Multiple Offers for a French-Inspired 2-Bedroom Penthouse in the Gold Coast: 17 E. Division
This 2-bedroom at 17 E. Division in the Gold Coast came on the market in February 2025.
Built in 1900, 17 E. Division has 6 units and some outdoor parking.
The listing called this top floor unit a “French-inspired penthouse.”
The unit has some of its vintage features including custom moldings, 12 foot ceilings, a vintage skylight and a wood burning fireplace in the living room.
The listing says it was “rehabbed in 2023-2024.”
It has an “all new” kitchen with white cabinets (but the upper cabinets are mostly missing), stone counter tops, stainless steel appliances and lighting.
If you look at the pictures in the 2022 listing, you’ll see the kitchen was your standard dark wood, stainless steel appliances with an island kitchen.
The current kitchen has replaced the island with a wood table/island which I wonder if it will be included in the sale.
There are hardwood floors throughout, including the bedrooms, which had carpet in the 2022 sale.
The listing says the bathrooms have been “updated.”
The unit also has an office/butler’s pantry which now has built-in cabinets (see pictures from the 2022 to see what it looked like before.)
The unit has some of the features that buyers look for including central air and washer/dryer in the unit. There is no parking but it’s available in the neighborhood.
It also has a private back deck with a water hook-up.
This building is located near the shops and restaurants at State and Division as well as the Rush Street corridor. The Jewel on Division is nearby. You can also easily get to Oak Street Beach. It is near multiple bus lines and the Red line stop at Clark.
This unit came on the market at $640,000, which is $75,000 above the 2022 purchase price of $565,000.
Listed on February 6, it went under contract on February 8.
I’m cribbing about it today because a little birdie told me there were multiple offers. They didn’t even wait until Monday for the “best and final offer.”
Inventory is near record lows in many Chicago neighborhoods.
What should be the strategy of sellers agents in this market?
- Price it low, have two open houses on Saturday and Sunday, accept offers on Monday by 5 pm?
- List it, have showings, take in offers as they come but continue to show it for “back-up offers”?
What should be the strategy of buyers?
- See the property within 24 hours of listing?
- Be prepared for multiple bids and have a strategy as to what you’re willing to go over?
Any guesses on sales price?
Anne Rossley at Baird & Warner has the listing. See the pictures here. No floor plan but there is one in the 2022 listing.
Unit #3E: 2 bedrooms, 2 baths, 1600 square feet, penthouse
- Sold in September 1992 for $236,000
- Sold in December 2001 for $377,000
- Sold in May 2006 for $482,000
- Sold in June 2022 for $565,000
- Originally listed on February 6, 2025 for $640,000
- Under contract in 3 days on February 8, 2025
- Was told it was multiple bids
- Assessments of $595 a month (security)
- Taxes of $10,419
- Central Air
- Washer/dryer in the unit
- No parking- available to rent in the neighborhood
- Wood burning fireplace
- Vintage skylight
- Bedroom #1: 14×11
- Bedroom #2: 13×11
- Living room: 23×22
- Dining room: 15×11
- Kitchen: 15×11
- Office: 23×7
- Balcony with water
I like it.
December 2001 for $377,000 + CPI = $662k
May 2006 for $482,000 + CPI = $750k
June 2022 for $565,000 + CPI = $602k
And the sellers spent a ton of money on it.
the duplex down (1E) sold last year (zillow, bc RF has no pix?):
https://www.zillow.com/homedetails/17-E-Division-St-1E-Chicago-IL-60610/3846178_zpid/?
There’s now a 1 BR in the Hancock on the market for the first time in a while. But they want 400,000 and it faces west. But it could be a sellers’ market, as you note. I can’t imagine paying $400,000 for two rooms, with $400 a month parking on top of that. Nor could I see paying $600,000 to live in today’s featured building. Calling it a “penthouse” really stretches the definition.
Dan #2
which unit?
and regarding parking. You going to be paying partially for the parking in your property tax if the parking is tied to the unit not to mention the property price
8001. Looks nicely rehabbed and is almost the highest floor for one bedrooms (they only face east or west at that level – north and south facing one bedrooms only are up until the 61st floor).
Thank you for the heads up.
Nice HOA fee. Clearly set up for a flip given the grey paint.
Did 8001 not have a sky deck? Do the one bedrooms at that height not have the skydecks?
I wish they did more on the lighting for the middle of the living area
I also really wish they had put a floor plan in the listing to look at the layout
JH #8001: why’d they put the microwave at ceiling height??
“why’d they put the microwave at ceiling height?”
wanted to keep it in line with the TV.
The upper one bedrooms at the Hancock don’t have sky terraces (not called sky lobbies). Only the ones lower down facing north and south have those.
thank you again.
Mine was facing north south and when I went into the East West ones, they were already combined with another unit.
= = = =
Actually I think the sky terraces are going to be mostly gone now because of units being combined or original units being completely redone.