The Price Has Been Raised $100K On This Renovated 2-Bedroom in The Hancock: 175 E. Delaware
We’ve chattered about this renovated 69th floor 2-bedroom in the John Hancock Center at 175 E. Delaware in the Gold Coast several times in 2011.
See our November 2011 chatter here.
Originally after a complete renovation, in March 2011, for $649,770, the unit had been reduced to $525,770 by the end of 2011.
It then went under contract.
But it has come back on the market and the price was RAISED about $100,000 to $627,770.
Huh?
It has since been reduced to $620,770.
If you recall, this 2-bedroom has been completely renovated with contemporary kitchen and bath finishes to bring it up to today’s standards.
You can see the before and after pictures of the renovation in our April 2011 chatter here.
Many consider the Hancock to be an icon and a lot of you have liked this renovation.
The oak herringbone floors are among the only original features remaining.
The kitchen has brown and white euro-style cabinets with Wolf and Subzero appliances.
This unit has a sky terrace (a built-in “terrace”) measuring 8×9 and several windows that actually open.
While there is no central air, there are wall units. Until a few years ago, in-unit washer/dryers were not allowed but this unit now has the hook-ups.
Parking is leased in the building.
What’s the point of raising of the price that dramatically after nearly a year on the market?
What happens to this unit now?
Andrew Glatz at Crown Heights Realty still has the listing. See more pictures here.
Unit #6910: 2 bedrooms, 2 baths, 1500 square feet
- Bought in May 1987 (no sales price listed)
- Lis pendens filed in February 2008
- Bank owned in January 2009
- Sold in August 2010 for $390,000
- Originally listed in March 2011 for $649,770
- Was still listed in April 2011 for $649,770
- Reduced
- Was listed in July 2011 at $599,770
- Reduced
- Was listed in November 2011 at $560,770
- Reduced
- Was listed in December 2011 at $525,770
- Under contract
- Re-listed in mid-January 2012 for $627,770
- Reduced
- Currently listed at $620,770
- Assessments of $1117 a month (includes doorman)
- Taxes of $6423
- No central air- wall units
- Washer/Dryer hook-ups in the unit
- Parking is leased
- Bedroom #1: 12×22
- Bedroom #2: 14×11
- Sky terrace: 8×9
Now listed at $613,770. Is this going to be one of those drop-the-price-every-week-so-it-comes-up-as-new-in-searches type of properties?
Obviously, the seller is not in a rush to sell. He or she would rather try for a higher sale price by listing high and reducing the price $7k every week than just list it around the last contract and being done with it.
Also, do you think the seller thinks the number 7 will make them lucky? Who lists a place at such an odd number as $627,770 and then reduces by $7k increments If you are serious, list at $620 to be under $625 for people that set that as their limit and then reduce to $599 to be under $600 for people that put that as their limit.
I think this selling strategy will require some luck!
I’m a believer in listing at round numbers, and here is why: search parameters are inclusive. A property listed at $599,999 will show up for people searching for properties $550,000-600,000, but it will not show up in searches for $600,000-650,000. If you list at $1 more you will show up in twice as many searches.
“Also, do you think the seller thinks the number 7 will make them lucky? Who lists a place at such an odd number as $627,770 and then reduces by $7k increments If you are serious, list at $620 to be under $625 for people that set that as their limit and then reduce to $599 to be under $600 for people that put that as their limit.”
I saw one of those hilarious bubblicious “Flip This House” type of shows where the entire pricing strategy was built around numerology or something. Well, the calendar kept turning and turning and it didn’t sell by the end of the little segment at the end where they report the sales price, but I wouldn’t dismiss the strategy. Whatever helps the seller sleep at night.
It is an iconic building in a great location with nice views. However, many people in this price range have an issue with the low ceilings.
Yeah, very weird pricing strategy.
Great looking renovation, but has anyone noticed the oven placement? It seems very awkward to have it in the corner.
Also, as I said before, the view from this unit is sub-par for the building. They need to lower the price or raise the unit 10-15 floors.
Gary,
The low ceilings don’t bother me, but perhaps that’s because the four buildings and homes I’ve spent the vast majority of my life living in were built in 1925, 1949, 1968 and 1948. I never was one for the two-story living room or 12-foot ceilings. I feel cozier when ceilings are low.
Ho does it go?
If at first you don’t succeed, try, try, …..to raise the price?
WTF is that agent and seller thinking? The lucky 7 number just won’t get them to a closed contract this time around either.
what the famous realtor on CC that does the pricing straegy of drop, drop, drop, raise higher than original list , drop , drop , repeat?
its a Polish last name
This building reminds me of something Harry Reid once said about the Capitol. Something like “in summer you can literally SMELL the tourists”
“what the famous realtor on CC that does the pricing straegy of drop, drop, drop, raise higher than original list , drop , drop , repeat?”
Your anticipation is surging into the red zone, isn’t it?
Wait for it…
Have you redlined yet? ….
Zaskowski!!
“Your anticipation is surging into the red zone, isn’t it? Wait for it…Have you redlined yet? ….Zaskowski!!”
bingo!!
now if that wiki was started/finished then we wouldnt have this issue would we?
to add to the wiki
Mario Greco-Square footage inflation and think quoted saying “its just a number
Eric Roja’s- biking distace to Wrigley field
Matt garrison-has been seen on cnn and Maury Povich (one one was because of real estate)
Gary Lucido-the data graph man and local friendly spiderman
I dunno about a wiki, but I would like to contribute to a CC shrine honoring Anthony Zaskowski. 5 out of my favorite 5 listings are definitely Zaskowskified. No-one can match Tony’s mastery of description+pricing
It’s probably been mentioned before, but re: “3+ Window/Wall Air Conditioning Units.” Seriously? No CAC or SpacePak?
“Your anticipation is surging into the red zone, isn’t it?”
Can’t remember if I mentioned but that place is under contract, with last list of $1MM.
“But it has come back on the market and the price was RAISED about $100,000 to $627,770.
Huh?”
The more you pay, the more it’s worth!! T hat seems to have been and is the ongoing strategy at the Streeterville “luxury” building with exposed concrete ceilings 600 N. Fairbanks (“glass, concrete and steel join”…. in an innovative structure)