Completely Renovated Gold Coast Mansion Sells Over 2 1/2 Years Later: 1358 N. Dearborn
We last chattered about this 6000 square foot Gold Coast vintage single family home at 1358 N. Dearborn in October 2009.
See our October 2009 chatter here (sorry- no pics).
The house had been completely renovated with luxury finishes including walnut floors, heated stone floors in the bathrooms, and a 3-car garage (which is somewhat unusual for the Gold Coast.)
It was built on a 23×150 lot.
Originally listed at $6.125 million and reduced to $5.95 million in October 2009, the only problem many of you had with the house was the price (no shocker there.)
But “trader” got closest to predicting the ultimate outcome of this house:
“I guess their goal is to be patient for a looong time? Unless they get really lucky, this will not sell anywhere near this price. I think this sells for less than 4.5MM. There are a lot of beautiful units in the 2.0-3.0MM range that are only slightly inferior to this one.”
The house just sold for $4.5 million.
Douglas Smith at Prudential Rubloff had the listing.
1358 N. Dearborn: 5 bedrooms, 6.5 baths, 6000 square feet, 3 car garage
- Sold in May 2003 for $2 million
- Originally listed in September 2009 for $6.125 million
- Reduced
- Was listed in October 2009 at $5.95 million
- Reduced
- Was listed in April 2011 for $4.995 million
- Sold in June 2011 for $4.5 million
- Taxes of $17,125
- 2 fireplaces
- Marble flooring in the laundry room
Why are the taxes so low?
“Why are the taxes so low?”
Still taxed on the old basis b/c reno completed and not sold. Standard Cook County practice. Barring home improvement exemptions (likely) and historic reno exemptions (possible) new bill will be $65k+
nice place and great hood, not that i can afford it : )
“Still taxed on the old basis”
But old basis was $2 million….taxes seem too low even for that.
For those of you who want a quick link to the property:
http://www.redfin.com/IL/Chicago/1358-N-Dearborn-St-60610/home/39579480
Fantastic property, incredible interior design and detailing… truly top notch.
Surprise surprise – the property that supports the health of the market only has 5 comments!!! I knew that this was a real estate bear site. Nobody here wants to hear good news!!!
“Surprise surprise – the property that supports the health of the market only has 5 comments!!! I knew that this was a real estate bear site. Nobody here wants to hear good news!!!”
Give me a frickin break. Not even a complete pollyanna like you can seriously think that a $4.5MM property is in any way representative of the health of the overall RE market. Or maybe you do, it wouldn’t be any more unhinged than the other idiocy you spew here daily.
No one is chattering about it because there is no picture. People are very visual. There also is no link to see what it looked like (thank you to dude for posting the link- I should have done that in the post since there was no exterior picture.)
There have been quite a few $4 million houses selling this year. Too bad that’s not doing much to help sell the $400,000 houses.
“Give me a frickin break. Not even a complete pollyanna like you can seriously think that a $4.5MM property is in any way representative of the health of the overall RE market.”
They accepted 26.5% less than they thought was the right price *after* Lehman. How is that a good sign, even if it were representative of the broader market?
Between acquisition, carry, reno and transaction costs, what’s the best estimate of their profit on this *intensive* *six* year project (plus two years to sell)? Anyone think they grossed 20% (that is, had less than $3.75m in total costs)? So, maybe 3.5%/year (considering timing of outlays) on their investment? And that is a sign of *health* of the market?
only lurking now, but had to comment because I was mentioned:
clio, others: price seems to indicate that the high-end market is definitely more budget conscious but not unwilling to spend (if that makes sense). It’s sort of a wash for bulls/bears. I still think the buyer overpaid slightly, but I’m pretty sure the seller took a loss on this one… regardless, it’s never bullish when it takes ~2 years to sell.
by the way, my updated market prognosis (nothing particularly groundbreaking): the bottom in housing prices is in the process of being forged, but this will NOT be a V shaped recovery. essentially, i just don’t see a lot of downside left, but too much overhang for the market to move higher.