“Completely Rebuilt” 4-Bedroom Modern Single Family Home in the Gold Coast: 44 E. Elm
This 4-bedroom single family home at 44 E. Elm in the Gold Coast came on the market in early February 2012 and was quickly reduced $300,000 to $4.2 million.
Originally built in 1881 on a 17×105 lot, the listing says it was “completely rebuilt” in 2010.
It now has a modern interior, including a massive skylight and heated walnut floors.
The listing says it has a “Florense kitchen” with Subzero, Wolf and Miele appliances.
There are 4 fireplaces and 2 laundry rooms.
The master suite is on the third floor with two bedrooms on the second and the fourth bedroom in the walk-out basement.
At 4500 square feet, it has a 2 car garage and central air.
Will this house command a price over $4 million on this street?
Jean Jernstedt at Koenig & Strey Real Living has the listing. See the pictures here.
44 E. Elm: 4 bedrooms, 3.5 baths, 4500 square feet, 2 car garage
- Sold in November 1993 for $517,500
- Sold in June 1995 for $1.385 million
- Sold in June 2002 for $1.375 million
- Sold in August 2003 for $1.43 million
- Originally listed in early February 2012 for $4.5 million
- Reduced just days later
- Currently listed at $4.2 million
- Taxes of $29,084
- Central Air
- 4 fireplaces
- 2 laundry rooms
- Bedroom #1: 18×15 (third floor)
- Bedroom #2: 15×14 (second floor)
- Bedroom #3: 14×14 (second floor)
- Bedroom #4: 18×13 (walk-out basement)
- Family room: 15×18 (main level)
I like it! I would have to be in it to get a better feel for the layout and glass ceilings. Appears cool but I wonder what it is like piled with snow? Ice?
Nice contemporary redo of a smallish space. I think much less than 930psf: closer to 3.2 million
it’s more ‘contemporary’ (Whatever that means) than modern but still very nice. This would be a nice place to live. At this price point I don’t think the public schools are much of an issue!
The taxes better go up…otherwise very unfair. I like this space. The front facade doesn’t seem to match interior to me. Not quite modern enough. I still would not pay 3-4 million for a house that is only 17 feet wide. This is smaller than an average house and, at some point, it feel cramped.
What f’ing asshat built this???????
considering all the beautiful homes on this street and all you can come up with is this piece of *******
yes i understand the building before it was even worse than this but dang it they had a change to make it LEGEN…….wait for it…..DARY
money cant buy style or tastes.
but on a positive note kudos in understanding that you have no side windows and maximizing the front and back ones.
I like it. I think they did a nice job for the space they had. What is so bad about it Groove?
Great house! I wish I had the money to buy it.
I think somebody did a video on this, it might have been Joe or maybe Rodkin. Anyway, when I was watching the video I realized the bedroom count was total BS. One of the bedrooms was definitely a den/library and would be used as such, and the other only had a window that opened into an atrium of sorts. Cool place but it seemed to me like it lived more as a super luxe 2 bedroom.
This building looks horrible from the street compared to nearby homes. Looks like a new money turd on a street with old money class.
http://www.youtube.com/watch?v=gx9w2ZS9_MM
“At this price point I don’t think the public schools are much of an issue!”
True, but if the kid(s) can’t get into L/P/L/B, the attendance area elem isn’t too shabby.
I like this place but at this price point is waaaaaaay too narrow
4.2 million? get a grip! I’d take any of the homes on the bottom of the listing before this!
“What is so bad about it Groove?”
MiuMiu, Osito82 summed it up very eloquently
“Osito82 (March 7, 2012, 9:17 am)
This building looks horrible from the street compared to nearby homes. Looks like a new money turd on a street with old money class.”
narrow shoebox. looks like they stretched the listing pic’s width to fool peeps. you could do better for 4mil, though i like the room with the atrium
and at 4.5 mil really? i think this place is better
http://www.redfin.com/IL/Chicago/77-E-Elm-St-60611/home/14123052
or even this place
http://www.redfin.com/IL/Chicago/19-E-Scott-St-60610/home/14124144
Seems like a high price. The interior seems well done, but the front facade quality and walking right into the living room (no entry) seems to be a non starter at this price point.
really like that 77 E Elm…no parking though.
definitely an interesting comp for $1.2MM less…and listed 287 days to make that more like $1.5MM less…or more.
for that amount of money i think parking is accounted for.
4.5 million could buy SOOOO much more in Oark Brorak or Hinesdale. WITH room to park the lambo on the lawn.
I like the bathrooms in this place a lot. Once again though I can’t figure out the layout though. 4.2M and no floor plan or am I missing it?
HD, Oak Borat perhaps?
On the very same block, this much larger home is on for 225K less, plus it has actual character. This tour is still floating around the interwebs from a previous listing:
http://tours.vht.com/realestateforsale/PhotoGallery/1179810/0/Front-View-1_74-E-Elm-Chicago-Illinois_60611.aspx
First of all, why bother to even say this was built 100 years ago? It doesn’t reflect that in any way. Might as well call it new construction and be done with it.
