The Ultimate $3 Million Old Town Penthouse With 5 Car Parking: 1347 N. Sedgwick
Looking for something unique? This 6-bedroom penthouse unit at 1347 N. Sedgwick in Old Town is for you.
Looks can be deceiving if you were only looking at the outside of this mid-rise building because hidden behind the brick facade is a penthouse with 7000 square feet and a private elevator.
It also has 5 car heated garage parking included.
The duplex unit has plenty of outdoor space with a 4000 square foot private rooftop deck with views of the city and 3 other balconies.
It also has many options in which to keep you entertained with a billards room, a media room and a sizable home gym.
What more could a buyer want?
Becky Thompson at Coldwell Banker has the listing. See the pictures here. (You must check out the pics!)
1347 N. Sedgwick PH: 6 bedrooms, 4 baths, 2 half baths, 7000 square feet, 5 car parking
- Sold in September 2001 for $2,083,500
- Currently listed for $2,990,000
- Assessments of $595 a month
- Taxes of $17,501
- Central Air
- Washer/Dryer in the unit
- 4 of the 6 bedrooms are on the second floor
Looks like a Park Hyatt. Perhaps a bit too much for the building/area. Needs the “right” buyer and 2 mil may be reachable
Kooky fun but I wouldn’t buy it. It’s a lot of that location and building. You can live in many top buildings for that price. You wouldn’t get that much room and the roof deck but I guess that is the trade off
This place is doper than dope. I’d throw down if I had the cash. This is a young bachelor’s dream pad. Maybe than can steal that hot tub from that place by wrigley.
“This is a young bachelor’s dream pad.”
Exactly why it won’t sell. Which young bachelors do you know that have this kind of dough? Even those from wealthy families aren’t likely to have access to that kind of wealth at a young age to make purchases like this.
The view from the roofdeck is sweet. But other than the entry/stairs, it’s nice (really nice), but not spectacular. For $3M, I would expect spectacular.
Also, the railing on the stairs looks, at first glance, like it has a bunch of bikes chained to it.
Projects across the street, on the same block as red/brown line, not all that pretty of a building, and the sweet smell of horse poop 1/2 block away (more funny than serious)…….interesting place to put a crazy nice condo.
Perfect for a drug dealer who collects cars.
well that’s definitely unique.
You can also rent it for $9900 a month… not so bad for a large group of DePaul kiddies looking for a dorm.
Pimp.
” Which young bachelors do you know that have this kind of dough?”
uhhhhhh, I do….
actually, all joking aside, I WOULD offer 1.5 million furnished. When you start getting to 2 million and above, there are WAY too many other better options out there (SFH or very nice condo units in AWESOME buildings).
Kieran: wow that would kill renting. ~1700 a person though.
One mortgage for $800k.
First owner was (one of?) the developer.
Any idea if anyone famous slept here? Because maybe that’ll help sell it.
“uhhhhhh, I do…. ”
uhhhhhh..you’re not that young.
And even though you may feel like you’re young and pretend you are, even you have the sensibility to not offer anywhere near $3MM for this place.
This listing is a disaster at $3MM. Wait a couple years and get it from the bank for $1.5.
“Any idea if anyone famous slept here? ”
I heard a rumor Vince Vaugn dropped a deuce in one of the bathrooms once.
really, clio? $1.5MM?
you routinely call other places fairly valued that are piles of steaming dog poo compared to this place.
then you say you’d only offer $1.5MM (FURNISHED!??) on a pretty decked out, 7000 SF in OLD TOWN, 5 car heated spots, private 4000 SF rooftop deck with top shelf views, 3 other balconies…
you are out of your mind.
this place would have a bidding war if it was priced at $1.99MM furnished. hell, it would have one if it weren’t furnished and priced at $1.99MM.
at $3MM it’s just a matter of what offers this buyer is willing to entertain. he definitely won’t get full asking, but he’ll get in the $2’s.
“This listing is a disaster at $3MM. Wait a couple years and get it from the bank for $1.5.”
