Is This Bank Owned Potter Palmer Row House a Deal?: 42 E Schiller in the Gold Coast
This 2-bedroom vintage row house at 42 E Schiller in the Gold Coast came on the market in October 2016.
It is bank owned.
Built in 1885, the listing says it’s a “Potter Palmer” row house.
Potter Palmer was one of Chicago’s most prominent businessmen. He was involved in the creation of Marshall Fields and built the Palmer House Hotel. In 1885, he moved from the glitzy Prairie Street neighborhood to the North Side, where he apparently filled in a swamp and created Lake Shore Drive.
He had one of the most opulent houses in the “new” neighborhood which encouraged other wealthy families to move north.
These row houses on Schiller would have been among the early homes built in the Gold Coast.
This row house is fee simple.
While it is vintage on the outside, it no longer has any of its vintage features inside. It actually has a modern interior.
The kitchen is intact with stainless steel appliances, white cabinets and marble counter tops.
Two bedrooms are on the second floor and the listing says there’s a third in the basement but it is listed as only a 2-bedroom row house.
There are three baths, including a master bathroom.
The row house has 3 fireplaces. It’s not clear from the listing if they are wood burning or not.
There are three outdoor spaces including a rooftop deck and a back patio.
It has central air but no parking.
This property has come on the market for $363,000 under the 2001 purchase price, at $1,212,000.
Is this a Gold Coast deal?
Scott Newman at Newman Realty has the listing. See the pictures here.
42 E. Schiller: 2 bedrooms, 3 baths, 2997 square feet, row house
- Sold in December 1994 for $760,000
- Sold in May 2001 for $1,575,000
- Lis pendens foreclosure filed in January 2010
- Bank owned in July 2016
- Originally listed in October 2016 for $1,212,000
- Currently still listed at $1,212,000
- No HOA- fee simple
- Taxes of $30692
- Central Air
- No parking
- 3 fireplaces
- Bedroom #1: 19×16 (second floor)
- Bedroom #2: 18×12 (second floor)
- Bedroom #3: 14×19 (basement)
- Family room: 19×16 (second floor)
- Laundry Room: 18×12 (lower level)
If it had its vintage bones intact it would be intriguing but given the dated, “modern” mess of an interior this home needs serious work just that can be seen, and who knows what lies beneath. No parking at this price sucks too, as do those taxes.
After a VERY through inspection, this seems like the kind of place you could add some value to through a cosmetic remodel of the living spaces and probably a complete remodel of the bathrooms. I’d certainly investigate the possibility of adding more indoor space on the 3rd floor.
Oh man what a deal! Wish I could afford, I’d deck that fucker out, so much needs to be done to the place but the location is great and that curb appeal
This place makes we want to cry. Who would do this??!! I am with jimb though, a great project for someone – – one could definitely add a bit of value here If you put some money and love into this, you would have a very unique place. No need for a car here. Between Uber and car sharing, you are all set. Transit rich and walkable.
This place is a bargain. Most SFH in this area start at $2MM usually for a slightly dated interior such as this one. If this was not a foreclosure, this would at least go for $1.9MM
I wonder who the original owners were. Palmer completed his mansion in 1883 just south of Shiller, https://en.wikipedia.org/wiki/Palmer_Mansion . These were completed two years later in 1885. Clearly these homes were for wealthy people, but not on the scale of Palmer.
I just look at the photos…gag. The trim and molding works sucks. And the living room built-ins are made out of plywood. What a shame.
My issue is you are looking right at the rental high rise across the street. Lots of move ins, move outs, trucks, garbage trucks, deliveries. Lot of people standing around in the parking area smoking, there is a dog doo area that never gets cleaned up by the slumlord management (Draper Kramer). There is construction all the time in that rental, sandblasting, tuckpointing, etc. it’s really a bad block with no hope of improvement as that high rise isn’t going anywhere.
GoneFishin: Your point is excellent about the high rise across street–to a point. You lost me when you talk about a company being a slumlord manager that’s constantly repairing their building by sandblasting/tuckpointing!! The right buyer will accept the tradeoff of urban density with moving trucks, traffic, etc. to be a few steps from the Lake, restaurants, etc., etc.
The problem here is the sorry shape of the interior.
Contingent.
JAH, they are slumlords because they want the added revenue that dogs bring in, but they won’t clean up after the dogs. Yes, it is the owners responsibility, but when that fails, the landlord has to pick up after their tenants. When you leave it a mess, that is what makes you a slumlord.
As far as tuckpointing and sandblasting, they are required by law to keep the building up to date and are constantly being inspected. And they are constantly failing inspection so having to put band aids on constantly. Hence, the constant work.
Anyway, it’s contingent, good for them. Most of those houses there are rentals, maybe a developer will add that to his portfolio.
After gf’n’s buffoonerific posting claiming Schiller between LSD & Astor’s a bad block w/ no hope he posted “..Most of those houses there are rentals, maybe a developer will add that to his portfolio.” Just b/c gf’n rents @ DK’s bldg on LSD or maybe Astor House doesn’t make every GC sfr also a rental. Most GC homes which are rental were divvied into apts in the bad old days. One exception is just off Shiller on State Pkwy where a developer bought SFR in ’11 for $5 mil & moved in w/his family after spending $2 mil+ having LG rehab it. When they moved likely due to his extreme recent RE success(es) it went on market @ $9.5 mil but then he rec’d rental proposal from pro baller willing to pay likely between $40K-$50K/mo (RE taxes alone are abt $100K/yr.)
Finally developers add potential teardowns to inventory not 20′ wide rowhouses w/ RE taxes @ $30K+/yr. I believe an E European developer is likely purchaser with an intent to immediately re-rehab, add a garage & put on mkt @ $2 mil. 1337 N Dearborn was purchased for $900K and resold after a gut rehab for $3.5 mil in ’15 but it’s a stand alone SFR not a rowhome albeit in a less desirable block than 42 E Schiller IMO.
I did a quick look to see what’s been happenin’ on the ‘bad block with no hope of improvement’ as gf’n sees it:
38 E Schiller (3 drs E of 42 E Schiller) sold for $2.525 mil in 2013; next door to W 44 E sold for $1.75 mil several yrs ago, 3 doors west 1400 N Astor (NEC Schiller) is on mkt @ $4.4 mil (seller paid $3 mil 10 yrs ago). Across on south side of Schiller 41 E sold for $1.95 mil 4 yrs ago. 1400 N Astor on NWC Schiller is on mkt @ $5 mil (seller paid $3.5 mil in ’08). All these sales happened despite DK’s building that offends gf’n. And I didn’t find any SFR’s for rent here b/c despite what gf’n would like to believe there aren’t any.