Want a Bank Owned $3 Million Lincoln Park Mansion? 2662 N. Geneva Terrace
This 7-bedroom new construction single family home at 2662 N. Geneva Terrace in Lincoln Park is in an enclave of mansion homes called “Geneva Terrace”.
The listing says this is a bank owned house (as is its neighbor across the courtyard at 2659 N. Geneva Terrace which is listed for $3.25 million.)
Geneva Terrace appears to be an enclave of 5 or 6 new construction mansion homes constructed on an alley (which the city named Geneva Terrace.)
I had to walk down the alley to access the inner courtyard of these homes. Their front doors do NOT face out onto any street.
The listings say they were built by builder Stuart Rose.
The listing for 2662 N. Geneva Terrace says it is 90% complete- and that the buyer would just have to put on its personal touches such as new carpet and other finishes.
4 of the bedrooms are on the second level.
It has custom cabinets and oak hardwood floors throughout.
Built on a 37.5×134 lot, it has a 3-car garage.
There is also a common area monthly assessment for lawn care, scavenger and snow removal.
How hard will it be to sell TWO $3 million bank owned single family homes in this unique enclave?
Daniel Glick at @Properties has both listings.
See the pictures for 2662 N. Geneva Terrace here.
2662 N. Geneva Terrace: 7 bedrooms, 5.5 baths, 3 car garage, 7800 square feet
- I couldn’t find any public information on this property
- The listing says it is bank owned
- Was listed in April 2011 for $3.25 million
- Reduced
- Currently listed at $3.15 million
- Taxes of $57,546
- Assessments of $300 a month (includes lawn care)
- Bedroom #1: 22×17 (second floor)
- Bedroom #2: 15×12 (second floor)
- Bedroom #3: 12×17 (second floor)
- Bedroom #4: 12×14 (second floor)
Ouch to the tax bill! If you have to ask, you can’t afford it.
From the aerial view, it looks like the front of these buildings look out on some sort of parking lot. Quite an unusual arrangement.
wholly tax bill batman!!! do you have a Berrios repellent in your belt trusty robin?
Former CTA bus depot. The condo building with the Best Buy is also on that site–Drummond to Schubert, Clark to “Geneva Terrace” (aka the alley east of Orchard).
Hideous “Geneva Terrace” sign on the association gate there. So tasteless.
is this on the grounds where that cta bus depot was located? seem to remember some drama when developers bid for that chunk of land.
i should start hitting refresh before i post questions
That gate sign belongs on a western ave. car dealership… WTF!
As for the house… pretty nice
I’m actually thinking about replacing the crappy hardwood in my lr/kitchen place with marble or some sort of tile, is that going to be the new thing?
“I’m actually thinking about replacing the crappy hardwood in my lr/kitchen place with marble or some sort of tile, is that going to be the new thing?”
One suggestion if you do, bitch to work with, but epoxy the grout lines!
As for the house. 2.95 for N.Cleveland vs over 3 for this?
At this price point I would want a yard and wouldn’t settle for a roof deck. Even at this location.
In response to the first question “Want a Bank Owned $3 million Lincoln Park Mansion”, the answer is of course “Yes, yes I would.” As long as I don’t have to pay for it, as the taxes alone would keep me awake at night. I would think the bank would be doing anything and everything in it’s power to get this sold ASAP.
For the second question “How hard will it be to sell TWO $3 million bank owned single family homes in this unique enclave?” The answer for that is, “Very. Very hard.”
You could easily chop a half million of the price and I bet the bank would accept in an instant.
“As for the house. 2.95 for N.Cleveland vs over 3 for this?”
I don’t think it’s even a question–Cleveland, by a long shot. Proximity to the Golden Nugget is *not* a good thing at $3mm.
