Own a SFH with a Private Pool in the Heart of Printers Row for $5.495 Million: 747 S. Dearborn
This 5-bedroom single family home at 747 S. Dearborn in Printers Row came on the market in November 2022.
Built in 2019, it was designed and constructed by Filoramo Talsma Architecture on a 50×70 lot across from Dearborn Station.
The listing says: “The exterior finds definition from masonry construction and a steel-and-terra cotta sunscreen by Fabrik that harnesses light and shadow.”
It has an attached 2-car garage and the first floor has 2,000 square feet of commercial space which is currently a market. The listing says it is included in the sale.
In addition to the commercial space, the first floor has the 2-car heated garage which leads to a mudroom with smart storage.
The second floor has the living spaces including the living room, dining room and kitchen as well as a family room.
The Chef’s kitchen has Arclinea custom Italian cabinets, luxury appliances by Wolf, Miele and Subzero, Carrara marble and stainless steel countertops with a massive island with bar seating. There’s also a back kitchen for prep space.
The house has a dramatic floating staircase.
There’s also 2,000 square feet of private outdoor space on the second floor accessed via a sliding glass door wall system with dining and lounging areas, perennial landscaping, a stainless steel swimming pool by Diamond Spas that the listing says it can be heated to 900 (?) – probably means 90- for “year round use.” Winter swimming anyone?
The third floor is the primary suite which has a dressing room, an en suite bathroom with a soaking tub and walk-in-shower and a den/office for work from home.
There’s also a 44×5 balcony on the third floor.
The fourth floor has 4 en suite bedrooms and a recreation room.
The house has custom millwork, a solar power kit on the roof, zoned HVAC with 3 separate systems, and an Otis Gen2 elevator.
It’s located in the heart of Printers Row, near all of the shops, cafes, bookstores and restaurants. Grant Park is just a few blocks away.
Originally listed in November 2022 for $5.95 million, it has been reduced $455,000 to $5.495 million.
Is this a dream city home?
Timothy Salm and R. Matt Leutheuser at Jameson Sotheby’s has the listing. See the pictures here (sorry, no floor plan).
747 S. Dearborn: 5 bedrooms, 5 baths, 7000 square feet plus 2,000 for commercial space
- New construction in 2019
- Originally listed in November 2022 for $5.95 million
- Reduced
- Currently listed at $5.495 million
- Taxes of $28,875
- Central Air
- 2-car heated garage parking
- 50×70 lot
- 2000 square foot first floor commercial space included
- Solar kit
- Private pool
- Elevator
- Bedroom #1: 23×14 (third floor)
- Bedroom #2: 16×13 (fourth floor)
- Bedroom #3: 16×13 (fourth floor)
- Bedroom #4: 13×11 (fourth floor)
- Bedroom #5: 13×11 (fourth floor)
- Living room: 19×23 (second floor)
- Dining room: 13×25 (second floor)
- Kitchen: 10×25 (second floor)
- Recreation Room: 28×16 (fourth floor)
- Mudroom: 35×6 (first floor)
- Family room: 13×13 (second floor)
- Laundry: 6×9 (third floor)
- Foyer: 20×10 (main floor)
- Office: 23×12 (third floor)
- Balcony: 44×5 (third floor)
- Terrace: 68×18 (second floor)
As a big fan of Dearborn Station, I love the way this was built to showcase views of the old terminal.
Not crazy about the exterior of this home, and also a little weird to have a single-family in this location. Would make a great headquarters for a small comnpany, though. I don’t sense much of a “home” feel to it, but perhaps that could be addressed with furniture, paintings, etc.
I also wonder two more things:
-this is a noisy area and obviously you’re right above street level. How well is the home sealed from noise?
-What would the average person with a $100 million net worth who can afford this place do with the 2,000 SF of retail space? Seems like a restaurant or bar would be the best use, but who’d want that right under your living area? I guess a boutique kind of store might work, but it’s probably not going to be too profitable. Would you run the store yourself or rent out the space?
