Our Favorite Triplex in the Historic Carl Street Studios Returns to the Market: 155 W. Burton
Long time readers will remember this 2-bedroom in the Carl Street Studios at 155 W. Burton in Old Town.
We first chattered about it in September 2007 (it was one of the first Crib Chatter posts!) and then again in November 2009 when it returned to the market to try again.
See our November 2009 chatter here.
Well…it’s back again!
The Carl Street Studios are certainly not cookie-cutter.
Originally built as a mansion in the 1880s, it was converted into the “studios” in 1927. There are only 16 units.
This triplex has ornate mosaic multicolor tile work, stained glass windows and the original Edgar Miller frescoes.
It also has a 2-story wood beamed ceiling, 3 fireplaces and a private rooftop deck (which also is where one of the fireplaces is located).
Not everything is “historic” as the unit has central air and an in-unit washer/dryer.
However, there is no parking.
The bedrooms are also split- with one on the second floor and the master on the third level.
Reduced another $50,000 from the November 2009 list price, the property is now listed $86,000 under the 2005 purchase price.
Is this unit finally priced to sell?
Helaine Cohen at Koenig & Strey Real Living now has the listing. See the pictures here.
Unit #15: 2 bedrooms, 2 baths, 1600 square feet
- Sold in September 1999 for $360,000
- Sold in November 2005 for $635,000
- Was listed in September 2007 for $699,000
- Cancelled
- Was listed in November 2009 for $599,000
- Cancelled
- Currently listed for $549,000
- Assessments of $935 a month (includes heat)
- Taxes of $9902
- Central Air
- Washer/Dryer in the unit
- No deeded parking- leased in the neighborhood
- 3 fireplaces
- Bedroom #1: 17×20 (third floor)
- Bedroom #2: 11×17 (second floor)
The kitchen and bath are just too much at least for me.
I’d say 450K max for this place. Again high assessments for nothing and no parking.
man you guys think this place is cool check out unit #2
http://www.redfin.com/IL/Chicago/155-W-Burton-Pl-60610/unit-2/home/12814221
for 1.8mm
Anyone on this site posting as an alias for Michael David White? Chicago guy. I think he’s bearish on housing…
http://seekingalpha.com/article/272138-30-critical-housing-charts-that-investors-must-consider
phil.. You gotta point. Sounds like Clio.
Prices will fall for as far as the eye can see… Takes balls to say that!!
Phil, some of these numbers are tough to argue against. THis enforces my gut feeling that anyone buying now is a bag holder. (aside from the ultra high end/ultra low end) too many factors are impeding demand (debt/income, Affordiability, Credit availability/standards) It will be odd to see inflation come through in the consumer markets but to have a serious lag in the translate to housing prices. The market is very out of whack–I find it hard to see how the inflation creeps into housing before it creeps into incomes–which is always very slow. 5 years from now will anything be different?
“phil.. You gotta point. Sounds like Clio.
Prices will fall for as far as the eye can see… Takes balls to say that!!”–Gringo, if the banks weren’t holding back properties, if people weren’t living in their properties for 10 months without paying their mortgage, if ever seller who wanted to/needed to put their home on the market instead of doing nothing…, you would see the real prices fall for real…I think this period is a pause.
If the floors were uneven, this would be like living in a Hundertwasser house. I would not be able to handle it.
Actually I have seen many agents and investors selling their properties, they are ahead of the curve of normal folks that are still hanging on to the hope that market will recover soon. I am now predicting a 15% decline from here by next summer and that is if the interest rates don’t shoot up. I will only buy if the property is at rent parity and almost nothing I like is at that price. This is a stand still.
A few will still buy at these prices and a few will keep bleeding and not selling, but the overall market has a negative gradient.
I like this a lot, even the weird tiled bathroom. Leased parking in the area doesn’t bother me, as that’s what I do. Does that roof deck not have a railing on the one side of it?
Looks like a trader with the computer setup. Bad trade, 90k in the face. I do like the hookah room downstairs though. Nice touch for entertaining the ladies from Burton Place.
