What Home Awaits Behind This Brick Wall? 1424 W. Ohio in West Town
This unique 4-bedroom single family home at 1424 W. Ohio in the River West neighborhood of West Town recently came on the market.
Built on a triple lot of 75×125, the listing says the home was a former garage.
A tall brick wall stretches across the front of the property.
In the interior, walls of glass are open to the landscaped courtyard.
The 9400 square foot home has 15 foot ceilings, herringbone floors and a 2-story 55 foot grand dining hall.
The kitchen is entirely stainless steel with Traulsen stainless cabinetry.
2 of the 4 bedrooms are on the main floor and the other 2 and an office are on the second level.
It has central air with a 2-car garage.
Karen Peterson at Coldwell Banker has the listing. See the pictures and the floorplan here.
1424 W. Ohio: 4 bedrooms, 3 baths, 9400 square feet, 2 car garage
- Sold in January 1998 for $400,000
- Originally listed in February 2011 for $2.9 million
- Currently still listed at $2.9 million
- Taxes of $16,735
- Central Air
- Bedroom #1: 25×20 (main level)
- Bedroom #2: 18×13 (main level)
- Bedroom #3: 21×14 (second level)
- Bedroom #4: 21×10 (second level)
- Office: 12×16 (second level)
What a mess! There’s no consistent style here and what is here seems uniquely suited to the people that did the renovation. The kitchen looks just odd and highly uninviting.
This home is very reflective of the restauranteur who owns it.
Love the house- I’d have all kinds of fun re-decorating and renovating it. It’s a really great space with wonderful bones.
But I’d re-do that kitchen. Never saw such a massive kitchen with such a shortage of work and storage space.
I like the house. Location for that price though just doesn’t make much sense to me. Even though there are some nice homes around the area, south of Chicago on Damen has always seemed sketchy to me.
Crains: “Well-known restaurateur Jerry Kleiner listed his West Town mansion for $2.9 million. Mr. Kleiner paid $400,000 in 1998 for the 9,400-square-foot building, a former garage on Ohio Street built in 1923, according to property records. He later converted the space into a residence with four bedrooms, four bathrooms and a commercial kitchen.”
I got a chuckle from the restaurant/commercial toilet in photo 15…
If Willy Wonka married Rainbow Bright and needed a place to live with their daughter, Punky Brewster and her My Little Ponies collection…and the Teletubbies…
Wasn’t this place in CS magazine within the last year or so?
Anyway, awesome amount of space, the decorations aren’t to my taste, but guess what, the furniture doesn’t come with!
I also, would do the kitchen differently as it doesn’t go well with the rest of the place.
From the satellite images it appears there might only be windows on the south end of the building, with skylights brought in to break up the lack of light.
It would probably better be shown sans furniture. I think I could work with just about everything that is there but the way he chose to furnish it makes mee feel like I took the wrong color pill…
Great to host a season of the Real World.
This house was featured in Playboy a couple years ago. It does seem that many of the rooms have no windows. Something this unique could sit on the market for a long time.
I think I am going to offer ask. My mortgage broker at Countrywide said I qualify for 100% financing based on my $2,300 per month teachers pension. Countrywide has this amazing mortgage that lets me pay the same amount I was paying on my Marquette Park bungalow ($502 per month) for five years. Within that time, I know I will make enough money investing in State lottery derivatives to pay it off in full including the recast interest!
I would convert it back into a garage. notClio is right, there are barely any widows and for 2.9mil I better have some natural light. A skylight down the middle isn’t going to cut it.
If I had $2+mil to blow on a house in this area I would buy a few adjacent lots and build my own unique mansion.
That looks pretty cool, it must have been really interesting to be a designer when people had money.
“The 9400 square foot home”
That has to count the space south of the “loft” on the 2d floor that isn’t labeled as anything. Otherwise, I can’t get to 8500 sf, even including the garage.
I don’t understand the logic of building something so specifically catered to your own tastes if you are just going to turn around and sell it a few years down the line.
