Secret Vintage Beauties on Tree Lined Streets in Streeterville: 223 E. Delaware
Not all parts of Streeterville are Navy Pier and the AMC River East movie theater as is evidenced by this 1919 2-bedroom vintage co-op at 223 E. Delaware.
Just steps from Michigan Avenue, this mid-rise building has just 10 units.
It also has deeded parking included, which is rare for some of the vintage buildings in this neighborhood.
This 3200 square foot unit has been renovated with “state of the art” bathrooms and kitchen.
While there are only 2 bedrooms, there is a family room, a study and a library.
Stephen Bognar Jr. at Koenig & Strey Real Living has the listing. See the pictures here.
- I couldn’t find a previous sales price
- Originally listed in October 2009
- Withdrawn in February 2010
- Currently listed at $1.495 million
- Assessments of $2738 a month (includes heat, cable)
- Taxes of $10,806
- No pets allowed
- Central Air
- Washer/Dryer in the unit
- Parking included
- Co-Op- financing available
- Bedroom #1: 17×15
- Bedroom #2: 16×12
- Family room: 17×13
- Study: 10×10
- Library: 15×13
This is a beautiful place and a great choice for someone downsizing from the suburbs. I would buy this place as my primary home if I could live in the city full time. The owners should stick to their price – not much out there that is this size, w/ parking, in this location with such low taxes. Assessments are a bit high, but not outrageous when you consider the costs associated with home ownership.
the assessments make this cost approx. the equivalent of a 2 million dollar SFH
hah get real, you’d have to wear a monacle to have this kind of FU money to spend on such a place
Oh – this is a coop – that means the $2738 monthly assessment INCLUDES taxes – even better of a deal!!!Also, remember that there is some asset protection with coops. I am becoming increasingly interested in this property!!!!
Downsizing to 3200sq ft?
sorry clio, no pets allowed… you’ll have to keep your gerbil in the burbs
So, is the portion of a co-op assessment that goes towards property taxes available for the federal tax deduction?
5E *just* closed at $900k.
“Tree Lined Streets”
bwahahahahaha. Yeah maybe for Streeterville this qualifies as a “tree lined street” but not in comparison to any place with actual, real, tree lined streets.
Hi,
I think it is reasonable too. Check out the unit on the market at the Regent. Either 190 or 192 E Walton. It is super cute as well (more modern though), 15 unit building, lower assessments, and NO RENTALS allowed
Someone needs to go to Lamp-aholics Anonymous.
“Downsizing to 3200sq ft?”
uhh yeah – have you checked out the size of houses in the burbs?
I know that the average size of a house on my street is about 8000-9000 sq. feet (not including basement).
Jon – Seriously – WTF with the lamps on the island. I prefer my slab of granite to remain uninterrupted. Even if you took them out there would be holde in the surface and you’s need a copletely new slab! Although it’s a small issue. Love it – wholly impractical for me but love it.
uhhh what does one do with 8-9k sq ft? Other than brag about how big their house is? Seems extremely wasteful unless you’re the Duggar family.
When people are taken back by high monthly assessments, they need to consider what’s included in these fees. Although $2700 is a lot of money each month, I’d guess a single family home of 3200+ sq ft would be of equal cost once you’ve paid the heat, water, cable, regular up-keep (landscaping, snow removal, general repairs, etc). Also, those who own homes vs condos don’t typically reserve for the costs associated with a new roof, new driveway, hot water heater, etc, that comes with home ownership. Add all this together, you’re not far from a monthly run rate of $2700…as high as that may seem.
Those lamps actually make me angry.
“uhhh what does one do with 8-9k sq ft?”
Ice skating rink.
Broomball rink.
Indoor track.
Dance floor.
Roller rink.
Add your own:
Stockholders in a Co-op are entitled to a tax deduction for their allocated share of real estate taxes. If the Co-op has a qualifying mortgage the stockholders are also entitled to a tax deduction for mortgage interest for their allocated share of the mortgage interest.
