Contemporary Masterpiece in Lincoln Park: 1852 N. Sedgwick
I heard from some of you that you were “drooling” over this contemporary single family home at 1852 N. Sedgwick in Lincoln Park.
You aren’t the only one.
The home, which is owned by a developer, has apparently been featured in many magazines and, according to the listing, is the recipient of the ALA design award.
The finishes are true high end with a poggen-pohl kitchen, concrete counters, a floating wood ceiling and radiant heat.
Jennifer South at Dream Town Realty has the listing. See the pictures here.
1852 N. Sedgwick: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in January 2002 for $550,000
- House completed in 2004
- Currently listed for $2.495 million
- Taxes of $25,241
People were ‘drooling’ over that? It butt ugly.
Viewed this property and it is nice but small and well designed. You must like modern (which I do) to appreciate.
I always think that the front garage (1) makes the house look hungry and (2) is a big FU to the neighbors.
In congested neighborhoods, they’re great b/c you get two or three reserved spots (driveway plus mouth of driveway) for guests, but you need to watch out for the neighbors who *will* call the cops if your guests block the sidewalk.
I like the backyard, but is there *really* no water problem with the sunken backyard?
That thing is nasty.
That price is insane! Cool little place but shouldn’t be over 1.5 million.
I wish MORE neighbors would call the cops on the jerks who block sidewalks, really, having a curb cut for a garage doesn’t in any way, shape or form entitle you (or your guests, please!) to park on the parkway/driveway!
Anyone know where there is any actual verbiage on the law for this? It’s a safety hazard where I live, as the offenders are usually right off of the alleys, so when you pull out they are blocking your field of vision to see cross traffic.
Price is high, but I think it is a great place. Finally, a website with decent pictures of a property!
Skeptic:
It’s in the municipal code (see cite below–google “chicago ordinances” for full context). Call 311 and report them. You might not have much luck on Saturday night, but then again, you might. If the violators aren’t “important” or “connected”, you can complain to the Alderman’s office, too. The city’s looking for revenue, should be slightly easier to get someone to care right now.
“9-64-110 Parking prohibited – Roadways, sidewalks, bridges and similar locations.
It shall be unlawful to stand or park any vehicle in any of the following places:
(d) On a sidewalk;”
Wow, those interiors are gorgeous – much more personal and warmer than a lot of similar interiors. I remember this place from marathons past when they had the front windows open and were spectating from the balcony.
cool place. not such a fan of the backyard. prefer grass to a swanky lounge out back. they could charge 8 bucks a beer back there.
aha. I thought so, thanks. I tried once before to no avail, but I’m gotten increasingly annoyed…
Organized, controlled space: trendy but is it livable. Perhaps for some. Price is certainly high for such a small home.
I like it. The owner went a bit over board with the customizing and now needs someone to pick up the tab for that. Seems high for such a small house
the house is both “nasty” and “butt ugly”?
really?
I’m not really dialed into the million and up market and thus won’t comment on the asking price. However, I really like this place — definitely a cool space.
“brad on June 16th, 2009 at 10:06 am
the house is both “nasty” and “butt ugly”?
really?”
Yeah, seriously. This house is gorgeous and the architect did a really nice job of integrating the outdoor spaces (2 front decks and mid-lot courtyard) for the way that urban dwellers actually want to use their outdoor space.
It’s not for people who like colonial style tract boxes. But that’s a plus in my book…
In answer to Brad’s question at 10:06am:
YES
wayyyyyyyyyyyyy toooooo claustrophobic for 2.5 mm.
There is no alley behind this house. A building fronting on Wisconsin Street cuts the lot short and blocks access to the alley.
Anon (tfo):
“I always think that the front garage (1) makes the house look hungry and (2) is a big FU to the neighbors.”
“There is no alley behind this house. A building fronting on Wisconsin Street cuts the lot short and blocks access to the alley.”
Ah, and no privacy in the back yard. Nice. The house still looks hungry.
I agree, a bit too claustrophobic for me, but to say Butt ugly? You have to be a freakin idiot to say that.
Really.. my last uber-contemporary home I totally understood when people said “not to my style” but to not appreciate the architecture here???
anon.. backyard looks like wood floor is raised.. I would think the irrigation underneath is good. Need to do something about those cinder block walls. That is way too cold, but so easily dealt with.
I like this one.
Anyone know what the land is worth?
This property seems over priced by at least $1MM
Assuming the land is worth $500M and the house $200/sf (assume 5000sf)
Masterpeice is a strech
Thanks, Ze Carioca.
The city tells buyers of new construction to expect property taxes to be 2% of the purchase price paid. So the $25k taxes seemed low to me. In fact, they are based on the previous structure that was there! Whoever buys this is in for a surprise come tax time. Taxes were $26k in 2005… Remember that the County Assessor’s values are tied to market value with a confusing equalization factor. It’s NOT market value.
