What Improving Market? Nearly 4 Years On The Market In The Gold Coast: 1500 N. Astor
With everyone on their last summer flings before the kids have to return to school, so no one is paying much attention to real estate, I thought we’d revisit some properties from the past.
In case you were wondering, Billy Corgan’s 2-bedroom vintate unit in the historic Patterson-McCormick Mansion at 1500 N. Astor in the Gold Coast is still for sale.
It was first listed in September 2008.
For those of you keeping track of what was going on in the economy then, that was the month that Lehman Brothers filed bankruptcy.
We first chattered about this property in August 2011.
See our prior chatter here.
Checking in a year later, it is still listed at the same price as August 2011 of $2.85 million.
But if you recall, it has been reduced nearly 50% from its original list price in 2008 of $5.5 million.
Built in 1893, the unit has 4 wood burning fireplaces, all with their original detailed mantels, and 12-foot ceilings.
There is a wood paneled living room as well as an oak panel David Adler dining room with walnut herringbone floors.
The kitchen has granite counter tops and stainless steel appliances.
It has 2 terraces, including one that measures 22×11.
The unit has central air, washer/dryer in the unit and parking.
Is the lack of a third bedroom at this price point really what is hurting this property?
Will we still be chattering about it in August 2013?
Marla Nyberg at Koenig & Strey Real Living still has the listing. See the pictures here.
Unit #6: 2 bedrooms, 2.5 baths, 3700 square feet, parking
- Sold in March 2002 for $2.95 million
- Originally listed in September 2008 for $5.5 million
- Reduced several times
- Was listed in June 2011 for $3.55 million
- Reduced
- Was listed in August 2011 for $2.85 million
- Currently still listed at $2.85 million
- Assessments of $2227 a month
- Taxes of $21,336 (they were $20,474 last year)
- Central Air
- Washer/Dryer in the unit
- 4 wood burning fireplaces
- Bedroom #1: 18×20
- Bedroom #2: 16×17
- Library: 20×12
Taxes of $21k on a $3mm property are hard to fathom. How does that compute? Seems like it should be double or triple that amount.
“With everyone on their last summer flings before the kids have to return to school, so no one is paying much attention to real estate, I thought we’d revisit some properties from the past.”
Many kids (and those of us who teach them) returned today with Track E! Maybe with the kids gone more people will be commenting…
Do I hear $1.9M? Or lower?
Charming place, but it doesn’t have the building amenities and service high-end buyers want, or at least that I would expect if I were to ante up this kind of money.
Actually, that is not herringbone parquet, but a pattern called “parquet de Versailles”, after the palace where it was first used in the 18th century. Somebody decided to lay it over all the inlaid marble floors its builder, Louis XIV, had had laid. I like it better than marble, too.
The problem with this unit is that if you go 2 blocks away, it looks like Whitney Houston’s funeral parade is going on.