This 3-bedroom in Walton on the Park at 2 W. Delaware in the Gold Coast just came on the market.
It last sold in 2010.
We haven’t chattered about this building in 6 years. The last time we did was in November 2010 when the developer cut prices.
See that chatter here.
Last spring, however, the building was back in the news because a developer had bought up units that were being rented with the intention of re-selling them as condos.
In another sign of the resurgent downtown condo market, a venture led by Letchinger plans to convert Walton on the Park, now primarily a rental building, back into condos. Begun in the waning days of the condo boom, the 201-unit tower at 2 W. Delaware St. was one of several downtown developments that ran into loan trouble after the bust and were reborn as rental properties as the apartment market took off.
Now, with downtown condo prices back above their peak 2008 levels, Letchinger aims to profit by returning Walton on the Park to its original state. Condos in the building will start in the mid-$700,000 range and go up to about $3.7 million, he said.
“It’s really responding to the demand that’s out there for new condos and the lack of supply,” said Letchinger, president and founder of JDL Development.
But to further complicate the picture, the second tower, No. 9 Walton, which was always planned with this development, is currently being constructed just to the north of this building.
Letchinger was aware of that because he owns it. No. 9 Walton, a luxury boutique building across the street from the Ogden School, is nearly sold out.
You can see No 9 Walton under construction below. That is Walton on the Park behind it.
This unit has both north and south facing views and you can see No. 9 Walton in some of the listing pictures.
It has a Viking kitchen with custom Italian cabinetry.
Two of the bedrooms are ensuite.
The unit has central air, washer/dryer in the unit and one heated garage parking space included with another available for $50,000.
The listing says “developer controls the management” meaning that there is no condo board.
The original sale included both parking spaces so if you include the second space at $50,000 this unit has come on the market for $70,500 less than the 2010 purchase price.
Is this a deal for a 3-bedroom in this location?
Mariah Dell at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #801: 3 bedrooms, 3 baths, 1920 square feet
- Sold in August 2010 for $1,319,500 (included 2 parking spots)
- Currently listed for $1.199 million (includes one parking spot but second one available for $50,000)
- Assessments of $1243 a month (includes heat, a/c, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $18964
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 16×11
- Bedroom #3: 11×10