Foreclosures Popping Up in the John Hancock Center
I haven’t talked about the John Hancock yet which is a bit peculiar as it is the world’s tallest residential structure (although it doesn’t qualify as the tallest residential highrise because it also has a commercial component.) But that’s just facts and figures. Whomever is living on the 92nd floor is living in the tallest condo in the sky (for now.)
The John Hancock Center, at 175 E. Delaware on the Mag Mile, was built from 1965 to 1970. It is probably Chicago’s most recognizable landmark. It originally had 711 apartments. The building was rental until 1973 when it went condo. It has less units now, as some apartments have been combined. The residential portion of the building is on floors 44 to 92.
Units range in size from studios to 3/4 bedrooms. Washer dryers were not allowed in the units but were on every other floor, I believe, but I’ve recently seen at least one listing that says that the building now permits them in the unit. True or not?
There is parking, but it is rental next door to the building.
I’ve noticed a few foreclosures popping up in the building in recent weeks. The most recent one:
Unit #7807: 1 bedroom, 1 bath
- Bought in August 1999 for $250,000
- Foreclosure auction price of $560,000
The units in the building are hit or miss. Some haven’t been updated since the 1970s. Some have been renovated beautifully. Here are two examples currently on the market.
Renovated:
Unit #5002: 1 bedroom, 2 baths, 1202 square feet
- Sold in July 1996 for $178,000
- Sold in July 1999 for $325,000
- Sold in January 2005 for $369,000
- Currently listed for $599,000
- Assessments of $680 a month
- The listing says it was a two bedroom converted into a large one bedroom
- The listing also says “owner will buy down interest rate”
- Koenig & Strey has the listing
Not renovated:
Unit #5712: 2 bedrooms, 2 baths, 1300 square feet
- I couldn’t find a previous sale price
- Currently listed for $488,000
- Assessments of $876 a month
- FSBO on Select A Fee
Sales in the Hancock are surprisingly good. There is still a cache to living in the building. Talk show host Jerry Springer lives in the building, supposedly on the 91st floor. Actor and comedian Chris Farley died in his condo in the building in 1997.
It’s still all about the views. This is from Unit #5002:
Hi Sabrina,
The engineering board just approved W/D installs in the unit. The building engineer has to select the appropriate location and you must pay to do plumbing upgrades/hook up work yourself.
Yes, there are laundry rooms on every other floor.
The parking garage is intended for the building residents and you can reach it without going outside. You do have to take 3 elevators and an escalator I believe…
Why would parking ever be an issue if you lived in the John Hancock building??? I’m mean some locations in any city are just not fit for any car and this would be one of them in Chicago.
Hi City Agent,
Lots of in towns in the building
Right. There are lots of suburbanites who have bought in the building and they like to drive downtown for the weekend.
One thing to note if you buy a unit in the building, is it can be expensive to do renovation work. The steel fireproofing has asbestos in it. So if you open a ceiling or move a wall there are environmental issues you have to deal with.
Parking in the building is a nightmare, beside all the elevators you have to take there is the double helix ramp to get into the parking system. Last time I drove in it I got dizzy from driving around in circles for what seems to be an eternity.
Do you really walk into 7807 directly into the kitchen? Is that a typical floorplan for a unit in the Hancock, or is this part of the changes the owner made? What would some of you think if you could get that unit for about 475,000?
The floorplans are all over the place in the building.
Appreciation in the Hancock hasn’t been that great over the years but other people more familiar with the building should chime in.
Don’t forget the swimming pool and grocery store on the 42nd floor. And, of course, all the stores at ground level and in the basement level — Chase Bank, US Post Office, Cheesecake Factory, an Italian Deli, etc. I used to work in the building and had the luxury of a parking space there. The parking spaces are actually in the building — floors 4 through 9, I believe — and are heated. The spiral ramps are on the outside of the building, which may be what you were thinking of. As for them being difficult, note that you quickly learn to speed up and down them without dizziness.
Anon, I think you are referring to Unit #5002. That is under contract and so is Unit #5712. Even at full price $498 square feet which at 1202 total square feet alone not including floor/view (would cost about $1.4 million in Trump Tower and about 1.6 Million at the Chicago Spire.) The unit looks to have been finished off very nice! Depending on cost of renovations I would say the seller is going to do fairly well.
older building 175 E. Delaware built from 1965 to 1970. is a lot cheaper thin new Chicago Spire most Cannot Afford you get views. from Unit #5002 at 175 E. Delaware $488,000 cheaper thin Chicago Spire $1.4 million or 1.6 Million