Here you go, 3 short lots 75×70 for $450k…
http://www.redfin.com/IL/Chicago/1313-W-Ancona-St-60642/home/22696591
omg that streetivew of that place is depressing… a 1 story brick something, with a trailer +few early 80’s cars, then the dumpy vynil sided shit shack next to the trailer. Never heard of Ancona st. before, and now I know why!
“Never heard of Ancona st. before, and now I know why!”
Notice that west of Noble, it’s just the alley b/t erie and huron.
I like it a lot. Decorations included. Not everything has to be bought from Pottery Barn. I’m actually not a fan of beige. It’s not actually a jammed up mess. I don’t know if there is a name for the style, but there is a palette and a lot of attention to as many textures as possible and attention to different shapes. It’s actually pretty balanced, if you look closely. I, too – I’m not sure about the kitchen, but it does make some sense. Fridge, three steps to chop it on the counter, and then a step and a half to get it on the stove or into the pan. You can also chop when you have guests on the table or just if you need more space. But, there is a dunce corner aspect of it. Since it’s going to be universally hated and made fun of, I thought I’d stick up for the design underdog here. It’s much to my eclectic liking. And, now you can laugh at me, too. And, I actually REALLY like the dining room. The lighting looks great for dinner parties and it looks fun.
Funny that an alley scrapper truck guy lives there too
I just checked out the floorplan. A few observations/questions:
1) It looks like you have to go through one of the upstairs bedrooms to get to the other one?
2) How do you access the loft?
3) There’s no bathtub or shower on the second floor for those 2 bedrooms.
4) Laundry off of the kitchen — should be closer to master bed/bath so you don’t have to walk through the kitchen every time.
Overall, a pretty poor use of a lot of space if you ask me.
Furniture and wall paints are very colorful and obviously overfitted to the owner’s taste. But the place does not come with the furniture and the walls can easily be painted (I am more of a beige-white type). What cannot easily be altered is the lack of windows and the fortress like look of the place. I could understand having this in Johannesburg but in Chicago? It is very depressing to me.
“3) There’s no bathtub or shower on the second floor for those 2 bedrooms.”
They appear to have neither windows nor closets, so I am surprised that non one has noted that they are not bedrooms.
They also appear to be tandem. I don’t think that considering them usable, everyday, bedrooms is reasonable, based on the floorplan. Of course, the floorplan may well be *very* deceptive.
Style is Mad Hatter Tea Party come to life.
“Style is Mad Hatter Tea Party come to life.”
Excellent!
The giant pot(?) next to the garage could pass for a brimless hat.
Ha ha, yeah all it needs is razor-wire and it could be Sandton. See that photo of Bono with Jacob Zuma recently? Bono what a tool….he should be forced to live there along with Paul Simon.
“I could understand having this in Johannesburg but in Chicago?”
It’s obvious anyone questioning the style hasn’t been to any of his restaurants.
Oh, three mill?
SOLD!
LOFL
“It’s obvious anyone questioning the style hasn’t been to any of his restaurants.”
Does he own the Violet Hour?
Carnivale
Can someone tell me what is the photography trick thing they are using in these listing photos? Everything looks like it’s CGI or Photoshopped. Is this some special ultra-high-resolution photography, or did the tweak the contrast and brightness, or what?
The photos all just look really weird and kind of surreal.
“Can someone tell me what is the photography trick thing they are using in these listing photos?”
In my opinion? It a little trick called “not using your iPhone of a $75 camera, at night, with only some lights on”. They really just look like pro-grade interior pix, to me.
Perhaps they were done by a professional photographer? And if that is the case, then photoshop is absolutely being used.
Saw this on Curbed: still laughing. Would take 1 million to undo the damage
“Can someone tell me what is the photography trick thing they are using in these listing photos? Everything looks like it’s CGI or Photoshopped.”