Taxes & Assessments
Tax Yr(2007) Tax Yr(2006) Tax Yr(2005)
Land Value: $20,592 $20,592 $16,951
Building Value: $166,275 $166,275 $154,240
Total Value: $186,867 $186,867 $171,191
Equalized Value: $505,431 $465,961 $447,694
Taxes: $25,241.22 $24,705.25 $26,776.58
$25,000 in annual property taxes based on the previous structure that sold for $550,000 in 2002?
I don’t think so.
“The city tells buyers of new construction to expect property taxes to be 2% of the purchase price paid.”
But this isn’t “new” construction anymore. Seems there’s some “excess” profit in the ask price
“So the $25k taxes seemed low to me.”
Not really, imo, with the homeowner exemption. Seems about right.
“In fact, they are based on the previous structure that was there!”
No, they aren’t. There is no way that a $550k structure was taxed at $25k. The tax records you post are all for post-completion of the new house (2004).
The current owner is over 90 days late on paying 2008 1st half taxes, which probably means they are in technical default on any mortgage on the house (if there is one).
Stephanie,
From my observations the property tax rate tends to be 1.3-1.4% of the purchase price. So I tend to go with a conservative estimate of 1.4%. 2% seems excessive to me, even for Chicago.
whats this thing really worth?
It will sell for 1.5-1.7 mm….it’s just too small to fetch anything near 2.5mm…unless a dumbass buyer comes around…which is doubtful…since the number of dumbass buyers has shrunk a ton
ChiTown.. nothing personal. 🙂
“Remember that the County Assessor’s values are tied to market value with a confusing equalization factor. It’s NOT market value.”
Wrong again, Stephanie.
The equalization factor is the state’s method to get the total Cook County assessment in line with the 33-1/3% assessment rate in play in every other IL county. It has absolutely nothing to do with the relationship between assessed value and market value for individual properties. It is only used to calculate the tax bill.
Cook County’s assessments are tied to market value with a very simple formula: assessed value (AV) / assessment rate = MV
The assessment rates vary by property class in Cook County. This is what differentiates Cook from all other IL counties which assess all property at 33-1/3% and necessitates the inclusion of the equalization factor in the tax bill calculation.
The tax forumla is:
AV x equl factor x Tax Rate = tax bill
Sales ratio studies show that typical Chicago single-family condos/homes are assessed at 10% of market value, which makes the formula for current tax estimates at sale price:
SP x .1 x 2.8439 x .04994 = tax bill w/o exemptions
SP x 1.42% = tax bill w/o exemptions
What is the tax bill with the homeowners exemption (for a condo), is there a formula for that?
The homeowner’s exemption is 20,000 of equalized AV, so the % depends on the SP.
((SP x .1 x 2.8439) – 20,000) x .04994 = tax bill w/homeowner’s exemption
Good to know, thanks G! I can save like 1k a year with that!
“whats this thing really worth?”
In Chicago, this category of housing is very difficult to determine. Since it ‘speaks’ only to those who are impressed with severely modern homes, a tiny percentage of buyers, the sales price could be almost anywhere north of $2 mil. Add into the equation the Architectural significance of it, which to some is priceless…who can tell?
Looking at the high end grade of materials and the overall construction, I seriously doubt this will reduce much further.
Out of curiosity, what would some of you consider to be a large enough home? I keep reading people labeling this 4 story single family home “small” (granted the bottom level is garage). The place is 4 bedroom, 3.5 bath and 2 car garage, in east Old Town. For the area, it is pretty large.
Bedroom 1: 3rd Level 18X14
Bedroom 2: 2nd Level 17X12
Bedroom 3: 2nd Level 15X13
Bedroom 4: 2nd Level 11X12
Living Room: Main Level 17X16
Family Room: Lower 17X15
Kitchen: Main Level 14X18
Dining Room: Main Level 14X13
I too question what is too small/too large for some posters here. These rooms are larger than most new construction condos being built now.
It’s futile Isaac, anything above $350k on CC will draw negative comments regardless of how spectacular the place is. Remember that massive 4000 sq ft modern a few weeks ago? That place was TOO big.
Posters here love to rotate that Goldilocks role.
Assessor sez 2,920 SF, excluding the lower level. So call the building footprint 1000 SF, garage portion not more than 500; about 3400 SF total living space. That’s small for the price, but not objectively small.
Would anyone call this “small” if it were listed at $1.95mm?
So that spectacular outdoor space is around 500+ sq ft? I remember how some were gushing over that horrible space in Vetro that featured the useless outdoor kitchen and the balconies that cut into the living room, saying how much those spaces would be utilized.
I would much rather be lounging in this space with martini in hand…
“So that spectacular outdoor space is around 500+ sq ft?”
Yeah, about that or slightly more.