I have toured these homes. They are unique and fabulous but, in my opinion, in a terrible location. (1) They face each other in an alley so there is not much natural light coming into the windows; (2) yard space is cramped and there is little privacy (not great for families); (3) they are increadibly difficult to find…your guests will drive in circles and there is no good parking nearby; (3) they are zoned into Alcott, which is not what a family spending 3 million wants (Lincoln or Ogden, etc…). I suspect the developer paid way to much for the land. There are identical homes like this near the Hartland Development and Chi Chi Wang park (west side of LP) for less which means the cost was the land. I personally would take the one near Chi Chi Wang park before these…way overpriced. Loved the house, just wished I could move it elsewhere.
“Cleveland, by a long shot”
Whoa bro.. wouldn’t go that far… must remember, *NO* entry closet.
Spread should be almost $1mil b/w the 2, just on the carpets. This place is terrible.
“your guests will drive in circles and there is no good parking nearby”
Is the garage under best buy only available to bb customers?
soon to be coming to chicago – watch out – seriously, all of the people looking to buy – now IS the time:
http://www.nytimes.com/2011/06/07/nyregion/the-appraisal-high-priced-rentals-are-all-the-rage.html
“Whoa bro.. wouldn’t go that far… must remember, *NO* entry closet.
Spread should be almost $1mil b/w the 2, just on the carpets. This place is terrible.”
I’d put the spread similarly, based just on the fact that there is more variety among similar and higher priced homes on Cleveland–this is a giant house, but the 6 or whatever houses here are the most expensive in the immediate area, which makes for a problem at resale.
good lord look at this lady’s listings!
http://www.bhsusa.com/real-estate-agent/paula-del-nunzio
why pay 90million for a place when you can rent it for $210k a month! O.O
“Whoa bro.. wouldn’t go that far… must remember, *NO* entry closet.
What, no one uses butlers any more?
“good lord look at this lady’s listings!”
It’s nice that she takes $349k listings, too.
thats probably her dog’s condo
“thats probably her dog’s condo”
I was thinking someone’s mistress, but you might be right.
If I was in a position to pay over $3 million for my house plus nearly $60k/year in taxes, I wouldn’t really worry about what public school my children would have to attend if they got kicked out of all the private schools in the city.
But on a slightly more serious note, while this place isn’t my style it’s clearly very nice. That kitchen is amazing.
These homes were built on the former City Limits Bus Terminal property which sat idle until they cleared the toxic land. They are generous in size and fill the lot (many do not want yards) and have an open floor plan that again many want. They are all the same and seem to overwhelm the land allotted. Parking for visitors may be a challenge but that is not unique in this neighborhood. Alcott is a good school despite Cribchatter comments and at 3 million I suspect private school would be sought. As to the price, I would not be interested as I do not feel the homes look that unique but the price 300K less would be more enticing.
Clio, I think that article supports that people will pay top dollar for quality rental units. The dynamic in Chicago is that in general, rentals suck big time relatively speaking. This is also why people want to buy. People buy because they want a nicer place than they are renting imho. At some point in people’s lives, they decide they don’t want to live like a 22 year old fresh out of college. They want to change the look, pride of ownership, nesting instincts, etc. However, many don’t want to be hampered by an illiquid asset to have the emotional attachment to the property, but have the income to buy or pay premium rents.
I think landlords would do well targeting the higher income young professional who wants a nicer place, but none of the downsides of owning right now.
“I think landlords would do well targeting the higher income young professional who wants a nicer place, but none of the downsides of owning right now.”
Seems to be the case with many of the condo-to-rental development switches.
I agree that private school is probably in the cards for owners of a 3 million dollar house…the point is that the 50K in taxes is way out of line for what you get in return. That is what someone in Winnetka pays for their mansion and huge hard. There, you get a great school. What do get in Chicago…fire, police and that’s about it…
I do know lots of weathy buyers who do care about the school district, not because they plan to send their kids to public but rather because they feel that being in a not so great district hampers resale value…it forecloses buyers from other cities who may not have a spot in private school because they have 4th graders and Latin, Parker, British, Chicago Day, Catherine Cook…have not spots for newcomers without significant donations etc…
“easily chop a half million of the price and I bet the bank would accept in an instant”
The market proved that the $3 million price was not correct so I suspect that now it will take even more than $500K discount to sell.
