An 1898 Restored 5-Bedroom Gold Coast Row House: 1520 N. Dearborn Parkway
This 5-bedroom vintage row house at 1520 N. Dearborn Parkway in the Gold Coast came on the market in May 2019.
Built in 1898 on a 22×149 lot, it has a 3 car heated attached garage.
The listing says there was a “total restoration” and no detail was overlooked.
It has many of its original features including moldings, marquetry (according to Wikipedia: Marquetry is the art and craft of applying pieces of veneer to a structure to form decorative patterns, designs or pictures), the original wood staircase, stained glass, built-ins and murals.
There are 3 gas fireplaces.
The cook’s kitchen has stainless steel appliances and is adjacent to a family room which leads to a landscaped deck.
All five bedrooms are on the second and third floors, including the master bedroom which is on the second floor.
There’s also a terrace off the second floor.
The baths are stone.
The lower level has a great room, wet bar, wine cellar, storage and large laundry room.
The row house, at 7623 square feet, has 4 HVAC systems, sprinklers, smart-wiring and a security system.
The listing says the light fixtures and sconces are excluded from the sale.
This row house was on the market in 2018 for 10 months.
The current listing says: “New style. New look. Move right in! Freshly painted white.”
Listed at $4.95 million, the upper bracket has been even hotter than last year, when a new record high number of luxury properties was sold.
Will the new style and fresh white paint get this row house sold in 2019?
Suzanne Gignilliat at @Properties has the listing. See the pictures here.
1520 N. Dearborn Parkway: 5 bedrooms, 4.5 baths, 7623 square feet
- Sold in October 1999 for $2.5 million
- Sold in October 2004 for $3.7 million
- Sold in May 2005 for $3.95 million
- Originally listed in February 2018 for $4.65 million
- Removed in November 2018 at $4.65 million
- Re-listed in May 2019 for $4.95 million
- Taxes of $51,685
- Central Air
- 3-car attached heated garage
- 3 gas fireplaces
- Deck: 20×12 (main level)
- Terrace: 18×18 (second floor)
- Bedroom #1: 21×20 (second floor)
- Bedroom #2: 15×17 (second floor)
- Bedroom #3: 9×20 (second floor)
- Bedroom #4: 12×14 (third floor)
- Bedroom #5: 11×12 (third floor)
- Laundry room: 11×18 (lower level)
- Office: 7×10 (second floor)
- Library: 17×17 (main level)
- Great room: 18×34 (lower level)
“Taxes of $51,685”
Estimated 2017 Market Value = $2,434,700
Estimated 2018 Market Value = $2,791,450
Just like the condo in the prior post, AV is well below actual market value.
Looking at the houses and condos on my block, the only ones that aren’t within ~10% of their real market value are ones that are in the wrong assessment category or that had the renovation freeze (either still applied, or in the 4 year post-freeze step-up period).
Dream house in a dream location. Maybe a bit too opulent, but I can handle that. If I were 20 years younger and raising a family, and had the money, this would be one to consider. The price sounds wild, but consider how many similar ones in NYC go for $20 million or more and they’re not on as nice a block or near Lake Michigan (obviously).
Very nice home, not sure on the price but lovely
Dream house in a dream location.
Agree. This is beautiful and I love it. (But since we are dreaming, I would prefer an end unit!)
Maybe a bit too opulent
Also agree, but I think a minimalist approach to furnishings/decor would counteract that somewhat.
Pretty amazing. But for this sort of commission, I think the broker could have brought a few paintings from home for the photo shoot, rather than moving/reusing the same two pieces for pics 20, 21 and 23 (though I suppose the owners perhaps loved them enough to by three of each, but given the rest of their art collection and the fact that their rugs and pots and pans probably cost as much as my house, I doubt it).
lighting and sconces excluded – is this a rich people thing? do rich people get emotionally attached to their side lamps?
I’ve walked by this house many times and always wondered what it looked like on the inside. Very nicely done. The art-work looks like museum quality. normally a house like this would be in the high $2M to low $3M range. But since this has a rarity of a 3 car garage…wow! might actually be worth $4M+
“Mike on June 7th, 2019 at 1:21 pm
lighting and sconces excluded – is this a rich people thing? do rich people get emotionally attached to their side lamps?”
looking at the photo…i wouldn’t be surprised if the gold chandelier is an antique and has a value over $100k.
“I think the broker could have brought a few paintings from home for the photo shoot, rather than moving/reusing the same two pieces for pics 20, 21 and 23”
Think that they are ‘shopped in–look at the relative sizes in #20, and note that the gold framed one is not nearly as wide, then look at them in 21 and 23, where they are virtually identical in width.
If they are not ‘shopped, then they have at least two sets of them.
Currently looking at 2 bedroom condos along Lake Shore Dr. with balconies and a direct Lake View in the Edgewater area. Can Sabrina feature one of those in the future? They tend to have high assessments $800-$1000/mo on 2-bedrooms. Any thoughts on those low priced condos, but high assessment units?
“If they are not ‘shopped, then they have at least two sets of them.”
The plot thickens…
This place is so gaudy. Having a hard time looking past the decor….
Too much!! Too much everything – wallpaper, furnishings, rugs, lamps, … very heavy handed, just way overdone. It seems very out of date, to my eye. Just no.
To: b in the comments. I live in one of those 2/2s smack dab on the lake. And I’m actually getting ready to put it on the market. Let me explain everything you need to know, I’m lounging on the sofa with sliding doors open, listening to crashing waves. It’s a fantastic experience to see the colors of the clouds and lake, just before the sun rises. I’ve seen Marine One fly by numerous times, when Obama came to town, I’ve seen Duchossois yacht, Blue Moon, valued at $75 million sail by two times. I’ve seen the Tall Ships on their parade up to Kenosha go by. The lake activity is entertaining, on practice day for Air Show, they fly up here, I mean you see them in formation turn around right up here! I’m on the 25th floor. I’ve hundreds of incredible photos of the sky, clouds, lake colors.
Yeah, assessments are high but indoor, heated parking & guest parking, pool, grill deck, doorman to get your packages. Indoor parking is stellar. And my building just got all new windows, balconies, sliding door, tuckpointing. The good thing about these old buildings built in the late 60’s is that they have very generous room sizes, which is good if you like to hang a lot of art, have a lot of furniture. The view & sounds of the lake keep me sane, lol.
Thanks, Susan. I used to live in a 2/2 on the 24th floor with a lake view. Never got tired of it. After 17 years in a suburban SFH to raise our kids, I’m ready to move back.
“Any thoughts on those low priced condos, but high assessment units?”
If the assessments are considered “high” then the price of the condo doesn’t go up.
I’m assuming, since you said it has a balcony, that it’s not vintage. But it still costs a lot to maintain any older big building.
There’s high and then there’s medium high. Think of a good sized assessment like a savings account. I lived in a 1960s era building off the lake and at the time, early 2000s, $550 a month was fairly high for a 1.5 bd. but when the ole elevators break down and need replacement, the windows need replacement, smoke alarm code requires all new wiring, pool springs a leak, the association has a nice fat reserve to deal with it without causing large special assessments. There are buildings out there right now struggling to fix these items with special assessments while the property values plummet because they kept their assessments low for decades whereas other buildings are well capitalized and up to date with maintenance & upgrades. Ive seen units in Hyde Park area going for $100,000 with $1,000 a month assessments trying to dig out from years of neglect.
Not sure why ppl would think this house to be too gaudy. If I am paying $4M+ for a mansion, I would love it to be opulent and gaudy.