$95k Reduction on Bank Owned Streeterville Vintage: 257 E. Delaware
We chattered about this bank owned property at 257 E. Delaware in Streeterville about 2 months ago.
It’s still on the market and has been reduced $95,000.
Does this make it a “great buy” (what the listing says- not me?)
Re/Max Properties Northwest has the listing. See more pictures here (including the funky bathroom.)
Unit #2B2D: 2 bedrooms, 2 baths (or maybe 1.5 baths- per the listing), no square footage but it has large room sizes
- I couldn’t find a prior sales price but it last sold in 1988
- Bank owned as of August 2008
- Was listed at $521,900
- Reduced
- Was listed in October 2008 at $477,900
- Reduced
- Currently listed for $374,900
- Assessments of $877 a month
- Taxes of $6,215
- Doesn’t look like it has central air
- No parking
- Living room: 21×20
- Dining room: 13×12
- Bedroom #1: 16×15
- Bedroom #2: 16×12
- Kitchen: 12×8
Beautiful old apt, but you can assume a kitchen reno. The lack of parking is a real deal killer for most people (though not me).
Judging by room dimensions, it is exactly the same size as similar apartments I’ve occupied, about 1200 sq ft.
$300K to $350K would be about right, or $250-300 sq ft.
The unit has great bones and would be a fantastic space but it needs way more than a kitchen. If I recall correctly, there isn’t a sink or toilet in the main bath and the plumbing is not hooked up. Plus, you have to plan on ripping out all of the knotty pine, which is in most rooms (unless you love it). Plus, the floors aren’t the lovely vintage parquet that you think they are — they’re some form of parquet, but not a flat, hardwood. But if you did all of that, you’d have a great space in a charming building.
nice unit, great location, kitchen does need a full gut. Only one full bath, and not 2 like it says in the text, but I’m sure that can be changed.
What do the dues include? If they include taxes, heat, etc. Might be worth it, other than that no.
No parking, forget about it.
Definitely a place for someone with some vision looking to gut it. Very generous room sizes. The 20×21 living room is larger than most of the bullsh*t living/dining “combos” in most of the new places, not to mention having a large separate dining room. The assessments and no parking are likely going to scare away a lot of buyers.
While I like knotty pine in small doses, usually reserved for the North Woods cabin, this is out of controll. It appears from the pictures that this has already been updated, the ktichen cabinets look new, you can see that there is modern hardware on them, so a complete gut may not be necessary. As for all the pine, you could seal and paint it white, and I would look really nice.
as i said on the original post back a few months… if I wanted the wood paneling I would live in Denver or Montana.
Usually taxes are not included in assessments unless its a co-op building which this is not. So you’re lookin at slappin down $1394 a month to live in that building. Great building right where lakeshore drive curves in front of oak street beach. I’d consider buying at that price if the place was turn-key but meh. I’m lazy.
OH yes and I love that sink (or is it a soap dispenser) in the bathroom. Pure awesomeness right there, yet there’s a 200 year old toilet next to it.
It kinda looks like there’s still urine in the toilet… or just really stagnant water.
I think this place in unsellable for the reasons mentioned above. Any money you need to sink into a place and any amount of excessive HOA fees deduct from the final selling price. Taxes can be reduced, however. Even assuming they gave this place away, you’re still looking at 877 + taxes + renovation costs (not insignificant).
The bank is going to take a huge hit on this one. Few can afford a sizeable mortgage, a huge HOA fee, high taxes, and the willingness to finance and undergo a complete gut renovation.
I don’t mean to be unkind, but this looks like a real dump to me, “gracious” features or not.