Steals and Deals: Fort Sheridan Mansion 60% Off
Normally, I post only on Chicago real estate but every once in a while a property comes up in the Chicago suburbs that is too interesting to resist. A few months ago, I chattered about a Hinsdale mansion originally listed for over $3 million that finally sold in foreclosure for half of that price (around $1.5 million).
This is another one of those kinds of properties. This mansion is located in Fort Sheridan in Highland Park, a successful conversion and preservation of an old military base. From the Fort Sheridan website:
Today the Fort Sheridan buildings have been painstakingly and lovingly restored to their original historic beauty. On the inside, however, these elegant structures have been totally renovated to reflect the modern needs of a non-military residential community. The result is condos, town homes, single family residences and even brownstone-like living where 11-20 foot ceilings are the rule not the exception, and eight foot windows give full view to the restored beauty of the Fort. The unique building configuration allows for spacious grounds for play or just plain living, and each living space is totally unique unto itself.
Many of the mansion homes were former officer’s homes which accounts for their size and oppulence. Many were built in the late 1890s.
One owner is under severe stress. Or possibly the bank is. Thanks to the tipster who sent me the listing info:
60 Logan Loop: 6 bedrooms, 3.5 baths
- Sold in January 2006 for $930,000
- Listed in November 2006 for $1,109,000
- Lowered in September 2007 to $509,000
- Just lowered to $399,000
Sold “as is.” There are no pictures of the interior.
Patricia Furman at Coldwell Banker has the listing.
There are several other Fort Sheridan mansions on the market for much higher prices.
46 Macarthur Loop: 5 bedrooms, 5.5 baths, 6200 square feet
- Currently listed for $1,495,000
- Coldwell Banker has the listing
68 Macarthur Loop: 4 bedrooms, 3.5 baths, 3600 square feet
- Currently listed for $1,275,000
- Milestone Realty has the listing
37 Macarthur Loop: 7 bedrooms, 3.5 baths, Captain’s Mansion, 1 house east of the Lake
- Currently listed for $1,095,000
- Koenig & Strey has the listing
41 Scott Loop: 6 bedrooms, 6.5 baths, 7200 square feet
- Currently listed for $899,900
- Listing says it’s “corporate owned”
- Patricia Furman at Coldwell Banker has the listing
The Town of Fort Sheridan [website]
I’ve been in the house – it’s a gut job, and then some. Your basically paying for the lot.
Fort Sheridan is a wonderful development in the North Shore on the lake. Personally, I love it.
Please note that the Captain’s mansion vary greatly in size (many had additions during the conversion), and finishes. Unless an addition was put on, they do not have garages.
Bridget: Why did it sell for close to a million if it’s a gut job? Just wondering.
The others all seem to have sold for quite a bit of money as well. Perhaps they all overpaid then?
This property will be auctioned (pending) in Feb. 2008 – To view the home you must fill out a TOXIC MOLD release form. No interior at all present in the house.
Thanks Dave. I knew something was up with it. Any idea what the foreclosure auction price will be? I’m assuming much more than the $399,000.
A local real estate agent informed me that the property has mold, asbestos, and led paint issues.
The agent himself said that the estimate for work would be $400k – so that probably means $600k. I wonder if that cost includes building a garage because the house doesn’t note having one.
The listing history on the MLS again reveals a possible mortgage fraud:
8/05-9/05 – $835,000
10/05-11/05 – $870,000, lowered to $835,000
11/05 – $970,000, then went under contract in 3 days for $930,000.
why do you suppose they raised the price after unsuccessfully marketing it for three months at a lower price?
I don’t think the $399,000 is really what i would call a conventional asking price – i think that’s just the price they’re slapping on it to draw some attention to it for the action. Nevertheless, i think it could end up being a great deal for someone who knows how to do a complete gut. I would imagine the bank will be very happy to get rid of this one at any price.
I viewed the house last week with as much optimism as possible. It is one of the worst interiors I’ve seen in many years, and it appears the water and moisture were left to do their thing over many, many years. The big issue I see is that the integrity of the brickwork has been compromised because the mortar was left to decay – more than just a tuckpointing job on the exterior; it’s structural. In other words, it’s a tear-down in an area of homes where this is not allowed. I was hopeful but now I understand why the home was never redone even when all the others in the loop were over the last 10 years.
Thanks for the update! Not every foreclosure is a “deal” (obviously.)
The property is haunted. Very haunted. A portal to the other side. I know of more than a few people who felt dread and panic while visiting. They never returned for a second visit. Could there be any other explanation for the dramatic decrease in price over such a short time? Has the condition of the structure gotten worse and worse ever since it was first put on the market? I don’t think so. Fort Sheridan has a very strong haunted history. Why should this property be any different? Beware!
I visited this property this weekend because of all the haunted stories. I spent over an hour there and felt nothing, I actually felt quite comfortable around the house. Although I did take a picture in the basement that shows a strange light in the picture, but was not there in person, but other than that felt and seen nothing. Does anyone have any info on where I can go to find out more about the hauntings of this house. It now has me very intrigued.
I had no idea when I posted on this house that the discussion would eventually evolve into hauntings, ghosts and the paranormal.
Go figure!
Ha!
This closed on 3/27/2008 for $406K. They are gutting it. I just drove over there to take a look.