7 Months on the Market for This Streeterville Pre-War 3-Bedroom: 223 E. Delaware
This 3-bedroom in 223 E. Delaware in Streeterville came on the market in May 2015.
The building was constructed in 1919 and has just 10 units.
This building is rare in this neighborhood because it actually has parking in the building. It’s outdoor parking, apparently, but it’s parking.
This unit has many of its vintage features including crown molding and wainscoting but it has been updated to modern tastes.
The kitchen has white and black cabinets with luxury appliances including Subzero. There is a built-in Miele espresso machine and a Butler pantry with a wine fridge.
All three bathrooms are en suite and the master bath has heated tile floors and a separate rain shower.
There are custom built-ins throughout.
The building has no doorman, but the listing says there’s a live in, on call engineer.
The listing also says no pets are allowed.
In addition to parking, this unit has space pak cooling and laundry in the unit.
Originally listed for $1.85 million, it has been reduced $55,000 to $1.795 million.
This unit seems to have it all. Why isn’t this selling?
Marla Nyberg at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #5E: 3 bedrooms, 3.5 baths, 3400 square feet, co-op
- Sold in October 2010 for $900,000 (per Redfin. Since it’s a co-op it’s difficult to access individual unit records)
- Originally listed in May 2015 for $1.85 million
- Reduced
- Currently listed at $1.795 million
- Assessments of $3243 a month (includes heat, water, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal and taxes- as it’s a co-op)
- Taxes of $13,000
- Space pak cooling
- Washer/Dryer in the unit
- Parking included (appears to be outdoor according to the notes made by the Redfin agent)
- Bedroom #1: 21×16
- Bedroom #2: 19×12
- Bedroom #3: 17×14
- Family room: 17×14
- Library: 14×12
- Laundry room: 14×7
sq footage?
what is the square footage?
This unit seems to have it all. Why isn’t this selling?
Because it’s listed for double the amount it sold for 5 years ago?
From the listing of room dimensions, and the scale of the furniture in the photos, I am going to guess the place has about 3600 sq ft of space. But that is just a guess based on incomplete evidence.
On the positive side, the place is gorgeous,roomy, beautifully upgraded, and in the best location in the city.
On the downside, no pets are allowed. That is a deal killer for many people, but since this is only a 10 unit building, it really doesn’t matter- it can capture the people who prefer to live with no animals around.
I’m beginning to regard the co-op arrangement as a plus (vs condo) in many respects, because you can vet the people buying in your building to make sure they can really afford to be there and meet their obligations. This didn’t seem important before 2008, but, after seeing dozens of buildings that couldn’t pay their expenses because of the numbers of defaults and foreclosures in the building, it is reassuring.
No doorman- small buildings almost never have them anyway, but at least there is an on-site engineer, so it’s really not a serious deficiency.
Assessments are what you would expect for co-op apts with over 3000 sq ft that include taxes, heat, and nearly everything else.
It is a beautiful apartment in a gorgeous building, though.
Excuse me, the sq footage IS listed- 3400 sq ft.
beautiful except for the cheap-o track lighting
surprised you aren’t gushing about it more Laura 🙂
sonies, it’s beautiful, but it’s not like it’s 2430 Lakeview.
Now HERE is a gush-worthy apartment:
https://www.redfin.com/IL/Chicago/2430-N-Lakeview-Ave-60614/unit-11-12N/home/49882143
Does anybody on this board wanna give me a 200-year ARM interest-only mortgage to buy this place? I’ll pay it back, I PROMISE. Believe me. Honest!!
Oh, and set me up a trust fund so I can buy worthy furniture for it and pay the $8,000 a month-plus HOA, while you’re at it.
Thank You.
It’s a coop, so big negative. People paying $1.7 million presumably want covered parking. And it’s twice the price from just a few years ago, so wildly overpriced. Who would be silly enough to offer anywhere close to asking?
damn laura that place is huge! that living room and library are awesome, the room sizes are incredible as well
The house Laura posted is very nice, but given that weird monitor and those horrendous counter tops in the kitchen, one gets the feeling it has been empty for over 20 years.
The current listing looks nice enough to sell north of a million, but not sure this high.
On the other hand, the playboy mansion unit Sabrina posted has appreciated like crazy. I guess a playboy mansion and a LP address still appeals more to the buyers.
The buyer would be wise to delist the property. Then relist the property in Spring 2016 for $1.9 million dollars. Some people do exactly that and it is successful the second time around.
I predict a mass exodus from chicago to the burbs…..after what happened today (and what will likely happen in the near future) most people in this price bracket will not want to live in chicago.
“I predict a mass exodus from chicago to the burbs…..after what happened today (and what will likely happen in the near future) most people in this price bracket will not want to live in chicago.”
What happened today? Did I miss something?
By the way- the upper bracket has never been hotter. Not even 2007 was this hot. Record number of properties selling in the city over $5 million.
Doesn’t sound like a mass exodus to me.
Superintendent Mccarthy was fired – and now there are calls for rahm and alvarez to step down. The uneducated masses also plan bigger “rallies” in chicago this weekend.
The inmates are running the asylum….honestly, if you are being mugged or robbed right now and call the police, will they even respond or arrest the perpetrator (if he/she is a person of color?). It’s scary to think about – but that is what chicago is turning into….detroit 2.0
Looks like a place for a fashion photo shoot that would make it on the blog vigilantcitizen ‘s Pics of the Month.