Well exposed pics with a decent dslr and a bit too much wide angle for that surrealistic feel. No tricks here, other than the photographer actually being competent. He’s got some good angles too, you usually don’t see much creativity from them like that bedroom picture shot through the half opened doors.
“Can someone tell me what is the photography trick thing they are using in these listing photos?”
They amp up the saturation. They may also dial up the structure. Pretty basic tools in Photoshop or Aperture. It makes everything pop, but it looks unrealistic.
“Here you go, 3 short lots 75×70 for $450k…”
“Notice that west of Noble, it’s just the alley b/t erie and huron.”
Yes, it is. Peak pricing for a 25’x125′ on a real street with an alley around there was ~$100/sf and they want $85/sf for those now? LMAO.
Crazy, fun place but who will buy it? This was built for fun by a guy with money to burn, not as an investment. I’m sure it was a blast but now he must pay for his folly.
River West stops at the expressway. This is Noble Square — sketchy ‘hood.
“Peak pricing for a 25?x125? on a real street with an alley around there was ~$100/sf and they want $85/sf for those now?”
Seems like 15% off would be an appropriate discount for alley location, including some premium for 3 contiguous lots. What’re they going for now? Seems 70 psf is too much for a short lot on a real street–maybe $250k for these? Plus some value for the structure, if it’s rentable as is?
Most people don’t realize that Jerry Kleiner is also a very talented designer. A while back he walked me through a video tour of Room 21. We talked about his work, and his upbringing as a hungry kid.
http://yochicago.com/jerry-kleiner-at-room-21/6013/
LXTV will be doing a video of this property.
What a fun house that is very customized by the owner. I love the exuberance and privacy this house has. Kitchen is unusual, but nicely done.
“I got a chuckle from the restaurant/commercial toilet in photo 15…” Yes, this may be a chuckle, but it also indicates that 3/4″ supply pipes were used and indicates that there was money spent on infrastructure and high quality fixtures…. that will last two lifetimes.
“I like it a lot. Decorations included. Not everything has to be bought from Pottery Barn.”
Nice try. Everything that’s going to be ante-pbarn, is not going to be right either. Just because something is different, doesn’t mean it’s good.
While I do appreciate the sense of humor and the -probably- intented kitsch, those things work only when they are in the background as subtle touches of originality and not when they are the -overwhelming- main theme. One just has to have the wisdom to know where to stop.
“Jerry Kleiner is also a very talented designer.”
Then, thank you so very much for leaving the business, assuming that he is not a designer anymore.
Now, the space is definitely cool though, has a lot of potential. I’d say focus on that.
This is an excellent property for someone looking for a formal dining room longer than 50 feet in a marginal neighborhood.
Buyer of this place should
Earn at least 904k (pre-tax)
Have 580k downpayment
You probably need a bigger downpayment for this size mortgage. The annual carry on this house is ~194k. If you lose that 900k employment, you should have a big nest egg because the meter is running!
“Buyer of this place should
Earn at least 904k (pre-tax)
Have 580k downpayment”
Not exactly true – people don’t realize that compulsory expenses (food, clothing, cars) take up a much smaller percentage of income for higher earners – most of these everyday living expenses are covered in the first 100-400k (depending on taste, size of family, priorities, luxuries) – everything after that is gravy (and can be used 100% for mortgage/taxes, etc.). Using this logic, someone making 500k could afford this place (assuming 2.5 million purchase price, 500k down and a mortgage of 5%). Chances are, however, that most people buying this type of property are going to pay cash or going to have a much larger down payment.
This is how so many people can afford these 2.5-3 million dollar houses – they are not necessarily earning 1 million+ – they just have successfully crossed that “minimum golden threshold” where all their expenses are met and everything after that can be used for investment/housing, etc.
JJJ–
The 50+ foot dining room would be perfect for a large family, perhaps polygamists! Otherwise, seeing as that it was a restauranteur, he probably had lots of dinner parties…
I cannot imagine having so many windowless rooms….but notice the MANY mirrors. When you have little natural light, you gotta do what you can to emphasize it!
