Historic Andrew Rebori Florsheim Mansion Reduces Again: 1328 N. State Parkway in the Gold Coast
We last chattered about this famous 5-bedroom contemporary at 1328 N. State Parkway in the Gold Coast in December 2010.
See our prior chatter here.
Since then, the house has been reduced $351,000 and is now listed $231,000 under the 2006 purchase price.
Built in 1938, the house, known as the Florsheim Mansion, was designed by Andrew Rebori and then added onto by Bertrand Goldberg in the 1950s.
There are actually two separate townhouses with a courtyard and a large galley kitchen (designed by Goldberg) connecting the structures.
The listing says there are lake views from the living room and master bedroom.
It also has a 2-car garage on a 18.6×125 foot lot.
Back in December, you could also rent it for $8300 a month but the rental price has also been reduced to $7500 a month.
With the taxes alone at about $2500 a month, is the rental price now a screaming deal?
Watch an interesting video tour of the house with the owners describing its special features here.
Michael Rosenblum at Koenig & Strey still has the listing. See the pictures here.
1328 N. State Parkway: 5 bedrooms, 5 baths, 4500 square feet, 2 car garage
- Sold in July 1998 for $517,500
- Sold in April 2006 for $2.23 million
- Originally listed in February 2010 for $2.5 million
- Reduced
- Was listed in December 2010 for $2.35 million
- Reduced
- Currently listed for $1.999 million
- OR you can rent it for $7500 a month – reduced from December’s rental price of $8300 a month
- Taxes of $31,384
- Central Air
- Bedroom #1: 19×14 (third floor)
- Bedroom #2: 15×12 (third floor)
- Bedroom #3: 15×12 (third floor)
- Bedroom #4: 11×7 (main floor)
- Bedroom #5: 11×7 (main floor)
I watched that video. If that galley kitchen is where all the guests “end up” during their parties, I kind of worry. Nice looking kitchen but so narrow. How could they fit anything other than a conga line passing through it?
I think the 1998 price speaks volumes.
“I think the 1998 price speaks volumes.”
What’s a 300% increase over 8 years among friends? Had to be good to be 1998 buyer … though not so much if he or she immediately turned around and bought another expensive house in 2006.
At 7500/month – this is a steal. Obviously, the owners don’t have much of a mortgage (considering 2600 of that is going to taxes). I am surprised someone hasn’t rented it. If the owners reduced the rent to 5000, I sure they could get someone to sign a 2 year lease (like me) and then sell it in 2013 for their asking price right now. Sure they would “lose” 60k over that time period – but they would likely make so much more selling it at that later time.
Bri-Bri you should be collecting ad revenue from clio, his business has more ad’s on here than your google ads.
Groove, what am I advertiising?
come on, man up doode.
or at bare minimum throw Bri-Bri a few bucks a month for what you do here.
Groove – stop obsessing about me. You are a man who is married – these issues should have been dealt with a long time ago….
Back to the house – it IS a good location, and is a sizable and unique house – there is a lot of value that should be put on those three factors. What exactly is that value is the key question. However, I can almost guarantee that by 2020 the property will definitely be worth over 2 million (ie I don’t think anyone buying this place and living in it for 10 years will lose money).
“Groove – stop obsessing about me. You are a man who is married – these issues should have been dealt with a long time ago”
well one time in college…..
your an unethical asshat and my goal is to make sure new cc’ers and other non posters know and understand that.
Unique =/= Good
paid shill
“However, I can almost guarantee that by 2020 the property will definitely be worth over 2 million (ie I don’t think anyone buying this place and living in it for 10 years will lose money).”
Pay $2mm for a house. Invest another $1mm. Come out with $2mm in 2020. What’s the IRR on that?
“Pay $2mm for a house. Invest another $1mm. Come out with $2mm in 2020. What’s the IRR on that?”
Do I get to assume average inflation of 3%, or can I use the Bob model of 1+% annual deflation?
Anyway, the obvious answer is: they didn’t lose any investement money (it’a all nominal, right? and we *should*, nay, *MUST* ingnore transaction costs, too, right?), they just re-allocated they consumption spending.
so is clio = steve heitman just the suburban version?
I toured this place awhile ago. It’s unique but it’s definitely not my (or probably most people’s) type. Although it has a couple of amazing rooms, overall it has a musty vintage feel. Also, the square footage is deceptive. It feels much more like a 2500 sq ft place (I think they are being very generous in what they are counting as livable space).
That said, I think 7500 is a good rental price (esp. relative to the asking), but it’ll take a drop to 1.5MM to actually sell the place.
It’s odd, old and about a block too far south, but all things considered, if this can close at $1.8 (about 10% below list), I’d say somebody gets a pretty great deal. What are folks paying for newer 5 bed, 4,500 sq ft places with two car garages up in, say RV, Old Irving, Linc Sq, or even out in Bucktown? Look at where this place is, folks.
“What are folks paying for newer”
Well, that’s one difference, this isn’t newer. And are those 11×7 “bedrooms” actually usable as bedrooms?
And the answer is, generally about $1.2 +/-.
“And the answer is, generally about $1.2 +/-.”
Sounds about right. For lots of affluent midwestern families, a new place, with bigger bedrooms, a gator deck and a pre-mounted-above-the-fireplace-t.v. is the best choice, location be damned.
In 2020 (which really isn’t that far off) people are going to be saying, “Wow – I could have bought this place in 2011 for 1.8 million”. Seriously – this place will likely be worth in the mid 2 millions by then – no question.
whenever clio posts why does the George Michael song Monkey start playing in my head…talk about a double negative
Bob – that is a racist comment if I ever saw one. I am going to forward your post to Barack Obama and see how he feels about it – maybe you will get your chance and get kicked out of this country!!!
“why does the George Michael song Monkey start playing in my head”
You think someone here has a serious drug addiction?
Why leave money onthe table? They should list it for $1,999,999.99.
My favorite place. I try to walk by it about once a week. I think they’ve been pretty stubborn with the price. It’s been listed a long time. And, the price has barely changed.
The market has a lot of cool, unusual properties right now. I think people are less willing to take a chance on unusual. I think people want something that appeals to every buyer when they go to sell.
This makes my heart sing and I’d be pretty darn happy living here. Best wishes to the lucky person who buys it. And, should it go back to the 98 price, I’ll find a way to make it happen – don’t know how, yet, but I’ll find a way.
Just a really weird, old place.
While it might be somewhat unique, I can’t understand the layout or how there are two townhouses in there? And that junky looking courtyard does not scream “I am a two million dollar house”.
I just wish I did not watch that video…creepy.
“about a block too far south”
It doesn’t get more ignorant than this statement.