Live in Contemporary Style on the 69th Floor of the John Hancock: 175 E. Delaware
This 2-bedroom in the John Hancock at 175 E. Delaware in the Gold Coast recently came on the market.
Built in 1969 with over 700 units, the John Hancock boasts many residences that have not been updated in decades.
This unit was bought in August 2010 and has been completely renovated with contemporary kitchen and bath finishes.
The oak herringbone floors are among the only original features remaining.
The kitchen has brown and white euro-style cabinets with Wolf and Subzero appliances.
This unit has a sky terrace (a built-in “terrace”) measuring 8×9 and several windows that actually open.
While there is no central air, there are wall units.
Until a few years ago, in-unit washer/dryers were not allowed but this unit now has the hook-ups.
Parking is leased in the building.
And don’t forget, the building has its own grocery store.
KITCHEN BEFORE:
KITCHEN AFTER:
BATHROOM BEFORE:
BATHROOM AFTER:
Andrew Glatz at Crown Heights Realty has the listing. See more pictures here.
Unit #6910: 2 bedrooms, 2 baths, 1500 square feet
- Bought in May 1987 (no sales price listed)
- Lis pendens filed in February 2008
- Bank owned in January 2009
- Sold in August 2010 for $390,000
- Originally listed in March 2011 for $649,770
- Currently still listed for $649,770
- Assessments of $1117 a month (includes doorman)
- Taxes of $6423
- No central air- wall units
- Washer/Dryer hook-ups in the unit
- Parking is leased
- Bedroom #1: 12×22
- Bedroom #2: 14×11
- Sky terrace: 8×9
I hate to be negative about places, but I had a great friend that lived in the Hancock and there were many things about the building I hated:
1. You have to take two sets of elevators to get to the condos (this adds 10-15 minutes of commute time whenever you leave). If you have pets – this is a deal killer.
2. The units have low ceilings (relative to the height of the building). You really feel as though you are in an airplane or prison.
3. Lack of outdoor space contributes to the feeling of claustrophobia
4. When you are that high – on cloudy days you can’t see a damn thing.
5. The building sways in the wind – it is kind of like being on a cruise ship.
6. Oh yeah – and the units aren’t that cheap!!!
I’m amused by this listing. Wow. Windows that actually open? A “sky terrace” that’s not actually open to the outside? How is that a terrace?
The place does seem nice with the exception of the weird white cabinets.
I agree with most of clio’s points! You can have pets, just NO DOGS!
that’s a lot of big negatives, especially for a place that costs $650k plus over $1k a month in assessments!
7. I dont believe there is in-unit laundry in the majory of buildings.
8. asbesto’s is an issue in this building.
Are those glass walls between the “terrace” and the two bedrooms? Meaning that anyone sitting “outside” can look into the bedrooms?
I think it’s a gorgeous rehab. Love the master bathroom and kitchen. If I was into high rise living this would really appeal to me.
I’ve been in one of the upper units (I think a little above this one) and don’t disagree with what has been said here, but have a few comments.
Yes, the building sways the same as any very tall building, and you will notice it at first, but it’s easy to get used to. I used to work in a very tall building and within like a week I didn’t notice it at all. Some people wouldn’t consider this that big of a deal. Some buildings make creaking noises and this would bother me more, but I can’t recall if JH does this.
The view may be crappy on a cloudy day, but so is everyone’s, and it’s spectacular when it’s not cloudy. These were the highest residential units in the world when built, and are still pretty close, and the views are better than what you will get anywhere else, I would say.
I think that this looks very nice as renovated. I have no idea on the price but I’ll guess $600k will make it worth it to someone who will fall in love with the view.
So they put 100K to upgrade and now they want to make 150K on top of that? I say ain’t gonna happen.
I have seen nicer units in Legacy and MPE with parking for sale at about the same price. I’d say this will sell at 600K at the best. More like 580ish.
Look at the listing for unit #8109. You can just picture Chris Farley in a condo like that doing rails all day/night.
Do people still place such a premium on a nice kitchen and bathroom being ready made? I can’t imagine this cost more than $50k to do, and with 2/2’s going for the low 400’s in this building, a little time and patience can save the buyer some serious cash.
I like that before/after bathroom and how they turned a tub into a shower, I hope they left room for someone’s right leg who’s using the toilet. The old wood floors look really cool, the pattern design beats the blander floors you see in the new condos. I’ve once been on the office floor 40 at Hancock when the building was creaking and it was interesting to experience that. Clio, you forgot to add large colonies of spiders and spiderwebs to your list. Another irritating thing is the relative marginal cost at Foodlife, which is always $2-$4 more than it should be, for what you get.
