Row House Rehabbed Down to the Studs in the Gold Coast: 47 E. Division
This 4-bedroom vintage row house at 47 E. Division in the Gold Coast came on the market in March 2018.
Built in 1886, it has 4800 square feet on a smaller than normal Chicago lot measuring 16×86.
It has an attached 1-car heated garage and a rooftop deck with a built-in gas grill.
There are heated floors in the kitchen which has custom white cabinets, a wood island and Subzero and Wolf appliances.
There’s a library on the second floor with wood wainscoting and a family room on the main level.
The master bedroom is on the second floor, two more bedrooms are on the third floor and the fourth bedroom is in the lower level and is currently being used as a media room.
The house has central air and a Sonos sound system is included.
Originally listed in March 2018 at $2.49 million, it has been reduced $300,000 to $2.19 million.
Buyers like “new.”
Why isn’t this home selling?
Brenda Coletto at Coldwell Banker has the listing. See the pictures here.
47 E. Division: 4 bedrooms, 4.5 baths, 4800 square feet
- Sold in June 1999 for $900,000
- Sold in January 2001 for $775,000
- Lis pendens foreclosures filed in 2011 and 2012
- Judicial county sale in January 2013
- Sold “as is” in April 2014 for $1.95 million
- Originally listed in March 2018 for $2.49 million
- Reduced several times
- Currently listed at $2.19 million
- Taxes of $38,000
- 1-car heated attached garage included
- Central Air
- 3 fireplaces
- Bedroom #1: 18×11 (second floor)
- Bedroom #2: 15×15 (third floor)
- Bedroom #3: 15×11 (third floor)
- Bedroom #4: 15×16 (lower level)
- Family room: 22×11 (main level)
- Library: 18×11 (second floor)
- Laundry room: 8×8 (second floor)
- Rooftop deck: 22×11 (fourth floor)
1 Price
2 Walking up and down from eating area to kitchen
3 Other than the basement FR, common areas are too narrow
4 Set up is not what people want today
5 You’re advertising Sonos on a +$2MM property?
6 Price
Also, IF they did pay $1.95MM and did a rehab “Down to studs”, they’re taking a serious bath
“IF they did pay $1.95MM and did a rehab “Down to studs”, they’re taking a serious bath”
Would have been at the original ask, too. No way they did a full gut on that place, including soft and *4 years* carrying costs, for under $500k.
Firstly, this is on Division st….which is not a prestige street in Gold Coast. Also it is bad feng shuck located where Astor intersects into division. Also it is a bit narrow….you need at least 20 feet to be adequate. Also it was not a gut rehab….more like cosmetic changes from old listing
“more like cosmetic changes from old listing”
Oh! There was *previously* a full gut. Hence the 2014 sale price. Makes more sense now.
The 2014 sale was a reo sale. Only upgrades since then appears to be carpeting and painting based on photos. But overall price seems fair
“Epay roof deck”
lol, c’mon.
‘“Epay roof deck”
‘lol, c’mon.’
from a Chinese factory, I would suppose.
Too narrow. They should combine it with an adjacent building. Also, the listing says there is a garage space. Where?
Love it! Would I pay $2 mln for it? Maybe, but the downside is being right on Division. However, Division isn’t too bad right here.
Man, the early 2000’s were a good time to be buying real estate, sigh.
Too narrow. way too narrow. looks more like ‘mildly updated’, not ‘redone to studs’. The kitchen below a level is weird. Basement is ugly. Bedrooms are plain.
Not much ‘wow’ factor and feels small for price. Would be shocked if it didn’t sell for over 1.7 though. For overall square footage and location ( even if it’s on division, this particular block isn’t bad ), can’t get much for 2 mil.
Any idea as to what or how to find out what was paid in the county sale?
Interesting that the current sales price is what they paid less sales fee
For a +$2MM listing and no 3D walkthrough or floorplan? Don’t Realatards had some sort of fiduciary duty?
“Any idea as to what or how to find out what was paid in the county sale?”
——————————
I can’t remember if tax stamps have to be bought for government/sheriff deeds. If they do, then you could see how much the tax stamps were and figure the sale price from that.
“Don’t Realatards had some sort of fiduciary duty?”
They do, and many routinely violate them (there being more than one). Many also engage in the unauthorized practice of law. I’ve long wondered why more plaintiffs’ attorneys don’t pursue those opportunities.
The asking price should be double the 1999-2001 price, assuming decent updates. So, with full blown updates, add $200,000 to $1.7 million, and this should be worth $1.9 million.
Not a fan of the zebra skin rug under the dining table. Based on the hideous degenerate oil painting hanging in the dining room, these are left-wingers, the kind that criticized the Trump sons for trophy game hunting and for everything else under the sun. Rich Hypocrites living in luxury. (Unless this is staged)
PS Kitchen is way too small for entertaining. Huge flaw at this price point/
And HH once again goes full nazi, denouncing entartete kunst
This part of Division actually IS a prestige block in the gold coast and you are one block not only from the lake, but also the pedestrian tunnel to the lakefront which is pretty awesome. I looked at a nearby rowhouse that was for sale near here a few years back and Jennifer Ames was the listing agent. The showing agent told me that Ames’ grandfather built many of these rowhomes in this area. I wonder if this is one? I thought it was pretty cool that she was the listing agent on a vintage rowhome that grandpappy built.
I kinda like it. Many choices of finish would not have been mine but I am sure I could live here. One could not age in place here however, that is clear. This should be under $2MM – – I don’t think the seller is necessarily going to make money.
“Ames’ grandfather”
she comes from a pretty good real estate family. great grandfather’s last name was Fairbank for which the street was named after in Streeterville. step grandfather was Sudler…the founder of Sudler real estate.
“Man, the early 2000’s were a good time to be buying real estate, sigh.”
Really?
What people forget is that mortgage rates were double what they are today.
I just had to look it up because I was curious.
Depending on when a possible January 2001 buyer locked in their 30-year fixed mortgage rate, their rate would have been between 7.38% and 7.80%.
Good times.
You can see the rates since 1971 here.
http://www.freddiemac.com/pmms/pmms30.html
Does anyone wonder why real estate prices rose over the last 20 years?
And what will happen when, if ever, the rates actually rise?
“And what will happen when, if ever, the rates actually rise?”
Don’t worry about that, we’ll likely see 1% mortgage rates before we see any meaningful rise in them (like over 5% for an extended period)
looks like the next door house at 49 Division is also for Sale. Looks to be in similar condition and for $1.75M.
https://www.redfin.com/IL/Chicago/49-E-Division-St-60610/home/14123654
My wife and I bought a condo in 1997 and I believe our mortgage rate was above 7%. Didn’t seem horrible at the time.
“My wife and I bought a condo in 1997 and I believe our mortgage rate was above 7%. Didn’t seem horrible at the time.”
30 year mortgage rates averaged 7.3% to 8% in 1997. They averaged over 10% for the entire 1980s so anything under 10% was considered “cheap” back in that era.