14 Months Later, Renovated Hancock 2/2 Is Still Looking For a Buyer: 175 E. Delaware in the Gold Coast
We’re still chattering about this renovated 2-bedroom in the John Hancock at 175 E. Delaware in the Gold Coast.
Last February, you’ll recall, the price was actually RAISED by $100,000 even though the unit had been on the market about a year already.
See our February 2012 chatter here.
But never fear, it is now back down to where it was before the price increase and the listing says, “seller wants an offer this month.”
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 price will really get this sold?
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
- Was listed in February 2012 at $620,770
- Reduced
- Currently listed at $527,770
- Assessments of $1117 a month (includes doorman and pool)
- 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
It would be pretty cool to have Cheesecake Factory in your lobby! It’s not as good as Grand Lux, imo, but it would do the trick.
Isn’t there something going on with some proposal to limit rentals?
“It would be pretty cool to have Cheesecake Factory in your lobby! It’s not as good as Grand Lux, imo, but it would do the trick.”
http://soyeahduh.tumblr.com/post/23049348902/me-giving-toursits-directions-to-the-cheesecake-factory
I definitely prefer Grand Lux. The good news is there are plenty of taxis in front of the Hancock to take you there quickly.
I would be awesome to have a pizza hut in the lobby of my building. I mean, not as good as a Taco Bell/KFC hybrid, but still, definitely awesome.
WTF is going on around here?
What is the point of the sky terrace? Can you open the windows in that section or something?
Whoops – reading comprehension fail. Nevermind.
“I would be awesome to have a pizza hut in the lobby of my building. I mean, not as good as a Taco Bell/KFC hybrid, but still, definitely awesome.”
I really wish Jack in the Box would come back to Chicago.
“I really wish Jack in the Box would come back to Chicago.”
not sure if you are being serious but I agree 1000%. but really what this part of streeterville needs is a diner. even an ihop would improve the neighborhood immensely. 8 years ago there were 3 or more diners within walking distance of hancock, and a Johnny rockets which is touristy but better than nothing. they all closed. in their place we get another steak place, a bank, a pricey hipster clothing store, and argo tea. total horseshit
I do hate steak houses.
Is that Greek diner at state and chestnut gone? Also, cheesecake is not bad for takeout if you figure out a couple things to order.
You can open any of the apartment windows.
In the original layout there is a sliding glass door between the sky terrace and the bedroom
But there’s still that darn diagonal…not as big as in some other units, true, but still…
“Is that Greek diner at state and chestnut gone? Also, cheesecake is not bad for takeout if you figure out a couple things to order.”
Tempo, I’d kind of forgotten about it bc it get’s so jammed on the weekend but that is a pretty good suggestion to try during off hours.
cheesecake, if you go early during the week and eat outside it is nice enough. the food is fine but pricier than it should be for what you get. Rosebud on walton has burgers that are much better, similarly priced- high.
oh, the unheralded chestnut street grill is also solid. sadly they only stay open until 2pm
The proximity to the Cheesecake Factory might be reason enough to live elsewhere.
Even the “skinnylicious” menu with “weight management” salads that have “fewer than 590 calories” is death, and the average breakfast offering has more than 1,000 calories, with one topping 2,400 calories.
And we wonder over half our population is overweight.
You’re in Chicago… and you want to go eat at Cheesecake Factory? WTF is wrong with you man!?
This doesn’t seem right…
How was it bought in 87 and 20 years later goes into foreclosure? Really?
cheesecake factory’s portions arent making america fat, too expensive. america is fat on cheap french fries, sweets and chips. but the portions are what makes it popular with nba players apparently. also nobody makes you eat it all at once. take some home and have it later.
they have extra big beer mugs that are convenient.
i rescind my earlier ihop endorsement. it would be jammed with tourists who come hundres of miles to mich ave to shop at our gap.
Young athletes with the metabolism of jackrabbits and who burn through 4000 calories a day are the only people who should ever eat at American chain restaurants like IHOP (another mega-calorie death pit) and Cheesecake…. or Applebees or MickieD’s or TGIs , et al.
they have even more calories for sale at grocery stores, maybe we should blame them for making us fat too. try the caesar salad at mcdonalds laura, it’s pretty good.
