A $5.5 Million SFH with an Extra Lot at 1442 W. Berteau in Graceland West
This 5-bedroom single family home at 1442 W. Berteau in Graceland West came on the market in April 2021.
Built in 2010, it has a limestone facade. The house is on a 42 foot lot and there is an extra side lot which is another 40 feet, putting the lot at 82×125.
It has a 4-car heated garage, a play area, sport court and outdoor kitchen.
The house also has an elevator which accesses all 4 floors, including the rooftop deck.
It has a gourmet kitchen with gray cabinets, luxury stainless steel appliances, an island and a butler’s pantry.
There’s a family room on the main level.
The lower level has wood paneling, a fireplace, bar and “state of the art” wine cellar.
Of the 5 bedrooms, 3 are on the second floor, including the primary suite, and 2 are in the lower level.
The listing says the 5th bedroom is being used as a gym.
The primary suite has a walk-in-closet.
There are two roof decks: one on top of the heated 4-car garage and a second one on the rooftop which has irrigated planters and an outdoor shower accessible through the the top floor den with a wet bar.
The house has central air and skylights.
Originally listed in April 2021 for $5.995 million, it has been reduced to $5.5 million.
According to Crain’s, 2021 is the hottest market since it began tracking luxury sales over $4 million in Chicago and the suburbs in 2015.
Agents say it’s all thanks to a booming stock market, low mortgage rate and the simple fact that buyers get more room for the buck in Chicago Well-placed stock market bets “generated a lot of expendable income for people who are interested,” Corcoran Urban Real Estate’s Matt Farrell told Crain’s.
Will this house join the list of luxury sales this year?
Bradley Brondyke and Timothy Salm at Jameson Sotheby’s have the listing. See the pictures and video here.
1442 W. Berteau: 5 bedrooms, 5.5 baths, 7000 square feet, single family home
- Sold in April 2005 for $985,000
- Sold in March 2009 for $3.32 million
- Sold in March 2015 for $3.777 million (did not include the extra lot)
- Originally sold in April 2021 for $5.995 million
- Reduced
- Currently listed at $5.5 million
- Taxes of $78,049
- Central Air
- Extra big 82×125 lot
- 4 car heated garage
- Skylights
- Elevator
- Roof top deck
- Deck on top of the garage
- Sports court
- Play area
- Outdoor kitchen
- Bedroom #1: 18×21 (second floor)
- Bedroom #2: 15×24 (second floor)
- Bedroom #3: 12×19 (second floor)
- Bedroom #4: 12×19 (lower level)
- Bedroom #5: 15×18 (lower level)
- Living room: 16×27 (main level)
- Dining room: 15×16 (main level)
- Kitchen: 15×16 (main level)
- Family room: 23×15 (main level)
- Laundry: 15×13 (lower level)
- Loft: 18×21 (third level)
For listing 5Br and having kids doubled up, seems like a waste. Though I guess having a giant MBA & WIC rates above giving the kids their own room. At 7000sf, the pictures don’t make it seem near that big. Floor plans would be nice.
Outdoor shower is odd, an ode to old Comiskey?
Really nice place (FR and deck is killer), tho I’m not sure if some paint and the lot (Paging Atfo) have increased the value $2MM.
Pretty awesome place. The outdoor shower seems like something one would see at homes in that one state from which everyone is fleeing due to the smoke and water restrictions.
Jon Lester’s house.
“Taxes of $78,049” Seriously undertaxed, largely due to the absurdity of the side lot having AMV of $290k.
“not sure if [] the lot”
Paid $1.35m for the neighbor, plus demo, etc., and, of course, $100k for the pergola. Might be under valued at $1.725.
Of note: both main house and side lots are 40′, not a standard 25′. On psf basis, would be same as ~$850k for a standard lot, which is only slightly high.
Paid $1.35m for the neighbor, plus demo, etc., and, of course, $100k for the pergola. Might be under valued at $1.725.
