3-Bedroom Mid-Century SFH in the Gold Coast Reduces $4.6 Million: 1524 N. Astor
This 3-bedroom single family home at 1524 N. Astor in the Gold Coast came on the market in January 2024.
But many of you will remember it from our last chatter in February 2021.
Back then, most of you focused on how high the taxes were. See the chatter here.
If you recall, it was built in 1969 by Chicago architect I.W. Colburn. It’s on a smaller than normal Chicago lot measuring 25×101.
The house is also directly on the historic, landmarked “Wooden Alley” which is only one, of two, still existing alleys paved with wood left in the city.
It also overlooks the Cardinal’s Mansion.
The listing says the current owner embarked on a 5-year redesign done by Marvin Herman & Associates and Suzanne Lovell Inc.
The interior is in art deco style.
The floors are stained, quartersawn white oak with a metal inlay.
There is custom millwork, cabinetry, drapes and paint throughout.
The first floor includes the entry foyer, the laundry room, and an office or guest room with a full bath.
The second floor features the living room, dining room and an eat-in kitchen along with a den, deck and terrace which overlooks the Cardinal’s Mansion across the alley.
The kitchen has dark cabinets, stone counter tops, an island, luxury stainless steel appliances and a banquette.
The third floor has the primary suite with an attached bathroom, another bedroom, also en suite, and a family room.
There’s also a curved rear staircase that leads down to a separate street-level suite that the listing says would be “ideal as a home office or guest/in-law suite.”
This suite also has its own entrance off the Wooden Alley which allows guests to visit without entering the main residence.
The listing says that the garden, koi pond and terraces were professionally landscaped by Scott Byron & Company.
There are 4 fireplaces, 4 zoned heating and central air conditioning, central humidification, dual water heaters, a security system and smart home functionality.
It still has just a 2-car garage although this was a question in 2021.
This house is near Lincoln Park, North Street Beach, and the shops and restaurants of Old Town.
It’s also a rare mid-century single family home in a neighborhood with many older historic homes.
When we last chattered about this home in February 2021 it was listed at $10.995 million.
It came back on the market in January 2024 reduced to $6.995 million. But that hasn’t closed the deal and it has been reduced further at $6.395 million.
It’s now listed $1.73 million below the 2000 sales price.
Is this house a deal?
Jennifer Ames at Engel & Voelkers again has the listing. See the pictures, a video and floor plans here.
1524 N. Astor: 3 bedrooms, 4 full baths, 2 half baths, 6500 square feet
- Sold in October 2000 for $8.125 million
- Originally listed in December 2020 at $10.995 million
- Removed in May 2021
- Re-listed in January 2024 at $6.995 million
- Reduced
- Currently listed at $6.395 million
- Taxes are now $72,139 (they were $80,649 in February 2021)
- 2-car garage parking
- 25×101 lot
- 4 fireplaces
- Central Air
- 3 outdoor spaces
- Skylight
- Bedroom #1: 22×15 (third floor)
- Bedroom #2: 11×15 (third floor)
- Bedroom #3: 23×15 (main floor)
- Living room: 22×21 (second floor)
- Dining room: 22×13 (second floor)
- Kitchen: 22×13 (second floor)
- Family room: 22×18 (third floor)
- Den: 15×15 (second floor)
- Laundry room: 6×11 (main floor)
- Terrace with koi pond: 23×12 (main floor)
- Terrace: 16×31 (second floor)
- Deck: 12×14 (second floor)
In 2000 people were bullish on the city of Chicago, today, not so much…
everything about this house is pretty ugly…especially at $6+million.
“most of you focused on how high the taxes were”
2 people = “taxes are a big number”
1 person = “those taxes are just a living expense for the rich”
2 peopel = “taxes are absurdly low”
Which I guess is still “how high”.
They’re lower now, and way too low for the much lower asking price! Those are the taxes for a sub $4m property.
“In 2000 people were bullish on the city of Chicago, today, not so much…”
There are more properties selling over $4 million now than in 2000. Far more. City is much richer, but that’s a problem unto itself, right? Middle class priced out of most of the north side now. But that’s not healthy. We really don’t want to become San Diego, LA or San Francisco with the extreme unaffordability.
Every property finds a buyer that loves it. Not everyone has the same taste.
anon
assume seller pricing is elastic.
what number gets in done on the buyer side IYHO.
of course this is purely hypothetical
(hate the bathroom tub – keep having flashbacks to the Rock and the Scorpion King)
pricing is soooooo throw out a number and see if it sticks above 3 3.5 million in chicago.
look at this place prior owned by a public chicago figure
https://www.redfin.com/IL/Chicago/229-W-Eugenie-St-60614/home/12699896
tried to drum up interest with a special auction and in the end it still sits for multiple years.
This OTT property currently priced more or less than same as this property.
me personally I would take the OTT property but I am a OT bigot.
JU which would you take?
Dan #2 which would you take?
chichow–you didn’t ask me which one I would take (haha).
as to your question…
This place claims 6500 sf; it’s more like 4000 interior, noit counting the garages. $1,000 psf seems ok pricing, some unique things are plusses to the value–something under $5m, maybe, but I’d think more like $4m or under. It’s basically a 2 bedroom house (which is appealing to many people).
Compare to the house across the alley on State that sold in Sep-22 for $4.55m (apologies for realtor link, no pix on RF or Zillow):
https://www.realtor.com/realestateandhomes-detail/1525-N-State-Pkwy_Chicago_IL_60610_M75945-64912
Note that it’s basically twice the size, on a bigger lot, doens’t have a funky interaction with condos next door, no garage dividing your ground floor into two, etc, etc.
I do personally like the interior style of the Astor house more, but not over 2x more on a psf basis. Could spend under a mil on the State house and get close to the same effect in all the public space.
Compare to the house across the alley on State that sold in Sep-22 for $4.55m (apologies for realtor link, no pix on RF or Zillow):
– – – –
so a lot of follow ups
so for Open Source Intelligence OSI, IYHO what time frame to start in terms of a look back? 2 years? 3 years?
start with .5 mi radius or less?
is there still an astor address premium? is it a 1.1x premium?
which would you prefer? the OTT place or the Astor place. And lord help me I have the Price is Right theme going through my head now while I asking you
I would take the place on State. Thank you for the link. While I would clearly have the dosh to put people who are visiting up in a hotel, I personally would want a layout where family could stay for a longer period.
and also maybe staff quarters
“so a lot of follow ups”
1+2=it depends.
Astor v State…I guess, maybe. No song for Astor, tho I guess the State address is technically the Parkway, not that great street.
All else equal-ish (ie, ignoring that OTT is 2.5 OT lots, vs this one being not really even 1 GC lot; assuming you can make the PP + Taxes even-ish over ~20 years), I take the OTT place 107 times out of 5.
“is there still an astor address premium? is it a 1.1x premium?”
I think that’s fading. Gold Coast, in general, is out of favor. Young people don’t know much about it. You can get deals on all three streets.