Lakeview Mansion Reduced $1.04 Million: 336 W. Oakdale
One year ago, we chattered about this 8000 square feet, 7-bedroom new construction single family home in Lakeview at 336 W. Oakdale.
It has been on and off the market since 2006.
See the pictures and our prior chatter here.
It’s still available and has now been reduced $1.04 million since its listing in 2006 and $559,900 from a year ago.
Jennifer Ames at Coldwell Banker now has the listing. See more pictures here.
See the property brochure here.
336 W Oakdale: 7 bedrooms, 5 baths, 2 half baths, 8000 square feet
- Originally listed in May 2006 for $4 million
- Was listed in February 2008 for $3,499,900
- Reduced
- Currently listed for $2,940,000
- Taxes are $10,090
- 5-levels with private elevator
- 3 car garage
Maybe I’m missing something….anon(tfo) you’re better at this than me…is there no large formal dining room? A multi million dollar home with no large dining room? And is the small dining )with a glass table and four chairs) on the second floor? So you make food in the kitchen, walk to the front of the house, up the stairs, and then serve the food? Who wants to walk up stairs with hot dishes and plates full of food? And the kitchen…looks a little fancy. If I had a multi-million dollar home I would want a seperate kitchen for my waitstaff to prepare my food.
I agree with homedelete – a home this pricy usually comes with a larger Butler’s Kitchen and pantry area. The main reason why the seller/developer is able to just shave off 1M is because the property is obviously overpriced. They should have spent the 5k to install a california closet system in the Master Suite- that $800 home depot closet is just not good enough. Buyers today aren’t as willing to fork over their money so developers should make sure they spend the extra few thousand to really impress home buyers. Considering, that Banks are’t willing to lend 6 figures, it would be nice to know which bank is going to lend 7 figures.
Those pictures make the rooms seem so small… And where’s the dining room? But hey the good news is that the house comes with 5 TV’s! woo hoo!
Only $10k in taxes on a mulit-million dollar property????
Who lives there, the alderman?
Speaking of multimillion-dollar homes and odd choices, the WSJ ran this real estate feature about a guy who built a $12M home with his children’s lifestyles in mind. They have now gone off to college. He’s quoted as saying, “God must have been with me. If I hadn’t built this house, I probably would have put it in the stock market.”
To paraphrase Minyanville, is that the kind of comment someone makes closer to the top or the bottom of the local market for mansions?
http://online.wsj.com/article/SB123334136126734257.html
This is one of the nicer McMansions.
HD (and everyone):
The new brochure has a floor plan. The main kitchen is on the second floor–along with a 11×15 dining room–it does look like they should have rented a bigger table. There is a butler’s pantry b/t the kitchen and the dining room. I think you’re looking at the pics from
I kind of like the individual rooms, but the overall layout seems awkward to me.
re: The master closet–it looks like Cali Closets to me. I would have expected something *nicer* than Cali Closets–with a dressing table, etc., but they went with two closets in the master and no access from the bath to the closet (a decision I understand). Also, the elevator opens into the master bedroom–which is nuts.
Finally, note that there are three (3!!) kitchens in the house–the main, one in the in-law/nanny space and one on the top floor to serve the roof deck. If you’re doing that, why isn’t there even a wet bar in the basement for the rec and media rooms (plus sauna and steam)?
Read this:
http://finance.yahoo.com/news/HighEnd-Housing-Market-cnbc-14235694.html
Looking at the floor plan, the biggest problem is that the windows in most of the spaces face the building next door, not taking advantage of the corner lot. The stairs are on that sweet side.
“biggest problem is that the windows in most of the spaces face the building next door”
I’m pretty sure this is the furtehr east of the two houses and that there is a highrise directly east.
Jason: From the article–“Homes valued at $750,000 or more plunged a whopping 47 percent in the year ended in November. By comparison, homes valued at $400,000 or less fell by only 3 percent during the same period.”
Is the author a moron? You can’t compare that without adjusting for market mix–we all know that home values in the Dakotas have been stable–and they’re almost all under $400k–while Cali has been crushed–where there were metro areas with medians almost at $750k.
You’re right, it might as well be a row house, a very expensive row house
“it might as well be a row house, a very expensive row house”
Which makes me think of those houses at Lincoln Park West and Wisconsin–two of them are up (but not finished??) and there are 3 more lots/foundations. A bit better location, b/c they back on the park that used to be a bus turnaround, but undoubtedly similarly “generously” priced.
I was more interested in the fact that homes over $750,000.00 fell 47%. (I didn’t really check his sources though.)
“I was more interested in the fact that homes over $750,000.00 fell 47%.”
Definitely interesting, but contrary to Case Shiller stats in the 10 metros (in general, the “high tier” properties have fared best–over=-inclusive, yes, but a real stat).
And the article doesn’t say whether it’s median or average that fell 47%.
And it doesn’t say whether the set includes homes over $750k in 07, in 08 or both.
Indeed, I don’t think that, outside of certain wildly overvalued areas of Cali and Fla (and fraud-y properties elsewhere), there are many homes that sold for $800k in 2007 (or, most likely, in 05 or 06) that would sell for only $424k today. So, combined with the lack of establishing the data set as comparable, I doubt the author’s “stats”.
ss:
In fact, Cook County Tax assessor Houlihan lives in the 400 Block of West Oakdale.
“Only $10k in taxes on a mulit-million dollar property????”
Unless I’m mistaken, new construction doesn’t get fully assessed until it’s sold. Those should be the taxes on the prior use of the property.
The city is filled with these developer architectural nightmares. In the go-go boom of the 80’s they gave us stucco/glass block/Metropolitan Home inspired faux deco. In the 2000s it was bad classic/Palladium via Home Depot. Is it any wonder these things sit on the market? People who can afford a house at this price level most likely have traveled the civilized world a bit, stayed in and few very nice hotels, and read some architectural magazine along the way. Although they can’t put their finer on it, quality and proportion get under your skin…. and this house has neither.
A few dead give away clues: The windows are stock and way out of scale to the size of the house (custom would eat into your profits). The fire boxes are builders specials… no difference between them and the ones in a $150K South Loop condo (herringbone brick would actually take skill to install). Cabinets and trim are common looking and randomly embellished (yeah, put some more crown up and the room will look like the Biltmore (wasn’t that some 30 minute HGTV before and after show). Staircase in stock iron spindles…. wtf??? On and on.
Well, when spit up out of desperation, I suppose it will make make a decent three flat. Can’t wait to see what gems they give us in the next boom!