“Add your own:”
One room for the blow, and a separate one for the hookers, which one just can’t do in only 6-7k SF.
After some googling, there’s not much question this is streeterville (there’s a little bit of a question per wikipedia). I used to live around here and never thought of the area north of chicago and east of michigan as streeterville. In this, like many other things surely, I guess I was wrong.
go cart track… lambos vs Ferraris and the Ferraris are set just a little bit slower
“Someone needs to go to Lamp-aholics Anonymous”
wow I think this place takes the lamp champ(ionship) on a median lamps per picture ratio of about 4
thanks for pointing that out, I had not noticed and otherwise I would have not laughed on this hump day
“uhhh what does one do with 8-9k sq ft? Other than brag about how big their house is? Seems extremely wasteful unless you’re the Duggar family”
what is even stranger is that not one house has more than 2 people living in it (and mine only has 1)!!! Even stranger is the fact that most of these people only live here 6 months a year (the rest of the time they are on vacation here and there)
Do you think you can negotiate a clapper for each of those lamps in the closing cost?
“sorry clio, no pets allowed… you’ll have to keep your gerbil in the burbs”
LOL
I don’t have any gerbils – I don’t get it. I have two dogs – but I’m sure that they would allow them – rules are meant to be broken. The others would just have to learn to live with my babies.
DZ- Streeter’s shack was about where the Hancock is today. One picture I’ve seen of it shows the Old Water Tower to the south east of the location. He’s responsible for the creation of land that’s east of modern day Michigan Ave, Oak St and all the way to the river.
Wiki’s entry is great reading. http://en.wikipedia.org/wiki/George_Streeter
“So, is the portion of a co-op assessment that goes towards property taxes available for the federal tax deduction?”
Yes. As is mortgage interest. My understanding is that, for all intents and purposes, the IRS treats a co-op the same as “regular” home.
Grrrr. My goof. Streeter wasn’t directly responsible for the creation of the land. He just happened to be a jerk in the right spot at the right time. Chicago just happens to love it’s rogues and names neighborhoods after them.
“Yes. As is mortgage interest. My understanding is that, for all intents and purposes, the IRS treats a co-op the same as ‘regular’ home.”
What is a “regular” home? A condo or SFH?
I know that mortgage interest is tax deductible. Association assessments (for condos and townhomes, as well as SFH’s in associations) are not. The question is, by way of example: The monthly assessments on this particular co-op are $2,700. As a co-op, a portion of that payment goes towards paying the co-op’s property tax bill. Come tax time, can the “owner” of this unit claim a property tax deduction? Are the $10k in taxes that are disclosed on this listing allocated to this co-op member in such a way to allow for a deduction?
And Clio, the taxes work out to $833/mo. Meaning the non-tax portion of the assessment is nearly $1,900. I realize this is a big place, but please explain how you conclude such an assessment is anything but “outrageous,” given the limited ameneties.
“As a co-op, a portion of that payment goes towards paying the co-op’s property tax bill. Come tax time, can the “owner” of this unit claim a property tax deduction? Are the $10k in taxes that are disclosed on this listing allocated to this co-op member in such a way to allow for a deduction?”
Yes. It usually comes down to how many shares you have in the corporation vs how many shares total vs the tax bill. IE you owe 100 share out of 1000, and the tax bill is $1000, you’re essentially paying $100 in taxes and can then deduct it thusly. You’ll probably get a Form 1098 or an “official” letter from your co-op board detailing it exactly.
And yes by regular, I just meant SFH/condo.
Ok, so what do YOU do with all that space? I am honestly curious.
“what is even stranger is that not one house has more than 2 people living in it (and mine only has 1)”
“Ok, so what do YOU do with all that space? I am honestly curious.”
When I am at home, I spend 95-99% of my waking hours in my 8 x 12 office which has 2 computers, plasma tv, two dog beds (the dogs are always in there with me) and a lot of exercise equipment (yeah, very crammed)- the remaining 5% of time is spent in the bathroom and my master bedroom closet getting ready!! Nobody has even been in 5 of the bedrooms in the main house since last christmas. There are 4 bathrooms in the main house that nobody has used since last christmas. The library, den, family room, living room, dining room, basement, playroom, 2 loft spaces, and sunroom look like they have brand new furniture because nobody has been in those rooms since last Christmas.
