Luxury Living in Chicago’s Gold Coast: 1358 N. Dearborn
This 5 bedroom Gold Coast home at 1358 N. Dearborn is at the upper end of Chicago’s housing market with a listing price of $5.95 million.
The listing says it is all new construction with a limestone facade. Prior to the renovation, the home was three condo units. You can see what it looked like before on the Cook County website here.
The house now has solid walnut floors and heated stone floors in the baths not to mention a stunning center staircase.
It also has 15 foot ceilings, a 39×22 roof top deck, which is just one of 4 outdoor areas, and a 3 car heated garage.
Custom paneling and woodwork complete the home.
Is this true luxury living in Chicago?
Douglas Smith at Prudential Rubloff has the listing. See the pictures and a virtual tour here.
See the property website here.
1358 N. Dearborn: 5 bedrooms, 6.5 baths, 6000 square feet, 3 car garage
- Sold in May 2003 for $2 million
- Originally listed in September 2009 for $6.125 million
- Reduced
- Currently listed at $5.95 million
- Taxes of $17,125
- 2 fireplaces
- Marble flooring in the laundry room
Yes, it is “true luxury” living.
Surely. But does anyone believe their cost basis for rehabbing the place (if they rehabbed at all) is 3.95MM?
I’d imagine comps at this pricepoint are exceedingly rare. However I was under the impression you could get a spacious SFH on Astor for 6MM.
This McCrapbox is worth MAYBE 200k with parking included. /sarcasm
Sweet pad, sign me up! 3 car garage in GC heated stone bathroom floors! How many outdoor patio’s doen one need!
so how much is the mega millions jackpot this week?
“Taxes of $17,125 a month”
that will dramatically change,
but at 6mil who cares about prop taxes and the homeowners exemption going away.
Seriously though, unless I was liquid 20-30 million, I wouldn’t even consider a place like this. Its beautiful but doesnt seem like its worth $1000/ft. I’d still kill to live here free for a year.
I hate to have to sell this place, but I want a smaller carbon footprint.
“Taxes of $17,125 a month”
That must be per year. And that seems low for a 6M pad in gold coast, no?
“(if they rehabbed at all)”
Dude, it was a multi-unit when they bought it. They most certainly did rehab it.
“their cost basis for rehabbing the place … is 3.95MM?”
Um, if it were, aren’t they fools for having done the work and never living in it? The seller is clearly trying to make some money on the deal.
per month the taxes seem too high, per year they seem too low.
the description is nice but i think when you are trying to sell a 6000 sq ft home for 6 million bucks you should have more than 9 pictures. like maybe one of the bathrooms?
Oh, and $6mm and the video “tour” is just the stills set to music? I know we cc vultures aren’t the target market, but c’mon.
“you should have more than 9 pictures. like maybe one of the bathrooms?”
Click the tour link, and you get 3 bath pix.
Sorry but nothing in Chicago is worth $1000 a sqft except maybe a 150th+ floor pad in the spire which isn’t even built.
sorry, i was being too lazy.
“sorry, i was being too lazy.”
Hey, that’s what we’re here for. Your point remains, tho, as I noted.
“Oh, and $6mm and the video “tour” is just the stills set to music? I know we cc vultures aren’t the target market, but c’mon”
I will point to a agent/team who of her 1mil properties goes all out with at least 30 pics a floor plan and a 5 or more page PDF full color brochure with peekacity. thats going all out! (jennifer ames team, coldwell i think)
“The seller is clearly trying to make some money on the deal.”
The seller is clearly trying to make out like a bandit on this place. And although probably none of us are or will ever be the target market, no way this places moves anywhere close to 6MM when, as I said, you can get a nice, spacious SFH on Astor.
1500 N Dearborn – 6,290sf – $5.995MM
1449 N Astor – 8,000sf – $5.75MM
17 E Goethe – 6,000 – $3.85MM
Also of note is the massive realtor misrepresentation for this area. A lot of these high-end properties are attached properties yet are listed as SFHs (detached), including this featured property.
“A lot of these high-end properties are attached properties yet are listed as SFHs (detached), including this featured property.”
You’ve seen the party wall agreement? Just because there is no space between the houses does not mean they are “attached”.
*This McCrapbox is worth MAYBE 200k with parking included. /sarcasm*
LOL.
What would this rent for?
paulj writes “I hate to have to sell this place, but I want a smaller carbon footprint.”
No problem; just buy some AlGore(TM) brand carbon credits and keep the house! All the pollution you can afford.
Beautiful!
I am pretty sure house next door was listed for sale by Jennifer Ames team. Cannot find it on Redfin now. Was it sold?
“No problem; just buy some AlGore(TM) brand carbon credits and keep the house! All the pollution you can afford.”
I’ll sell you 6 million dollars worth of ‘carbon credits’! Because that’s pretty much the only way in hell I would be able to afford this place.
I guess their goal is to be patient for a looong time? Unless they get really lucky, this will not sell anywhere near this price. I think this sells for less than 4.5MM. There are a lot of beautiful units in the 2.0-3.0MM range that are only slightly inferior to this one.
It’s really beautiful. The spectacular staircase that was added must have cost $150K by itself.
I would think $3M, which it’s worth but still is out of the range of affordability for most high income buyers. Can anyone tell me how many people there are who might be looking to buy, who make over $800K a year?
It might be worth a given amount of money, but if your likely buyers can’t afford it, what it’s theoretically “worth” doesn’t matter much, does it?
And forget conventional financing. You might have to do at least 50% down these days, as you had to do with upper-bracket properties before the 1990s.
Most people that can buy these types of places pay cash or do I/O loans for the tax writeoff.
from here
http://en.wikipedia.org/wiki/Personal_income_in_the_United_States#Income_distribution
top 5% 167k +
top 1.5% 250k +
top 1% 350k +
Sonies on October 29th, 2009 at 12:09 pm
“Most people that can buy these types of places pay cash or do I/O loans for the tax writeoff.”
Unlikely anyone who can afford this place is getting the deduction for the interest. It’s phased out for high incomes. They won’t get the deduction for property taxes either.