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Must Sell Fast? 4 Months Later and Still Available: 1318 N. LaSalle

If you need to sell fast, does that mean you’re aggressive on the price?

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This renovated 9200 square foot mansion at 1318 N. LaSalle in the Gold Coast has been on the market since March 2007. It was reduced in July 2008 by $950,000 but is still holding at that price.

Here’s the listing:

DEVELOPER MUST SELL THIS GOLD COAST HOME NOW!!.PRICE REDUCED 1.2 FROM ORIGINAL ASKING.150FT. DEEP LOT & EXTRA WIDE HM. 4 CAR ATT. GAR W/COACH HOUSE/GUEST SUITE ABOVE! MASTERFULLY DESIGNED AND FINISHED.

9200 SQUARE FEET OF MAGNIFICENT NEW CONSTRUCTION W/ORIGINAL LIMESTONE FACADE. FULL FLR MASTER STE. TWO TERRACES & A BEAUTIFUL GARDEN, THEATRE RM, ELEVATOR SO MUCH MORE. THIS IS A STEAL..MUST MOVE QUICKLY @ THIS PRICE

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Rhonda Shane at Sudler Sotheby’s has the listing. See more pictures and the virtual tour here.

1318 N. LaSalle: 6 bedrooms, 5.2 baths, 9200 square feet, 4 car garage

  • Originally listed in March 2007 for $4.9 million
  • Reduced in July 2008 to $3.95 million
  • Currently listed for $3.95 million
  • Taxes of $27,875
  • 2 fireplaces
  • Coach house

This entry was posted on Friday, October 10th, 2008 at 1:05 pm and is filed under Gold Coast. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

9 Responses to “Must Sell Fast? 4 Months Later and Still Available: 1318 N. LaSalle”

  1. What a steal. What would my mortgage payment be?

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  2. Jason: If you have to ask, you can’t affort it.

    Oh – the taxes are more than my annual mortgage payment! Yoiks.

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  3. “Oh – the taxes are more than my annual mortgage payment! Yoiks.”

    And you’d pay more than that when it’s actually occupied.

    What’s with the “reduced 1.2” in the listing? Looks like .95 to me.

    “What would my mortgage payment be?”

    Using a 5/1 ARM from Wells Fargo for 25% of the loan (online stuff kicked me for going over $1mm)–the monthly would be $23,187; with a 30-year fixed (@9.75%!!) it’s $27,149.28

    Citibank wouldn’t let me do anything even at $800k value with a $640k laon (20% of this house). JPM comes in at $22,638 for a 30 (with 1+1/8 points) or $19,456 on a 1-year ARm (with 2 points)–also based on 25% of actual 80% loan, as the online system dings a $3.16mm mortgage.

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  4. Pilsen Resident on October 10th, 2008 at 5:40 pm

    DEVELOPER MUST SELL THIS GOLD COAST HOME NOW!!.

    Oh no! Let’s all pool our resources together and help this poor developer avoid tragedy!

    Also, who the hell needs 9500 square feet? Mike Brady?

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  5. whowhatwhenwherewhy on October 10th, 2008 at 6:07 pm

    Future boarding house.

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  6. That might be a good price in a strong market but it is most definitely not a “must sell now!” price.

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  7. David (the first one) on October 12th, 2008 at 4:56 pm

    Maybe the developer should have just converted to a 3-flat or 4-flat of actually sellable units? Do we know what he paid for the property before conversion? It used to be 4-flat according to the assessor. Probably should have stayed that way.

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  8. “who the hell needs 9500 square feet”

    It’s only 9200. NO ONE needs that extra 300 sqft, but this developer hit the sweet spot. Unfortunately for him, the one family in Chicago that *needs* that much space moved to Lake Forest.

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  9. Its not whether you need it, its whether you want it. I was in Beverly Hills this weekend for my friend’s wedding, which he had at his mother’s place. That house was well over 20,000 square feet, and she lives there with my friends step-father (by themselves). My friends father lives in BH as well, by himself, and his house is only slightly smaller.

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