The learning point here is that there is NO need for this much space – it is wasteful and idiotic. It doesn’t matter if you can afford it and think that it would be “cool” or you imagine great parties (which only happen 1-2x/year), buy only what you need – otherwise you will regret it!!!
If I remember correctly, this coop has a on-site engineer that lives in the first floor unit, and this could be one of the reasons that the assessments are so high. Nice units, with huge rooms, high ceilings, big windows on the front, lovely facade. The lobby had a low ceiling and the elevator was very tight.
Clio,
I don’t get it. You are single and live in a huge suburban house instead of a beautiful down town property?! and you are your own boss. I recall in response to my post once you mentioned life in the suburbs is less stressful. What is there to stress a single person? I just don’t comprehend the midwestern mentality.
Also you waste money paying for heating, maintenance and all which is so wasteful. I understand when someone does this for a family heritage house in Europe that has character and history but a Chicago suburban house?!
This is my favorite property. Ever. I actually like it better than diamond’ s gold coast palace.
Ice skating rink.
Broomball rink.
Indoor track.
Dance floor.
Roller rink.
Add your own:
movie theater
bar
bowling alley
kids (Dad’s) video game room
indoor garden room
trophy room
bar
laboratory
smoking room
“secrect” room
bar
Miumiu,
I still believe that life in the city (no matter if you are single, married w/ or w/o children is definitely more stressful than the suburbs. The suburbs are quieter and generally more peaceful. It is easier to get around and get to shops (you don’t have to waste time taking trains or waiting for parking). Also, you don’t have the hassles of lugging your stuff through a building lobby/parking garage to your place.
In terms of my permanent residence – I would LOVE to have my primary place in the city – but I need to be within 15 minutes of my job (which is in the suburbs) – there is no bending that expected (but not required) condition.
In terms of my house – yes it is too huge an estate for a single person – but remember (and let this be a lesson to any younger people out there) that when I bought this house 7 years ago, I thought that my kids would move in w/me, I thought that all of my city friends would come down every weekend, I thought I would have great parties – but NONE of that came true. Now, this place has spoiled me too much to move. I can’t see myself living in another suburban property (although I DO see myself upgrading my in-town to the property featured here!!!).
This place is awesome btw but those assesments could be much better invested in the bricks & mortar opposed to the paint & flowers. They are only justified by the location unless this place has Dr. Pepper drinking fountains or some fizzy beverage coming out of the lamps…
Actually, truth be told, there are better alternatives in a 2 block radius:
07659470
07550843
07446716
and, for 1 million dollars less, you live in the coop right next door (2700 sq ft for 475k – mls #07553001)
Actually, one of the best things about this place is that it is within stumbling distance of “the casino” – that should add some value to this place!!!
“07659470”
Holy kitchen!
Or was that a morgue? I couldn’t tell, I was stuck in acid bathroom.
(I actually love it. . . after 5 cans of paint).
““07659470”
This seems like an AWESOME property – I am going to have to go see it. If it is all it’s cracked up to be (no pun intended), I would love to upgrade to it!!
I prefer this unit around the corner in a CONDO building with no amenities besides parking.
Only 10-15 units
http://www.redfin.com/IL/Chicago/190-E-Walton-Pl-60611/unit-502602/home/12812206
I dont know david, for almost half the price, I’m going to have to go with:
http://www.redfin.com/IL/Chicago/220-E-Walton-Pl-60611/unit-7E/home/14120567
I love the massive looking toilet in the second bath. Although I would be fearful of falling in such a large sized hole……I know it is the picture angle – but still made me laugh.