Oh and at $3 million I do not be part of an association unless I am forced to by living in a high rise condo. That only spells trouble and arguments down the line with other individuals who are either too rich to have common sense on how to spend association dollars or too poor to be living in the development and are stretched to make those potential future investments on the common areas.
Too rich are the real issue. They will not understand why everyone else does not want to add a 2500 sq foot koi pond or other odd vanity project that adds no value.
I don’t know…I’ve been looking at SFHs for the last 3 months and I would not pay more than 1.9 for this place.
“I think landlords would do well targeting the higher income young professional who wants a nicer place, but none of the downsides of owning right now.”
“Seems to be the case with many of the condo-to-rental development switches.”
That and the rush to put up new apt bldgs indicate to me that this business plan is not only already underway, but will also fail in the near future. Developers are building apts to meet an artificial demand – just like they did with condos.
“Developers are building apts to meet an artificial demand – just like they did with condos.”
Yeah G – everyone in the world is stupid except you – could you possibly be a little less arrogant and give business people SOME credit – they aren’t as flighty as you think.
From the department of useless information: Long before this became a CTA bus barn site, it was a major streetcar barn. Streetcars last ran on this stretch of Clark Street in 1957.
Terrible location, IMO. Taxes are ridiculous. But right, if I’m paying $3 million, my kids aren’t going to Alcott! Still, convenience to Golden Nugget can’t be discounted. They have excellent pancakes. I think that raises the value a little. 🙂
“It’s nice that she takes $349k listings, too.”
Speaking of her other listings. Check out the Che painting in the E.57th for 6.9mil.. What says Marxism better than 6.9! Only in NYC do you see that.
“Speaking of her other listings. Check out the Che painting in the E.57th for 6.9mil.. What says Marxism better than 6.9! Only in NYC do you see that.”
Hasn’t really hurt the auction prices of Picassos.
Who are the two in the dining room?
“Who are the two in the dining room?”
ROFLMAO, I’m not going there, but very nice catch! Only NY!
I wonder what the taxes are on the $90 mln NYC townhouse.
Geneva Terrace: bringing the feel of the suburbs to the city. Gated community with a cheesy name, makes me puke. Why would anyone want the suburban subdivision feel in the city? I can handle the McMansions, the split block constructions, even the glut of condos on Sheffield, but a suburban style subdivision is where I draw the line. Bulldoze and start over please!
“Why would anyone want the suburban subdivision feel in the city?”
Sheridan-Kalorama… different city… but quite nice.
This place ain’t nice though.
“I wonder what the taxes are on the $90 mln NYC townhouse.”
It appears that the basic calc (for up to 3 unit structures) is FMV * 6% * 17.364% (for FY-11), so, ignoring any exemptions or limits, $937,656, if $90m is the FMV.
But, tax abatements abound. Here’s one reference:
http://www.marketwatch.com/story/latest-tax-bill-places-big-bite-on-city-elite-2010-10-01
Geez I thought most bank-owned are crappier places that young buyers got that they could barely afford. This home is nice… but the location isn’t that great. Seriously who wants to face another home, especially for $3M. I’d go with the homes on Burling in LP… but then again you’d prob get only 4,000 sq ft vs 7800. Does anyone really need 7800 sq ft? Sounds outrageous!!! How can one keep up the cost on that? Heat, electricity, cleaning, furniture, oh God forget it. I’ll go with a nice Studio Dwell condo or a smaller home (
“Gated community with a cheesy name, makes me puke.”
I like gated communities.
“Why would anyone want the suburban subdivision feel in the city?”
I am someone and I would. You still have close proximity to everything but its an added measure of security to keep the n’er do wells out. Listen to an online police scanner for an idea of the amount of crime that goes on.
Your strict aversion to gated communities combined with your lack of understanding why anyone would desire them makes you sound like some liberal arts english professor I had.
Tell me ChiBuilder why the aversion to gated communities? They don’t agree with your utopian ideal of an open society? Are you _really_ that naive?
“You still have close proximity to everything but its an added measure of security to keep the n’er do wells out.”
