A Renovated East Facing 2/2 in the Hancock: 175 E. Delaware Place in Streeterville
This 2-bedroom on the 69th floor in the John Hancock at 175 E. Delaware in Streeterville came on the market in February 2021.
Built in 1969, the Hancock has 705 units as well as commercial space along with a rental parking garage.
It’s a full amenity building with an indoor pool, exercise room 24-hour doormen and a Potash grocery store.
This unit faces east, with Lake and sunrise views, and the listing said it has had a “stunning renovation.”
It has medium-blonder wide plank floors throughout.
The listing says the kitchen was taken “down to the studs” in 2017 and now boasts modern cabinets, stainless steel appliances, granite counter tops with a custom solid glass backsplash, corner Lazy Susans and double cutlery and knife drawers.
The bathrooms have “new” euro-style wood hanging vanities with new tiles.
The primary bedroom has custom wood shelving and a pocket door along with an en suite bath.
The closets have been customized.
The listing says there is a “newer” window HVAC and “newer” wall thermostats.
It has 2 operable windows.
It doesn’t appear to have washer/dryer in the unit. I believe the building allows it now. Additionally, there’s coin laundry in the building. I thought it used to be on every other floor, but those of you who have lived in this building can fill us in.
Rental parking is available in the attached garage.
Listed in February 2021 at $625,000, it’s still listed at $625,000.
Will sales in one of the flagship condo buildings in the downtown improve now that the city has reopened?
Kevin Snow at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.
Unit #6906: 2 bedrooms, 2 baths, 1420 square feet
- Sold in March 1997 for $248,000 (per Redfin)
- Sold in January 2003 for $440,000 (per Redfin)
- Sold in December 2015 for $565,000 (per CCRD)
- Sold in July 2018 for $580,000 (per CCRD)
- Listed in February 2021 for $625,000
- Currently still listed at $625,000
- Assessments of $1,061 a month (includes doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, coin laundry)
- Taxes pf $7568
- Window HVAC
- No washer/dryer in the unit- coin laundry in the building
- Attached rental parking available
- Bedroom #1: 18×13
- Bedroom #2: 15×10
- Living room: 20×14
- Dining room: 11×14
- Kitchen: 11×8
Holy Beige
Layout is terrible, so much wasted space. No parking an no in unit laundry for $125k down & $4k/mo?
Buyer seems to be trying to get his money back, not going to happen.
So the current listing boasts about the renovation that was done by the previous owner. Seems a little odd. The kitchen is decent but the bathrooms already look a little dated.
Looks like there’s some minor gapping in the wood floors. They probably needed to glue them down but didn’t.
I’m wondering if the kitchen was done (or mostly done) before the 2015 sale? Seems odd given only $15K price appreciation from 2015 to 2018, that this would include the added value of a down to the studs kitchen reno. Listing says that the kitchen renovation was “finished” in 2017; Odd choice of words– unless it was almost done before the 2015 purchase, but then “finished” by that owner?
Finally a kitchen that doesn’t have the awful fake marble that everyone else is using! I would guess the kitchen was done at least 2 years ago given that it’s not a mess of grey and fake marble.
I dislike the hanging vanities. Who wants to clean underneath a vanity and lose out on extra cabinet space?
I like the LED lighted mirror. I’m close to pulling the trigger one of LED mirrors.
“given only $15K price appreciation from 2015 to 2018”
Redfin has the pix from ’15 and ’18. Kitchen was redone in that period.
Listed in May-17, for $699k. Dropped several times to $599k in Apr-18, which is when they got the offer that closed at $580k. Had to hurt.
“I’m wondering if the kitchen was done (or mostly done) before the 2015 sale?”
on Redfin you can see pictures of the previous 2 listings. The 2015 sale included the old kitchen. You can see some of the bathroom and the tile looks the same. Maybe they only updated the vanities.
I’m not sure what it is about the Hancock, but it seems like there is really a struggle to make these units look finished and homey, more so than other luxury highrises. Not sure I’ve seen a listing for a single unit that’s been finished nicely and completely.
It could be due to the very deep room sizes and slanted windows.
I will say that wrapping the radiators in the wood helps, as does the large artwork to define the spaces. Still, this unit appears unfinished to me.
I live in the building and have viewed many east-facing units. This looks like one of the nicer ones in terms of finishes, through the LR is kind of narrow. The price is in the middle for a Hancock 2/2.
Perfectly reasonable price for a unit that’s in great shape in a building with amazing amenities, but I’d never choose a straight east-facing unit. The lake is lovely, but it’s kind of boring if that’s basically all you can see. At night it’s just black.I face north and love the iconic view up Lake Shore Drive with the contrast so evident between land and water, and the city lights at night.
As a friend in the building told me, you buy for the view and then work on the unit. I’d prefer to buy a cheaper north-facing 2/2 that needs a bit of work. This one, maybe: https://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-7304/home/14118870
Whoever said there’s no parking is wrong. The building has a garage and anyone who owns or rents can park there. The problem is the price, which is immense at $375 a month. I opt not to use the building’s garage.