I’m sure the bank would love the 80+% return.
I always wondered about the condo building right next to the horse barn/theater. The second floor unit has a window literally inches away from the stink. You can see it from the brown/red/purple lines.
i guess this is old town but not really a super part. is there a worse location in old town?
“i guess this is old town but not really a super part. is there a worse location in old town?”
Depends where you draw the boundaries of OT. If it goes over to Clybourn b/t Larrabee and Division, I would say there are.
actually, looking back on it, I would have to pass on this one – I can’t get over the outside of the building. Also, the pictures look really nice, but I bet the unit doesn’t show as well as the pictures. Just look at the “day” pictures and compare them with the “night” pictures.
I think that anyone who buys this place is going to be someone who entertains (otherwise there would be no need for a place like this). The outside just is not that impressive. I would much rather have my friends come into the Park Hyatt, Elysian, Palmolive, Drake lobbies and then up to my unit – instead of this building which looks like a regular condo building. Even if you used the parking spaces for your friends, how rich/elegant would you feel going down, letting them in the cramped garage to park their car when you could just pay for the valet at any of the concierge building.
No, I think this one is going to be hard to sell….
“I think that anyone who buys this place is going to be someone who entertains (otherwise there would be no need for a place like this). The outside just is not that impressive. I would much rather have my friends come into the Park Hyatt, Elysian, Palmolive, Drake lobbies and then up to my unit – instead of this building which looks like a regular condo building. Even if you used the parking spaces for your friends, how rich/elegant would you feel going down, letting them in the cramped garage to park their car when you could just pay for the valet at any of the concierge building. ”
Or, you pop for the limos, so that no one has to drive when they’re still drunk the next afternoon.
This isn’t a place for your sort of rich folks, obviously.
ok – now i just looked at the “bird’s eye view’ – are those a huge number of projects right in front of the house? God, even if they weren’t projects or section 8 housing, they are so horribly disgustingly ugly, that I don’t think I (or anyone) could pay 7 figures for this place!!!!
I actually am remembering that I may have gotten lost a couple of years ago and drove around this area getting back downtown – if it is the same street area, it really is terrifying with all sorts of shady characters walking around (and this was on a sunny summer day).
man if money were no object… that place is frickin crazy but clio is right this place is smack dab right in the middle of the evergreen homes… why on earth would anyone build this here?
LOL oh yeah this is literally on the horse grazing yard… so not only will you have zero in common with your neighbors, you’ll get to smell horse poop 24/7…
“it really is terrifying with all sorts of shady characters walking around (and this was on a sunny summer day).”
There’s that “terrifying” again. You’re easily spooked.
“why on earth would anyone build this here?”
The “Evergreen Homes”–actually the Marshall Field Garden Apartments–were rumored in 99-00-01 to be rolling off a lease that would end their time as public housing. Imagine for a moment if those had gone condo.
i agree it’s a stupid place to build…and it’s not happening at $3MM…
but for someone to suggest they’d offer $1.5MM furnished?
that’s just nuts. 5 car heated parking. 4000 SF rooftop deck. plus furnishings. let’s value this conservatively at $300K ($125K on the spots…$100K on the deck ($25/foot seems pretty darn insanely reasonable)…$75K is way conservative for furnishings)…you could easily say you’re backing out $400K….but let’s call it $300K.
back that out of the price and you’re saying you want a pretty well done/high end 7000 SF, 6 bedroom, 4+ bathroom house with a workout room, theatre room, 3 balconies for $1.2MM. so call it $170/SF?
the market is just not there. i don’t like the proximity to the hood either but there is a price for everything.
and it would all be beyond priced in at $170/SF.
$2MM is a fair price. but it will sell for more.
clio, sedgwick is not a bad street… the 11 lincoln bus is the yuppie bus and it goes right through here. I’ve walked all the way down sedgwick here at 3AM on a Friday and there was nobody around. I mean if poor people terrify you, then well, you belong in Oakbrook
“i guess this is old town but not really a super part. is there a worse location in old town?”