Clio, please explain the “minimum golden threshold”
Loopy design. Is he selling because his restaurants keep shutting down? I think dragonfly and the lounge at the roosevelt theater are all that’s left…right?
“Clio, please explain the “minimum golden threshold””
It’s the amount you need to cover all of your expenses (it obviously varies from person to person). This number takes into account your lifestyle, splurges, education for kids, etc. Everything you make above that number is pure gravy – and it is amazing how quickly that can add up – most people don’t realize this because they tailor their lifestyle to how much they make- but people would be surprised as to how much they can save if they just tweak their numbers….
It’s easier to achieve minimum golden threshold when you have Adonis DNA.
This is a cool pad. Sure everyone would want to touch it up a bit to reflect their personal tastes but overall it is an interesting space. I think that they will have a difficult time hitting 2.9 but one never knows who is out there looking for an extremely private unique space.
It looks like there are windows in the daughters room in the reflection off of the mirror. Why they did not add a full bathroom upstairs is beyond me but perhaps he is a divorced dad and the child only sleeps there on occasion. I’d want a separate bathroom if it was used full time. How often would anyone use that big of a dining room space? Seems a bit odd for anyone other than a restaurant owner.
I would start by getting a jukebox, throw it into that kitchen and have a “bring out the gimp” pulp fiction party opening night. Then the following night i would do a lovely magic mushroom pasta “shake shake shake senora” tribute to beetlejuice in the dining room.
Uh.. daughters room? Only way a straight guy lives here is if him and his wife hate each other and she did this to get even with him for sleeping with the new little 23 yr old in his office.
No, Jerry Kleiner still has Carnivale, Gioco, Red Light, Park 52, 33 Club, and the bar/restaurant in the ICON theater on Roosevelt.
I am not sure if he owns all of those – or is a partner or something.
I think it’s just Marche & Opera that closed (are they really closed for good or undergoing a new concept?)
I BELIEVE, could be wrong on this, He also owns the Chicago Illuminating Company event space and formerly Via Ventuno which is now only available for private events.
I think whoever was the architect for this building should seriously think of a change of career.
“I think whoever was the architect for this building should seriously think of a change of career”
Don’t forget that architects are often strongly guided and “handicapped” by the actual owner of the property. They are sometimes hired just to make a puzzle of rooms fit together that can pass the municipal code restrictions. Look at US Cellular field. That place was designed around the same time as Cleveland’s Jacobs Field, The Rockies ball park, and Baltimore’s Cmaden Yards. The same architect group was hired for all three projects. Which one is not like the others…..
Fair point jp3chicago.
“Look at US Cellular field. That place was designed around the same time as Cleveland’s Jacobs Field, The Rockies ball park, and Baltimore’s Cmaden Yards. The same architect group was hired for all three projects. Which one is not like the others…..”
Ha I never knew that, but after going to Rockies stadium last summer, it totally reminded me of the newly renovated US Cellular field and well now I understand why
this place looks like something out of a tim burton movie.
Wow, thanks for that video Joe Zekas, it gives us all an insight into the type of person Kleiner is. I don’t know why Joe Zekas cares to deal with these hideous shysters, is it for $$$? Certainly sucking up to such types must be humiliating.
I have to give Joe Zekas credit for being the only person who seemed to care about the plumber who almost lost his life on the wall collapse. Kleiner states instead: “I was worried about my building, my $3 million.” When asked what it’s going to take to get up into the VIP room, he retorts: “money”. Then to top it all off Kleiner admits to being the designer of all of the garish decor, including a zebra-lined mirror, LOL!!!!!
I knew professionals (with design educations) didn’t design his house or that restaurant.
“Most people don’t realize that Jerry Kleiner is also a very talented designer. “
Exactly my sentiments.
“this place looks like something out of a tim burton movie.”
“I have to give Joe Zekas credit for being the only person who seemed to care about the plumber who almost lost his life on the wall collapse.”
