Get a Vintage 2/2 Co-op With Washer/Dryer for $315,000 in Hyde Park: 1755 E. 55th
This 2-bedroom in the Parkshore Co-op at 1755 E. 55th in Hyde Park came on the market in July 2024.
Built in 1920, the Parkshore has 115 units in two addresses. It has a lot of the amenities of the big buildings of that time including a landscaped private garden and a hospitality suite.
It also has 24 hour door staff and an exercise room. It is pet friendly.
There’s no parking, but, if I recall correctly, there’s a rental lot next door but I think there is a wait list.
This building also has a laundry room as many units don’t have in-unit laundry.
This unit faces south over the gardens and has French doors which open to a private balcony, with lake views.
It has hardwood floors throughout but not a lot of other vintage features.
The kitchen has been “updated” with all new stainless steel appliances. It has wood cabinets.
The primary bedroom has an updated private bath.
This unit has some of the features buyers look for including central air and in-unit washer/dryer. There’s no parking.
The Parkshore is near the shops and restaurants of Hyde Park, the Museum of Science and Industry, Promontory Point, the University of Chicago, several bus routes and the Metra as well as Trader Joe’s and Whole Foods.
Listed in July 2024 at $325,000, it has been reduced $10,000 to $315,000.
At 1900 square feet, is this a deal?
(Reminder, co-ops include the real estate taxes in the monthly HOA).
Jeanne Spurlock at Berkshire Hathaway HomeServices has the listing. See the pictures here. (Sorry, no floor plan)
Unit #804: 2 bedrooms, 2 baths, 1900 square feet, co-op
- Sold in July 2012 for $227,500
- Originally listed in July 2024 for $325,000
- Reduced
- Currently listed at $315,000
- Assessments of $2284 a month (includes heat, doorman, exercise room, lawn care, scavenger, snow removal)
- Taxes included in assessments
- Central Air
- Washer/dryer in the unit
- No parking
- Bedroom #1: 11×16
- Bedroom #2: 11×16
- Living room: 15×23
- Kitchen: 10×8
- Dining room: 14×16
Hard to know for sure from public resources, but it looks like the ask is higher than any recent sale (ie, post-GFC) in the building.
Biggest diff between this and others appears to be the add of a central a/c system.
Otherwise, I don’t see it getting $300k+, when this one is contingent at $155k:
https://www.redfin.com/IL/Chicago/1755-E-55th-St-60615/unit-601/home/40285138
“Otherwise, I don’t see it getting $300k+, when this one is contingent at $155k:”
Several big differences between the two units:
1. More expensive one has central air
2. More expensive one has the in-unit washer/dryer
3. More expensive one has a balcony
Nice to see pictures of the gardens in the linked listing.
Not sure all of that is worth another $150,000 however.
One feature not mentioned is guest rooms that are bookable by Shareholders. I think it’ll sell for close to or over ask – this unit is slightly larger than the other one linked (different tier) plus AC, laundry and balcony. There is a shortage of units in HP and people are really desperate – even for co-ops.
“There is a shortage of units in HP and people are really desperate – even for co-ops.”
Did people just get desparate since June?
601 was listed in Jul-23 for $220, Sep-23 for $209, Oct-23 for $199, Mar-24 for $180, de/re-listed in Jun-24 at $169, and finally got a nibble 4 weeks after dropping to $155. And it’s highly likely the closing price will be something less than $155.
Yes, the featured unit is nicer for all the noted reasons. Is it TWICE as nice?
Yes, nice/move-in ready units are going nearly instantly – there were rumors that a lot of houses were selling privately according to sources who talked about HP fakebook parents groups where there were people begging online for houses. I thought they were bs until one of my friends mentioned that their neighbors sold their house (which was listed but didn’t sell last year) privately this summer for more than they’d listed it for last year – like 1.5m or that range.