Is There Value in Older Condo Buildings? A 3-Bedroom at 55 W. Delaware in the Gold Coast

55 w delaware

This 3-bedroom in the Park Newberry at 55 W. Delaware in the Gold Coast came onto the market in September 2017.

This building was constructed in 1998 and has 182 units and a garage.

It’s a full service building with a doorman and an exercise room.

This is a southeast corner unit with wide plank custom hardwood floors.

The living room has a fireplace with a stone surround accent wall and a balcony.

The listing says the kitchen is “newly renovated” with 42″ custom cabinets, granite counter tops, stainless steel appliances, and a built-in breakfast table.

There’s a master suite with 2 custom closets, a marble bath, with heated floors and a steam shower.

There’s central air, in-unit washer/dryer and the garage parking is $55,000 extra.

When this building was first constructed, this was a more “fringe” area of the Gold Coast. But in recent years, a half dozen luxury condo buildings, including the soon to be completed No 9 Walton, have been built nearby.

This unit was originally listed for $1.145 million in September 2017 and has been reduced to $1.1 million, if you include the parking.

Is this unit a deal compared to the price points in nearby building like 30 W. Oak, No 9 Walton, the Elysian and 10 E. Delaware where the 3-bedroom units are all priced much higher?

Bari Levine at @Properties has the listing. See the pictures here.

Unit #606: 3 bedrooms, 2.5 baths, 2297 square feet

  • Sold in July 1998 for $408,000 (included the parking)
  • Originally listed in September 2017 for $1.145 million
  • Reduced
  • Currently listed for $1.045 million (plus $55,000 for parking)
  • Assessments of $1125 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $14,294
  • Central Air
  • Washer/Dryer in the unit
  • Fireplace
  • Bedroom #1: 18×14
  • Bedroom #2: 15×11
  • Bedroom #3: 14×14
  • Family room: 13×10

16 Responses to “Is There Value in Older Condo Buildings? A 3-Bedroom at 55 W. Delaware in the Gold Coast”

  1. Other than the kitchen, this place is terrible

    Did Jan Terri break the bed?

    The 2nd bedroom is really sad.

    Nice track lighting

    Needs about $200M in upgrades to be a $1MM property

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    Rating: +2 (from 6 votes)
  2. “Other than the kitchen, this place is terrible”

    Wow. I hate the kitchen. What is with the shelving by the banquette? It looks like those cheap shelves you can buy at Ikea for $50. I disdain glass kitchen cabinets. The island looks completely out of place and has no storage. With the banquette, why do you need chairs at the island? The chairs are also too close to the ovens for my liking and just look cluttered.

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    Rating: -1 (from 5 votes)
  3. This is an old person’s kitchen. You have to be a card carrying AARP member to tour the unit. Mark my words, in a few years, faster than you realized, you will look at this kitchen and saw “wow, beautiful”

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    Rating: +3 (from 9 votes)
  4. There are units in this building on the top floor with a lot of private rooftop space that have always seemed interesting.

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    Rating: +3 (from 3 votes)
  5. This building should be moved to its rightful place, the SUBURBS. Sad.

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    Rating: +4 (from 6 votes)
  6. Am I the only one that hates that wood tile? Its fucking terrible, even worse than those diagonal floors I hated before
    This place is a total fail for $6500+ a month

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    Rating: +4 (from 4 votes)
  7. “Am I the only one that hates that wood tile? Its fucking terrible, even worse than those diagonal floors I hated before
    This place is a total fail for $6500+ a month”

    No. I hate them too, but the kitchen is so awful that it detracts from the “wood” tiles. I also don’t understand why they wouldn’t carry those tiles through the kitchen and instead opted to put different tiles in the kitchen.

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    Rating: -2 (from 2 votes)
  8. “that wood tile”

    Listing claims it is hardwood:

    “wide plank, custom hardwood floors”

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    Rating: +1 (from 3 votes)
  9. “Am I the only one that hates that wood tile? Its fucking terrible”

    It’s a decent solution for a basement. Like it better than the “wood vinyl”.

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    Rating: +4 (from 4 votes)
  10. pics 3-4 say otherwise, you tellin me that a realtor or the assistant who wrote up the description actually got it wrong?

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    Rating: +4 (from 4 votes)
  11. MEET THE NEW STYLE… SAME AS THE OLD STYLE… YOU WONT GET APPROVED AGAIN!!!!! JAN TERRI SEZ THIS IS EPIC FAIL. TWO THUMBS AND A TALL BOY DOWN.
    GO BEARS LOLZ!!!!!

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    Rating: +3 (from 7 votes)
  12. “you tellin me that a realtor or the assistant who wrote up the description actually got it wrong?”

    No, I’m suggesting that they can’t tell the difference.

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    Rating: 0 (from 2 votes)
  13. To me, the floor looks like pre-finished hardwood which always has that bevel. Either way, it’s ugly.

    “Like it better than the “wood vinyl”.

    Luxury Vinyl Plank, at least the good stuff, is a great product and resembles real wood much better than this stuff. No bevel or grout lines just like ‘finished in place’ wood floors. Just installed it in my basement.

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    Rating: +3 (from 5 votes)
  14. You people are too hard on this place, it’s not that bad. I like the kitchen, you don’t see one like it every day.

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    Rating: +2 (from 8 votes)
  15. I always wanted to live here. I thought the view of the park, library was nice. I do see a lot of the shopping cart crowd sleeping in this park though. I think this place is alright for the money. I’d make an offer in the 9’s and go from there. It’s almost 3000 sq feet. Frankly, I’d rather buy a dated place and put in my own ideas then pay top dollar and live with someone else’s ideas of design.

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    Rating: +4 (from 4 votes)
  16. The park across the street is infested with syringes and dog doo doo.

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    Rating: -3 (from 5 votes)

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