It’s a fence, Bob. A fence without a lock (which is likely illegal to keep locked, under the fire code). Do you really think the n’er do wells are deterred by a *fence*? Are you _really_ that naive?
“You still have close proximity to everything but its an added measure of security to keep the n’er do wells out.”
I walked right into the center courtyard by walking down the alley (yes- that’s what it is) and walking down the driveway in between the houses (where the garages are) and into the courtyard. It’s only after I left and walked down the side street- that I noticed the gated entry.
So you’re not keeping anyone “out” of this area.
I have to say- the location/layout is one of the strangest I’ve seen in the city- and I’ve looked at a lot of real estate (including houses built behind other houses where they shouldn’t have been built.)
Maybe it’s going down the alley that got to me. Your house isn’t facing any normal street.
Russ on June 6th, 2011 at 11:26 am
I think landlords would do well targeting the higher income young professional who wants a nicer place, but none of the downsides of owning right now.
~
lol SO SO SO not true. The pitfall of being a “landlord” is over-investment. Renters have far different expectations/tolerance thresholds than those of owners. Over-investment has crushed many sales developments — much less rental — and will continue to do so.
There is certainly a market for “lux rental.” But is is NIT the bulk of the rental market — it’s a sliver.
“Do you really think the n’er do wells are deterred by a *fence*? Are you _really_ that naive?”
Yes, I do–they look for easier targets, so they’ll just pick a place nearby without that protection. Case in point my parents house was robbed a few years ago. They suspected it was a salvation army truck (they were doing donations). But it could’ve been anyone in the neighborhood casing the joint. Not a gated community. Looked like a nice, leafy suburb, yet there were robberies.
They have since moved to one so when robberies happen there is a record of all vehicles that entered. My parents haven’t heard of a single robbery in their gated community subdivision. The statistics speak for themselves.
“So you’re not keeping anyone “out” of this area.”
This place is a very poor implementation of a “gated” community so I agree it wouldn’t work here. But generally the gates can work so long as it is a reasonable layout.
“Do you really think the n’er do wells are deterred by a *fence*? Are you _really_ that naive?”
Maybe not this fence. As this gate is a joke. When I think of gated communities this isn’t exactly what I had in mind. This “gate” is a sad joke.
“Maybe not this fence. As this gate is a joke. When I think of gated communities this isn’t exactly what I had in mind. ”
Bob, I know the perfect gated community for you in Boca. We’ll all chip in and get you a couple of Coogi sweaters as a going away present.
re: gates
I have driveway gates on my house and I can tell you for a fact that they DO serve as a great deterrent. I have no idea why (as anyone who wanted to rob the place could just walk around) – but maybe the thieves expect me to have the place booby-trapped or keep guns, etc. Maybe it is psychological… but whatever the case is, it works. A few of my neighbors have been robbed and many reported weird people poking around their property (we all live on estate type properties of 1-4 acres and many curious weirdos come by) – but never once has anyone suspicious been near my house.
“Maybe it is psychological… but whatever the case is, it works. ”
The gate is a deterrent to them casing the joint. Even though it is trespassing in both cases, in places in the city it is very hard to get caught trespassing when casing a joint when no gate or a poor one like here.
When gates are done right they work: a criminal can’t pretend they’re not casing the joint when behind the gate. On this particular residence the gate isn’t done right at all, though.
When I lived (briefly) in southern California years ago, I heard from several “locals” that in the more “exclusive” communities you could be stopped on “suspicion” by the local cops if you were even WALKING on the sidewalks, not doing anything wrong and even dressed “appropriately” for the area.
Because, you see, NOBODY “just walks” in car-obsessed El Lay without some sinister purpose in mind! :-O
“When I lived (briefly) in southern California years ago, I heard from several “locals” that in the more “exclusive” communities you could be stopped on “suspicion” by the local cops if you were even WALKING on the sidewalks, not doing anything wrong and even dressed “appropriately” for the area.”
Irvine, right? If not, add it to the list of “you may be stopped just for being there”.