This is why I could never live in a mid-century high-rise. Have to say, though, these ceiling heights look downright respectable – don’t know if that’s just good photography. Too bad anon(tfo) is obviously with the family on a spring break vacation and not commenting on every post, or he’d have an estimate within .1 cm.
Oh yeah, love the floors.
“2. The units have low ceilings (relative to the height of the building). You really feel as though you are in an airplane or prison.”
miumiu,
The Legacy is not a comparison to the Hancock. The Hancock is an icon. The Legacy never will be.
Hey, how many units sold in the Legacy? I know they are struggling…
Awesome! Gallery visit or open house?
Goat in the shower = unbeatable
“#
Chris on April 19th, 2011 at 10:49 am
Look at the listing for unit #8109. You can just picture Chris Farley in a condo like that doing rails all day/night.
“
I love the spiders that live near the windows in the Hancock! That would actually be a nice bonus for me. It’s interesting to see spiders so high up. I wonder if they live their entire lives up there. I wonder if they have evolved into a special type of high rise spider.
“several windows that actually open”
So you can jump out of one once you realize what a mistake it was to buy this place.
Totally agree with Dan on the spider comment. For whatever reason, they flock to the high floors. Knowing this, I would never open a window. Spiders are scary.
David, I don’t know. I would love to know. I heard they had 80 unsold or something and are negotiating hard with the buyers.
You are definitely right about Hancock being an icon, but I’d rather live in the nicer newer building rather than protecting a relic : )
Listings:
* 175 E DELAWARE Pl #7108, CHICAGO
* 175 E DELAWARE Pl #7308, CHICAGO
* 175 E DELAWARE Pl #6602, CHICAGO
* 175 E DELAWARE Pl #5002, Chicago
* 175 E Delaware Pl #8008, CHICAGO
* 175 E Delaware Pl #5317, CHICAGO
* 175 E DELAWARE Pl #7604, CHICAGO
* 175 E DELAWARE Pl #7811, CHICAGO
* 175 E Delaware Pl #6301, CHICAGO
* 175 E DELAWARE Pl #8503, CHICAGO
* 175 E DELAWARE Pl #6908, CHICAGO
* 175 E Delaware Pl #8301, CHICAGO
* 175 E DELAWARE Pl #5314, CHICAGO
* 175 E DELAWARE Pl #4902, CHICAGO
* 175 E DELAWARE Pl #4717, CHICAGO
* 175 E DELAWARE Pl #6115, CHICAGO
* 175 E Delaware Pl #7208, CHICAGO
* 175 E DELAWARE Pl #4820, CHICAGO
* 175 E DELAWARE Pl #5903, CHICAGO
* 175 E Delaware Pl #6910, CHICAGO
* 175 E Delaware Pl #4617, CHICAGO
* 175 E DELAWARE Pl #5208, CHICAGO
* 175 E DELAWARE Pl #5316, CHICAGO
* 175 E Delaware Pl #7009, CHICAGO
* 175 E DELAWARE Pl #5303, CHICAGO
* 175 E DELAWARE Pl #5217, CHICAGO
* 175 E Delaware Pl #7207, CHICAGO
* 175 E Delaware Pl #5819, CHICAGO
* 175 E Delaware Pl #5204, CHICAGO
* 175 E Delaware Pl #4603, CHICAGO
* 175 E Delaware Pl #4615, CHICAGO
* 175 E DELAWARE Pl #7309, CHICAGO
* 175 E DELAWARE Pl #8009, CHICAGO
* 175 E Delaware Pl E #5511, CHICAGO
* 175 E Delaware Pl #6410, CHICAGO
* 175 E DELAWARE Pl #8109, CHICAGO
* 175 E Delaware Pl #6608, CHICAGO
* 175 E Delaware Pl #5109, CHICAGO
* 175 E Delaware Pl Unit 8809-10, CHICAGO
* 175 E DELAWARE Pl #7909, CHICAGO
* 175 E Delaware Pl E #4920, CHICAGO
* 175 E DELAWARE Pl #4715, CHICAGO
Jenny, you are my hero. I hate spiders and in fact all manners of insects. Good for you girl!
Not a bad renovation… although I’m not a fan of the master bath tile work. I, too, have never understood the whole “sky terrace” thing. Is it simply a place where you can open the windows w/out the wind impacting the rest of the unit? My aunt & uncle live in Hancock and have one. At best, it can be considered a sunroom to me. What I don’t get is why the assessments are so high, given the number of units and the large amount of commercial space in the building. I thought, in general, those tend to keep assessments for residential units in multi-use buildings relatively lower.
