A New Construction House in the Gold Coast? Yep – 22 E. Elm
In our recent discussion of the new construction single family home at 1446 S. Emerald in University Village, a poster named Jack commented:
“You guys are all a little crazy….I am an architect and real estate investor who has lived in the South Loop (23rd and Michigan) sine 1990. I have moved a couple of times since (making a handsome profit as you might guess) and now live at the edge of Pilsen (which, btw, has always been south of the tracks at 16th).
Someone mentioned that the home discussed here would be priced right in the Gold Coast. THAT is indeed crazy; 1.7 mil for a single family in the gold coast? try 10.7 mil and that would be cheap.”
Really?
There’s actually a rare new construction single family home available in the Gold Coast right now at 22 E. Elm.
There are only plans available, as it’s not yet built, but this house is closer to the lake, not near any major expressway, within a few blocks of the red line and numerous bus lines and much larger than the house on Emerald.
Here’s the listing:
BUILD A 6400 SQ.FT. NEW CONSTRUCTION SINGLE FAMILY HOME ON A 25 FT. WIDE LOT WITH NO SET BACKS!! BUILD FROM LOT LINE TO LOT LINE!!
HOME IS IN THE HEART OF THE GOLD COAST ON A BEAUTIFUL TREE LINED STREET. FEATURES INCLUDE 5 BEDROOMS, 4. 2 BATHS, 10 FT CEILINGS ON ALL LEVELS, CENTER COURTYARD, GOURMET KITCHEN, 2+ CAR ATTACHED GARAGE, ROOF DECKS, ALLEY ACCESS & IS ON THE SUNNY SIDE OF ELM STREET.
Jason Kromelow at Koenig & Strey has the listing. (see more pictures and the floor plans here.)
22 E. Elm: 5 bedrooms, 4 baths, 2 half baths, 2.5 car garage, 6400 square feet
- Currently listed for $1.85 million
- No monthly assessment
- Taxes of $51,804 (maybe the old tax amount on the existing structure on the property?)
There are plenty of other single family homes in the Gold Coast available for under $10 million. In fact, I count 6 homes in what I would consider “prime” Gold Coast addresses that are all listed for under $2.5 million.
Take 48 E. Schiller, a vintage beauty not far from the lake, shopping and restaurants. 
Here’s the listing:
Desirable Gold Coast gut rehab! Three floors plus finished basement with private elevator. Premium upgrades include diagonal, solid oak hardwood floors, marble bath, three limestone fireplaces, custom cabinets, granite counters, stainless steel Viking appliances, 10-12′ ceilings.
Approximately 4,500 square feet including finished basement. Three balconies, front garden, small one-car garage.
48 E. Schiller: 4 bedrooms, 4.5 baths, 1 car garage, 4500 square feet (includes the basement however)
- Sold in March 2002 for $1.08 million
- Sold in December 2003 for $1.375 million
- Currently listed for $2.2 million
- Taxes of $5,431
- Monica Canellis at Rubloff has the listing. See more pictures on the property’s website.
I don’t know this for a fact but I will bet you that all you get for 1.85 is the land and the drawings. I’ve seen this type of listing before.
that makes sense to me, Gary….there’s something not right about this….if it is everything you see in the renderings, then maybe I should buy it…
Sabrina, what are the comps for single family in the GC?
Yep, no way you are getting a 6400 SF home for $1.85m. That has to be for the land only.
Even if it was 1.85 million for the plans and land construction costs can’t be more than 1 million, right? Either way, 10.7 million for a SFH in GC is pretty lofty hopes. Unless you’re an architect and you believe your skills are worth $8 million, like a home owner who refuses to lower their prices, because of all the memories they built.
could you build a 6400sf home at this site for 1mil? yes, but it wouldn’t be likely…
anyone who could afford to buy this site isn’t going to build on the cheap….looking at even this stock design, if that is a limestone exterior, that alone would be half a million….
You know…I don’t know why the listings can’t be more clear on this stuff. What’s wrong with Realtors?
I chose this example because it’s new construction (like the University Village house.)
But you’re right- it likely doesn’t include the land costs.
But there are plenty of other homes in the Gold Coast – all under $2.5 million – that you could easily buy.
I guess I was under the impression that there really are not that many detached single families in the GC….maybe I’m too focused on Astor? If you can find a detached home in the GC in that price range, I would be eager to see it….
What is the new construction detached single family going for in River North?
