Flipper Alert: The $849,000 Gold Coast 1-Bedroom: 10 E. Delaware
Closings began only a few months ago at the new construction luxury high rise at 10 E. Delaware in the Gold Coast.
This 1-bedroom unit just came back on the market as one of the first flips in the building.
What do you get for $849,000?
- 1015 square feet
- 1 bedroom (12×12) plus a den (9×9)
- 1 marble bathroom with the combo shower/bathtub
- Poggenpohl cabinets in the kitchen and luxury appliances by Miele, Wolf and Subzero
- 500 square foot terrace (there are no pictures of this in the listing)
This unit is listed at $849,000, however that doesn’t include the parking space. Buy the parking and you’re looking at over $900,000.
Anne Victorin at @Properties has the listing. See the pictures here.
Unit #9A: 1 bedroom, 1 bath, 1015 square feet
- Sold in December 2009 for $650,365 (looks like it included the parking spot)
- Currently listed for $849,000 (parking is extra)
- Assessments of $412 a month (includes heat, a/c, doorman, pool)
- Taxes are “new”
- Washer/Dryer in the unit
- Living room: 16×13
- Kitchen: 10×8
- Bedroom: 12×12
- Den: 9×9
C’mon Sabrina… you are paying these agents to make up these listings aren’t you? Fess up.
Oooooooh, a built-in cooktop!!! What luxury!!! I guess that, and the slightly oversized balcony, make this place worth about $300K more than comparable units in the vicinity.
I mean, little touches like these can be added for a lot less than the difference between this insanely overpriced unit, and other “luxury” one beds in Streeterville.
This place is laughably overpriced, even for Streeterville. What makes this seller think it is worth $200K more than at the bubble peak of 2006?
Can someone help me understand this one?? This listing agent and seller should be in an insane asylum!
This is a steal. Sign me up. Oh wait…this isn’t Manhattan.
2006 called and wants their listing back…..
Laura,
I would consider this Gold Coast, not Streeterville.
Who knows what a contract for deed is? As a seller, do I want to get involved with this?
I almost want to schedule a showing just to have a chat with the realtor. Total insanity.
How does this compare with other Premo buildings in the area.
Say the Palmolive? I don’t recall exactly, but my guess this is more expensive than the Palmolive.
Are there 1Bdr (I am guessing not) units @ 65 E Goethe?
More expensive than 270 E. Pearson.
Hmmm….maybe like 840 N. Lake Shore Drive is a comparable.
What does one use the 9 x 9 windowless den for, time outs?
I think the official neighborhood would be River North. West of Michicagn Ave is not Streeterville.
No. Its not River North. It doesn’t have the River North feel. I am guessing that River North would stop at Chicago Ave.
Its more Gold Coast.
Just checked out the developer’s website to compare the floor plan to the pictures. Looks to me like the photographer got the wrong address. The pictures look like a “C” unit (855 sq ft) — not “the most popular “A” floor plan in the new 10 E. Delaware boutique bldg by Lucien LaGrange”(1,023 sq ft) like the realtor claims.
Anyway, I don’t usually comment on these things, but this is the craziest pricing/marketing I’ve seen. Are you sure this isn’t a mistake??
Wow! if Lucien LaGrange was the artichoke of this building, it’s worth every penny. What a hack.
“I guess that, and the slightly oversized balcony, make this place worth about $300K more than comparable units in the vicinity.”
Try $250K more than a unit 2 floors up.
http://www.redfin.com/IL/Chicago/10-E-Delaware-Pl-60611/unit-11A/home/18752837
I love how the SAME AGENT claims that both 11A and 9A are both the “1st re-sale.” I think we have a new entrant for the realtor hall of shame.
Holy crap! This building looks f—-ing terible. This place is worh $450 MAX!
Stupendous!!!!!
on the positive side the assessments are only $400 🙂
Yes it seems high but remember that back in 2006 the buyer of this unit might have had to “camp out” overnight in order to be the first guy in line to put down a deposit! That pain has to be worth something around $200K…right?
I’d bet that these are not the correct photos and descritpion of the unit. Good observation by Wally as it does not look like the A unit listed on the website. In order to have a 500 sq ft terrace it must be right over the garage structure and therefore it would not show those railings around the balcony. Something is really worng here. My money says that you should stay tuned for a relisting showing a 3 bedroom with a huge terrace for $800+ If not then I hope that the seller and RE agent wrote up a three decade long listing aggreement.
Well I know someone who paid this much for a place very similar to this without a terrace in the Legacy @ Millenium Park, but at least they have one of the most spectacular views in the city.. this is just insanity!
Also that picture sure as hell doesn’t look like a 500sqft terrace, it looks like a damn balcony…
Both units are listed as “A” units but from the pictures (especially the kitchen) they look different.
9A assessments = $412
11A assessments = $384
Unit on higher floor gets lower assessments?
In three years, I would guess the over/under on assessments to be somewhere in the neighborhood of $600.
My parents own a unit in this building – a larger 3 bedroom, and this place is a ripoff in comps to what they paid pre construction
( square footage wise ).
why the hell would i pay nearly 1 million dollars for a 1000 sq. foot one bedroom when i could easily get a 1800- 2500 sq. foot place in another premium building in this neighborhood? this is just silly…
and the views aren’t that great either…
While we’re critiquing . . . the LR/DR combo is 16 x 13 ?!? That is really tight. I used to have a studio apt. with an 18 x 13 LR/DR (and that excluded the sleeping niche). 18 x 13 could hold only a small dining table for 4, a sofa and chair, and a narrow wall unit, plus a small coffee table and side table for sofa. Not a whole lot of room, and this is even smaller!