McD’s serves a purpose, appleby’s, chili’s, olive garden were created to give fatties a place to hang out on weekends. Grand lux is a whole different and glorious concept however.
yeah, cartons was replaced by a bank.
WTH guys lets get back to the property, more specifically GMT’s comment
“How was it bought in 87 and 20 years later goes into foreclosure? Really?”
is this just a confusion on the PIN or did this really happen?
I assume they refinanced & pulled out money–there have been lots of stories like that where someone lived in a home for many years, but then did cash-out refinancing to buy a vacation home, boat, cars, or finance a business. If they did that in the boom years, they could easily have gotten a loan of 80% or more of the then-current value of the place, and then a year or two later end up underwater. (as an aside, I think banks should go after borrowers like that for a deficiency judgment!)
“How was it bought in 87 and 20 years later goes into foreclosure? Really?”
is this just a confusion on the PIN or did this really happen?
“(as an aside, I think banks should go after borrowers like that for a deficiency judgment!)”
I don’t see why a bank should look at it any differently than a regular loan. Why is it different than a purchasing 800k loan on a 1 million apt 4502 vs having 800k outstanding on a 1 million apt 4602 but with the second as a home equity loan?
Identical P+L risk to the bank???
Identical P+L risk positions of the homeowners??
Why should owner of 4602 be handcuffed into his equity position when 4502 gets the same thing with only 200k in? Bank is willing to carry 800k on 4502 so why not make the loan to 4602 as well. At least from the banks perspective?
Yes, banks technically SHOULD go after defaulting borrowers for a deficiency judgment, but it would often be a hopeless endevour. Most people facing foreclosure don’t have a bunch of money sitting in the bank. Since their credit will already be shot from the foreclosure, they’ll just go ahead and file bankruptcy to get rid of any judgment against them.
yes–the bank needs to determine if the borrower has any wherewithal. And while Gringo-z is correct, banks make their judgements on purely financial terms, it just bothers me to hear stories of people that used their homes as piggy banks for whatever purpose & then ended up “upside down”, as opposed to someone who just happened to buy their condo or house at the wrong time & then needs to sell.
Is it me, or do assessments seem sky high for a building that does not offer that much? Is the pool all that great? Is the cost of maintaining it really that much more expensive than other buildings?
“Is it me, or do assessments seem sky high for a building that does not offer that much? Is the pool all that great? Is the cost of maintaining it really that much more expensive than other buildings?”
The Hancock is old. And it’s enormous. Just imagine what it costs to clean all the windows.
There’s a supermarket on site. There are endless elevators that have to be maintained (and replaced.) There are washer/dryers on every other floor- aren’t there? (although you can now put them in the unit as well.) There are doormen and other amenities.
What do people think it’s going to cost to maintain a building that has some of the highest residential units in the world?
Used to be washer dryer every 3 floors – I think. It’s been a while.
The pool rocks. It’s old school so you actually have a deep end.
http://www.youtube.com/watch?v=liluD5t69l0
Everything is old, but its maintained. Like the sauna. Again it’s been a while, but the sauna was in better condition than say the sauna at the Park Hyatt across the street.
As for crazy assessments for older buildings we also have talked about vintage 2/2 at
50 w Schiller. About the same price. Rented parking. Getting close to double the assessment and no doorman, dry cleaners, supermarket, pool, etc.
Oops forgot the property tax maybe rolled into that one…sorry
“Young athletes with the metabolism of jackrabbits and who burn through 4000 calories a day are the only people who should ever eat at American chain restaurants like IHOP (another mega-calorie death pit) and Cheesecake…. or Applebees or MickieD’s or TGIs , et al.”
Actually, I go to Applebee’s and TGI Friday’s for the bar more often than for the food. Sure, I get some apps at Applebee’s and I like the Jack Daniel’s Fajita Tower from TGIF, but the bar scene there is pretty good – better than the food probably. I have to go to Crystal Lake for TGIF and Algonquin for Applebee’s, but if it’s a Friday or Saturday night it’s worth it!