Dzi?ki
A Cub and Packer fan? Should just torch it now
“Dzi?ki”
No, not:
https://basketball.eurobasket.com/team/Poland/Dziki-Warszawa/7344
Jon Lester. Former Red Sox and Cubs lefthander.
Dzieki (thanks)
Cub, Red Sox and Packer fan? Nuke it from space
“The outdoor shower seems like something one would see at homes in that one state from which everyone is fleeing due to the smoke and water restrictions.”
True, anonny, but in that one state you can’t use it because of the water restrictions but in Chicago, no problem.
“you can’t use it because of the water restrictions”
Is this you??:
“Sorry- I had it wrong about the water limits. Newsom asked for people to “voluntarily” limit.”
http://cribchatter.com/?p=28052#comment-1180084
Did water restrictions go into effect since last Tuesday?
I don’t see it on the Calwater dot com website.
Why would it matter where you showered?
Do the words “%5.5 million” and “Graceland West” truly belong in a sentence together?
I mean, it’s a nice, quiet neighborhood with pretty streets. But it’s not Astor Street or Winnetka.
“Do the words “%5.5 million” and “Graceland West” truly belong in a sentence together?”
It’s one of the more popular neighborhoods and single family home prices have inched above $2 million in recent years.
We chattered about how it’s a secret hidden rich neighborhood in Feb 2020 (just before COVID hit.)
However, this house on Greenview sold for $2.065 million, well under the original $3.5 million ask from 2019.
http://cribchatter.com/?p=26716
In what world is $2MM the same or even in the ballpark as $5MM?
Yeah I know its just a number…
“Do the words “%5.5 million” and “Graceland West” truly belong in a sentence together?”
This is $2.5m of dirt–it’s over 3 standard lots–and “7000” sf of luxe construction, which is at least $1.5-2.0m at retail prices. So I’d say the price is still ~$1m high, BUT it’s a rare property, so there’s a scarcity premium–is it +20%??
“Yeah I know its just a number…”
OK, I have to say I think you missed the point–just two years ago, there was someone who thought they could get $3.5m in the hood (having paid $2.7 in ’09), and they ended up only getting $2m for it–a 25% loss after owning for 12 years.
Similar result here would indicate ~$4.0 as the end price. But, as you note, 5 (and even 4) is a different realm than 2, so this might underperform even that and be more like $3.5–loss on the House, wipeout on the extra lot–unless the Cubs sign some white dude with kids to a 9-figure contract, or a Ricketts family member wants to move.
I can respect what you’re saying. I need to consider the empty lot value, too.
“OK, I have to say I think you missed the point–just two years ago, there was someone who thought they could get $3.5m in the hood (having paid $2.7 in ’09), and they ended up only getting $2m for it–a 25% loss after owning for 12 years.
Similar result here would indicate ~$4.0 as the end price. But, as you note, 5 (and even 4) is a different realm than 2, so this might underperform even that and be more like $3.5–loss on the House, wipeout on the extra lot–unless the Cubs sign some white dude with kids to a 9-figure contract, or a Ricketts family member wants to move.”
No I get the point
My comment is apropos to your second comment. $2MM home is Solidly UMC. $5+MM is UC 0r $400k Vs $1MM HHI Big difference
The RE true-ism of never have the most expensive house in the neighborhood is on full display. The only way he doesnt take a bath is massive, Venezuelan style inflation or as you note, they find a unicorn
“The RE true-ism of never have the most expensive house in the neighborhood is on full display.”
Not the most expensive house in the ‘hood:
https://www.redfin.com/IL/Chicago/4130-N-Greenview-Ave-60613/home/13393038
“$2MM home is Solidly UMC.”
But that sale price was 58% of the original ask. For this one, that’s under $3.5, which would be only $1m more than the dirt is worth–think that would qualify as a deal.
btw, while I know it’s not uncommon in CA, I’d only want to buy a $2m on $400k income if that income was 100% passive (or better than 50/50 , or I had nearly $1m allocable to down payment.