To be fair, from the video it wasn’t clear to me whether the plumber as actually seriously injured or even injured at all, or if it was just a bit of hyperbole, e.g. “The wall fell down right next to the guy – just about killed him and it would have if any of it had landed on him!” Who knows, though?
Regarding the design, I like the designs of all of his restaurants, and most are pretty good places. I wouldn’t want to buy his house the way that it is right now, but I expect that there are people who would like it ok or be willing to put in the work to change it to their tastes.
To be fair, Kleiner was obvious more concerned with the “building and his $3 million” than he is a nameless faceless “plumber”. Watch the video again. Didn’t you also catch that Kleiner had to twice mention “so I was on the golf course” i.e. when the plumber was almost killed. Please.
“I have to give Joe Zekas credit for being the only person who seemed to care”
I have to give you credit for being the only person who watch Joe Zekas’s video
I watched it until the comment about the plumber to see how heartless he seemed, and he didn’t seem that bad, UNLESS the guy was actually seriously injured.
“I have to give you credit for being the only person who watch Joe Zekas’s video”
and for the lead, sonnies drops a three with 30 seconds left!!!!
http://yochicago.com/jerry-kleiner-at-room-21/6013/
go to 2:54, listen
“I was worried about the building, the $3 million…..he..he..he..he”
The only thing missing in the scene is Kleiner rubbing his little hands together while he says it, LOL!!
Dan,
That wasn’t Kleiner, or me, chuckling in the video. You’ll get a better picture of who Kleiner is if you watch the third part of the video:
http://www.youtube.com/watch?v=N40LNdLV2oM
Kleiner’s a friend of a friend, not a client.
You never miss an ugly shot at someone who might be Jewish, do you?
Sonies,
The three Kleiner videos have been watched a total of over 4,800 times. But then, facts have never been your strong suit.
Joe: nice try. You still stick up for these ugly people, and their ugliness is on camera for all to see. Don’t blame me for having the integrity to point it out.
The Belgravia guy tries to sell you a Quincy unit on camera! Then you ask Kleiner “why was this (passageway) here?” and then he responds rudely & dismissively “It was an escape tunnel (basically saying: dumb-ass, keep up with the conversation)”.
These people are dismissive of you, they are obnoxious towards you, they disrespect you…and it’s on camera. Yet you stick up for them repeatedly. Go ahead, that’s your choice.
Yes, this place has a unique design but has a ton of square footage if that’s what you want. I would guess anyone buying this for $3 million would have their interior designer check it out or design it to their taste so if you show it with or without furniture is irrelevant.
“If I had $2+mil to blow on a house in this area I would buy a few adjacent lots and build my own unique mansion.”
Yes, another person did that in this neighborhood last year. I think it’s 528-530 N armour…2 long lots purchased for $600k+ now have a huge (and ugly) new construction mansion with a lap pool in the back. I imagine when this guy tries to sell he’ll have the same issues; very unique house built to his tastes, so-so neighborhood, etc. If I had more money than I can fathom would I do something irrationsl like buy several lots in a so so neighborhood to build my dream house that I think I’ll live in forever? yes, i would love a pool and have no desire to live in the burbs.
@ clio on March 7th, 2011 at 9:59 pm
I agree with most of what you write (about higher earners being able to spend higher % on housing and this place likely sells to an all cash buyer). However, I submit two things. First, higher earners have higher income volatility. Real good years tend to come in clusters for these earners. So I think higher earners shouldn’t count on making that much for a decade straight. Second, VERY TOUGH to get a 20% down mortgage for a $2.9mm home. If you have a FICO in the high 700s, a strong banking relationship and another $1mm+ in assets… maybe, but you’d pay the non-conforming rate (100bps higher). The borrower you mention (500k/year and 500k down) is in the highest tax bracket, so they take home ~325k. Less tax deductions, that borrower is spending ~203k of that 325k on their house. That seems pretty reckless to me. This isn’t academic. I’m in a little bit better shape than the borrower you describe but I’d feel very stretched taking down anything over $1 million, no matter how much I love the place.