As for laundry, it’s really no big deal not to have it in the unit. Mine is right across the hall and couldn’t be easier to use. You buy a laundry card in the laundry and just insert into the machine. No need to keep coins around.
Interesting comment about trying to make the units look homey. I agree the slanted shape of the building and the deep units make that a challenge. My studio is 680 SF, and much longer than it is wide. I appreciate all the space, but it would be better to have more windows and less closets (though some people appreciate closet space more than I do, I suppose). My studio has a walk-in closet that’s big enough to be a bedroom in a lot of those faceless red-brick condos built in the last 20 years.
Correcting typo: You buy a laundry card in the lobby, not laundry. There’s a machine on 44th floor.
Anyone interested in learning more about living in the Hancock can ask me.
Can get a 2/2 in this building for much less so seller will struggle (and apparently is) getting anywhere near ask. I’d rather spend low 400’s on a 2/2 that needs updating than 625K that still needs updating.
And agree with Dan…Lake view is stunning in summer but boring the rest of the year it’s just looking at a big dark flat empty surface 2/3’s of the year.
“Anyone interested in learning more about living in the Hancock can ask me.”
Dan #2, curious —
Does it become annoying to walk straight into a prime tourist block every time you leave the building?
And is the area quiet and boring after the Michigan Avenue stores close around 8PM?
“This one, maybe:”
Price history makes it seem cursed or something:
May-00: $530k
Aug-04: $510k
Mar-06: $620k
Now: Short sale asking $450k, and it appears to be in livable condition.
1st mortgage ($496k at purchase) “should be” ~$325k after 15 years, and 2d is max $93k.
Yeah, anon, I can’t figure out 7304, either. I should be able to have a look at it soon and will report back. It had listed for $325,000 originally this time, which would have been a huge bargain, but then jumped.
KK – it depends on whom you ask. My wife really dislikes the Michigan Avenue crowds, and I can see why. But I’m so happy to have tourists back, it makes me happy to see them enjoying our city.
The other complaint my wife has about Michigan Avenue is there’s no regular, everyday stores or restaurants. I agree, but if you walk just west of it you’re in a lovely, quiet area with nice architecture and a few interesting restaurants and some convenient stores (Whole Foods, Trader Joe’s, Walgreens). It really feels like a different world from Michigan Avenue.
I happen to love living in a tourist attraction and seeing the crowds waiting to pay to go up to the observatory. But I used to work in the Sears Tower, so I’m used to it. It’s not for everyone.
I haven’t noticed it getting quiet after 8, but I have noticed the homeless population does seem to go up around that time. It’s very sad. I saw a guy sprawled across the sidewalk the other night on the corner of Michigan and Chicago.
Looking at this I just get the feeling Hancock would have been the $1k a feet equivalent building back in its day. Highlights how much depreciation happen in real estate. And all the old units need $100 a foot renovations to be livable.
Depends what you call “livable,” Sean. My unit has been upgraded, and I say it’s livable (as does my wife, and she’s tough to please), but neither of us would say it’s a world class renovation. We’re fine with it for now, but if we eventually buy in the building, it’s likely we’ll have to spend a lot on upgrades (we rent for now).
“Looking at this I just get the feeling Hancock would have been the $1k a feet equivalent building back in its day.”
There was a condo boom in the 1970s just after it was built (hence several other big condo buildings from that era- like Newberry Plaza) so prices soared in the 1970s but then collapsed for over a decade.
I’ve cribbed about it in the past. Crain’s and others covered it during the 2009 housing bust.
But there’s no doubt that there are newer buildings which have taken the lead in the city now.
“And agree with Dan…Lake view is stunning in summer but boring the rest of the year it’s just looking at a big dark flat empty surface 2/3’s of the year.”
But Dave, I’ve been told that EVERYONE wants lake views and that it is the ONLY view.
Who would want views of the city or Lake Shore Drive all lit up at night with twinkling lights? (sarcasm)
What does it take to get a w/d installed? Presumably a condenser dryer?
Why would you spend the money for Bosch appliances and get the ones that look suspiciously like Whirlpool?
“And agree with Dan…Lake view is stunning in summer but boring the rest of the year it’s just looking at a big dark flat empty surface 2/3’s of the year.”
Lake view in stunning in winter. The fitness room in my building over looks Millennium Park and the lake. Staring at ice makes the treadmill a little less boring.
A direct lake view is stunning and calming year round.
It is mesmerizing and can feel like you’ve left the city.
“Who would want views of the city or Lake Shore Drive all lit up at night with twinkling lights? (sarcasm)”
Probably the same choads that paint vintage woodwork, dont spend any time in the outdoors, get winded waddling a 1/4 mile, etc…
“A direct lake view is stunning and calming year round.
