Get a Luxury 1-Bedroom for $34K Under the 2000 Price in the Gold Coast: 57 E. Delaware
This large 1-bedroom in The Bristol at 57 E. Delaware in the Gold Coast has been on and off the market since March 2010.
In that time period, it has been reduced $120,500 to $429,000.
Luxury 1-bedroom units over 1000 square feet in downtown high rises were all the rage during the housing boom.
This one has 1135 square feet and a powder room.
It has south and west views and because it’s on the 40th floor, the listing says the views clear nearby buildings.
The listing says it is a penthouse and that the floor only has 3 units, but there is a $6 million listing just one floor higher which is clearly the buildings penthouse.
The unit has new floors and paint. The kitchen has maple cabinets, granite counter tops and white appliances.
It has central air, washer/dryer in the unit and parking is included in the price.
Is this a deal at this price for the square footage?
Brenda Mauldin at Baird & Warner has the listing. See the pictures here.
Unit #4001: 1 bedroom, 1.5 baths, 1135 square feet
- Sold in November 2000 for $463,000 (included the parking)
- Originally listed in March 2010 for $549,500
- Reduced numerous times
- Currently listed at $429,000 (includes the parking)
- Assessments of $852 a month (includes doorman, pool)
- Taxes of $8345
- Central Air
- Full size washer/dryer in the unit
- Bedroom: 14×13
$400K, then $1550 per month sunk costs for the privilege in living in 1,135 square feet? (taxes and assessments)
This is not a deal. This is a joke. This is not luxury, this is a throw back to 1990 design (although it was built in 2000). My bedroom in my vintage apartment is the same size as this bedroom. This will not sell anywhere near this price. Sorry.
“My bedroom in my vintage apartment is the same size as this bedroom. This will not sell anywhere near this price. Sorry.”
There are enough self-segregationists out there (Gold Coast/LP/Highland Park attitude), who don’t want to live anywhere near regular & real Chicagoans, that someone will pay to live in this Golub bldg. out of default because of lack of other “acceptable” options.
It include a parking space which should be 50Kish, so If it had nicer views and kitchen I would say 400K, as is 370K would be a good sale.
“It has south and west views and because it’s on the 40th floor, the listing says the views clear nearby buildings.”
South view is blocked. West view is not that interesting and I don’t think it clears the neighboring buildings (sofitel, 1 e delaware) by more than a few floors. If it has good views, show them in the listing.
1 beds have been closing for 360-375 in the building without the parking recently (last few weeks).
This is a wonderful building with quality construction in one of the best locations. These units were expensive when new, as they had many features and quality not found in typical Gold Coast condos. The Bristol, 250 East Pearson, and 55 East Erie are a group of buildings that have so far experienced more stickiness in prices than other buildings. It will be interesting to watch prices in these buildings over the next few years. Changes since the Bristol was built have had a negative impact such as new buildings or plans for new buildings blocking views, high assessments, popularity of balconies, etc.
“1 beds have been closing for 360-375 in the building without the parking recently (last few weeks).”
what were the views?
“what were the views?”
Better, though still too low to get a decent view in this area. See below and note drop from bubble price.
http://www.redfin.com/IL/Chicago/57-E-Delaware-Pl-60611/unit-1904/home/12770603
“negative impact such as new buildings ”
The subject property’s views must have been really screwed by the full floor condo building to the south. Would be so annoying to watch it going up.
50 W Chestnut is nextdoor and is 34 floors. This unit is not impacted. Unit 1904 closed on 11/30 for $360, no parking
“50 W Chestnut is nextdoor and is 34 floors. This unit is not impacted.”
What’s the building to the south in the photos?
This is a nice, well run building in a great location. The space needs some minor updates starting with the mirrors and track lighting. The kitchen is fine considering it will never be used. This should go for $390k with parking for an in town/weekend place. I know $1550 a month is high after purchase price, but not to the buyer of an in-town in this location.
“50 W Chestnut is nextdoor and is 34 floors. This unit is not impacted.”
“What’s the building to the south in the photos?”
Emporis database has 50 w chestnut at 40 floors (presumably 6 non-residential ones) and slightly taller than bristol.
Not to nit-pick, but it is 50 East Chestnut.
The $500,000 one bedroom died with the housing bubble, as it never should have existed in Chicago. The $300,000 one bedroom is dead outside of Streeterville, Lakeshore East and parts of River North and Gold Coast (NOT Lincoln Park).
“Not to nit-pick, but it is 50 East Chestnut.”
And 50 *East* Chestnut is also 40 floors in 486.84 ft (to the roof). While the Bristol is 42 floors in 465.01 ft (to the roof).
No idea if 50 E Chestnut blocks views from *this* unit, but it is certainly taller than the Bristol.