Coogan,
I think your numbers are off a bit:
2.5 million purchase price
500k down
2million mortgage @ 6% = 120,000 interest + 17,000 taxes = 137k/year interest and taxes. At 35% tax bracket = tax credit of 48k/year (so your interest/tax payment for year is 89k.
Principal payment: about 24k/year
So the total payment (after the tax credit) is really only 113k/year (not 203k). This is 1/3 of your take home pay of 325k (and your take home pay is likely to be closer to 350k with other tax credits) – totally do-able!!
they change the limit on interest deductions? I remember 100k.
“they change the limit on interest deductions? I remember 100k.”
I thought most of those deductions would be phased out for someone earning $500,000. Also- isn’t the interest deduction only up to $1 million anyway? So if this person has a $2 million mortgage- most of the interest isn’t deductible.
Why would the taxes stay do low (17k) if it sold for over 2 mil?
coogan… U r completely correct and should feel uncomfortable. If i knew someone making 500k who wanted to buy a 3mil home, i would throw something at their head.
bri.. Yes but i think your low, the phase out is a diminishing fraction but it’s not that fast, more of a partial phase out. And i think thats right about 1mil in value and not interest amount like i thought, no longer applies to me as i dont fill out any of those lines anymore.
“Yes but i think your low, the phase out is a diminishing fraction but it’s not that fast, more of a partial phase out.”
It was a much larger and faster phase out in 2006 (maybe 07, too); the taxcuts reduced and modified the phase out so it currently *does not exist* for 2010. Unsure if the extension of the tax cuts extended that, too.
“And i think thats right about 1mil in value and not interest amount like i thought, no longer applies to me as i dont fill out any of those lines anymore.”
The max deductible interest is on a 1st mortgage of $1mm and a 2d mortgage of $100k. If you have a good relationship with your banker–which you must if you’re borrowing $2.3mm for a house–you’d be much better off with an above market rate first for $1mm and a very low rate 2d as it would maximize the tax benefits.
“The max deductible interest is on a 1st mortgage of $1mm and a 2d mortgage of $100k. If you have a good relationship with your banker–which you must if you’re borrowing $2.3mm for a house–you’d be much better off with an above market rate first for $1mm and a very low rate 2d as it would maximize the tax benefits.”
Absolutely correct – and most brokers are able to do such deals in this manner. However, the truth is that most people who buy such properties will usually put down 1 million or more so that their mortgage is 1.5 million or less (just to maximize these tax benefits).
I was using 2.9mm (2.4mm mortgage) price. In order to comp it out to rent, I include opportunity costs (3% after tax), maintenance and homeowners insurance. Maintenance is the big one – I used 1.5% annually – maybe that’s high but you’ll definitely have years higher. Opportunity cost and maintenance are real costs, you would have to pass them on to a renter. Also, half the mortgage gets no interest deduction, so I’m actually low. I’ll compromise and put it in 185k ballpark, if you get a 5/1, lowball opportunity costs and intelligently manage your maintenance costs. Still seems reckless. Very few “salaries” >500k, higher earners get lots of deferred stock, big-fish commissions, etc…. Some, but few, can count on making >500k year in year out.
Late to the Room 21 discussion but that place closed… I ate there once and it was great but perhaps decadence is not so in fashion in the south loop…
I have followed your web site since you published the lovely missives about my 334 Menominee building which by the way remains 100% leased with rents soaring to 2,700 for a 1 bedroom. As the builder of all the Millwork in this house I beg all of you ranters to forward me your work directly at Andrew@melrosepartners.com if this house shows poorly I live on Mars furniture not withstanding get a life !!!!!!!
Haha. Shameless self promotion is funny to me.
I am not even sure I understand his post…lol
cool story, bro
Andrew.. u do some very fine work, hard to find good carpentry.
“I have followed your web site since you published the lovely missives about my 334 Menominee building which by the way remains 100% leased with rents soaring to 2,700 for a 1 bedroom.”