Jack said he lives “at the edge of Pilsen.” He has an interest in making people think Pilsen and its neigboring areas are a great investment. His comments merely support the inflated prices. He’s just trying to drum up interest. The problem is that no one in their right mind would pay that much in that area.
There are lots of SFH along Dearborn, a few along State and Astor, and some on the “tree” streets south of Division and east of State.
Single family homes plausibly in Gold Coast on the MLS now:
N Dearborn: 1538, 1440, 1437, 1356, 919, 851
N State: 1521, 1520, 1515, 1358
N Astor: 1524, 1449, 1436, 1308, 1242
N Lake Shore Drive: 1258
E Burton: 43
E Schiller: 50, 48
E Banks: 25
E Goethe: 9
E Division: 49, 47
E Cedar: 73, 66, 48
E Elm: 60, 54, 22
There isn’t much completely new construction, but several of these have been completely gutted and rebuilt. A handful are below $2M, and the median price is probably about $4M.
The lower priced homes in the GC tend to be beautiful and historic, but not what most people want in terms of rooms sizes, closets and so-called modern amenities.
This used to be a “Two or three story building containing part or all retail and/or commercial space” so the commercial space, plus a few rental apartments, plus high density zoning would explain the high taxes.
Which isn’t to say the person who can afford to buy this and build a tasteless mansion couldn’t also afford a proper real estate attorney to “appeal” the assessment and get it lowered.
Kevin and paulj, thanks for the info….
ss, I could hardly care about selling any neighborhood….the nieghborhoods will or will not sell themselves….
what I am interested in is the long term prospects for traditional cities like Chicago….there not making any more like this one
as far as my home at the edge of Pilsen – I never look at my primary residence as primarily an investment….after all, I am an architect, and I simply look for the best location and quality of life for the money where I can build my urban oasis…for me, in the early part of this decade it was this neighborhood…
NEW CONSTRUCTION SINGLE FAMILY HOME ON A 25 FT. WIDE LOT WITH NO SET BACKS!! BUILD FROM LOT LINE TO LOT LINE!!
Building from lot-line to lot-line is not often a “feature” in luxury listings. At least it has an interior courtyard, though.
I was wrong.
Jack does not care if his home value plummets. I just assumed he cared.
I think Sabrina makes an excellent point with this post, and that is that people have lost their minds when it comes to what they’re willing to pay for a large new construction SFH in the city. It seems like everyone wants something new, and they’re willing to make dramatic compromises on location to get it.
Why in the world would someone spend even close to a million to live right next a highway with no easy access to the lake in a neighborhood that is so close to so much run-down, crime-ridden crap? If you have a million bucks to spend, you have a lot to choose from in Chicago, and that place near University Village wouldn’t make my short list.
“what I am interested in is the long term prospects for traditional cities like Chicago….there not making any more like this one”
they are not making anymore land…buy now or be priced out for ever…now where did I hear that before…
Oh no! I’ve been priced out of real estate forever! Guess I’ll be a bitter renter. It don’t matter – I’d rather be cash rich than house poor anyways. Someone has to the support the consumer driven economy. It’s such a burden but I’m up to the task. I think I’ll go play some guitar hero iii with the significant other on my xbox 360 and 42″ lcd hd tv – bought and paid for with cold hard CASH!
I’d rather be a bitter renter than a debt slave. Most ‘homeowners’ are just renting from the bank. When my toilet overflows, the landlord is standing at my door, plunger in hand within the hour. I doubt that the bank provides this kind of service.
I think I’ll go play some guitar hero iii with the significant other on my xbox 360 and 42? lcd hd tv – bought and paid for with cold hard CASH!
Wow! A XBox and a 42″ TV? You are my new hero
LOL
Ha! After rereading my point I guess an xbox and hd tv is only $2,000 so it’s not all that impressive. But the point is that because I rent, I’ve got plenty of cash to pretty much do whatever I want (except party in Ibiza regularly) while cash poor/house poor debt slaves with $400k mortgages on $75k salaries are tightening the belt.
Homedelte, you are a baller! How does it feel to have “made it”?
a) homedelete, you are redic. I am sure your liquidity is on par with WaMu’s circa Aug 2008.
b) this property is between two gigantic high rises. One being the pseudo college dorm now known as the elms. It is a mixed use building with 3 commercial tennants and i believe two residential tennants. Curious to know how this would affect the tennant’s negotiation come time to renew their leases. Also, wondering if anybody in their right mind would want to shell out that kind of cash for a brownstone that is between two high-rises?
Thoughts anyone?