New Construction Gold Coast Mansion Returns with a Price Cut: 1241 N. State Parkway
This 6-bedroom new construction mansion at 1241 N. State Parkway in the Gold Coast came on the market in May 2018.
We last chattered about this house in 2018 when it first came on the market.
If you recall, it was built after an 1872 worker’s cottage was sold by a long-time owner and torn down.
The historic preservation committee refused to save it but it lives on in the Keanu Reeves and Sandra Bullock movie, “The Lake House.”
And, no, it’s NOT the Lake House but the characters do linger in front of the house in a scene specifically about architecture.
See our 2018 chatter, and a picture of the worker’s cottage, here.
But what’s done is done and the new house is now built.
It’s on a slightly narrower than normal, but deeper, Chicago lot measuring 22.5 x 150.
It has a French limestone façade and a 5-stop elevator.
There’s a garage with room for “up to” 4 cars with an “optional lift and breezeway attachment.”
The house has 2 rooftop terraces along with a backyard patio.
2 bedrooms, including the master suite, are on the second floor, with 3 bedrooms on the third floor and one in the lower level.
The kitchen has white custom cabinets and luxury appliances.
There’s also a wine cellar.
Originally listed at $7.25 million in 2018, it has been reduced to $5.999 million.
Is this now priced to sell?
Timothy Salm at Jameson Sotheby’s still has the listing. See the pictures here.
1241 N. State Parkway: 6 bedrooms, 6 baths, 2 half baths, 7,430 square feet, garage
- There’s no original sales price. It was put into a Trust in 1994
- There was no mortgage on the property
- Worker’s cottage originally listed on June 2, 2016 for $1.495 million
- Sold on June 30, 2016 for $1.5 million
- Torn down
- Originally listed in May 2018 as a new construction home for $7.25 million
- Reduced
- Currently listed at $5.999 million
- Taxes are now $35,039
- Central Air
- 3 fireplaces
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 19×12 (second floor)
- Bedroom #3: 14×11 (third floor)
- Bedroom #4: 13×11 (third floor)
- Bedroom #5: 16×11 (third floor)
- Bedroom #6: 12×11 (lower level)
- Recreation room: 17×23 (lower level)
- Living room: 17×16 (main floor)
- Dining room: 14×16 (main floor)
- Kitchen: 17×16 (main floor)
The developer has some huge balls building this on spec, wouldn’t want to be paying the monthly nut. The initial ask just was greedy. Priced to sell would be $4.5-5MM. The interior finishes (Other than the kitchen) don’t scream $6MM house
Maybe being the poors affects my decision making process but would anyone use a living room in their MBR?
Guess s/he was following Sabrina’s investment advice that the market is HAWT!
This is magnificent building and a deal at that price. Old world charm but all new construction and convenience. I know Chicago is not NYC or SF but it is really under-priced for being a global business center. Especially the Gold Coast neighborhood. Chicago is really weird right now, it seems like there’s more money than ever yet less high net worth people, which isnt true but there’s definitely something going on with the top tier earners and their real estate preferences. Are they spreading it around the country / world now instead of one place? Are they so mobile they rent? Beach house in Palm Beach, Ski lodge in Aspen, condo in Chicago situations since they can be anywhere?
“The interior finishes (Other than the kitchen) don’t scream $6MM house
what would scream $6MM to you? Other than the carpet in the basement, this place looks pretty high end to me.
very nice house, probably not a lot of buyers out there though so it will be on the market a long time
“what would scream $6MM to you? Other than the carpet in the basement, this place looks pretty high end to me.”
at $7.25-6MM you’re looking for the work to know you’re a robber baron
Ro start, I’d be looking for the following improvements.
Lighting – As much as I love sputnik lights, it doesn’t fit and the rest of the lighting selections look to be a Restoration Hdwe/Potterybarn/R&B
Built-ins/woodwork – Totally uninspired and cheap
Mantles/Fireplaces – Same – zero statement, might as well be some shit box Am Inv property
Non-MBR bathrooms – Adding yile to the front of the tub?
Vehicle lift should be included, and there shouldnt be a breezeway. should have been part of the structure as a mudroom for the family. There should be photo’s of the garage. At this price point the owner probably has some nice toys
Wonder if this is Cleo’s?