“Depends where you draw the boundaries of OT. If it goes over to Clybourn b/t Larrabee and Division, I would say there are.”
So it probably wasn’t a good idea to walk home down Larrabee from the Depaul Area bars to river north completely wasted at 3:00am in the middle of summer? I swear I walk as fast as anyone, if that matters.
Poor people I don’t mind. Whether they are gang bangers or just punks, people that walk by you staring you down trying to act “hard” is uncomfortable and makes you not want to live there. That has happened to me twice on this stretch of Sedgwick when we were looking around here a few years ago.
This is really just a long block to the heart of Old Town on Wells which is one of my favorite places in the city. Drove up Wells last night thinking how great the stretch is doing with bars, shops, and restaurants compared to Armitage now which has become almost a ghost town.
“So it probably wasn’t a good idea to walk home down Larrabee from the Depaul Area bars to river north completely wasted at 3:00am in the middle of summer? I swear I walk as fast as anyone, if that matters.”
Last Cabrini highrise will be vacant by 1/15/2011. The mixed income buildings I’ve heard have many more restrictions than public housing (no criminal record, have to work, etc), so if that is enforced this area should get better as it is a little bit of a walk from the remaining Cabrini public housing (rowhomes).
“So it probably wasn’t a good idea to walk home down Larrabee from the Depaul Area bars to river north completely wasted at 3:00am in the middle of summer?”
enh. As Sonies sez, nothing much to see here. It’s not candyland, but it wasn’t even that bad–on a personal safety level–15 years ago, much less now.
Of course, cars parked on the street are a different issue. Generally too much broken glass around.
“Last Cabrini highrise will be vacant by 1/15/2011. The mixed income buildings I’ve heard have many more restrictions than public housing”
Marshall Field may have similar restrictions, but it isn’t mixed-income.
this place is definitive proof that money and taste are completely separate
With the guitars on the wall, was this a famous musicians’ home? It looks like the kind that’d appeal to a musician or maybe a pro athelete — those are the young bachelors who might have the dough for this pad.
Hard to tell without floor plans, but I wonder if this might be worth more if subdivided into 2 units? At least it wouldn’t be as much of a white elephant.
I would think a 3500 sq. ft. unit with 2 indoor garage spaces and some nice finishes could easily be worth $1.3MM or more (for the one w/o the deck–assuming it couldn’t be divided); and the one with the deck, maybe $1.5 MM. So even if it took a couple hundred thousand to build out a separate entrance, second kitchen, etc., might be worth it.
I’m usually up beat on the listings posted here.
But this is easily the worst I’ve seen. This is a terrible block. Anybody who says otherwise either hasn’t been here or is being purposefully obtuse. You’ve got the public housing and a big empty lot where the carriage horses graze. $3m for condo here is madness. $300k for a condo here is madness.
” Drove up Wells last night thinking how great the stretch is doing with bars, shops, and restaurants compared to Armitage now which has become almost a ghost town.”
Completely off-topic, but what is the deal with Armitage? I don’t spend a lot of time in that neighborhood, but the last time I biked down that street (about a month ago), it was depressing as hell. It used to be such a bustling area. Can that neighborhood really not support this commercial strip?
“it was depressing as hell. It used to be such a bustling area. Can that neighborhood really not support this commercial strip?”
You mean housemommies aren’t dropping $500 on a whim at those boutiques anymore?
The macro economic picture actually applies to this segment of society? The horror! Who woulda thunk?!
oh come on, there are a lot more rich people than you know about bob! those stores just closed so they could move to oak brook
I’m not sure I fully agree with you Bob. Wells, between Evergreen and North, and Damen, between North and Webster, seem to both be doing great and they still have the expensive shops here and there along with the bars/restaurants. Maybe there are just more young people in those areas with money to spend vs. fewer people (but I’d assume with more $) 6 blocks above and below Armitage…..
