$1 Million Reduction on Astor Street Mansion: 1308 N. Astor
Buying and renovating vintage homes isn’t something that is done only in gentrifying neighborhoods.
Take this 1887 John Wellborn Root Queen Anne mansion at 1308 N. Astor in the Gold Coast.
Bought in 2006, it has been extensively rehabbed with a new kitchen and baths. Look at those floors!
First listed in May 2007, it has since been reduced $1,000,999.
It seems to have all the bells and whistles and the prestige address.
But it’s missing its own deeded parking. Parking is available for least next door.
Is the lack of parking hurting this sale?
Jeff Lowe at Prudential Preferred has the listing. See the pictures here.
1308 N. Astor: 4 bedrooms, 4.5 baths, no square footage listed
- Sold in September 2006 for $1.95 million
- Originally listed in May 2007 for $4,499,999
- Reduced a couple of times
- Currently listed for $3.499 million
- Taxes of $33,413
- No parking- leased parking next door
Maybe one day flippers will understand that the days of making $2M off one property,within one year are over. I don’t think that parking is the issue here, greed is. If I know that this place sold for $1.95M and has a 500k reno tops, why would I give these flippers almost 1M profit? Nice address, nice reno but I doubt it well sell at this price.
While the market is tough, Astor is the best street in the city bar none in my opinion. I was in this house about 25 years ago and it is beautiful, but I think that what’s really hurting this place is the wall that you look at across the street. I bet however it sells for $2.9MM, under $3MM for an Astor street mansion will attract a few people I think and the stock market is rallying…
Those floors are gorgeous.
3.5 million dollars and you have to rent a parking space? LOLOL!
Joe,
Those with multi-million dollar portfolios and that live in mansions like this aren’t subject to the day to day whims in the equity markets. They are in the bond market where the smart money typically is.
Unfortunately I’m with the dumb money. That being said, a few more million dollar reductions and I’m prepared to make an offer — without contingencies.
It’s nice to see great nice looking multi-million dollar home. It’s beautiful. that being said, the high end of the market is hurting now and this place is going to be a tough sell.
Nope, parking isn’t the issue here. You’ve got Astor Street aspirations, you can afford a car service.
“in the bond market where the smart money typically is”
Just like AIG!
i actually dislike the floors – a little too fussy for my tastes, to the point of being fake fancy/cheezy.
but i definitely agree people are going to want their garage – it’s HUGE negative for a SFR in this price range.
plus this house is adjacent to a high rise – which in itself is a bit of a turn off. if they have a back yard they have a built-in audience.
“plus this house is adjacent to a high rise”
It’s bascially got high rises on three sides–east across the street, south and west. The south view appears to have a nice view of the service entrance (i.e., garbage pickup) for 1300 N Astor. There’s a 6 story building b/t it and the alley and the Amb. East across that alley. And out the font door is the rump of 1310 N Ritchie.
Astor is defintiely a premium street (for those who like that sort of thing), but this is not the best block on the street.
I’ve been inside this place. It is beautiful. It has a nicely finished basement and the kitchen has everything you could ask for. It also has two decks with outdoor fireplaces, if I remember correctly. It was rented but the renters were forced to move suddenly because of broken pipes. It won’t be long before this place is a foreclosure. The owner has run out of money from what I understand. If you buy this place, get a good inspection. According to the renters, the pipes are at unbelievable angles.
This place is just across the alley from 1300 N. Astor and across the street from a tall building. On the north side of the home are several other single family residences, ending on Astor and Banks with the old Chase bigwig’s home. It is a very nice block, anon.
Small lot, no parking, bad views and an interior that doesn’t fit the architecture with floors that add nothing to the smallish (at this price)rooms.At least a million lower may move it.
Lauren… As a flipper myself, I find that I have to agree with you…partially.
I only wish we had before and after pictures showing exactly what they did to list at this price point. Now it there were holes in the floors and walls, a new roof and electrical system had to be installed and there was water damage, then the place looks this fantastic, the price is warranted and appreciated.