Second, it’s not spectacular enough to command $4 million. If I’m paying that much, I need a more exciting living room (it looks like many I’ve seen in your typical 1990s red-brick condo), and more bedrooms. Also, a roof deck would be nice (not sure, but don’t think this has one). Indeed, I saw no outdoor space, but maybe I missed it.
Third, for $4 million, I’d need more than 2 parking spaces. I realize parking is at a premium in this area, and a lot of people pay extravagent prices for homes with just one space. But if I’m a really, really rich person who can pay $4 million for my house, I don’t want to tell my guests that they have to find street parking. Doesn’t seem too suave. Maybe I’m just in the wrong neighborhood.
I’ll say it gets $2.5 million based on location and the fact that it’s renovated to the teeth. I personally would want a more vintage-y place were I to buy around here.
Is the interior wall actually the exterior wall of the neighbor’s building? Even if it isn’t, it sure looks like it. The developer is clever, marketing a “modern” property at $1000 psf with no embellishment, exposed brick walls, less drywall, less costs, etc. There may be a sucker dilettante who falls for it. Modern architecture costs less to build, it’s far more simple to do, developers love it. They can find some people who like it, and are willing to pay more for it!
Do I agree more parking is better..of course, but no one in this neighborhood keeps a spot for possible guests. If I am inviting you to an engagement in the gold coast, it is rare and out of place that anyone wants to drive. If they do, that is their issue. Have I ever overheard a complaint..yes…has half the room rolled their eyes…oh yes.
Dan #2 (March 7, 2012, 10:23 am)
But if I’m a really, really rich person who can pay $4 million for my house, I don’t want to tell my guests that they have to find street parking. Doesn’t seem too suave. Maybe I’m just in the wrong neighborhood.
“Have I ever overheard a complaint..yes…has half the room rolled their eyes…oh yes. ”
Yes, one of the men dropped their monacle into their champagne as he gasped!
“If I am inviting you to an engagement in the gold coast, it is rare and out of place that anyone wants to drive. If they do, that is their issue.”
I’ve lived in this part of the GC. Nobody in all parts of Chicagoland (incl. even SoPo, Lake View etc.) will visit you this far downtown with no place to park, their perceptions about the traffic, parking, etc.. People subconsciously don’t want to deal with the perceived hassle. You’ll get the “why don’t you come up here” comment, and you won’t even hear from people other than via email. Most people can’t deal with driving around for street parking, and then they default to the 900 N. Michigan garage because they’re stupid, and that garage is a total rip-off, and then people will never drive down to see you again!
there is a lot of truth to what helmet dan is saying. you live downtown you better have friends near bc a lot of people in street parking hoods are afraid to come over unless you are having a big party or some special occasion.
“Third, for $4 million, I’d need more than 2 parking spaces. I realize parking is at a premium in this area, and a lot of people pay extravagent prices for homes with just one space.”
What’s the median number of parking spots for gold coast $4MM+ places? Hard to believe it’s more than 2.
“What’s the median number of parking spots for gold coast $4MM+ places? Hard to believe it’s more than 2.”
How do you count $4mm places in buildings with valet, or some sort of in-building guest parking set up?
If you live anywhere near the GC most of your social circle probably does too. And paying for parking, or taxis, aren’t much of an issue. Your suburban friends will rarely visit, that’s the truth, but you’re not moving to the GC to regularly socialize with your friends in Glencoe.
And a lot of the GC are high rises; and the buildings often have available guest parking for friends/family. This is sort of an outlier modern sfh with limited parking in the neighborhood.
“How do you count $4mm places in buildings with valet, or some sort of in-building guest parking set up?”
1. Hope they are not so numerous (in the gc) so as to affect median.
2. Restrict statement to sfh/townhomes.
3. ?????
4. Profit!!!!!!!
I think it’s a beautifully done interior. The exterior doesn’t bother me that much, more concerend with what’s inside. But in the end, this is just too narrow for the money.
Cabs are difficult to come by in the GC.
I don’t see this. It just is less weathered. Actually it conforms well to the surrounding buildings as far as the photo goes. I sometime wonder if people feel the need to say something negative to pretend to be sophisticated or it might just be the turd in me (unfortunately not the kind with money though ; ) )
“This building looks horrible from the street compared to nearby homes. Looks like a new money turd on a street with old money class.”
“Cabs are difficult to come by in the GC.”
wtf?
“Vlajos (March 7, 2012, 11:13 am)
Cabs are difficult to come by in the GC.”
ONly if the cab driver is discriminating against the potential fare.
Guests can valet nearby, and if you’re having a big party, you can have a valet company work your event. Then again, given the size of this overpriced pad, it won’t be a big crowd.
$2 mil, $2.25 tops.
Sonies, it was sarcasm.
vj: I didn’t get ur sarcasm either and I usually pick up on that stuff pretty well.
“1. Hope they are not so numerous (in the gc) so as to affect median.
2. Restrict statement to sfh/townhomes.
3. ?????
