Buy or Rent This 2/2 on Washington Square Park? 55 W. Delaware in the Gold Coast
This top floor 2-bedroom in the Park Newberry at 55 W. Delaware in the Gold Coast has been on the market since August 2011.
In that time it has been reduced $35,000.
At 1384 square feet, it has a renovated galley kitchen with granite counter tops and stainless steel appliances.
It has the features buyers look for including central air, washer/dryer in the unit and deeded parking included. It also has a south facing terrace with city views.
The building is located just across the street from Washington Square Park.
This unit is also available to rent.
After accounting for assessments and taxes, is renting it a better deal?
Terry Petit at Baird & Warner has the listing. See the pictures here.
Unit #1112: 2 bedrooms, 2 baths, 1384 square feet
- Sold in August 1998 for $284,500
- Sold in June 2001 for $525,000 (included the parking)
- Originally listed in August 2011 for $610,000
- Reduced
- Currently listed at $575,000 (includes the parking)
- OR you can rent it for $3000 a month (includes the parking)
- Assessments of $752 a month (includes water, gas, doorman, cable)
- Taxes of $8558
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 14×12
Rent.
I always like this building…nice suburban feel.
I would call that a balcony, not a terrace.
I’ve always loved this building; love its location and proximity to the park and Newberry library. That being said, I’ve always imagined it as a ‘retirement’ building,”perhaps because as David says it feels suburban.
Totally a better deal to rent, unless you are in it for the long term–10+ years. But I think price is still high compared to other units in th building. Is the penthouse in a building like this worth a premium?
why would anyone buy this when you could rent it for a much lower cost/lower risk? This is not an heirloom or unique property in any way.
“I would call that a balcony, not a terrace.”
and the difference would be?
A terrace usually indicates to me that it is not a covered space. It is bigger and separate from the usual 10×5 balcony hanging off the side of a building.
When I first looked at this property and it said it had a “terrace”- I immediately went to the pictures to see what it was. But there was only the balcony there.
It definitely seems like a nice building and a good location, but the unit itself does not seem at all unique enough to make it worth $575k for a 2/2. The kitchen looks mighty cramped too.
Seems like a funny christmas joke. $575,000!!!! Ho ho ho SAnta, that’s hilarious!!!
$399
rent. but don’t pay 3k/month
Wow, I lived a block form here when I first moved to Chicago. I really expected the units to be a lot more luxurious in here.
In this building, I would rather face the park. Also, the rooftop is split among some of the penthouse units. Have seen listings with huge rooftop terraces (or whatever the term is), but they were something like $1MM+.
Interior doesn’t look like a $575k place imho. Great location though.
$200K+ more than the last place on Oak?
hahahaha.
fail.
so i’d vote neither and either rent/buy the place on W Oak for a hell of a lot less money.
I like the location, especially the greenery. I still think there are better deals out there and this is way overpriced at over $400 per square foot.
Bland and boring. Not sure what else to say about this one.
It may be bland, but what else you going to rent around here that’s this new including parking. Is there a lot else @ 3k?
I don’t get sellers sometimes. They are willing to rent this for 3K but offer this at 575k? This needs to be priced in the 400s to be comparable to the 3K rent… which, unfortunately, puts this under the 2001 price.
“I don’t get sellers sometimes.”
Perhaps their desire is to rent it out, but would be willing to sell for the right price. It doesn’t cost them anything (other than an extra showing or two) to list it for sale while they list it for rent.
Or perhaps it is vacant and they cant take the financial hit to sell at 400k. Leaving it vacant rather than renting would cost 30k+ per year.
“This needs to be priced in the 400s to be comparable to the 3K rent”
I’d say it need to be priced in the 300s to be comparable to $3k rent. $3k rent at 5% gives you $368k with those assessments and taxes.