3 Years Later, This North Center Victorian is Now Reduced 50%: 1904 W. Patterson
This 7-bedroom Queen Anne Victorian at 1904 W. Patterson in North Center has been on and off the market since April 2015.
We last chattered about it in 2016 when the sales price was much higher.
Back then, some of you saw this as a possible Bed and Breakfast and didn’t think the price was too “off”.
See our chatter here.
But it never sold and has come back on the market.
If you recall, it was built in 1891 on a bigger than standard 62.5 x 125 corner fenced in lot.
It has a large wrap around porch, a 3-car garage, a sport court and a brick and bluestone patio.
At 8,000 square feet, it has 7 bedrooms and the preferred layout, with the bedrooms on both the second and third floors.
There are no bedrooms in the basement.
There’s a lower level exercise room and sauna as well as a game room.
It also has an interesting feature in the top floor turreted room: an “office/smoking room with ventilation system.”
The house has an eat-in kitchen with white cabinets, stainless steel appliances and stone counter tops.
It has central air and 3 fireplaces as well as extensive wood work and moldings.
From the listing pictures, it appears that the owners have moved out.
The listing pictures now show some “virtually staged” pictures with the ever popular light gray walls and trendy furniture.
Originally listed in April 2015 for $3,999,999, it has been reduced numerous times and is now listed about 50% less at $1,990,000.
What will it take to finally sell this unique property?
Should the owners go ahead and repaint the entire interiors to make it move-inable? Or is price the only thing that will matter?
Will someone get a deal on this property?
Julie Harron at Jameson Sotheby’s has the listing. See the pictures and floor plan here.
1904 W. Patterson: 7 bedrooms, 7.5 baths, 8000 square feet, 3 car garage
- Sold in November 1998 for $650,000
- Originally listed in April 2015 for $3,999,999
- Reduced
- Was listed in August 2016 at $2.55 million
- Reduced
- Currently listed at $1.990 million
- Taxes are now $48,377 (they were $27,835 in August 2016)
- Central Air
- 3 fireplaces
- Bedroom #1: 20×16 (second floor)
- Bedroom #2: 21×16 (second floor)
- Bedroom #3: 14×13 (second floor)
- Bedroom #4: 12×12 (second floor)
- Bedroom #5: 17×16 (third floor)
- Bedroom #6: 13×12 (third floor)
- Bedroom #7: 11×10 (third floor)
- Turreted office/smoking room: 13×13 (third floor)
- Exercise room: 18×16 (lower level)
Great house and what I’d expect for $2MM. Don’t see it as a B&B – lack of en suites in 2 BR
Assume that it’s all space pac cooling
I’m a little surprised this one hasn’t sold by now. It started out insanely priced but for now it’s close to where I’d expect it to move.
What will it take to finally sell this unique property?
me winning the lottery
“Assume that it’s all space pac cooling” A properly sized space pack system works just fine and strategic placement of the supply ports can be almost invisible compared to large registers in new construction. Space Pac shouldn’t turn off anyone considering buying it.
If you won the lottery you’d live in North Center?
lol why
People love North Center. I’m surprise it hasn’t sold at this price. They really should get rid of that basketball hoop though and create an outdoor oasis instead.
I’m amused by the fact that the description calls this a Lakeview home. It has been properly assigned to North Center in the MLS (that’s not a choice) but the description nevertheless says Lakeview. I wonder whose idea that was. Sometimes you get clients that insist their homes are where they are not and it gets weird.
Great location, massive property, fair price. I’m a bit surprised this isn’t moving. Maybe because it’s in Audobon and not the much more highly coveted Bell.
“If you won the lottery you’d live in North Center?”
I’d certainly consider North Center if I won the lottery. Safe, family-oriented, quiet neighborhood, still in the City….what’s not to love?
“I’m a little surprised this one hasn’t sold by now.”
It is a double (plus) lot, so if the house burned down it would sell exceeding quickly for $1.3-1.5m. The now vacant lots across the street (of about the same sqft) sold last year for $1.5m.
“is a double (plus) lot, so if the house burned down it would sell exceeding quickly for $1.3-1.5m”
but absent the house burning down, the lot is worth less since it’s not used in a way to maximize its value? and the $1.3-1.5mm valuation is not particularly meaningful?
“but absent the house burning down, the lot is worth less since it’s not used in a way to maximize its value?”
Lot across the street had a brick apartment building on a portion of it. Also, I’d typed the first sentence before checking if there were a recent deed for the other lot.
Not certain there are *2* $1.5m oversized double lot buyers for that exact location, but assuming that builders gonna build, there probably is, and thus I undersold the lot value a little.
for a B&B you would need to rezone the property. Don’t think the neighbours would let that happen too easily if at all.
50K in taxes, a sizable mortgage or ROI numbers, staff and sizable upkeep costs might make it not a workable B&B.
“I’m amused by the fact that the description calls this a Lakeview home. It has been properly assigned to North Center in the MLS (that’s not a choice) but the description nevertheless says Lakeview. I wonder whose idea that was.”
I noticed this too Gary. I had to double check to see if the house was listed on the MLS as Lakeview as well (but it’s not- it’s in the proper North Center location.)
The agent had the listing the last time we chattered about it so she’s clearly familiar with the location.
But maybe over the years they’re getting, “my client loved it, if only it was in Lakeview” type comments so they put it in the listing hoping buyers wouldn’t notice the real location?
Lol.
“I’m a little surprised this one hasn’t sold by now. It started out insanely priced but for now it’s close to where I’d expect it to move.”
Stale listings are still a real thing. If you start a property off too high, and have to reduce, it loses buzz.
Additionally, perhaps some buyers are worried about the cost of having to redecorate most of the rooms which were very particular to the current buyer (hence the “virtual staging” pictures.)
Sure, those buying a $2 million property expect to do their own decorating. But even rich buyers can be put off at the thought of having to paint EVERY room in a house this big.
People have a hard time imagining themselves in a property. They need everything painted their neutral gray before they can buy it.
Two Urns B & B in WP closed down and they said specifically it was because of AirBNB drove them out of business. They just couldn’t compete with their next door neighbors renting out their bedrooms. I wouldn’t open a B&B in Chicago. And certainly not in North Center. But I do love the house. It’s just too much house. When people are looking for a house like this, they head up to Winnetka.
“Sure, those buying a $2 million property expect to do their own decorating. But even rich buyers can be put off at the thought of having to paint EVERY room in a house this big.
People have a hard time imagining themselves in a property. They need everything painted their neutral gray before they can buy it.”
For a $750M condo/$1MM McMansion, yes. This place, much less likely. The buyer pools arent the same.
It would be a crime if some choad painted this all grey and tried to inflict modern design trends upon it.
This could work as an upscale B&B during Cubs season. Easy overnight street parking and just a short walk to the Addison/Damen bus stop.