A Rare South Loop Single Family Home is On the Market: 1417 S. Federal
This 4-bedroom single family home at 1417 S. Federal in Dearborn Park II in the South Loop came on the market in April 2015.
This house is rare as there aren’t many single family homes in the South Loop.
This one was built in 1993 by Booth Hansen on a 36×105 lot.
It has a private 18×37 backyard as well as a common park area that is shared by a few other single family homes and a group of townhouses.
There is a $600 annual fee to maintain those common areas.
This is part of the park behind the houses/townhouses. It is fenced and gorgeous.
This house has the layout desired by buyers with all 4 of the bedrooms on the second floor.
It has bay windows and 5 skylights along with a rare 2-car attached garage (i.e. not on the alley- it’s accessible from the street) and parking on the parking pad.
The kitchen has white cabinets.
The master suite has 2 walk-in closets.
This house was already under contract once.
Since April, it has been reduced $175,000.
At $1.325 million, is it priced to sell?
Cynthia Bauer at Re/Max Premier Properties has the listing. See the pictures here.
1417 S. Federal: 4 bedrooms, 4.5 baths, no square footage listed
- Sold in April 1993 for $498,000
- Originally listed in July 2015 for $1.5 million
- Reduced several times
- Under contract- but now re-listed
- Currently listed at $1.325 million
- Taxes of $12167
- $600 annual fee for common areas
- Central Air
- 2-car attached garage
- Bedroom #1: 16×19 (2nd floor)
- Bedroom #2: 18×12 (2nd floor)
- Bedroom #3: 14×9 (2nd floor)
- Bedroom #4: 17×12 (2nd floor)
- Family room: 16×27 (basement)
The home is beautiful – so are the grounds.
This seems to be the most similar thing currently out there:
https://www.redfin.com/IL/Chicago/1438-S-Federal-St-60605/unit-2/home/14084831
tho it still isn’t too much the same, other than general interior size.
If the HOA restricts the use of the land as much as I suspect it does, then I think this is too much, given the need (imo) to update the kitchen and the baths and the general interior aesthetic.
Decent location and home; but questionable fixtures and design choices. The white cabinets throughout the house look very similar to the white particle board cabinet in my office kitchen; and not unlike the row of white cabinets in the newest Geico “Final Countdown” commercial. The layout is a bit funky too, don’t like the separate kitchen especially in a home built in the 1990’s.
I would love to live here. It’s a little outdated, but could be fixed up without spending too much money.
Looks like those wall ovens were already 10-15 years old when this thing was built. And, of course, they’re underpaying on their taxes…where do I sign up to pay 1% of MV? Otherwise, nice house, but there are a lot of other options out there if you’ve got $1.3 million burning a hole in your pocket.
“where do I sign up to pay 1% of MV?”
Lotta places that have (had) taxes of about 1% of FMV, especially at the mid-higher end.
“Lotta places that have (had) taxes of about 1% of FMV, especially at the mid-higher end.”
That’s what keeps the well off but still getting paycheck families living in chicago.
on the flipside, low end homes on the south side routinely have taxes as low as $2,000 or $3,000, which based purely as a $ amount, won’t be found anywhere else in the Chicagoland area.
“Lotta places that have (had) taxes of about 1% of FMV, especially at the mid-higher end.”
Agreed – I see them on Crib Chatter all the time even though Sabrina isn’t posting on them because of that…and all of them annoy me, but particularly the high end places. There’s lots of lost revenue and opportunity for corruption the way the system is set up now. We always appeal using a law firm, but are still paying $6,500 or so on a place I’d be lucky to sell at $450,000. I can understand exceptions so lower income or older people aren’t priced out of their own homes, but do they really need to be giving a break to folks with seven figure abodes…while they go ahead and hike up property taxes without addressing teacher pensions at all?
Comments above sum up the situation well:
– SFHs are rare in SL, so lack of comps makes it hard to determine the right price;
– The place is nice enough, but needs change of cabinetry almost everywhere 🙂
I think if the hood continues to improve, this place could be a great investment given love of most Americans for SFHs in part due to low (no) assessments and independence.
“Agreed – I see them on Crib Chatter all the time even though Sabrina isn’t posting on them because of that…and all of them annoy me, but particularly the high end places.”
You should be able to force people to sell at e.g. 150 percent of ass mkt value (or they can pay taxes based on teh higher ass). I realize this is undermines the notion of property rights a bit, but still.
We looked at places in sloop ages and ages ago. This little area was niceish and the courtyard was nice but could def feel claustrophobic. There are also a bunch of what I guess you would have to call SFHs between 13th/14th and federal/plymouth. They’re really more like townhouses wo shared walls. Some are quite large. Def claustrophobic.
In Deerfield/Northbrook/Lincolnshire, you’ll be lucky to get a 500K home and pay $12K in property taxes. A home like this would have a $30K price tag in property tax attached to it.
Tax: $29,542.35
Price: $300 psf
https://www.redfin.com/IL/Riverwoods/2910-Duffy-Ln-60015/home/17641570
“Tax: $29,542.35
Price: $300 psf”
And assessed as if only worth $1,050,000, so at risk of a 40% tax increase if it sells at/near ask.
How about this one, 22 grand for the privilege of living in Deerfield? People are nuts. PS check out the Leona Helmsley-wannabe foyer, lol.
Tax: $22,230
Price: $719,000
http://www.redfin.com/IL/Deerfield/1555-Country-Ln-60015/home/17619166
$16K in taxes on this one. PS Where’s HD? check out this “JAP” palace. People can make fun of “Eastern-European builder” interiors all they want, but they aren’t a hideous or hilarious as this kosher place.
http://www.redfin.com/IL/Northbrook/2122-Scotch-Pine-Ln-60062/home/13808972
“How about this one, 22 grand for the privilege of living in Deerfield? People are nuts. PS check out the Leona Helmsley-wannabe foyer, lol.”
Yeah, once you walk through that foyer, arriving in that kitchen has to be a disappointment.
The northbrook place is an almost perfect 1989 time capsule. But for the crib, you could convince me that it’s been vacant for 25 years.
$1.5 buys a lot of house in riverwoods. the northbrook home is so 90’s fabulous. I’d leave it just the way it is. we don’t see many of them on cribchatter. my favorite house, surprisingly , is the 1438 s federal linked to by anon(tfo). it’s the most homey and livable although not necessary my style, I could live there tomorrow of all the homes listed today.
“Otherwise, nice house, but there are a lot of other options out there if you’ve got $1.3 million burning a hole in your pocket.”
Really? In the same neighborhood? It’s mostly townhouses there.
People buying in the South Loop are buying there for a reason. They probably have jobs nearby. What if they are a professor at the University of Chicago? That limits where they can buy considerably.
Price seems a bit high to me. I don’t mind that the cabinets and kitchen and bath are outdated. Means I can update them to what I want.
Nice listing Sabrina.
“Really? In the same neighborhood? It’s mostly townhouses there. ”
You hit on it exactly – if I had $1.3 million to spend, I wouldn’t be looking in the south loop. I’d personally be looking in Roscoe Village, but there are many other prime neighborhoods that have good options at this price point. If you’re set on suburbia in the city, this one would be hard to beat, though.
This is exactly where I’d look if I had $1.3 million to spend. It’s close to everything and it still feels like living in a quiet suburb.