Flipper Alert: Selling for the Same Price in Hyde Park: 5346 S. Cornell
The Silver Cloud, a new conversion building at 5346 S. Cornell, in Hyde Park, has been selling units since 2007.
From what I can tell, 31 out of 72 units have closed.
Current stats on the building (out of 72 units):
- 12 for sale
- 4 for rent
Some units may be both for sale AND for rent.
Two re-sales recently came on the market, Units #1003 and #1103. They are both for sale and/or rent.
Here is the listing (same for both):
Hyde Park-resale of luxury upgraded split 2bd/2ba, at Silver Cloud in preferred 03 tier. Lg, open loft-style living area, Brazilian cherry flrs thruout, dark espresso Italian cabinet kitchen w/ ss appliances, track lighting, in-unit washer/dryer,gorgeous views of city & lake from expansive windows & balcony.
Parking on site. Building offers exercise facility,doorman,dog run,&movie theatre. Best finishes in Hyde Park
@Properties has both listings. See more pictures here (pictures are the same for both units).
Unit #1003: 2 bedrooms, 2 baths, no square footage listed (but around 1150)
- Sold in July 2007 for $329,900
- Currently listed for $329,900 (parking available)
- Assessments of $233 a month
- Taxes are “new”
- OR you can rent it for $2200 a month
Unit #1103: 2 bedrooms, 2 baths, no square footage listed (but around 1150)
- Sold in July 2007 for $335,900
- Currently listed for $335,900 (parking available)
- Assessments of $237 a month
- Taxes are “new”
- OR you can rent it for $2200 a month
Hey, it’s another wall unit kitchen! Though now that I’m thinking about it, my place is barely more than a wall unit but at least the counter space creates a distinct kitchen area. I’d think cooking in a horizontal line would suck – I appreciate the ability to have separate staging/cutting & cleaning/cooking areas. But if I just hit grubhub each night that wouldn’t matter as much.
$2,200/month for a 2/2 in Hyde Park?!
LOL!
I think this stuck buyer is just now realizing what a tragic financial mistake they made. No 2/2 in Hyde Park is worth anywhere near 330k, I don’t care how much they paid for it.
Why does it seem like @properties carries the listings for the crappiest homes in the city? I know they sell good stuff as well but I see so much junk among their listings. They would not be my first choice if I were actually looking to buy right now.
Decorative industrial pipes are offensive enough in new construction but tragic in a vintage highrise. Guess the developer never heard of crown molding. As of the open kichen, while it too is out-of-place, the original was probably extremely small — I’ve lived with vintage kitchens the size of 4 floor tiles — so this was the best option.
craptastic
@Callebaut – I definitely didn’t think about the fact that the original kitchen could have been worse. Guess I’ll never be an architect.
what’s with the “euro” kithchen attempt and then the knotty pine trim? worst combo ever!
“this was the best option”
No, the best option would have been leaving it a relatively low cost rental. Maybe spiffing it up a bit to make it “luxury” rentals. This building is all about throwing other peoples money away.
OHMYGOD, what did they DO to this beautiful old building.
They have destroyed this poor building! They’ve stripped the vintage units of all the charm and rendered them hideous. Open ducts are a crime in a place like this.
One of the worst results of the fake boom was the large number of lovely vintage buildings that were completely savaged, gut rehabbed and clean-walled to death, never mind exposed brick and open ductwork, to be offered as cheesy rehabbed condos. Too bad this crazy market didn’t start unwinding in 2002- many beautiful buildings would have been saved.
I would buy it in a second… only if the Samurai swords come with it! LMFAO!
I agree with Laura (and so do a lot of other people, judging by the closings) – there have been an awful lot of poor rehabs lately.
The kitchen could have been a LOT better – if you are gutting – a true, total gut, there is no excuse for a poor layout. I hope those are two different units, that trim with the modern cabinetry would just be headache inducing.
This is also ridiculously expensive for a “vintage” high rise in HP. I was just going to suggest Jackson Towers (5555 Everett) but the assessments are even higher than a relatives vintage high rise co-op which includes garage AND taxes in HP.
This being my neighborhood, I had high hopes for the Silver Cloud–and this just breaks my heart. Don’t know how much to read into it, but one day I went to try to see some units the day after a big snowstorm. I stupidly tried to drive into their parking lot, which they had not plowed at all, and got stuck for well over an hour. Never tried to go there again–I just figured it wasn’t well run.
Speaking of HP, I wonder if Solstice on the Park (Studio/Gang building) will ever get built?
I’ve heard it won’t be a go, but who knows. They are certainly trying hard to sell the units.
I think you’ll get a more complete picture of the building from my videos.
Part one includes a look at the common areas and an 01 tier unit:
http://www.youtube.com/watch?v=zdBcMQ2qo-g
The second video includes a partial walk-through of an 03 tier unit.
http://www.youtube.com/watch?v=1pNUyvHy5wU