In our recent discussion of the new construction single family home at 1446 S. Emerald in University Village, a poster named Jack commented:
“You guys are all a little crazy….I am an architect and real estate investor who has lived in the South Loop (23rd and Michigan) sine 1990. I have moved a couple of times since (making a handsome profit as you might guess) and now live at the edge of Pilsen (which, btw, has always been south of the tracks at 16th).
Someone mentioned that the home discussed here would be priced right in the Gold Coast. THAT is indeed crazy; 1.7 mil for a single family in the gold coast? try 10.7 mil and that would be cheap.”
There’s actually a rare new construction single family home available in the Gold Coast right now at 22 E. Elm.
There are only plans available, as it’s not yet built, but this house is closer to the lake, not near any major expressway, within a few blocks of the red line and numerous bus lines and much larger than the house on Emerald.
Here’s the listing:
BUILD A 6400 SQ.FT. NEW CONSTRUCTION SINGLE FAMILY HOME ON A 25 FT. WIDE LOT WITH NO SET BACKS!! BUILD FROM LOT LINE TO LOT LINE!!
HOME IS IN THE HEART OF THE GOLD COAST ON A BEAUTIFUL TREE LINED STREET. FEATURES INCLUDE 5 BEDROOMS, 4. 2 BATHS, 10 FT CEILINGS ON ALL LEVELS, CENTER COURTYARD, GOURMET KITCHEN, 2+ CAR ATTACHED GARAGE, ROOF DECKS, ALLEY ACCESS & IS ON THE SUNNY SIDE OF ELM STREET.
Jason Kromelow at Koenig & Strey has the listing. (see more pictures and the floor plans here.)
22 E. Elm: 5 bedrooms, 4 baths, 2 half baths, 2.5 car garage, 6400 square feet
- Currently listed for $1.85 million
- No monthly assessment
- Taxes of $51,804 (maybe the old tax amount on the existing structure on the property?)
There are plenty of other single family homes in the Gold Coast available for under $10 million. In fact, I count 6 homes in what I would consider “prime” Gold Coast addresses that are all listed for under $2.5 million.
Take 48 E. Schiller, a vintage beauty not far from the lake, shopping and restaurants.
Here’s the listing:
Desirable Gold Coast gut rehab! Three floors plus finished basement with private elevator. Premium upgrades include diagonal, solid oak hardwood floors, marble bath, three limestone fireplaces, custom cabinets, granite counters, stainless steel Viking appliances, 10-12′ ceilings.
Approximately 4,500 square feet including finished basement. Three balconies, front garden, small one-car garage.
48 E. Schiller: 4 bedrooms, 4.5 baths, 1 car garage, 4500 square feet (includes the basement however)
- Sold in March 2002 for $1.08 million
- Sold in December 2003 for $1.375 million
- Currently listed for $2.2 million
- Taxes of $5,431
- Monica Canellis at Rubloff has the listing. See more pictures on the property’s website.