“Assessments of $3243 a month” Ouch. Here we are in year 6 or 7 of very low interest rates, so where are some of the passive rich getting their coupon income???
“there are calls for rahm and alvarez to step down”
There have been 7 years of calls for Obama to step down, are all of the rich people leaving the US?
Alvarez should go, she’s a horrible hack.
The Chicago real estate market is not performing well. Chicago has the lowest appreciation of the 20 largest metros in the U.S., and home values are far below the previous peak. Yes, there are some outlier properties in prime locations that have sold for huge amounts, but generally speaking, the Chicago market is an underperformer. The recent political events, and Rahm’s uncertain future, will likely put the market under further strain.
http://www.chicagonow.com/getting-real/2015/11/case-shiller-chicago-home-prices-may-actually-be-declining/
clio, if anything causes a mass exodus from Chicago, AND Illinois, it will be the horrendous financial condition of this city, and state, and the higher taxes and guaranteed loss of productive businesses.
I confess I’m afraid for the future of this beautiful city. I’m old enough to remember when Detroit, too, was vibrant and beautiful. That seems like another age on another planet now.
Issues like an unjustified shooting by the police, come and go, but our pension obligations are unfortunately forever, and so, sadly, is the ineptitude and corruption of our politicians, because it seems impossible to unseat an incumbent pol in this town, no matter how inept or corrupt he or she is.
Laura Louzader the population of Chicago and also our state is declining. Take a look at the census figures from 1960 to present. In 1950 the city of Chicago’s population was 3.6 M and every decade has declined except 2000. Look it up. Our current population is probably 2.6 M.
The middle class is going to leave Chicago and Illinois for other states. It is just too damn expensive to live here. Every four years the mayor and the city council get re-elected. In their first year they always raise taxes. When will the citizens of Chicago wake up and stop letting the politicians get away with murder? Also you can count a city income tax in the works.
“you can count a city income tax in the works.”
Requires a change in state law. Ain’t gonna happen with this governer.
“The Chicago real estate market is not performing well.”
Case Shiller isn’t “Chicago.” It is the entire metropolitan area all the way out to Joliet. You can’t use it to say “Chicago” is or isn’t a good housing market. Yes- maybe things suck out in Plainfield right now. But Chicagoans don’t care.
Numerous neighborhoods are past peak pricing with many more about to do the same. Record number of luxury units selling this year at new all-time high prices.
It’s a boom. One of the best housing markets Chicago has ever seen.
“Chicago” is the Chicago metro area. Case-Schiller (correctly) includes the entirety of Chicago rather than cherry-picking neighborhoods or property types.
Again, Chicago has the worst housing apprecation of the 20 largest markets, and sales prices are far below market peak. Whether or not individual properties sell far above peak is irrelevant. The market, as a whole, is relatively weak, and if this is a “boom”, with worst price appreciation anywhere, I hate to see a bust.
“The market, as a whole, is relatively weak, and if this is a “boom”, with worst price appreciation anywhere, I hate to see a bust.”
No- the “market” as a whole isn’t relatively weak. That’s what I’m saying. You cannot use Case Shiller to talk about Chicago. It encompasses too many counties. Also, it is only single family homes, not condos, which, in Chicago, is a huge part of the market.
On CribChatter, we discuss Chicago- not Naperville, Barrington, Hinsdale, Orland Park, Joliet, Lockport, Bartlett etc. I leave it up to Case Shiller to cover all of those areas. And good luck to them.
The market is one of the best we’ve ever had in the GreenZone in the city. Sellers are crushing it. Inventories are at record lows and sales are near 10 year highs (depending on the month.) If there was only more on the market, sales would be even higher.
But due to the low inventory, prices keep rising. It’s basic supply and demand. And until we go into a recession, there is no end in sight.
“Case Shiller isn’t “Chicago.” It is the entire metropolitan area all the way out to Joliet.”
Not the entire metropolitan area, no.
“Not the entire metropolitan area, no.”
Do you have to be such an asshole all the time anon(tfo)? Don’t answer. I think we all know.
Here are the counties in Case Shiller Chicago:
Cook
DeKalb
DuPage
Grundy
Kane
Kendall
McHenry
Will
The Illinois Association of Realtors uses the Chicago PSMA as “Chicagoland” and it includes the following:
Cook
DeKalb
DuPage
Grundy
Kane
Kendall
Lake
McHenry
Will
So- yes- Case Shiller doesn’t include Lake County. Cry me a river. It’s the entire metropolitan area. And it confirms the point I was trying to make. Thanks anon(tfo) for pointing out how STUPID Case Shiller is to look at if you want to know what is happening in the Chicago housing market. Because it’s 8 counties in an area that stretches out to the cornfields in every direction. So absurd to use it.
“Do you have to be such an asshole all the time anon(tfo)?”
“Thanks anon(tfo)”
You’re very welcome.
Next time, I’ll actually try to be an asshole. You’ll probably like it even more.
A simple way to determine if prices in different parts of the city are at peak, past peak or below peak is to break it down by zip code.
lake county is the most important county in Chicagoland. that’s where long grove is located
I agree that much of Lake County is more Chicago metro area than many of the far out counties that were listed in the CS. Then again, how do we know the CS accurately includes the correct counties in the other 19 markets’ metro areas too? We don’t so, it’s probably a wash.
garbage in, garbage out. cs is crap, housing is affordable. if you can’t afford at $700k duplex down in LP you’re a loser who needs to earn more money.