8-Bedroom Gold Coast Historic Mansion Returns: 1432 N. State Parkway
This 8-bedroom mansion at 1432 N. State Parkway in the Gold Coast just came on the market.
But if it looks familiar that’s because we chattered about it several times when it last came on the market in 2008 during the Great Recession.
You can see our 2008 chatter here and our 2011 chatter here.
It took 3 years to sell mostly because it needed to be renovated and brought back into the modern era. I need to get a newer picture as the exterior has also been dramatically renovated from the 2008 time period.
We then chattered about it again in 2016 when it came back on the market after the full renovation. See our chatter here.
Built in 1883 by Chicago architect A. M. F. Colton, it is on a 50×132 lot with a side drive and a coach house- which has 3 bedrooms and 1 bath.
The house originally had 7600 square feet and the coach house another 2000 square feet for 9600 square feet total but the lower level has been excavated making room for a recreation room, theater and game room which has added square footage.
The property now totals 10,350 square feet.
Back in 2008, most of the house’s vintage character had been preserved including the mahogany wood moldings, paneling and 3 original fireplaces.
Here are the pictures from the 2008 listing:
It has since been updated and transformed, including installing central air. There was space pac cooling previously.
There’s a 3 car garage with a heated driveway which can hold up to 5 more cars. That’s a total of 8 cars parking.
The kitchen has white cabinets, white counter tops and stainless steel appliances.
Ceilings on each of the floors are 10 feet+.
But while the vintage character has been preserved, the mahogany paneling in the entry foyer and living spaces has been painted white. (Yes, I know many of you were disturbed by this in 2016.)
Dwayne Wade rented out the house in the interim.
And now it’s been reduced $1.6 million to $7.9 million.
Will the lowered price help this house find a buyer in 2019?
Jenny Ames at Engel & Voelkers Chicago again has the listing. See the pictures and floor plan here.
1432 N. State Parkway: 8 bedrooms, was 6.5 baths- is now 7.5 baths, was 9600 square feet- is now 10,350 square feet, 3 car parking
- I couldn’t find a prior sales price going back to the 1980s
- Was listed in October 2008 for $7.25 million
- Reduced
- Was listed in September 2010 for $5.9 million
- Sold in March 2011 for $4.985 million
- Was listed in April 2016 at $9,499,000
- Withdrawn
- Was rented
- Re-listed in March 2019 for $7.9 million
- Taxes are now $112,093, they were $85,347 in 2016 and $45,163 in 2008)
- Central Air
- 9 fireplaces (!)
- Bedroom #1: 20×17 (third floor)
- Bedroom #2: 13×18 (second floor)
- Bedroom #3: 15×17 (second floor)
- Bedroom #4: 21×17 (second floor)
- Bedroom #5: 14×15 (second floor)
- Coach house: 3 bedrooms, 1 bath
Bailing before Pritzker’s ridiculous income tax plan becomes law?
I remember watching the exterior renovation work on this. What blew me away is that they replaced every single piece of red sandstone with an exact replica carved from Indiana limestone. Understandable given the porous nature of the sandstone but that had to cost a considerable amount without much direct appreciation in value.
The now usable basement along with what appears to be a new glassy connection to the coach house are also noteworthy.
As far as the renovations to the rest of the home… well, it appears to be limited to paint only. New marble in the kitchen, but same old cabinets, appliances, plumbing fixtures, etc… kinda of shocking after the high dollar investments they made on the exterior restoration and the digging out of the basement…
that would be a pain to move all those tables and chairs on the driveway every time I wanted to take my Ferrari out for a spin!
and god damn, I couldn’t even afford the taxes on this place if that were the only expense LOL
Pic 13, showcasing the nice back door/mud room, has those shoelaces spilling out of the cubby. No wonder it hasn’t sold.
“Bailing before Pritzker’s ridiculous income tax plan becomes law?”
Impossible, the lefties have told me that the rich love paying taxes and wouldn’t dare dream of moving to another state or changing their primary residence to another state
“That would be a pain to move all those tables and chairs on the driveway every time I wanted to take my Ferrari out for a spin!””
Ha! Luckily there is alley access.
“Impossible, the lefties have told me that the rich love paying taxes and wouldn’t dare dream of moving to another state or changing their primary residence to another state”
Are the rich fleeing Iowa or other states where the state income tax is progressive and it’s actually higher than what Illinois would be?
California’s highest rate is just over 13%. But even if you don’t pay that as it’s the highest rate, you will pay over 10%. And that’s just being the upper middle class. Not even truly “rich.”
And now, thanks to the tax changes, they can no longer write that off (yikes!).
Are the well-off fleeing California?
Anyone?
No?
Okay then.
34 states have a graduated income tax rate, where you pay more if you are rich.
If the rich were upset with the Illinois income tax rate, they would have moved to Florida or Texas long ago. They’re rich. It’s not hard.
“Bailing before Pritzker’s ridiculous income tax plan becomes law?”
Why is it ridiculous?
The money has to come from somewhere. It will come from taxes. Why not change the tax structure on those at the top?
California’s top rate is 13.3%. Hawaii is at 11%. Minnesota is at 9.85%. Gosh, there’s Iowa at 8.98% and DC at 8.95%.
Last I looked, plenty of rich people in all of those states.
Illinois is in a financial crisis and “cutting the budget” isn’t going to get us there anymore. Same with the city of Chicago. So where are you going to get it to pay for the sins of our ancestors?
“Are the rich fleeing Iowa or other states where the state income tax is progressive and it’s actually higher than what Illinois would be?
California’s highest rate is just over 13%. But even if you don’t pay that as it’s the highest rate, you will pay over 10%. And that’s just being the upper middle class. Not even truly “rich.””
Most of the “rich” in Iowa are farmers, kind of hard to move your land to another state isn’t it?
People ARE leaving California, in droves, problem is that lots of people are moving there too so its about even
https://www.nbclosangeles.com/news/local/Nearly-Same-Amount-of-People-Move-to-California-and-Out-of-State-503849521.html
“Unlike a few decades ago, retirees are leaving California, instead choosing other states in the Pacific West and Mountain West,” said Michael Stoll, economist and professor in the Department of Public Policy at the University of California, Los Angeles, said in the study’s release.”
“People ARE leaving California, in droves”
Nearly all “middle class” folks with HHI under $100k.
And the noted retirees–who, of course, have no economic need to remain.
“Most of the “rich” in Iowa are farmers….” ime while Iowan farmers may have a net worth that qualifies them as ‘rich’ most aren’t netting millions in taxable annual income.
Re local real estate: in hindsight the owners of 1432 appear to have overpaid in 2011 when they paid approx $5 mil. The beautiful mansion next door @ 1428 finally sold 6 months ago for roughly 1/2 ($2.584 mil) after lanquishing on mkt for 4+ years. The great thing about being ‘rich’ is the result of the sale won’t change 1432 sellers net worth by more than a rounding error would imho
“Most of the “rich” in Iowa are farmers, kind of hard to move your land to another state isn’t it?”
Wow- that’s nice stereotyping.
Brownells, gun accessories and supplies, and Pella, obviously windows, are just two big businesses I can think of in Iowa off the top of my head. I would assume there is some wealth associated with both, including current management.
And Des Moines isn’t populated by farmers, last I looked.