“The only way he doesnt take a bath is massive, Venezuelan style inflation or as you note, they find a unicorn”
Different market then when the other homes have sold. Hard to say.
This is a record year for homes priced over $4 million in the city and the suburbs. Someone just paid $5 million for a new construction condo in Old Town with a roof top deck not nearly as nice as this one. Wasn’t built out at all.
Luxury is doing well because the stock market is doing well. As long as that holds up, so will the Chicago luxury real estate market.
“(or better than 50/50 …”
that it will go up 50%+ within a few years). ftfm.
“Different market then when the other homes have sold.”
The one you cited to sold in March 2021–less than 8 months ago.
4244 Greenview (brand new) sold for $2.6 in Aug-21; started at $2.7.
4045 Greenview sold for $2.2 in Jul-21; started at $2.5m
1450 Warner sold for $1.75 in Apr-21; started at $2.6 (in 2018).
Really seems like it’s a $2-2.5m house area, with “normal” northside lot values of ~$30,000/frontage foot ($750k for a 25′; $1.2 for the 40s that are common here). But probably some premium for the rarer larger lots, like the feature and 4130 Greenview (under contract, with $7m list).
Westside (and parts of the eastside) of Greenview gets some premium bc the lots are mostly 160′ deep, rather than 125′.
“But that sale price was 58% of the original ask. For this one, that’s under $3.5, which would be only $1m more than the dirt is worth–think that would qualify as a deal.”
The $2MM was in response to the shill’s comment.
“btw, while I know it’s not uncommon in CA, I’d only want to buy a $2m on $400k income if that income was 100% passive (or better than 50/50 , or I had nearly $1m allocable to down payment.”
I thought you were the one advocating 5 to 1 is the new 4 to 1? I agree tho that that leverage is steep for my risk/lifestyle
“Different market then when the other homes have sold. Hard to say.
This is a record year for homes priced over $4 million in the city and the suburbs. Someone just paid $5 million for a new construction condo in Old Town with a roof top deck not nearly as nice as this one. Wasn’t built out at all.
Luxury is doing well because the stock market is doing well. As long as that holds up, so will the Chicago luxury real estate market.”
Are you intentionally daft or touched?
In what world does a multi million dollar condo in OT have anything to do with a multimillion dollar SFH in WG?
“I thought you were the one advocating 5 to 1”
I was saying that a $700k house, with 20% down, at then-current mortgage rates, counts as “affordable” at $140k income. Among other things, one is not unlikely at $140k income, to spend something close to 30% on rent–$3500/month.
And, maybe I’m out of touch with current reality, but I think it’s fair amount *less* likely that our “typical” $400k earners are spending $10k/month on rent.
Further, IMO, there are more plentiful, reasonably equivalent, substitutes around Chicago at 1/3 less than $2m than there are at 1/3 less than $700k, so there is less to gain from stretching. The lack of those in costal CA is a large driver of that situation.
“In what world does a multi million dollar condo in OT have anything to do with a multimillion dollar SFH in WG?”
My point is that someone is willing to pay $5 million for a much smaller city condo. The luxury buyers are out there. There IS a market for a 7000 square foot house on a double lot in what is one of the most popular neighborhoods in the city at this price point.
The luxury market IS there.
Plenty of you on this blog keep acting like there are no buyers at the luxury level when that simply isn’t true. There are enough that we’re seeing the hottest market in Chicago since 2015 (when records started being kept.)
As long as the stock market stays elevated, yes, there are buyers for these homes. And they all aren’t professional athletes. The Chicago economy has plenty of CEOs of Fortune 500 companies, who all have stock options, and who are getting richer every day.
If you bothered to read the article I linked to, it talks about how stock market gains are making buyers more confident.