And I cant spell for shit…
This is actually a pretty nice house. I toured this house a few weeks ago. The main issue I found with the house was the basement floor…its carpeted because the ground is not 100% level flat. Also at each stair landing, the immediate 1/2 foot of flooring near the steps slopes a few degrees down towards the steps. Not sure if that was intentional or not? But definitely a great house and not a bad deal at $5 to $5.5million
“The interior finishes (Other than the kitchen)”
Kitchen layout is weird to me–why is oven in far corner from cooktop? Why is wine fridge so far from the butler’s pantry? Maybe I’m too much a prole to understand.
I’m not a fan of the fake Paris exterior, but the interior seems very tastefully and thoughtfully done for new construction. I’m no expert on fixtures and finishes, but nothing offended me, and I could imagine living here quite comfortably if I had $6 million to drop on a Gold Coast townhouse.
As for the price, you do get a lot for your money, but with the economy slowing down it’s unclear how much demand there’ll be.
“Non-MBR bathrooms – Adding yile to the front of the tub?”
adding tile to the front of a tub is a good thing…and it’s done here in a every other secondary bathroom. I think most of your other points are subjective and taste specific. A lot of labor hours went into installing all the trim work and built-ins. Yes, it’s probably painted mdf but I think the problem is, everything is monochromatic, so you can’t see the detail. There’s crown in every room, even the basement.
“and there shouldnt be a breezeway. should have been part of the structure as a mudroom for the family.”
can you attach a garage to a house now? thought they had to be detached.
“can you attach a garage to a house now? thought they had to be detached.”
I think you can, but it has to comply with FAR and rear yard open space, so probably not here, without giving up some of the 3d floor space.
7 mil was a high ask..A home that I remember in Gold Coast from back in 2017 is the following
https://www.redfin.com/IL/Chicago/52-E-Bellevue-Pl-60611/home/14124320
May not be to everyones taste – but I thought it was incredible. sold for 7.5 mil.
https://www.redfin.com/IL/Chicago/1246-N-Astor-St-60610/home/14124796
Another place by the same developer in gold coast. Far prefer it than this one for price.
@marco – “can you attach a garage to a house now? thought they had to be detached.”
@anon – “I think you can, but it has to comply with FAR and rear yard open space, so probably not here, without giving up some of the 3d floor space.”
My NIMBY group just had one of those today where someone wants to connect their garage to the house. They’re going for RT3.5 which requires minimum 15×15 open space. This one is RM5, which only requires 10×10. From the pics, they’re good on open space. As to FAR, I’m under the impression that enclosed porches count against FAR, so I would think this would too since it’s basically enclosed (looks like you can close those doors). So … yeah, why not really enclose it?
Note that they do have something listed for ZBA, but I couldn’t find it, the “1982-present” ZBA site only goes up to 2015?!?
Each year there are only a handful of SFHs sold above $5 MM. In the last 12 months it was 3. They are typically in Lincoln Park. Just last week I checked the Gold Coast and I think I saw one new construction sale there in this price range over the last 10 years and it was a similar story to this one. In that case the lot was pretty short. I don’t have time to check but I can’t help but wonder if it was the same builder.
If you’re going to spend this kind of money do you really want to be on a 22.5 lot on a street like this – congested, no street parking for guests?
“adding tile to the front of a tub is a good thing…and it’s done here in a every other secondary bathroom. I think most of your other points are subjective and taste specific. A lot of labor hours went into installing all the trim work and built-ins. Yes, it’s probably painted mdf but I think the problem is, everything is monochromatic, so you can’t see the detail. There’s crown in every room, even the basement.”
In regards to the tile on the tub, no its not a good thing on a $7.25MM house. Its putting lipstick on a pig at this price point
Painted MDF in a $2MM property is fine, not so much when you’re asking a multiple of that
Crown molding is standard for any property over $1MM. 3 good trim carpenters can bang out a lot of footage in a day
The rest isn’t taste, the fireplaces and mantles (for example) are not what anyone should expect at this price point
“but there’s definitely something going on with the top tier earners and their real estate preferences.”
Gold Coast is no longer the “hot” neighborhood, perhaps?
Choosing to buy that $4 million condo in one of the new buildings (One Bennett, Vista etc.) or in the West Loop.
Lots of big, new homes in Lincoln Park near good schools.
Outdoor spaces and in lots of areas in back of home you’re basically on display. People with that kind of “bread” to spend value privacy.