Gold Coast 1-Bedroom Returns After Rehab: 40 E. Delaware
We’ve chattered about this 1-bedroom at 40 E. Delaware in the Gold Coast before.
See our May 2011 chatter here.
Back then, the unit was listed as a short sale and had carpeting and what looked to be original finishes in the kitchen and bath.
It eventually went back to the bank which then sold it in November 2012.
The unit has come back on the market with hardwood floors, a new kitchen with dark wood cabinets, granite counter tops and stainless steel appliances, and a new vanity in the bathroom.
The unit has wall air conditioning and in-unit washer/dryer. There’s no parking but it’s available in the neighborhood to rent.
It has the same views as 2011, which look into the newly built Elysian.
Back in 2011 we chattered about this being a unit to buy for a child attending Loyola which has a law campus nearby.
But the unit could have been bought in the $100,000-$200,000 range back then.
Does it still make sense at this higher price of $219,000?
Gregory Eldridge at Streeterville Properties has the listing. See the pictures here.
Unit #404: 1 bedroom, 1 bath, no square footage listed
- Sold in January 1997 for $105,000
- Sold in February 2001 for $168,000
- Sold in September 2001 for $185,000
- Sold in December 2003 for $170,000
- Sold in March 2005 for $194,500
- Originally listed in July 2010 for $239,000
- Reduced numerous times
- Lis pendens foreclosure filed in February 2011
- Was listed in March 2011 for $169,900
- Was listed in May 2011 as a “short sale” for $129,900
- Withdrawn
- Bank owned
- Listed in August 2012 for $181,900
- Reduced
- Sold in November 2012 for $127,000
- Originally listed in May 2013 for $225,000
- Reduced
- Now listed for $219,000
- Assessments now $525 a month (they were $481 a month in May 2011) (includes doorman, cable)
- Listing offers to pay assessments for the first 6 months.
- Taxes now $2704 (they were $2639 in May 2011)
- Central Air
- Washer/Dryer in the unit
- Rental parking nearby
- Bedroom #1: 11×13
- Living room: 19×17
- Kitchen: 10×7
“But the unit could have been bought in the $100,000-$200,000 range back then.
Does it still make sense at this higher price of $219,000?”
No. That is why you were supposed to buy back then.
Wow. For a owner/licensed broker, he could have taken better pictures. The pictures make the floor look more like laminate than real hardwood.
This unit reminds me of the junior 1 bedroom I lived in lakeview when I first moved to Chicago, with the see through glass double doors even! probably about the same square footage of ~450 or less
Views of walls? No thank you!! If I would not rent it, why would I buy it?
Rentable (or, if HOA has limits, equivalent rentable) for $2000/month? If so, ask seems about right for the current market.
“Rentable (or, if HOA has limits, equivalent rentable) for $2000/month? If so, ask seems about right for the current market”
I’m not up-to date on 1BR’s but I’m thinking $2k might be a tad rich for this place. I’ve been in these units and they are tight and the lack of good sunlight is tough. However, I wouldn’t be surprised if it rented at $2k or close to it since it’s all new.
Assements are high for a low amenity building and the square footage of the unit. However, location is prime with shopping, dining and everything you need at your foot step.
$2k is way too high for a 1/1 with no parking in this no-amenity building. $1400 maybe.
“$1400 maybe.”
Then I’d say it’s worth $160k, max, and that’s stretching a little.
I work with a LOT of folks who want to buy in this area, and closer into the Loop, for cash-flow investment properties. We look at all of the Invsco buildings plus anything else listed that meets their requirements in terms of amenities and rents. I’ve never shown this building. It’s for people who will buy for location (for a kid in school?) and sell again when they don’t need it. It’s not going to cash flow.