As long as its not Bob Rohrman–I love that guy’s commercials.

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  8. DIE FLASH DIE

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  9. ” love that they could only muster 3 (poorly shot) interior photos . . . and an unmade bed. Classic.”

    No–you’re missing the point. They must’ve paid a stylist some big bucks to tousle the sheets just so. It’s an artistic statement. 😉

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  10. There’s nothing wrong at the high-end people….. move along

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  11. I actually like this house – I just don’t like Division. If it were on Astor or another nice street (e. Bellevue) I would really like it!! When I look at my own investment properties, I have more money in them than this house costs, yet right now, I have to deal w/ delinquent tenants, non-paying tenants, house repairs and numerous phone calls every day. In fact, I spent the whole f’ing weekend cleaning up one of my houses in Hinsdale!! If I would have just sold all of the properties and bought a house like this, I would be MUCH MUCH MUCH MUCH happier –

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  12. “I spent the whole f’ing weekend cleaning up one of my houses in Hinsdale”

    Why wouldn’t you have people for that?

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  13. So what is the working definition of “mansion” these days?

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  14. “Why wouldn’t you have people for that?”

    That was his gardener.

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  15. i have 101 things i can do with 4.7mil, and buying this place is not one.

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  16. “I spent the whole f’ing weekend cleaning up one of my houses in Hinsdale”

    doode, when we left our “in-town” apartment we hired a cleaning crew. how do not have one on retainer and poor folk like us use it for a one time thing?

    well actually everything after, “I actually like this house – I just don’t like Division. If it were on Astor or another nice street (e. Bellevue) I would really like it!!”, should have not been typed.

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  17. That buys a lot of BMWs…

    Like he says on the radio — as always, thanks.

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  18. Um… I am pretty sure that is not how the historic tax freeze works.

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  19. Looks like the “owner” of this house couldn’t afford to furnish it. I see a rumpled bed that is a set of mattresses on the floor, with a cheap lamp atop a pile of books beside it instead of a table, and very little else in the way of furniture.

    Were the nominal owners planning on taking out a HELOC to furnish the place, but couldn’t when the market fell apart?

    It wouldn’t surprise me, because for twenty-five years, the prevailing wisdom has said to commit the max money you have available to buy the most expensive house you can qualify for, on the premise that houses are the best repository of value and you will make enough money off the appreciation to refi in a few years. I saw a number of young people buy houses that maxed out their combined incomes to the point where they were living in 4000 sq ft houses with a mattress set on the floor, a card table, and a big-screen television set; and dining on Raman noodles every day to afford the house.

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  20. “living in 4000 sq ft houses with a mattress set on the floor, a card table, and a big-screen television set; and dining on Raman noodles every day to afford the house.”

    Thank goodness they had the big screen TV — it was probably left behind by the previous owner who didn’t want to cart it away and bought a new one with the profit from those buyers.

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  21. My guess is that the reason for the lack of furnishings is the owner moved out, and has a house sitter living in the house. That being said not a great way to present your $5 million dollar property. I’m sure the owner isn’t eating ramen noodles.

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  22. “I’m sure the owner isn’t eating ramen noodles.”

    i still eat ramen once or twice a month. and even if my net worth was 700mil i still would eat it. its just good shyt for $.25

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  23. Groovy, Try fresh made ramen, you won’t be able to eat the cheap stuff.

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  24. “Try fresh made ramen, you won’t be able to eat the cheap stuff.”

    Good ramen is sublime. Santouka in Mitsuwa in Arlington Heights is just about the only real ramen in the area (maybe Takashi but have not tried). Get the salt ramen with the premium pork.

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  25. “Groovy, Try fresh made ramen, you won’t be able to eat the cheap stuff.”

    i have stayed away from the new “trendy” fresh made and been keeping it real and only chicken “flavor”

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  26. “i have stayed away from the new “trendy” fresh made and been keeping it real and only chicken “flavor””

    Duuude, go to the place I said. Very kid friendly food court. It may seem pricey, $10/bowl, but completely worth it and I’ll send you a refund if you’re not satisfied.