A few years ago, there was a condo in an older, vintage building right around this area (couple doors down at most). I couldn’t get my head around looking out your front window to see the Marshall Field homes. And that was for around $400k. I can’t even fathom why anyone would build or buy a $2M+ condo right here. Looks cool, ton of space, but horrible, inappropriate location for this type of space.
I often take the 11 bus. This particular streatch – literally this block – is the worst. I have also walked down it many times without incident (but not at 3:00 am). Still no way I would buy here.
” there are a lot more rich people than you know about bob! those stores just closed so they could move to oak brook”
Actually, you could get a REALLY nice house in oak brook for the same price (3mil). Heck, you could get a great house in oak brook for 2.5mil – plus there are no real estate taxes (well, ok – county taxes – but no city taxes – which means the tax rate is something like 2.4 percent of the assessed value: translation, taxes on a 300k condo would be 2400.
Just curious – it sounds like people feel that the presence of the stables and the lot bring the area down. Is that correct?
For $3M, you’d think the realtor would be able to spring a few bucks for better photographs. 4 photos of the same ‘Hard Rock guitar museum wall’ from nearly the same angle.
Since when is it a requirement for realtors to be horrible photographers? I am so tired of seeing listing after listing with horsesh*t pictures! What’s the deal? It’s not very difficult, it’s incredibly affordable, and it makes a HUGE difference in the marketing of the property.
“tired of seeing listing after listing with horsesh*t pictures”
I missed the pix of the horsesh*t next door. Can you post the link?
“Just curious – it sounds like people feel that the presence of the stables and the lot bring the area down. Is that correct?”
No – I would rather have the presence of horses than the presence of those buildings/tenants across the street (oh.. not because I hate public/low income housing – only because I love horses!!).
this gives new meaning to the concept of a “stable neighborhood”
ok here’s a pretty amusing sequence of streetviews right outside this place….
http://maps.google.com/maps?f=q&source=s_q&hl=en&q=1347+N+Sedgwick+St,+Chicago,+Cook,+Illinois+60610&sll=37.0625,-95.677068&sspn=24.791593,90.703125&ie=UTF8&cd=1&geocode=FSNzfwId4r_G-g&split=0&hq=&hnear=1347+N+Sedgwick+St,+Chicago,+Cook,+Illinois+60610&ll=41.906746,-87.638456&spn=0,0.001384&t=h&z=20&layer=c&cbll=41.906819,-87.63846&panoid=Mq48g9IgF8zReSODLgsoew&cbp=12,222.47,,0,7.73
http://maps.google.com/maps?f=q&source=s_q&hl=en&q=1347+N+Sedgwick+St,+Chicago,+Cook,+Illinois+60610&sll=37.0625,-95.677068&sspn=24.791593,90.703125&ie=UTF8&cd=1&geocode=FSNzfwId4r_G-g&split=0&hq=&hnear=1347+N+Sedgwick+St,+Chicago,+Cook,+Illinois+60610&ll=41.906729,-87.638456&spn=0,0.001384&t=h&z=20&layer=c&cbll=41.906639,-87.638452&panoid=rw7NoV5YmYXregM2RNdHWA&cbp=12,309.24,,0,11.14
what happened to that guy? lol
I actually rent right around the corner from this place and I have to agree with most of the commentary here. That block really does suck and the horses unfortunately really do bring down the neighborhood. You really do have to adjust to the constant smell of horse dung 24/7. Apparently the horse place has tried to develop the property as their is a sign on the property, but with the current market that has clearly been halted for now.
sonies – sometimes i read the comments just to see what you say/find. that is hilarious!!
“No – I would rather have the presence of horses than the presence of those buildings/tenants across the street (oh.. not because I hate public/low income housing – only because I love horses!!).”
This from someone who bought a horse farm for development.
I like the stables! Although, I don’t think they offer boarding for privately owned horses.
If I had $3mil to spend, I wouldn’t spend it here though. For that kind of money, I would not want to live by sketchy “mixed income” housing.