Isn’t that a condo building? It shouldn’t be rented. It should be sold.
Sabrina I agree with you it should have been sold,however after selling 5 units for record prices in a down market I felt obligated to the 5 buyers to preserve value.price reductions would have profound effects for my buyers.
Now back to you I read somewhere that you are actually a guy and Sabrina is a made up person,so mr. wizard come out from behind the curtain
“however after selling 5 units for record prices in a down market”
Andrew- didn’t the original sales happen in the summer of 2007? I wouldn’t exactly call that a “down market” like the one we’re seeing now.
But I’m glad you’re posting here because we rarely hear from developers in your situation.
So now what do you do? By NOT selling you are actually profoundly affecting the 5 out of 16 buyers in the building in a negative way as well. With the other units rented out, none of them can sell (unless they find an all cash buyer.) There is no way someone could get a loan in that building with the units all concentrated in one person’s hands (yours.)
And you admit you sold for “record prices” – so given the decline since 2007/2008 in the overall market- aren’t the units now “worth” probably $150k less than what they sold for originally? What does that mean for the 5 original buyers?
When do you intend to sell them then? Never? Because- again- it affects those 5 buyers in a very negative way. Either way- they’re in a tough place (as we’ve seen in other buildings where some condos were sold but the rest revert to rentals).
The finishes were beautiful in this building with marble counter tops in the kitchens and upscale appliances. I am curious as to how you are maintaining those finishes with renters moving in and out every year? I’m asking this honestly. I have seen what renters do to crappy apartments in Lakeview let alone one with wainscotting and marble kitchen counter tops.
Are you resigned to the fact that the kitchens (and baths) will have to be gutted by the time you try to sell them again? Or will a counter refreshing be enough?
Again- many buyers in condo buildings have been “caught” in this predicament. But yours is a much smaller building than the others we’ve chattered about.
Haha. Developers want to have their cake and eat it too. Good luck with that. Get out now before you lose it all.
“Haha. Developers want to have their cake and eat it too. Good luck with that. Get out now before you lose it all.”
HD – the stress and “cracks” are beginning to show. Just bite the bullet and buy something already. I can tell by your recent posts that you are wavering a bit about your predictions. I’m telling you, prices in these good areas are NOT going to go down. You GROSSLY UNDERESTIMATE the number of high income, high net worth people there are in Chicago. These people only want to live in certain areas and these are the areas we keep discussing. Prices are NOT going to keep going down. They have stabilized and are actually likely to start increasing (albeit slowly) for the next few years. Then, my prediction is that there will be another real estate bubble in about 15 years (when the younger generation starts buying homes, easy credit is re-established, and the older generations have forgotten how bad 2008-2011 was).
andrew, upon perusing your website melrose does some nice work, not my style, but very nice!
Interesting that while the owner of this place hopes to profit handsomely from a sale (my estimation, not based on any numbers that I have seen), Gioco is shuttered for failing to pay state taxes and employee withholding payments…
http://www.suntimes.com/business/4494588-570/gioco-shuttered-for-now.html
This place is like a car accident….I just keep returning to look. The good news is that each time I look at the phot’s I like it even better. The guy clearly does have amazing design skills. Andrew -nice post. I’m calling you for my next project. Simply amazing work!
Saw an article in Crain’s about the demise of KDK. I especially liked the quote from MK owner Michael Kornik about how “everybody divorces Jerry eventually” Sorry to see that his places are struggling but I suspect that he will bounce back soon!
Looks like Mr. Kliner pulled it off the market without a sales contract. Anyone have any updates on status of this place?
I went to a party here hosted by Halo Salons last night – this place is phenomenal in person, the decor is fantastic but obviously not for everyone. I’m guessing Kleiner is going to rent it out as a venue which is smart, it’s perfect for that!
Another favorite place. Man I could have a great memorial day party here today. Wish that he sold it to me on my budget!
Sold!
$2.35m