All this is why the place makes more sense as a small corporate headquarters, preferably for a boutique company that has a retail presence it could feature on the street level.
“What would the average person with a $100 million net worth who can afford this place”
I’m realtively conservative with portfolio allocation to residential, and even I think this is “affordable” at ~$20m net worth, provided you also have some income other than dividend and interest.
I’d like to know where they got that tax amount from, as the Assessor has the property listed as exempt.
If the ask is reality based, taxes *should* be over $100k (bc of the commercial piece–which gets assessed at a higher % of FMV).
Floorplans in the Architectural Record story, here:
https://www.architecturalrecord.com/articles/14793-elevated-chicago-dwelling-by-filoramo-talsma-architecture
Criminal property taxes right there. Pritzker would be envious!
“-What would the average person with a $100 million net worth who can afford this place do with the 2,000 SF of retail space?”
Leave the rental space empty and claim you can’t find a renter and get a break on property taxes and deduct it as a loss on income tax.
I love the property. It would be so cool to have a pool like this.
However, like Dad said, what is the noise like? Does the nearby high school make noise? What about the blue line? I used to do yoga a similar distance from the blue line where the noise and vibration was definitely perceivable. For this price, I don’t want to know any trains exist.
Property taxes, what else can be said…
is it really a SFH if it’s part of a building with commercial space?
Nice place, however if I’m spending >$5MM it aint going to be in PR
“Does the nearby high school make noise?”
No more than any other building…I’m sure there are noticeably more teens around at lunch time and at 3 pm than some other parts of the loop, but there’s not that much down Polk to draw HS kids there as opposed to n-s on State.
“What about the blue line?”
?? Red line? Blue Line turns west at Ida B Parkway.
Red line or blue line, does it matter? There is still a train going under state street and would still be concerned about its noise/vibrations.
Trains are pretty deep here I wouldn’t worry about that with the commercial space buffer…
The checkerboard cladding is quite hideous and I wouldn’t want to look at that every day from my bed and bath
and the pictures featured only a few rooms making the 7k sqft claim seem bogus (did they include the outside space?) where’s the floor plan?
otherwise a really unique interesting house for sure
I love it. The deck and pool area are amazing. Rest of the house seems really well laid out and livable.
Curious who would be in the buyer pool for a property like this, though? Someone who wants a $5+ million dollar home that also wants to be a small-scale commercial landlord and live in a kind of sleepy part of the loop? Seems like there would be a very limited number of people who fit that profile.
“-What would the average person with a $100 million net worth who can afford this place do with the 2,000 SF of retail space? Seems like a restaurant or bar would be the best use, but who’d want that right under your living area? I guess a boutique kind of store might work, but it’s probably not going to be too profitable. ”
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This is where your wife’s “art gallery” goes so she can dabble in business. She gets bragging rights, you get a distraction for the little woman.
OOF. Double OOF. I predict this is going to site for a long time before multiple price reductions. It is pretty cool but totally impractical for a SFH in the city. This place is more of a NYC style home than a Chicago style home.
“Someone who wants a $5+ million dollar home that also wants to be a small-scale commercial landlord and live in a kind of sleepy part of the loop?”
Is it “sleepy” right there? Buses going by, several restaurants with outdoor seating within steps, a bookstore across the street. Thousands of students in the dorms nearby and a bunch of big apartment buildings just a block away.
Seems to me it’s the best of both worlds. Very urban but you’re in your own private space.
That terrace is to die for. Such a great design because it blends in with the loft buildings on the street and yet provides them with a lot of privacy from the dorm on Plymouth behind the building or the Donohue next door. Difficult to see into that terrace.
Can live out there all summer long. The dining space is covered and has lighting.
Fabulous.
“Seems like there would be a very limited number of people who fit that profile.”
There is a relatively small market for any property over $4 million. That is the upper bracket in Chicago and there are only a couple dozen properties in the city who sell at that price point every year.
And, yes, it would also be the most expensive to sell in this neighborhood, as well.
