How Long Will it Take to Sell a 4-Bedroom in the Playboy Mansion? 1340 N. State Parkway
This 4-bedroom half-floor unit in the Playboy Mansion at 1340 N. State Parkway in the Gold Coast came on the market in early November 2015.
It’s been publicized all over the media because units rarely come on the market in this famed mansion.
According to Wikipedia, the 70-room French brick and limestone mansion was built in 1899 for Dr. George Swifth Isham.
Hugh Hefner moved in in 1959. Apparently the top two floors served as dorms for the bunnies.
Hefner moved to his California mansion full-time in 1974.
The mansion was turned into 7 condos in 1994.
It has tall ceilings, 3 fireplaces and a foyer.
This unit is on the south, east and west corner.
It is all on one level and includes a 16×11 covered terrace.
The listing says it has had a recent renovation.
The all white custom kitchen has luxury stainless steel appliances.
There is a master suite and 2 en suite bedrooms.
It has central air, washer/dryer in the unit and 2 heated garage parking spaces.
The house is always a stop on walking and biking tours of the Gold Coast. It’s living in a Chicago landmark.
Some of you may recall, the last unit we chattered about in the Playboy Mansion, the “ballroom unit” because it was formally the house’s ballroom, sold in just 9 months for $5.2 million when the market was still awful, in May 2012.
See our chatter about that unit here.
With these units rarely on the market, will this one sell in even less time?
Janet Owen at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #3S: 4 bedrooms, 4.5 baths, 4300 square feet
- Sold in June 1994 for $535,000
- Sold in January 1998 for $1.475 million
- Sold in August 2004 for $1.575 million
- Sold in August 2008 for $3.275 million
- Currently listed for $5.75 million
- Includes 2-car garage parking
- Assessments of $2847 a month (includes water, exterior maintenance, scavenger)
- Taxes of $47250
- Central Air
- Washer/Dryer in the unit
- 3 fireplaces
- Bedroom #1: 18×18
- Bedroom #2: 15×13
- Bedroom #3: 14×12
- Bedroom #4: 13×12
- Family room: 25×17
- Office: 10×10
Well, isn’t this cosmic. Got in a cab at State/North this morning and rolled right past this place on the way down to the salt mine.
Well, 4 millionish sounds right. Slightly less than 1000 sq/ft. Very pretty but a bit pricey
1337/sqft
heh
I realize there are only 7 units but the assessments seem rather high given no doorman, no on-site management, limited grounds to maintain, no building amenities, probably only one elevator, and no heat/AC included.
For that price, i would rather get any of the other single family homes in Gold Coast in the $2-4 million range.
“I realize there are only 7 units but the assessments seem rather high given no doorman, no on-site management, limited grounds to maintain, no building amenities, probably only one elevator, and no heat/AC included.”
Have you ever maintained the grounds/exterior of a 100-year old mansion before?
Someone at this price point also demands a certain level of care. The foyer and entryways to each unit could be cleaned weekly (and, actually, probably are.)
The fewer the units, the higher the assessments because you’re going to have costs to replace that roof and do repairs to the garage and what happens when they have to replace ALL of those custom windows?
Have you ever maintained the grounds/exterior of a 100-year old mansion before?…
I stand by my comment. Look at 1500 Astor – similar 100+ year old converted mansion, Unit 9 = $.44/sq ft/month, Unit 2 = $.52/sq ft/month or Unit 3 at 1421 State (a 3 Unit converted mansion with 5600 sq ft) for $.16/sq ft/month.
All of these vs. the 1340 State unit at $.66/sq ft/month.
“I stand by my comment. Look at 1500 Astor – similar 100+ year old converted mansion, Unit 9 = $.44/sq ft/month, Unit 2 = $.52/sq ft/month or Unit 3 at 1421 State (a 3 Unit converted mansion with 5600 sq ft) for $.16/sq ft/month.”
You don’t know what the reserves are on any of these buildings. Maybe one has decided to fully fund their reserves so when the windows go, it is paid for. Maybe the other one has decided to roll the dice and will just do a special assessment when they need something major.
You really have no idea unless you know the financials of both.
You really have no idea unless you know the financials of both….
You’re technically correct which is why a little common sense and good judgement comes into play. A condo like 1500 Astor, as well as 1340 State, would almost certainly maintain a fully funded reserve – 1421 State – probably not. Even rich people (and their accountants) prefer a predictable cash flow situation to an unpredictable one.