I saw that one too Clio, not bad some minor cosmetic updates and it would be great
Clio – that is a pretty nice place lots not a fan of that many shiny surfaces but that is easily fixed.
roscoevillager – I know, the place is a great space. I don’t know why it isn’t selling.
what is that casino place all about? it has been mostly a mystery to me for 5+ years of walking by it. though I have a friend who says he attended a wedding reception there.
“what is that casino place all about? it has been mostly a mystery to me for 5+ years of walking by it.”
That’s because they don’t want you (or me). Sort of like the Saddle and Cycle Club.
SI, 1959: http://sportsillustrated.cnn.com/vault/article/magazine/MAG1070327/index.htm
thanks. that si article must not have been online when i googled it a few years ago. wasnt aware of saddle/cycle either.
clio do they let the nouveau riche join these places
“That’s because they don’t want you (or me). Sort of like the Saddle and Cycle Club.”
They don’t want me either, nor do I want them. Went to a couple of functions many years ago there and really can’t remember much of anything about it. Nothing particularly interesting or impressive. The Saddle and Cycle club, on the other hand, I’m a wee bit envious.
The Casino Club is actually a nice place and a great place for some high profile people to relax, and interact with each other without being bothered. The concept is very good and none of the people are really that snobby. However, there will always be jealous people and those are the ones that make up stories about snobbery and exclusionary tales!!!
“none of the people are really that snobby”
Not that there’s anything that wrong with being snobby, but this just is not true.
“Not that there’s anything that wrong with being snobby, but this just is not true.”
I disagree – there IS something wrong about being snobby and the people who go to the casino are just NOT that snobby. These are my neighbors and friends and are extremely generous and kind people. Believe me, the mean snobby stuck up elsd sterotype is just that – a stereotype.
still trying to get admitted clio?
“the mean snobby stuck up elsd sterotype”
Please to explain, as I am unfamiliar with the supposed meanness.
Is this another clio-exaggeration(tm), like “terrifying”?
And, of course, if they are your friends, you wouldn’t see them as snobby or stuck up, as you are part of the circle. Which doesn’t make it true or untrue, but you have the incorrect perspective to judge.
“These are my neighbors and friends and are extremely generous and kind people. Believe me, the mean snobby stuck up elsd sterotype is just that – a stereotype.”
I didn’t say they were mean or unkind or rude. And I didn’t say they all were snobby, just that your statement that none were that snobby is not correct.
Anon, I get your point – but even though they are my friends and neighbors, I can see through their stiff exterior and see the kindness underneath. They, deal with tremendous pressures (social, financial, etc. – and normal people just don’t understand)- much like a high school teacher is misunderstood by his/her students.
“They, deal with tremendous pressures (social, financial, etc. – and normal people just don’t understand)- much like a high school teacher is misunderstood by his/her students”
QED.
You have NO perspective on this issue, my friend. And, kindness does not equal not-snobby, no matter how much you’d like to believe that’s true.
I used to throw curses at the Casino Club every night when I used to live at the Hancock and sped up and down the tight parking ramp.
And since I didn’t land with the rest of the Mayflower folks, I’m not welcome there either.
“And since I didn’t land with the rest of the Mayflower folks, I’m not welcome there either.”
Gross misconception – but, unfortunately, membership is dying off and younger people no longer see value in such a club. I will bet anything that the place will dissolve in 10-15 years.
“Gross misconception – but, unfortunately, membership is dying off and younger people no longer see value in such a club. I will bet anything that the place will dissolve in 10-15 years.”
I was a member of the Bankers Club in Cincinnati for a while. They were desperate for members under the age of dead. I’d go for dinner on a Friday night and there would be one other table all night. Their facilities and restaurant were not as good as the best, non-private options in the area. Not surprised that they shuttered shortly after I moved to Chicago. Private clubs are a dying breed . . . the options for non-member based, exclusive dining and hotels are too numerous and too competitive.
chi-dad – you are absolutely correct. If the Casino Club hopes to keep going, they are going to have to re-think their strategies (although I think the remaining members would rather see it close than accept just anyone).
“And, kindness does not equal not-snobby”
Right on point.