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  27. I’m pretty sure the fact that it’s on Division is hurting it’s appeal to high end buyers. Nothing like watching college kids leave 10c Jello shot night at Bar Chicago and projectile vomit in front your 7 figure residence 🙁 No thanks
    Other than that, I actually love it.

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  28. Sure, you’d rather be on Astor, but this section of Division is not what you’re thinking. It’s a few blocks east of all the crap at Rush. The drunks have no need to walk this way and seldom do.

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  29. “Duuude, go to the place I said. Very kid friendly food court. It may seem pricey, $10/bowl, but completely worth it and I’ll send you a refund if you’re not satisfied.”

    ok i will, as long as its just of rt 14? next time i visit family out that way in Mt prospect i will try it.

    “Nothing like watching college kids leave 10c Jello shot night at Bar Chicago”
    as cheesy as that place is i had some good times at Bar Chicago

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  30. “ok i will, as long as its just of rt 14? next time i visit family out that way in Mt prospect i will try it.”

    Pretty close, corner of Algonquin and Arlington Hts Rd. You have like pork, fat, and salt to appreciate.

    You might as well go to that kiddy amusement park in elk groove and make it a full DZ day.

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  31. “You might as well go to that kiddy amusement park in elk groove and make it a full DZ day.”

    cant do all that in one day during football season are you crazy!

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  32. The ramen in the food court at Mitsuwa is AMAZING

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  33. “That kiddy amusement park in Elk Grove?” Do you mean the Kiddieland in Melrose Park, which has been closed and dismantled?

    Yes, I also wonder who would want an “upscale” residence so close to all the Rush St. riff-raff. Something tells me Fri. and Sat. nights are a real hoot. Especially when the revelers are staggering along Division en route to the 151 (whose driver on weekend nights should be getting “combat pay”).

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  34. “Do you mean the Kiddieland in Melrose Park, which has been closed and dismantled?”

    Pirates’ Cove.

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  35. Mitsuwa is decent, but for us in-towners:

    Taksahi on Sundays (only day he does it) is much better for Ramen.

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  36. “Taksahi on Sundays (only day he does it) is much better for Ramen.”

    Have you been to both? I haven’t been to Takashi for ramen. My prior is that it’s not better than Santouka (at Mitsuwa) but I’m happy to be wrong. The broth at Santouka is pretty hard to beat, I think it would be respectable even in Tokyo. I’m dubious Takashi can match it.

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  37. I agree with chichow and love Taksahi…….. I heard there is a new noodle place in chinatown that does fresh ramen. Has anyone been there?

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  38. “I heard there is a new noodle place in chinatown that does fresh ramen. Has anyone been there?”

    Never heard of it. Where, what name? Japanese version of ramen?

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  39. DZ, I don’t have a specific information other than the restaurant is in the new area of Chinatown (Mall). Not sure if its Japanese version.

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  40. “I don’t have a specific information other than the restaurant is in the new area of Chinatown (Mall). Not sure if its Japanese version.”

    There’s the offshoot branch of Joy Yee’s that underwent some subsequent rebranding and does some noodle stuff but nothing approximately ramen. There’s a couple of new HK diner style restaurants opened in the east end of the mall over the last few months. There’s a halfway decent xiao long bao restaurant on wentworth just north of mall.

    There is a restaurant next to lao szechuan that seems to be undergoing new ownership.

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  41. This whole area of the Gold Coast is overrated. It’s boring, deader than a doornail, windy, frigid and cold. Obviously the walk to State & Division area is nothing to be sought. The Jewel at Clark & Division is horrible, who wants to carry their simple groceries this far past those bars? For this money, go buy in 55 E. Erie and be in a far better location.

    “Sure, you’d rather be on Astor, but this section of Division is not what you’re thinking. It’s a few blocks east of all the crap at Rush. The drunks have no need to walk this way and seldom do.”

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