From $1 Million in 2002 to $480,000 in 2011: 257 E. Delaware in the Gold Coast
This vintage 2-bedroom at 257 E. Delaware in the Gold Coast recently came on the market.
It last sold in 2002 for $1.05 million and is now bank owned and listed at just $481,140.
We’ve actually chattered about several units in the building over the years, including at least one other bank owned unit, which is surprising because the building only has 21 units.
Built in 1926, this unit has the vintage features many buyers look for including high ceilings, crown molding, wainscotting, hardwood floors throughout and a wood burning fireplace.
From the pictures, the kitchen appears intact and has white cabinets, granite counter tops and at least some stainless steel appliances.
The pictures also show both bathrooms intact.
The unit has both central air and in-unit washer/dryer – which is somewhat rare for vintage that was built in 1926.
There is no deeded parking but the other listings in the building mention it as rental next door.
The unit was on the market for just over 2 years in 2007-2009 but never sold.
At over 50% off the 2002 price, is this a steal?
Timothy Blomquist at Key Realty has the listing. See the pictures here.
Unit #7A-B: 2 bedrooms, 2 baths, den, 2600 square feet
- Sold in December 1988 for $83,000
- Sold in March 1996 for ? (typo in the public records- but probably over $330,000 which was the mortgage)
- Sold in March 2000 for $635,000
- Sold in October 2002 for $1.05 million
- Originally listed in June 2007
- Was listed in May 2008 for $1.425 million
- De-listed in July 2009
- Lis pendens foreclosure filed in November 2009
- Bank owned in August 2011
- Currently listed for $481,140
- Assessments of $1662 a month (includes heat)
- Taxes of $8516
- Central Air
- Washer/Dryer in the unit
- No parking- but rental next door
- Bedroom #1: 20×16
- Bedroom #2: 15×18
- Family room: 10×19
- Laundry room: 4×8
HOLY ASSESSMENTS BATMAN!
The price looks good, but hard to call a place a “steal” when you’re paying $2,400 a month for taxes/assessments on top of the mortgage and that doesn’t even include a parking space. I wonder who will end up buying a place like this. As it’s been on and off the market over the last four years with no sales, I’m thinking it’s a very limited audience.
Personally I’m not into vintage but given the location, size, and vintage character I’d think this would sell for around the current listing price, even with the high assessments. I do have to say that I’m stunned that this place sold for over $1 mil in 2002 — well before the height of the boom.
“As it’s been on and off the market over the last four years with no sales, I’m thinking it’s a very limited audience.”
It found a buyer in 2002 without any problems.
It’s only a “limited audience” at a certain price point, right?
Not sure Dan 2, look at the 2000 price. This place is a sinking ship. But then again it only takes one buyer.
A steal in my opinion.
God damn it, Sabrina – I have had my eye on this place for awhile. Do you accept bribes NOT to showcase places?
uhhh, actually, this place is terrible and assessments are way to high. Everyone look away, look away…..
with ass fee’s and property taxes, they are only going to go up from here on out….
…with the national salary increase rate at 3.5% and common living staples (food, gas/electric, healthcare, ect) going up from 4%-11% in some areas…
…ones gotta ask himself do you really want to go in high? or go in low?
just think 7% on $1662+$8556=$10218 or 10% on %3700, which would you rather have
Assessments kill this, aside from the fact that the unit looks worn down and rustic (I’m sorry, “VINTAGE”), horribly photographed too. No parking? NEXT.
“HOLY ASSESSMENTS BATMAN!”
Rookie!
Ha, well it’s high compared to Chicago as a whole, but for the particular location vintage and square footage, it’s par. Think about it this way, it’s about the size of 2, 2br units. So $800/month is par for the Chicago north side.
“It found a buyer in 2002 without any problems.”
Was the 2002 purchase fraud?
I just took a glance at a property listed at 227 E Delaware… which is much larger, nicer, and listed for about the same price ($499K vs $481K), and its not a short sale. The assessments are $1000 per month higher, (mortgage value of like $200K). Still, given the higher assessments I would prefer the place in 227 E Delware. I dont think this is a great deal.
Assessment is not terribly out of line for vintage in similar location. I think the problem is that the audience for this place (retirees) have changed their desires. The current group of retirees are less focused on location and more on economics and amenities (gym and parking included). Current retirees are looking for places that are manageable even if they are ill or wheelchair bound. This place is not laid out well for an aging population. Newer buildings with wider hallways, amenities and parking are more attractive for new retirees (I know, I just did this with my mom).
Also, since 2002, many nice River North buildings have gone up that compete with this.
well said, urban mommy!!!
the things that save this place and will always make it desirable are:
– location location location
– vintage buildings are becoming rarer and rarer (and even if the potential buyer pool is dwindling – there will ALWAYS be people who love vintage) – also, the fewer vintage places around, the more “unique” the place is – which usually results in increased popularity with the GP.
taxes seem kind of low for a property that sold at 1million
Amazing it sold for so little in 1988. The lack of parking is a big issue, but I like this place and actually think it’s a decent price (plus, it allows dogs while others in the area do not) for the vintage charm and that fact this is such a small building.
I imagine the upkeep on the building is extremely expensive on a per owner basis.
I’ve looked at this building in the past. The units as originally laid out are large and grand though you would never know that from the crooked cell phone photography. Check out unit #3 which is also for sale. That one is an entire floor with 3 WBFPs. This unit is definitely priced right for someone willing to spend a bit to bring back its potential. By the way, as originally concieved, this building only had one unit per floor but was divided up into 3 per floor in the 70s. Some units have been put back together. This one appears to be about 2/3s of the floor.
I’ve looked at this building in the past. The units as originally laid out are large and grand though you would never know that from the crooked cell phone photography. Check out unit #3 which is also for sale. That one is an entire floor with 3 WBFPs. This unit is definitely priced right for someone willing to spend a bit to bring back its potential.
somone will easily buy this for 450 cash, put in 100k and have a great in-town or permanent residence for 550k. 2500 for tax/assm is nothing. There is actually a HUGE number of people that can afford this. Again, you guys are looking at this place from your point of view (ie, mortgage) – the potential buyer is likely someone with cash to buy it. Actually – look at many of the recently closed sales on redfin – you would be surprised how many people are buying million plus properties WITH CASH. This goes against everything most people on this site think – but then again, this site doesn’t deal with reality.
2002 was a very different year than 2011.
A lot of people FELT very wealthy who really weren’t and they were enabled in those sweet feelings by the mortgage industry.
Now we’re back on planet Earth.
Laura,
there are still a lot of people who really ARE wealthy out there (in fact there are more wealthy people than there are condos/coops in this area). It just is a matter of finding the right match. The price is absolutely below market value for the area/space.
Clio,
You’re absolutely right – someone is going to pay cash for this and won’t worry about the $2,500 a month assessment/tax/parking. For a person with a lot of money, this does work.
Is this better?
http://tours.vht.com/realestateforsale/PhotoGallery/1183559/1/Living-Room-1_257-E-Delaware-Pl-Unit-7AB-Chicago-Illinois_60611.aspx
Thanks for the pictures. I really don’t understand why they just didn’t copy those pictures… Anyways, this place is a ridiculous steal. It will sell for over asking.