4. Profit!!!!!!!”
Applying #2 to the current listing available on RF, in RF’s definition of “Gold Coast”, the median and mode are 2, the average is 1.6 (as to owned) and 2 (if leased counts).
Add in the condos (conveniently, also 5 of em), if leased/valet “counts”, median and mode are still 2, average is 2.2 (1.3, if only owned count), one unit mentions “free” guest parking, another has valet, a 3d likely has valet available.
Holy cow this place is overpriced. 77 Elm absolutely destroys it. They have it listed as if it is the third nicest in the whole GC and at least a cool million better than most of its neighbors. They are being ridiculous. Nothing like this sells for 4 million.
A bit further north again making it look like a joke is http://www.redfin.com/IL/Chicago/1434-N-Dearborn-St-60610/home/14113412. Not even in the same ballpark and for a million less. The last comp sale at around this price was http://www.redfin.com/IL/Chicago/1358-N-Dearborn-St-60610/home/39579480. Notice any differences? Actual living space perhaps?
And what the heck is up with the art? Did they buy it at Z Gallerie or something?
Question for anyone who is good with math and mortgage amoritization. Say you get a new 30 year fixed mortgage at todays rates low rate. Does the old rule of thumb of paying an extra mortgage payment in the first year still knock off at least 5-7 years off the backend? What are the variables, i.e. this is only true if your mortgage is higher/lower than X, or does your interest rate have to be high for this to be true?
Andy,
The video you linked is one of the private label ones that we shoot for Koenig & Strey.
I also shot a sponsored video at 32 E Bellevue recently – much larger home listed at $3.5M.
http://www.youtube.com/watch?v=fE4N9-gTOlY
“Does the old rule of thumb of paying an extra mortgage payment in the first year still knock off at least 5-7 years off the backend?”
Play around with this:
http://mortgage-x.com/calculators/extra_payments.asp
Short answer: yes, BUT, it’s one extra payment *EVERY* year, not just the first year.
by my quick calc its 3 years on a 500k @ 3.75% 30yr
and if you go buy anon(ufo)’s one extra each year then yes 5yr off looks right
“If you live anywhere near the GC most of your social circle probably does too.”
Of all neighborhoods to live, I think this is least true about the GC. People dont move there to be close to their friends, they move there to impress them. Or to be close to work, or the shopping, or the nightlife scene.
“by my quick calc its 3 years on a 500k @ 3.75% 30yr”
?? A single extra payment, in the first monh of repayment? Looks more like 3 *months* than years.
Generally, one extra payment per year will cut a 30 year down to around 23 years. however, it does depend on loan balance and interest rates. Any easy trick is to just divide one payment by 12 and then add that extra amount to your monthly mortgage payment.
Some lenders will offer bi-weekly payment plans which essentially is adding the extra month payment. You pay half the mortgage every two weeks instead of once per month. By paying half every two weeks, you actually wind up with 13 months of payments instead of 12 because if you assume 4 weeks = 1 month there are actually 13 months in a year, not 12.
If your lender offers bi-weekly payments, read the fine print though as many charge for the service when you can just do it yourself for free.
Not going to get into the pros and cons, but some financial planners will say you are better off investing the cash instead of prepaying the mortgage. YMMV
“? A single extra payment, in the first monh of repayment? Looks more like 3 *months* than years”
an extra payment each month the first year
Thanks Groove, Anon(tfo), Russ
To be clear, you’d be making an extra payment for 23 years to knock off 7 years but more importantly you save a lot of money.
“Generally, one extra payment per year will cut a 30 year down to around 23 years. “
“but more importantly you save a lot of money.”
the question is would a 15 year save you more if you dont do extra payments?
I personally like the 30 year cushion if in those thirty years you hit a speed bump. or if you can return larger than your mort %
you finance guy work that out, i wash my hands with doing extra math today
“more importantly you save a lot of money”
Not if in year 24 the prime rate is 2x your mortgage rate. Which is genuinely possible with today’s mortgage rates.
now you lost me.
““more importantly you save a lot of money”
Not if in year 24 the prime rate is 2x your mortgage rate. Which is genuinely possible with today’s mortgage rates.”
also if anyone is bored on their drive home
http://www.mysteries-of-life.com/2012/03/little-known-axioms-of-life.html
“now you lost me.”
Sort of meta, but if you keep a balance outstanding at 3.75% in a world where a “safe” alternate investment of that balance may be paying 5%, you didn’t really save money avoiding that interest. If that extra ~$1900/year would be, as now, earning little in a risk-free, callable, investment, then yeah, saving. But that’s not likely to be the case for each of the next 23 to 30 years.
Mysteries of Life? True indeed. Sounds like Murphy’s laws.
I remember I once had an entire book of Murphy’s laws. Murphy’s Law is that anything that can go wrong, will.
A corresponding law said, “Murphy was an optimist.”
“but some financial planners will say you are better off investing the cash instead of prepaying the mortgage.”
Brazilian Parrots like watchin the silly humans.
Jeesh, there are a lot of stupid people buying homes in Chicago. Seriously if 9th grade math is beyond you then you should be in a freggin rental!