@ Phil
‘Anyone on this site posting as an alias for Michael David White? Chicago guy. I think he’s bearish on housing…’
Reminds me of that professor character on the Simpsons will all those charts; the scientific predictions he makes somehow end up as a punch line. Thing is, what *all* charts fail to quantify is human nature. Anyone with a shred of financial responsibility would NEVER EVER have children… talk about financial suicide. Nor would they buy a new car, new cloths, have a dinner out, turn on the air, visit Starbucks, vacation… on and on, as they are all horrible financial decisions. But somehow, a *lot* of responsible people with good jobs/savings continue on this path of financial ‘ruin’ every day of the week; some of them go bankrupt, most however don’t. Do you think everyone is just going to live out of a suitcase, rent, or live with their parents forever because they may loose some money when they sell? You underestimate human nature.
Looking at this place gave me a headache.
Ah, finally photos of the unit. I think when it hit Redfin last weekend there weren’t any photos, for some reason. This is the very best roof deck in the building. And, it’s nice to see the photos of the bathrooms – probably the work of Jesus Torres. It’s like magic living here. It’s not for everyone, but for the right person… If it were only anywhere near my price range… This unit is unique in that it has three stories and lots of good sunlight and that aforementioned awesome roof deck. I think it’s going to be a tough sell right now, but for the right person with the right amount of money – it’s pretty awesome. Street parking, with the stickers, is almost no problem at all. There’s plenty of back-up possibilities and most of the time you can find a place on the street. Just looked at the photos again. I think the ceiling got dropped in the living room at some point to create more living space. I haven’t seen that sort of split in the windows anywhere else in these buildings.
My sentiment too, but I wonder if some if it is the furnishing and toning it down a bit can make a difference.
“Looking at this place gave me a headache.”
And, personally – I’ve wanted those Roche Bobois couches for some time. So, if I had the money I wouldn’t mind negotiating those into the price. 🙂
jay… I’m going to stay with the parents forever… Even get my laundry folded.
Btw… Chart of s+p from 1500 to 666, fear is not human nature? Seems to capture it rather well.
lisa… Every place I sold cost me my furniture. I hate furniture!
In this market, people should never be uncomfortable asking for pieces they like! Its such a bitch, finally get an offer on your house but they love how it’s staged so they want your shit. Kinda puts the seller in a bind over something he can, if it helps, rationalize having a lower value.
Nice museum. Not sure I’d want to live there, though.
Kitchen/bath looks like the Brady Bunch school bus. Not that there’s anything wrong with a parent pushing their kids into the entertainment industry….
“Kitchen/bath looks like the Brady Bunch school bus”
Partridge Family. Bradys had a land-yacht wagon.
@ gring
‘Even get my laundry folded.’
Lucky you! I had one of those old school German mothers who made *sure* I knew how to do house chores regardless of the household help we already had. I can fold, iron, wash, sew on a button… blah blah. Mind you I NEVER asked to learn these things, it just comes with the ethnicity.
“Kitchen/bath looks like the Brady Bunch school bus”
“Partridge Family. Bradys had a land-yacht wagon.”
You are correct, sir… The Partridge Family it is. Well played anon, well played indeed.
Those child actors turned out just fine… yes they did.
I googled the bus, you were spot on…lol… I always hear about the Brady Bunch and Partridge family. Where they good series or just classics everyone knows of?
Miu… They shouldn’t be discussed in the same breath. No one wants to be the first to admit that the Brady Bunch belongs amongst the all time greats?
Partridge family.. So/so. Everyone remembers it but the Bradys almost any refererence to it in any way will be picked up by just about anyone. Every single day of my childhood it was on. Character in every age group, multiple plot lines. Watch 1 episode and you will understand the entire series. Basically the ideal american family on steroids. The spoof movies of the show were even better…. Oh and Marsha…she was right up there for lil Ze with jeannie and batgirl….ahh!
I always hear about them but mostly in context of one of the actors going or coming out of rehab…lol
Well miumiu Danny Bonaduce is full on insane.