It is mesmerizing and can feel like you’ve left the city.”
Two people on this blog apparently disagree with you KK.
It’s not that they don’t like the lake- but lake alone is a real drag. It’s just black at night so what’s the point? Ugh.
Since you can get it- why not get a corner unit that has some direct and some city?
Makes sense to me.
Unit 6904 sold recently for 498k. It previously sold
Aug 1984 @ 183k
Nov 2004 @ 415k
May 2005 @ 440k
May 2014 @ 450k
Sep 2019 @ 430k
May 2021 @ 498k
If the recent seller didn’t put money into it he may have a small profit.
If one assumes the unit has never had money sunk into it, between 1984 and 2021 it rose 2.48% per annum, during which time the CPI-U all items for Chicago rose 2.43% pa (105 to 254). And the CPI-U (OER) for Chicago rose 3.2% pa (108.5 to 345.5).
Between Nov 2004 and May 2021 the condo rose 0.49% pa, during which time CPI-U all items Chicago rose 1.75% pa (190.7 to 253.9) and CPI-U (OER) for Chicago rose 2.12% pa (244.6 to 345.5).
So, for the 37-year period (1984 to 2021) the condo almost kept pace with inflation and for the 16.5-year period (2004 to 2021) it fell short of inflation by about 140 bps per annum.
https://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-6904/home/14118494
I got my inflation numbers here
https://fred.stlouisfed.org/searchresults/?st=Chicago%20consumer%20price%20inflation
Hopefully I copy & pasted the info correctly.
“If one assumes the unit has never had money sunk into it”
Given the complete absence of a kitchen pic, probably safe to assume only appliance replacement in there. Someone redid the two bathrooms.
“Someone redid the two bathrooms”
I can believe it. But that only means the condo’s value has fared worse vis-a-vis inflation than I implied.
The Hancock’s a good buildings for seeing how hard it is for DT Chicago re to outperform inflation. Many units have had only minimal upgrades, thereby making apples-to-apples comparisons possible.
In general I dispute the claim — sometimes proffered by you — that real estate can be expected to appreciates at an annual rate of CPI plus 25 or 100 bps a year.
That claim has indeed been true on occasion, for certain stretches of time in certain regions. But it’s no law of nature. And I find that it’s rarely been true of DT Chicago for the last 10 or 20 years.
In any case, since such instances are rare I like to collect them, like Indian-head pennies. Let me know if you find any. I’ll post some that I’ve found.
Horrifically,
“A bullet piercing the wall of a 57th floor condominium unit at John Hancock Center in January has only reminded unit owners of what they say is a pattern of safety issues at the 100-story Mag Mile tower.”
Relatedly, one resident said of last summer’s riot:
“It was a horrible night and was probably the scariest night in my life. We were put in a very vulnerable position by Sudler…”
“Our doormen were left in the lobby to fend for themselves…. Our building could very easily have been compromised and we had the potential of having rioters and looters running through our hallways.”
https://www.loopnorth.com/news/hancock0308.htm
More here
https://www.loopnorth.com/news/hancock0216.htm
““A bullet piercing the wall of a 57th floor condominium unit at John Hancock Center in January has only reminded unit owners of what they say is a pattern of safety issues at the 100-story Mag Mile tower.” ”
———————————-
And reading the article shows that the gun was fired by another unit owner (or his son) and it wasn’t a case of marauders or other criminals.
In my neighborhood the proper response would be to shoot back.
I would be far more concerned about the management company not allowing people to get copies of the emergency plan.
“In general I dispute the claim — sometimes proffered by you — that real estate can be expected to appreciates at an annual rate of CPI plus 25 or 100 bps a year.”
“can be expected” has never left the tips of my fingers on this topic.
And I think I have been inconsistent with the bps posted here, but 25-50 is most accurate for the point.
The formative research of Shiller (see https://cowles.yale.edu/sites/default/files/files/pub/d08/d0851.pdf ) found it to be +~30bps/annum from 70-86. I’ve seen other data that suggests that was about right for the ~50 years prior to ’70.
From ’87, we have the CS Index as a reference:
CS index for Chicago in Jan-87 was 54.20648.
+CPI from the BLS calculator to Jan-21 would be 127.51. or (if my math is right) 2.5478%/yr
Actual CS for Jan-21 = 156.71031. or (but, math?) 3.1716%/yr
Delta (I *can* subtract with confidence) is +62.38 bps. Which is part of why I slide a little over 50 bps sometimes (the rest is avoiding arguing over the diff b/t 50 and 60, and whether there has been a paradigm shift since late 80s).
YES: this is not necessarily representative of the whole market, and NO: it will not be indicative for any given property. There are *obviously* limitations.
That said, on the whole, the Chicago residential real estate market, over the long run, has *generally* gone up by CPI +25 to 50 bps, like for like. Peak to trough or vice versa is, naturally, going to give different *very* results, and any less than looong timeframe may as well.