This place is much more appealing (although about half the size): http://www.realtor.com/realestateandhomes-detail/999-N-Lake-Shore-Drive-Unit-8a_Chicago_IL_60611_M74616-17455
Two things:
The poster who said this looks like the Park Hyatt must have only ever been on low floors because my friend’s place in there is literally 20 times nicer than this one.
The store fronts on Armitage are abandoned because the first people to get off a sinking ship are the people in first class. You people don’t believe me. This city is going to degentrify practically overnight. Last Summer I made several posts on here where I stated that LP is going down the tubes, well, the rest of the neighborhoods won’t be far behind.
The party is over. Well, it’s over for people who can’t afford to live above the 50th floor of one of the nicest buildings in the world.
I don’t think the Noble Horse will be there for THAT much longer.
The CTA 11 is nice. That block is rough. Tough koreans to be able to keep a dry cleaning busy open there.
@chicagobull
or you could actually stop being lazy and pick up the phone and call the police and get the shitheads out of your neighborhood… I call the police all the time when there’s some crackhead or bum who made a home in a bus stop or a cubby on the sidewalk and have them removed
I agree with those who say this place is in a wretched neighborhood. I see the horse stables from the el and wonder why so many people buy there at all, let alone for the prices they pay. I feel safe in Edgewater and the south end of Rogers Park, but I don’t feel the least bit safe in this area, even in daylight.
For the money asked, you could get a wonderful place in a beautiful building like the Palmolive, in one of the most beautiful nabes in the Midwest. Why buy here?
“I don’t feel the least bit safe in this area, even in daylight”
Oh, be serious. “on this street”, is maybe believable, but “this area” encompasses the Wells strip.
If you don’t feel “the least bit safe” on Wells, you should just move to DuPage.
“The store fronts on Armitage are abandoned because the first people to get off a sinking ship are the people in first class.”
Couldn’t have anything to do with asking rents; not at all.
“I like the stables! Although, I don’t think they offer boarding for privately owned horses.”
Jenny – any sane horse owner wouldn’t board their horse there.
“I don’t think the Noble Horse will be there for THAT much longer.”
Chichow – care to elaborate? It’s been said for years that Noble is on its last legs. Except the “owner” keeps on finding more suckers to provide him funding.
that drunk passing out is the best think i’ve seen on streetview.
now going to google streetview highlights
In your twenties you want to own a piece of a cool bar/club,
In your thirties a nice profitable restaurant,
In your forties a pro sports team,
And in your fifties you just want to be twenty again!
The place eventually sells to a bachelor……but it will likely be a really old bachelor. His “girl” friends and the posse that follow them still take the bus or drive crappy cars so they won’t care about the lobby or lack of valet.
It will sell eventually and the final price will be determined by how cash strapped that former “developer” is at the moment!
“The store fronts on Armitage are abandoned because the first people to get off a sinking ship are the people in first class.”
There was an article in the Trib or Crains about a year ago about Tilli’s in Lincoln Park losing its lease (rumored to be replaced by Bull & Bear). The article quoted the rent being in the $30,000-$40,000 per month category. I know it is a huge space, but my god you have to sell a ton of beer just to clear your rent.
Similar story to Guise on Halsted. Some obscene rent amount, people stopped dropping $1,000 in one stop for high end clothes, place goes out of business. Unless you own the building, or the owner can afford to cut rent, I don’t see how Armitage Ave is a feasible option for retail. I am guessing many of the retail spaces on Armitage sold in the past 5 years, leverage increased and the resulting rents spiked. The PJ Clarkes space (which was bizarre) went into foreclosure awhile back. Just crazy.
“how cash strapped that former “developer” is at the moment!”
Developer sold it to the current owner. Current owner has an $800k mortgage on the place.
“Unless you own the building, or the owner can afford to cut rent, I don’t see how Armitage Ave is a feasible option for retail.”
It’s much easier to just assert that the city is falling apart.