Wait, the person bought this in dec. 09′?? Is that right? They want a 200k profit in 2 months? Wtf
HHHHHHHHHHAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHAAAAAAAAAA!!! OMG I just fell down laughing…..
Dollface, if you still have a mortgage you are likely better off just renting it out. The only chances it might be worth it to you are if you get a VERY LARGE upfront payment plus rent-equivalent monthly pymts that are forfeited completely upon default, or no mortgages are available to anyone for your property.
Land contracts work best for pros with no mortgage. Do not proceed with one without the help of a qualified attorney who has done many of them.
“Wait, the person bought this in dec. 09??? Is that right? They want a 200k profit in 2 months? Wtf”
I’m sure it was purchased pre-construction a few years ago and just closed in december. still no reason for the $200k profit
It will be hard to flip these units because there are still many developer-owned units in the building for sale. There was an open house about two weeks ago. I looked at two 3-bedrooms plus den units. The building is fantastically overpriced. As pointed out, you can do a lot better by buying elsewhere and adding some of these higher-end finishes yourself.
One point no one has raised. The views from many of these units are terrible. Unless you are high enough to clear the Talbot Hotel, all east facing units look onto a brick wall. Even the views from a north and west facing corner unit, while unobstructed, were lackluster.
I have been in the building as well. I had to laugh at the prices and I am one of these suckers for overpriced one bedrooms. These are not even worth 500,000. The lobby was not that nice and the workmanship on the “crown molding” was shoddy. And who wants to get room service from the Talbott? Go rent in Trump for $2,700 a month have better amenities and order from Sixteen!
The premium may be justified by the proximity to Frenchy’s 24-hr porn shop on the southwest corner of State & Delaware. The stock of buidings in the city that can stake a similar claim is quite small.
By the way, 40 E Delaware, next door to the Talbott on the east side, is a very nice building for a quarter of this ask – structurally sound, beautiful common areas, and meticulously maintained (although the Elysian skewered the 3rd floor community deck on the north side).
@Fairbanks: Good point. Most of the crown molding looked like it was properly installed but in some spots it was very poorly done. At one location in the living room there was a 1/4″ gap between segments. I was also underwhelmed by the lobby.
@chi_dad: The Elysian also occludes 10 East’s views. But if you’re a fan of LaGrange’s work (I’m not) then maybe it’s not so bad.
Looked at this building early and concluded that the prices were just ridiculous- This Flip will not happen at even the origional price. The realtor and owner are smoking good stuff with this one
This is seriously insulting. I mean, as a human being, I am insulted. The realtor should be fired for not only giving her client terrible pricing advice, but for a laughable marketing strategy. Where is the picture of the 500 square foot terrace? Where are the gorgeous city views? And for this price range, staging should be an absolute must. The pictures make the unit look narrow and cavelike, sort of like my very first apartment.
This must be a mistake.
Dude, this price is TOTALLY reasonable. Here’s the best comp I could find.
http://realestate.nytimes.com/sales/detail/46-1010574/new-york-ny-usa/1-beds/CONDO-type/800000-900000-price/PRICE-HIGH-sort/46-1010574–45-731360–1501-DC33D9D5FB90715–3702-DP100120446–9972-ONENYC-46820–4423-SU91102352–574-17577–1501-ECE5–253-NS100129227–1501-DC33D9D5E030F55-ls/288-t
Fairbanks,
You mentioned that rents at Trump are $2700. For which floorplan?
Where can I find rental listings for Trump online? Is there something like redfin that shows rental listings in MLS?
Any guidance would be appreciated. Thanks,
Mike
You have got to be kidding me.
What a horribly unfunny joke, at either $850 or $699.
chi_dad, if you’re not into “French’s, around the corner directly accross from the mega-buck Elysian is an all night Currency Exchange, for the bankers that want to relocate to that area. 10 E. Delaware, Walton on the Park (2 W. Delaware) and the Elysian are
all now coming online and are very high priced. I am assuming 1)the developers do indeed want to sell, but 2)construction costs require the pricing they have set — it will take a failure in the finacncing arrangements to lower the prices, auction them off, etc — but we’re a few years from that. So if you want to live in one of these buildings at this time, pay up!
desteve,
The currency exchange that was there is no longer in business, and it was not an all-nighter. For that reason, I believe the price of the unit is quite reasonable. Accordingly, I anticipate buying it tomorrow and flipping it on Monday with an ask of 1.2M.
Furthermore, I believe there’s room for additional profit. Not doubting the astuteness of the current seller, I would contractually require this individual to repurchase it from me on Tuesday so that he/she can gain from any further upside potential.
Oh shit, where am I going to cash my TARP-funded bonus?….
Wow, nothing like pricing the place at about double what it should be and then it has shitty views and workmanship on top of that! This seller and realtor both must have slipped into a coma in 2006 and just woke up.
The photos on this listing show 2 different bathrooms for this one bed/one bath???
see ya @ 549k
Anyone else tired of Realtors and the games they play?
In hot seller markets they tell you to overbid to get the product
IN this buyers market they tell you prices wont go lower or lets not insult the seller with too low an offer
or how about the there are many offers here lets go in higher than ask
christ!!!!!!!!!!!!
i think it’s been pretty well established that those are the wrong pictures.
some great comments, though!
The Listing has been canceled
Hello Mike
Get an agent who does rentals in the building. The C and D floorplans which face west have rented for the mid to higher 2,000’s. There are some very high floor SE facing one bedrooms that are 1017 sq feet which have rented for 3,000+.
This listing was probably canceled because it was a mistake.
We’ll soon see.
Check out this gem of a listing–MLS 07398750. 2,000sf house in Bridgeport with adjacent lot for an ask of $738k LMAO.