A New Record High Sales Price for Old Town? A Former Dairy Farm at 321 W. Menomonee
This 5-bedroom former dairy farm turned into a single family home at 321 W. Menomonee in the historic Old Town Triangle just closed.
Normally I don’t crib on closed properties but it went under contract with days of being listed in late June.
Built in 1918, the listing says its a former dairy farm which is now on an irregular lot measuring 48 x 104.
It has a two car garage and a walled in back yard with turf grass and a brick patio.
We chattered about it in 2017, when it was last on the market.
You can see that chatter here.
Here’s a comment from Riz back in 2017:
“This could be a really cool place with some serious changes in paint/ flooring / furniture / lighting. Again, I’d have to say it needs a few 100k in updates to be up to date..
With that being said – who is buying 3.5 million dollar houses in old town that need updating? I understand this is a big house but 3.5 goes a long way in Lincoln park or even Gold Coast, no?”
The listing says it underwent a 2-year rebuild by LG Development.
It has a custom kitchen with a large island, two refrigerators and 3 ovens.
The house has the preferred layout with 4 of the 5 bedrooms on the second floor and all four of those are en suite.
The fifth bedroom is on the main floor.
It has 2 powder rooms and a partial basement.
Listed at $4.5 million in June 2020, it just closed in August 2020 at $4.337 million.
Was this a new record high sales price for Old Town?
Emily Sachs Wong at @Properties had the listing. You can still see the pictures here.
321 W. Menomonee: 5 bedrooms, 5 baths, 2 half baths, 6,739 square feet, 2 car garage
- Sold in September 1988 for $400,000
- Sold in January 1989 for $550,000
- Was listed in June 2017 for $3.45 million
- Sold in October 2017 for $2.8 million
- Originally listed in June 2020 for $4.5 million
- Went under contract in a week
- Sold in August 2020 for $4.337 million
- Taxes of $60,422 (they were $67,417 in 2017)
- Central Air
- Fireplace
- Double Lot
Wow
Well……..
I guess I was wrong, lol. I stand by my statement that whoever paid this much for this house is not the brightest bulb in the box, but certainly has a lot more money than me.
Whatever one thinks about this place or the price it was bought at, it’s good to see someone paying millions for a home in Old Town with things as they are. I wonder if the purchase was made before or after the most recent round of looting a few blocks away. Imagine signing the papers and then seeing that happen a day or two later.
Nice House. Not $4.5MM nice
“Not $4.5MM nice”
It’s $2m+ in dirt, with a premium for being an existing combined lot–call it $2.5m House is thus ~$350 psf, which is a decent premium over replacement cost, but not crazy with it being done and a unique size for the location. can argue that all sorts of ways–eg, a driveway in OTT may be ‘worth’ $200k to someone looking in this bracket.
“It’s $2m+ in dirt, with a premium for being an existing combined lot–call it $2.5m”
That “seems” a bit aggressive @ $1.25MM/lot (w/ the usual caveats – right buyer etc)
“That “seems” a bit aggressive @ $1.25MM/lot”
$1m per lot; premium for having extremely rare in OTT two lots together = $500k. Not intended to be precise, but a reasonable ballpark.