“and the pictures featured only a few rooms making the 7k sqft claim seem bogus (did they include the outside space?) where’s the floor plan?”
A “few rooms”? It features nearly all of them. I don’t see one of the foyer or the back kitchen. But recreation room and family room are both there. Living/dining/kitchen. Bedrooms. Some of the baths.
“Red line or blue line, does it matter? There is still a train going under state street and would still be concerned about its noise/vibrations.”
A half block away?
I once lived in a building in River North that was next to State Street and could hear the red line from the vents. Never felt “vibrations” though. But the sound of the subway went right up the building.
City living.
“is it really a SFH if it’s part of a building with commercial space?”
Yes. It’s not set up as a condo, is it?
“Seems like a restaurant or bar would be the best use, but who’d want that right under your living area? I guess a boutique kind of store might work, but it’s probably not going to be too profitable. Would you run the store yourself or rent out the space?”
Why wouldn’t you just leave the market in there? Clearly the neighborhood wanted/needed a market more than a restaurant as that’s what has gone in there the last 4 years. There are plenty of restaurants/bars nearby. And yes, the owners might not want a restaurant or bar that are open until midnight or 1 am in the space right beneath them. But a market isn’t going to be open much past 9 pm.
“It is pretty cool but totally impractical for a SFH in the city.”
What’s impractical about it? Seems ideal. No lawn to maintain, however you would have to hire someone to come and clean off both sidewalks of snow. But that’s not much of an expense.
If your child got into Jones, it’s not a bad place to live.
By the way, for those bears who think this might sit for a long time, you just never know on the upper bracket properties. They are usually unique.
I’ve been shocked that two out of Ken Griffin’s 4 penthouses have already sold. It only took a few months on those and the stock market was selling off at that time.
“the dorm on Plymouth behind the building”
Columbia sold it a few years ago:
https://columbiachronicle.com/da769572-8bb8-11e8-93f6-b38cce469451
It might still have mostly college student renters, but it’s no longer a dorm.
“I’ve been shocked that two out of Ken Griffin’s 4 penthouses have already sold.”
Both at significant nominal losses tho, right? […]
Park Tower: Sold for $11.2m, paid $15m in 2012 (+CPI = $19.4m+, -43%)
Waldorf: Sold for $10.225m, paid $13.3m in 2014 (+CPI = $16.81m+, -40%)
Chump change for Ken, but most places will attract interest at 40% off apparent fmv.
Is that HAWT(tm)?
A $3 million loss for poor Ken, huh? He probably makes that simply in interest every day. Or every hour.
“Both at significant nominal losses tho, right? […]”
Irrelevant. You are being, as always, disingenuous anon(tfo).
The profit (or losses) aren’t the issue. It doesn’t matter if Ken made, or lost, money on them. It’s SHOCKING because 2 of them sold at prices that are FAR above what normally sells in the city of Chicago, and sold extremely quickly. Even with stocks in the toilet. Because someone who bought these units WOULD care about the stock market, and their stock options, when buying.
But yet they STILL stepped in to buy. And, like I said, quickly.
I thought all four of these would be on the market for YEARS. Much like Vince Vaughn’s Palmolive penthouse that ultimately had to be chopped into several units to make the sales.
There literally are just maybe 4 or 5 properties over $10 million that sell every year in the city of Chicago. That is an extremely high price point.
And it doesn’t matter if it’s “chump change for Ken.” Irrelevant. Oprah’s massive property portfolio didn’t sell that quickly, it took years for some of those too, and those properties were priced a lot lower (and yes, she took losses on several of them too.)
So, yeah, it’s a BIG deal and tells you how hot the Chicago upper bracket remains, even with the stock market sell-off and a supposedly imminent recession. But then, some Chicago companies just had record 2022s so perhaps it was CEOs at those companies that dove in.
“It might still have mostly college student renters, but it’s no longer a dorm.”
It’s still apartments and it overlooks the building. Duh.
“Is that HAWT(tm)?”
