25 Months Later and Still Waiting for a Buyer to Restore This Gold Coast Rowhouse: 112 W. Oak
We last chattered about this 4-bedroom vintage Gold Coast rowhouse at 112 W. Oak in June 2009.
See our prior chatter here.
Back then it was listed for $2 million and the listing said it was being sold “as is.”
It is actually zoned live/work.
Built in 1890 on a 20×105 lot, it has rare parking for 5 cars behind the rowhouse.
None of the vintage features appear to still exist except for one original fireplace.
The current listing says you can also rent this for $5995 a month.
The property has been reduced $301,000 since June 2009.
What will it take to finally sell this rowhouse?
[These are pictures from the June 2009 listing.]
Sohail Salahuddin at Smart Property USA now has the listing. See more pictures here.
112 W. Oak: 4 bedrooms, 3 baths, about 3200 square feet, 5 parking spaces
- Sold in June 2001 for $565,000
- Was listed in June 2009 for $2 million
- Was also available as a commercial space for $2 million in 2009
- Reduced
- Currently listed for $1.699 million
- Taxes of $13009
- OR you can rent it for $5995 a month
- Central Air
- Bedroom #1: 15×16 (second floor)
- Bedroom #2: 14×14 (second floor)
- Bedroom #3: 14×12 (second floor)
- Bedroom #4: 16×12 (third floor)
wow. Someone really shat all over this place with that god-awful renovation. Hopefully someone with vision will come along and restore this (exterior) beauty.
All this really has going for it is location. Even then, I’d rather be in a highrise here…its a noisy street.
can you even look at the rent vs buy on this one? It’s not rentable in this condition unless you just have silly money and need a place to walk your dogs inside for the winter. Serious, with those carpets, open the window a crack and it will freeze so you wouldn’t have to pick it up.
I’m pretty courageous with what I’d be willing to re-do, not sure why I dislike this place *this* much.
Why in the shape this place is in would it get over $1MM more than it was worth in 2001?
I agree benjamon. I strongly dislike this place as well. I think its the agent’s remark “Perfect live/work space for doctor/lawyer/architect/restaurant, etc.”. There is absolutely nothing “perfect” about this space.
The “nearby similar listings” on redfin are very interesting. How is this place priced so far above:
http://www.redfin.com/IL/Chicago/915-N-La-Salle-Dr-60610/home/14110370
I’d be surprised if this actually “[s]old in June 2001 for $565,000”; that price looks too low.
That said, given the condition of this place and the need to rehab, I’m thinking this place has a lot farther to fall. Maybe it eventually sells for something around $1.1 to $1.2 million?
The place on La Salle is much nicer, although still needs a decent amount of work. Much better price though!
The exterior is really nice as is the location. It’s a shame it’s fallen into such disrepair.
I try thinking, nice Parisian windows, could open up that back wall, maybe… then I see that upstairs ceiling.
There was a place next door at 122 w oak that was in better shape (at least lived in) and was only 850k and at least same size ballpark. I was looking at that place and remember seeing this listing and another single floor condo that was much smaller right next to 122 oak that was insanely overpriced at 400 plus per sq ft. 122 oak had no parking but still was much better deal. No rhyme or reason to pricing in this little section of the block as far as I can tell. But by anyone’s measure this place at 112 is not realistically priced
While this is technically a good – and obviously, expensive – location, these particular few blocks strike me as a bit “so-so.” Sure, this is across from the Oak Club, and just off of Wash Park/the Newberry, all of which make for a charming, upscale immediate hood (plus, they’ve got quick access to the Soap Box event, which I happened upon last weekend…good grief). But it’s also just down from a few bustling car dealerships, and right around the corner from Dave & Buster’s (which seems to attract a somewhat dicey crowd from time to time). Plus, there is a huge amount of bus traffic turning north off of Walton onto Clark, and it’s a pretty straight ear/eye shot to this rowhouse (I’ve been looking at them practically every week day for a few years now on my way home, and have wondered what they were like). Family members nearly purchased a place at the Oak Club about 5 years back, and instead opted for the northeast GC. Great call.
Just $6,000 a month to rent this Perfect place? Where do I sign?!
“Perfect live/work space for doctor/lawyer/architect/restaurant, etc.”
Almost can’t believe the stupidity behind this comment.
1. Can you imagine walking into this place and hearing, “the doctor will see you now.” WTF??? Hopefully the doctor can take care of whatever infection you now have from being in this place!
2. Lawyer – Yes. Perfect. Clients would be so impressed with the putting green in the basement!!! Lawyers love to golf!
3. Architect – right. You’d probably get too busy with people wanting their homes to look just like your dilapitated work/live space.
4. Restaurant. 3 words. Board of Health.
I’d like to add to the list — this would be perfect for a jeweler/dog grooming parlor/daycare center/brothel (appear to be plenty of stripper poles)/casino!!! This will sell fast!!!
This used to be the Robert Lucas hair salon.
Isn’t the new Ogden school a block from here? That’s going to impact the location.
I’ll be amazed if someone pays anywhere near ask for this. What a disaster. Wouldn’t it only be worth that if it was fully renovated?
FIVe PARKiNG SPaCES
I think this location was the surgical offices for a plastic surgeon who lost her medical license due to substance abuse, and was married to a suspect in the Brach murder. Boy, I’m showing my age.
I love the townhomes one block south at SWC Delaware Pl & Clark, across from the park. Looks like better quality of construction than McLean’s Oak Club (remember when then Mayor Daley’s basement flooded elsewhere in a McLean project?).
southbound, I agree: that project, immediately south of the Oak Club, does seem superior. And then there’s that SFH, either between the two or just south of the two, with the giant walled facade enclosing the house within. Would love to get a glimpse in there.
I see no reason for this property to sell above the 2001 price.
It really is a mess. It’s been badly compromised with atrocious “renovations” and “improvements”, and it will take a good restoration architect plus about $1.5M worth of work to make the place look the way it was meant to look.
There are too many really fine properties in that area in the $2M price range to pay so much for something like this.
Gee tough decision:
OWN: $1.5m + $13k taxes + maintenance
vs
RENT: $6k/month
—-
Maybe it would make sense to buy it and rent it out. Bank that hefty 3.5%. That’s almost 1% higher than 10-year treasuries.
Seriously, can anyone tell me from an economic standpoint why it would make sense to buy this?
(3.5% would be the cap rate if you assume zero maintenance and no tax increases)
““Perfect live/work space for doctor/lawyer/architect/restaurant, etc.”
Almost can’t believe the stupidity behind this comment.”
For realtors, “perfect” = “perfect for you to buy!!!!1!!” and “doctor/lawyer/architect/restaurant” means “the kind of chumps I think that I can convince to buy this dump.”
I think that a realistic sale price is $1mm or so.
architect: thanks for the Brach murder reference. I had never heard of Helen Brach or the horse murders — what an amazing story. Even more amazing, the person who seems to have originated the horse-electrocution M.O. was James Druck, father of Rielle Hunter, which makes him the grandfather of John Edwards’s baby. That’s a lot of major scandals for one largely unknown family.
Now back to real estate (maybe).