From a List of $5.3 Million to $2.999 Million and Bank Owned in 2 1/2 Years: 53 E. Division in the Gold Coast
We last chattered about this renovated 1910 Georgian mansion at 53 E. Division in the Gold Coast in September 2010.
See our prior chatter here.
Back in 2010, most of you thought it was overpriced (surprise!).
Some of you also didn’t like that it was on Division Street, although this location it is not really near any of the bars.
It had been on the market for 4 years, when the bank finally took it back in 2011.
The price has now been cut to $2.999 million from $5.3 million.
It has all the upscale finishes you would expect in the Gold Coast including extensive moldings, French chevron floors.
The old listing said there was a Boffi kitchen but the new listing says “kitchen and baths need your final touch” and there are NO pictures of them in the listing.
There is a 2-car garage on a 22×86.6 lot. It appears you could add a rooftop deck as there is a door that currently opens onto the roof.
Will this finally sell in 2012 now that the price has been slashed?
And for what price?
Landon Harper at @Properties now has the listing. See the pictures here.
53 E. Division: 5 bedrooms, 5 baths, 3 half baths, over 7000 square feet, 2 car attached garage
- Sold in April 2005 for $1.8 million
- Originally listed in July 2007
- Was listed in May 2009 for $5.3 million
- Reduced
- Was listed in September 2010 for $4.7 million
- Reduced several more times
- Withdrawn
- Bank owned in September 2011
- Re-listed in November 2011 for $2.999 million
- Taxes of $40,648 (was $25,764 in 2010)
- 4 fireplaces
- Central Air
- Bedroom #1: 14×20 (third floor)
- Bedroom #2: 14×20 (second floor)
- Bedroom #3: 19×14 (second floor)
- Bedroom #4: 19×14 (third floor)
- Bedroom #5: 12×12 (lower level)
- Media room: 20×17 (lower level)
Its Vintage Mansion week here on cribchatter!
I’m lukewarm on they styling of this one but the pricing seems pretty damn good.
I bet the prior owner stripped out the Boffi kitchen and baths…this is in part why the price dropped so much.
“Kitchen and baths need your final touch” suggests there’s at least something there, more incomplete than absent, but not perfect looks that would be merchandisable in pictures
As buyer, I’d tell seller I’ll meet the asking price. but since it will need $300,000 to complete, my offer is $2.6MM
Needs new kitchen + finish the bathrooms. $2-$2.3mm is my guess. $300 / square foot. Last sale of $1.8mm seems really low. Anyone have color on that?
yeah, division kinda stops being division once you pass State, so this doesn’t seem like that big a deal street-wise
Does anyone think is would be worth it for the bank to finish the kitchen (and whatever else needs work), or is it more cost effective to just reduce the price and sell as-is?
The taxes are more than my salary. 🙁 #99%problems
I think I remember this house, and it was in bad shape and looked abandoned. It looks quite nice now.
Here’s some more history:
11/4/03 listed $2,500,000 reduced to $1,749,000 (pic shows exterior not rehabbed)
12/13/04 contract
2/24/05 closed $1,500,000 (may have been estate sale)
2/24/05 mortgage $1,350,000
not listed
4/2/05 closed $1,800,000
4/27/05 mortgage $1,800,000
not listed
4/29/08 closed $1,850,000
4/29/08 mortgage $5,700,000
9/29/11 deed back to lender
10/19/11 deed to lender’s holding company
Sorry, I omitted a listing that is interesting in light of the 2008 deed.
7/26/07 listed $1,790,000 reduced to $1,699,000
3/3/08 canceled listing
Here’s the assessor’s pic from 2007. It looked like this in 2003 except that it was covered with ivy.
http://www.cookcountyassessor.com/Property_Search/Property_Large_Image.aspx?transfer_string1=http://www.cookcountyassessor.com/Property_Search/Property_Large_images_Output/17032000250000_AA.JPG
This place is really cool, and I like the location. If I could actually afford this (worth $20MM or so) I would consider $3MM an appropriate price.
Chicago needs to become a haven for Russian oligarchs, people fleeing extradition, other assorted international swindlers, etc., like London is, then we’d get these prices up to $5 million.
I don’t think finishing the kitchen will help. There are multiple distressed places in GC that are $3mm – all about the same size and some are finished. Basically with all the similar distressed listings the banks are SOL.
“Its Vintage Mansion week here on cribchatter!”
There’s nothing happening in the market right now. So, yeah, I decided to look at a bunch of the big expensive houses we’ve chattered about over the last year and post on them. Most of them are still on the market.
I looked at this house when it was price around $1.5M. It had been gutted. The owners were not able to compelte the rehab and sold it to a developer for $1.8M. This is a HUGE home. I have not been in it since the works has been done.
Can anyone retrieve stats on number of Chicago households w/income at $700,000+, who are supposed market for this rowhouse? Seems there are a disproportionate number of properties all chasing the same tiny market sector of Chicago millionaires. AON is moving to London, taking some millionaires with it; pool keeps getting smaller.
Architect is right – even thought the city seems as livable as Ive ever seen it, the one thing thats slipped from the old days is the wealthy set, I just dont see them as much anymore. Maybe they blend in better now days or moved to Newport Beach. It just seems like theres not as many high rolling industrialists, traders, bankers, etc. Everyone works in management now comfortable being upper middle class.
Don’t care if it’s east of State. I still wouldn’t want to live on Division. It’s a wider street than the neighborhood’s side streets, and attracts most of the east-west traffic in the area.
“Maybe they blend in better now days”
They definitely blend in better nowadays. Doesn’t mean you aren’t right, but it is definitely harder to tell, both bc the wealthy are more likely to blend, and bc the not-quite-wealthy find the trappings more accessible.