Yes JohnnyU. It’s extremely hot. In fact, there has been no inventory build yet in the market whatsoever. Some neighborhoods remain near record low inventory even though the spring season starts next week.
Many decent properties are going under contract within days so there are clearly buyers looking but little to choose from. Sales remain depressed, however. But you can’t buy what isn’t on the market.
Prices remain stable. They aren’t declining except in downtown where there IS inventory and it varies from building to building and if a unit is renovated or not.
If you dare list a downtown high rise unit with 20 year old finishes, good luck.
“A $3 million loss for poor Ken, huh? He probably makes that simply in interest every day. Or every hour.”
Correct Dan #2. It’s not an issue just like it wasn’t for Oprah when she sold all of her properties.
So losing money is the new HAWT(tm)?
There was another similar property nearby. Built a sfh over a Starbucks with a great outdoor space. Featured in several magazines. Very modern. Always loved that property.
But it was much smaller and therefore financially appealed to a much wider audience. As many have already said, listings that are over $5m draw from a really small buyer pool. And therefore that “small pool” will be sitting empty for a long long time. It will also need to come down well below 900 degrees before it sells!
On the serious side I just don’t see someone with that wealth wanting to be in Printers Row. Even if it is the coolest home in the area. Maybe an enormous south loop penthouse looking north with its own private swimming pool deck could pull in the wow factor, but Tribeca this is not.
Sells in the high $3’s or low $4’s in late 2024
“it’s not a bad place to live.”
North of $5MM, unless it’s my business, I don’t think I want a business operating below my SFH and, for that matter, the place in general should be “wow, what an extraordinarily nice place to live.”
“is it really a SFH if it’s part of a building with commercial space?”
“Yes. It’s not set up as a condo, is it?”
Looks to be categorized as a townhouse in the listing.
“the place in general should be “wow, what an extraordinarily nice place to live.””
It IS an “extraordinarily nice place to live.” That pool and terrace are fantastic. What a treat in the middle of downtown Chicago. Unique and rare.
It just may not be your flavor anonny.
“On the serious side I just don’t see someone with that wealth wanting to be in Printers Row.”
But someone with that wealth is already IN Printers Row. They literally bought the empty lot and built this home for millions of dollars on it. It was not a spec home.
Also, I feel like a lot of these comments are simply north side bias which we have seen many times over the years on Crib Chatter. Many not understanding how someone could pay $2 million for a house in Hyde Park or Kenwood, for instance. There are million dollar condos that sell on the street this house is located on. It’s not a situation where a property is out of price point or scale for the neighborhood. There are condos nearby with custom kitchen cabinets too.
“But someone with that wealth is already IN Printers Row. They literally bought the empty lot and built this home for millions of dollars on it. It was not a spec home.”
You are a really big believer in N=1 meaning something significant when it supports your priors
“What’s impractical about it? Seems ideal.”
Ideal? You have a retail space under your 5 million dollar SFH, for one thing. It’s in the South Loop (meh) with no other SFH homes on the block. Would def want a nice big yard for the kiddos or pets at this price point.
“Would def want a nice big yard for the kiddos or pets at this price point.”
That would be in the suburbs Nyet. If you want a “nice big yard” go there. There are plenty of people raising their kids in condo towers downtown and this is certainly a step up from that with that private huge terrace and swimming pool. If the kids want grass, Grant Park is just a few blocks away.
This is now officially my Chicago dream house!
“That would be in the suburbs Nyet. If you want a “nice big yard” go there.”
Plenty of homes $2M+ in the city have fantastic yards. For $5M I could build a mansion on a double lot in LP or LV and have a huge side yard.
Not that I love this, but it’s about the same price, in the city, has a pool and a yard:
https://www.redfin.com/IL/Chicago/3720-N-Greenview-Ave-60613/home/113097246
Call it a unicorn if you will, but it does exist.
Relisted at $4.995,000
Contingent, as of May 22.
Closed 4.8M il
“Closed 4.8M”
Thanks for the update David. Has to be the most expensive property to ever sell in this neighborhood.