Will the Stock Market Correction Slow Luxury Sales? 1542 W. Nelson in Lakeview
This 6-bedroom single family home at 1542 W. Nelson in Lakeview came on the market in June 2015.
Built in 2011 on an oversized lot measuring 35.8 x 124, it has 6600 square feet and an attached 3-car garage.
The house has 4 fireplaces and built-in bookcases as well as multiple terraces 4 of the bedrooms are on the second floor with the fifth on the third and the sixth in the lower level.
The kitchen has white cabinets and appliances with a large kitchen island with stone counter tops.
If the house looks familiar it’s because we chattered about it 4 years ago in August 2011.
See our chatter here.
Back then, the house had newly been built, but the market was much different.
Listed for $2.25 million, it was reduced and then finally sold in November 2011 for $1,534,500.
It came back on the market in June of this year for 60% higher, at $2,690,000.
The house has since been reduced to $2.595 million.
This is the hottest luxury market since the boom years.
Will the recent stock market correction slow luxury sales?
Or will it take an even bigger stock market sell off to put a damper on the upper bracket?
Linda Shaughnessy at Jameson Sotheby’s has the listing. See the pictures here.
1542 W. Nelson: 6 bedrooms, 5 full baths, 2 half baths, 6600 square feet, 3 car garage
- Old frame house being sold for the land value originally listed in September 2008 for $745,000
- Reduced numerous times
- Sold in January 2010 for $480,000
- New construction home listed in May 2011 for $2.25 million
- Reduced
- Sold in November 2011 for $1,534,500
- Originally listed in June 2015 for $2,690,000
- Reduced
- Currently listed at $2.595 million
- Taxes are $27,086
- Central Air
- 4 fireplaces
- Bedroom #1: 18×18 (second floor)
- Bedroom #2: 17×13 (second floor)
- Bedroom #3: 14×13 (second floor)
- Bedroom #4: 12×12 (second floor)
- Bedroom #5: 21×15 (third floor)
- Bedroom #6: 18×15 (lower level)
- Media room: 15×12 (lower level)
- Recreation room: 28×18 (lower level)
It’s all about Burley – the neighborhood is so hot. New construction regular lot frame homes are now selling at $1.525 (up from $1.1 – $1.2 in 2011) in the district, so an extra wide brick house will definitely close over $2 mil, I’m guessing around $2.4 on this one.
“It’s all about Burley – the neighborhood is so hot.”
I guess we’ll see how hot, right? Seems that they’re really testing the market with this price.
the fixtures and decor of this place is awful. Looks like a foreigner came to america and based the decor style on a fantasy of how they thought rich americans live. I’d have to rip out all the sconces, paint the falls, rip out the trim and redrywall, gut the kitchen (I HATE DIAGONAL WOOD FLOORING, IT’S SO …. TRASHY), Rip out the floors make them straight, then color them a bit lighter…it’s crazy someone can wreck a million dollar house like this and then think they can resell it for $2,5 mil! hahahahha
Decor looks like they bought out Frontgate.
Is that massive closet right off the rooftop deck? So people would have to go through your walk-in closet to get to the roof? Am I seeing that right? Pic# 20
if so, lulz
Posted in the other thread, but no, this will not have any measurable effect on the housing market. Not directly at least. Housing is driven by employment. So….
Also:
“This isn’t armageddon though. Its just…the market. I would not be surprised if tomorrow we saw the DJI close 300 or so points up. But hey, who knows.”
DJI opened 300 points ahead this morning. 😎
I think this will have a hard time selling for 2 reasons apart from the decor problems noted above: 1) taxes will be going up significantly in the next few years given the city budget woes so the only reason to by an extra large/wide house is if you truly need the space (ie lots of kids); 2) Burley is slightly over crowded and CPS is virtually bankrupt and the current budget includes hypothetical money from the state which is far from materializing. Most people who buy in this neighborhood have several children and use public schools. If your sending your kid to BSC, Latin, Parker etc… This is too far north. You could buy in LP for this price and be zoned into Lincoln Park HS as backup (far better than Lakeview HS). The the market fort this particular house is small-CCD, public school folks — and right now CPS is not in a good enough state for a family to drop this much money. I predict Lakeview houses slow the most in the market because of the concerns about public school. Big SFHs in LP and Bucktown will stay at current levels because many of these families are in private school.
Did the photographer edit out the lamp post and the horrible power lines in the alley? There is no way I would pay this much to look out at a lamp post and an alley. The fact that the picture of the front of the home is so doctored makes me wonder whether the interior photos are accurate.
There is an outside chance Burley may take a couple of kids from the waitlist this year, unheard of in recent memory. It’s not overcrowded.
There are existing carpools to Latin, Parker, BSC in the neighborhood and many send their kids to St. Alphonsus – 2 blocks away from this house.
The annual reassessment letters have gone out – any buyer would know that and ask for the information.
“DJI opened 300 points ahead this morning. 8-)”
What kind of inside information are you trading on?
futures dude
I know it’s a joke
Until photo of overflowing walk-in closet, I thought this house was staged with rented furniture. Gaudy house feels uninhabited, certainly not decor to target folks seeking a $2+ million house. I think it needs a stager, or a re-stager.
Just another thought on this place as I coincidentally drove by it just the other day. The west side of this lot is on an alley that it shares with a set of strip malls/retail backing up to Ashland. Really just a horrible location IMO.
“Really just a horrible location IMO.”
Decor and fixtures trump location any day. hahahhaha
“The west side of this lot is on an alley shares with strip mall ”
Well, at least there is natural light/sunset light compared to the lack of it for mid-block SFHs on McMansion row.
But you share the alley with the Art of Pizza…
rats… errywhere
They’re having another go at selling this. $2.375. Maybe someone will be interested around $2.1 or so? I think that the location kills some of the premium for this one, otherwise corner lot and a half and a nice, recent build would get $2.5 easy around here.
2015 taxes = $35,732.98
No HO exemption.