If, however all they did was refinish and buff out the floors and add the ‘california closets’, then it is indeed obvious greed.
For the present owners to make a one million dollar reduction, it would seem they did the latter or are just looking to keep from a foreclosure. Hard to tell!
There is a fine line that you can cross when you buy to renovate and then flip the property. If you are only in it to make a 200-300% + profit and do a so-so job in the rehab, then the greed is obvious. If however, the property is a historic mansion like this and the high quality is obvious, it is hard to see if that fine line has been crossed.
I am a bit turned off by the lack of parking. Did they add on somewhere and eliminate the garage space? Did they sell off extra land to allow the high rise to be built? If they did, then that puts a huge dent in the integrity of the mansion and makes their request for their previous and present asking price laughable.
It will be interesting to see where this property goes. I know personally I have a nice chunk of cash that I need to use to purchase a property. Had it been a larger chunk, this place would warrant serious consideration (sure, I’ll bite it and lease two parking spots).
After looking at dozens of properties in new buildings, (one unit keeps calling me back…thanks Sabrina!) I am now persuing a SFR and am looking to find a place that has been done like this. I only hope I find one that was rehabbed correctly and the seller is not in it for his/her greed.
To the person who made the foreclosure comment, it is amazing how this works. Once word gets out that the owner might be in tough financial straights, no one will make an offer. I watched this happen on a commercial property in January. People figure they will buy it out of foreclosure and there is no way to get out of this death sprial. That said, this home looks awesome. I really like the renovation.
Compare “It is a very nice block, anon” with “this is not the best block on the street”
Are you saying that this is the best block of Astor? Because that would be the only relevant dispute with what I posted.
The block b/t Schiller and Burton is better.
To the person who made the comment about bonds vs equity, this home will trade on confidence. People have money to buy homes on this scale, but they lack will. The potential buyer makes over $250k and just watched his finance brethern get a 90% tax on bonuses (50% of compensation in the financial industry)….probably sitting on the sidelines until we all understand how far Congress will go with this populist activity that is ultimately destructive towards a economic recovery.
“that is ultimately destructive towards a economic recovery.”
A bit of opinion and conjecture with your morning coffee?
The populist activity is vitally important for setting an example for future generations that people who shared (nay, plauyed a leading role) in this economic disaster may have their remuneration expropriated post-ante if worst case scenarios unfold and society is adversely impacted.
It will give pause to future generations of people in their position who may find themselves in similar situations.
Everyone calling it a sideshow and distracting from the main issues is missing the broader context of making the ink on the history books look right and not repeating the same mistakes.
……. and here we go into yet another 50 post discussion on the economy ……..
“The potential buyer makes over $250k”
Yeah, slightly over $250k, especially if most of their income is OI.
“have their remuneration expropriated post-ante if worst case scenarios unfold and society is adversely impacted”
If it slips to that low a standard, you’re a target for “expropriation”, too, Bob. This is a particular circumstance where the (potentionally) expropriated remuneration is being paid (almost directly) out of society’s pocket. This isn’t about “too much” and “bad for society”, it’s new owners objecting to the bad deal they were “forced” into paying for.
I like this house.
I’d much rather buy the penthouse in contemporaine for that kind of crazy money. At least it has a garage space…
“……. and here we go into yet another 50 post discussion on the economy ……..”
Ha! I would rather read the deleted comments about real estate agents than another argument about the economy.
We talk about agents here?? Where are those articles?? Can we add to the past ones??
To the person who spoke to the renters, how much was it rented for?
Looks like this property is now down to $1.9 MM, but that being said, I still wouldn’t buy this house. I looked at it a few months back. The rehab is a cosmetic rehab job that superficially looks nice, but is of lower quality workmanship. The rooms are also a bit too narrow with the lot only being 18′ wide. I think parts of the house is even narrower at about 16′ wide. I think somewhere about $1.7 to $1.8 is appropriate.