Big Johns closing was a tough loss
Anon (tfo)
“Couldn’t have anything to do with asking rents; not at all.”
I realize the asking rents are outrageous, you think the owners are all waiting for Banana republic or Apple to set up shop in their buildings?
Maybe you’ve noticed that many of those storefronts have now been empty for well over a year. That means they aren’t even trying to rent them out. That means the “owners” are probably in the middle of defaulting on their commercial properties.
I personally know one of the Armitage building owners that hasn’t defaulted on his building and doesn’t have any tax liens against him. He’s a great guy, he lives in Orange County and has never set foot in Chicago a day in his life. He’s never even flown through O’Hare. He has always had tenants, he’s also desperately trying to dump his property and has no takers.
I have a back-up plan, if things get super bad I’m moving to Montana and becoming a huckster. I don’t care what the rest of you do.
“Maybe you’ve noticed that many of those storefronts have now been empty for well over a year. That means they aren’t even trying to rent them out. That means the “owners” are probably in the middle of defaulting on their commercial properties. ”
I agree they are probably mid-default, but that doesn’t mean they aren’t trying to rent them–it just means that there’s too great a spread b/t asking rent and what anyone is willing to pay. After the f/c or DiL, they’ll get rented, as the carrying cost will reflect the obtainable rent.
Jumping from commercial vacancy clearly resulting (in part) from owners overpaying for property to “the city is going to see another white flight” is a bit of a stretch. Sort of like assuming Montanans won’t shoot you on sight for trespassing trying to sell your junk.
“I personally know one of the Armitage building owners that hasn’t defaulted on his building and doesn’t have any tax liens against him. He’s a great guy, he lives in Orange County and has never set foot in Chicago a day in his life”
Who the F’ buys a comm property sight unseen and then never ever checks up on it? Seems like an awfully trusting guy to me…..Ask him if he wants to buy me 75 bedroom home on LSD. I’ll send some pictures to prove how great it is. I’ll even give him a good deal.
It looks like an episode of MTV Cribs.
“You people don’t believe me. This city is going to degentrify practically overnight. Last Summer I made several posts on here where I stated that LP is going down the tubes, well, the rest of the neighborhoods won’t be far behind.”
Oh, I certainly remember your posts in the summer about how the lakefront was completely lost and anarchy was basically around the corner because a bunch of hoodlums decided to have some fights at North Ave beach before the cops squashed it about a day later. LP is doomed!!!
Someone better get to the Walgreens 24 hour store as their meds are running low!
“LP Is going down the tubes, well, the rest of the neighborhoods wont be far behind.
“I don’t think the Noble Horse will be there for THAT much longer.”
I remember being told this by a neighbor. In 1989.
(Full disclosure: I actually like the Noble Horse and think it should stay. Purely a question of r.e. expectations.)
@chicagobull –
‘This city is going to degentrify practically overnight. Last Summer I made several posts on here where I stated that LP is going down the tubes, well, the rest of the neighborhoods won’t be far behind.’
I’m just curious, where are the people who will leave the city go? I understand the whole post WWII white flight thing, they went to / created the burds, but what about this group? As a long time LP’r, I curious about where I should live before the door closes. Seriously.
Jay – I’d follow mayor Daley down to Key Largo. He wlll be adding 32 alderman and taking over as mayor of the island. I’d bet he can have a 30 year reign down there. We know that he will make it even more beautiful! Perhaps you can donate some cash and get a beach cleaning contract while you live in paradise.
this place is for sale again 2.5 million and the horse carriage yard will be gone, but the marshall field homes shall remain
https://www.redfin.com/IL/Chicago/1347-N-Sedgwick-St-60610/unit-2S/home/12769866
“this place is for sale again 2.5 million and the horse carriage yard will be gone, but the marshall field homes shall remain”
Good catch Sonies. I don’t even remember this unit.
Lots of properties coming back on that didn’t sell back during the bust. It’s super hot out there. Will they be able to get finally sell it?
The upper bracket seems to be slowing some now.