HD – maybe they don’t teach statistics in law school – but you cannot make any accurate conclusions with just the numerator – you need the denominator. duh!!!! (sorry TftinChi).
“You are definitely right about Hancock being an icon, but I’d rather live in the nicer newer building rather than protecting a relic”
I think I’d also take a unit in the Legacy, due to its proximity to Grant Park relative to the concrete jungle of N. Mich Ave. (and the thoroughly uninviting traffic/homeless piss-laden trek to windblown Oak St. Beach’s dirty sand & even more concrete).
Plus what about Hancock being an icon? anyone still remember 9/11?
miumiu “So they put 100K to upgrade and now they want to make 150K on top of that? I say ain’t gonna happen.”
This renovation cost more than 100K. They had to redo the plumbing, all new cabinets, tile, appliances, and restain the hardwood floors, plus labor. Even if you used illegal immigrants you could not do a high rise rehab like this for 100K. Plus, there may have been elevator fees. Even if there were not elevator fees, labor costs increase just do to the time it takes to haul stuff up to the unit. Even the appliance company tacks on fees to deliver appliances in a highrise.
@a local, I have not done any renovations in a hig rise so I take your word for it. I know plumbing can be expensive, but not sure why they had to redo that?! It seems they have not changed location of the kitchen or the bathrooms.
a local it totally right – renovating a unit in a high-rise is a nightmare. Seriously, my costs for renovations are about 3-4X that of a house in the suburbs (per square foot).
I would have a very hard time thinking about a place as my HOME in a building that has such draconian restrictions that would prevent me from something as basic a owning a dog.
So $650k plus $1100/month assessments for a place, but it’s not my home, they just let me stay there, and there’s a whole bunch of rules that I have to be cognizant of.
“a local it totally right – renovating a unit in a high-rise is a nightmare. Seriously, my costs for renovations are about 3-4X that of a house in the suburbs (per square foot).”
Not sure about 3-4x but it is higher, and lets not forget the asbestos abatement/ air montoring when working in the Hancock….
Let’s see… $650k, $1100 assessments, crappy looking place, no central air, no owned parking, takes forever to get down in the elevator — and when you do you have to fight the mobs of suburbanites crowding Michigan Ave.
No thanks!
“miumiu,
The Legacy is not a comparison to the Hancock. The Hancock is an icon. The Legacy never will be.
Hey, how many units sold in the Legacy? I know they are struggling…”
The Legacy is a modern building with all the modern amenities. The Hancock will never be a modern building (again) and lacks central air and parking is not deeded.
Also Legacy’s location is better, IMO. You’re in the middle of tourist row at the base of this place. Legacy you’re in the Loop and can walk to most Loop jobs.
“Also Legacy’s location is better, IMO. You’re in the middle of tourist row at the base of this place. Legacy you’re in the Loop and can walk to most Loop jobs.”
this is probably right. It’s an ideal in-town location. Near Art Institute (imagine being retired and having an unlimited pass), Harold Wash Library (blows away the N. Mich Borders (now closed anyway)), Chicago cultural center, Grant Park — concerts and real grass areas, near Daley Center plaza, Macy’s (for all legit shopping needs), tons of taxis and buses up Mich Ave or State St., Red line, all other CTA lines. Plus at Legacy you get to avoid Gold Coasters. Lots of students, and tourists around that part of the Loop in the summer however.
I could think of a lot of places I’d rather spend this kind of money on
I work on the 48th floor (of another building). It doesn’t sway but the cloudy days are few and far between. We don’t get too many spiders up here either. The 2 elevator thing isn’t actually as much of a nightmare as when we lived on the 14th floor of a Loop high rise which had an elevator to 15, because we always had to stop at 6-8 floors.
I wonder if the assessments are high because they have to have extra insurance on the windows for when they fall off in wind and land on people.
wow i love the speculations on the renovations.
you guys are way off on the estimates. You want to know why most units here are outdated and not updated or touched? well one word you silly’s ASBESTOS!
yes my friends untouched asbestos is the best asbestos to have. and renovating a place with asbestos or its removal isnt really that expensive considering but you are adding that extra cost to the remodel costs to a building that doesnt support a average ROI in the reno done.
my favorite people on CC that claim to be pro’s of all thats RE and remodeling. sadly there word will be taken as gospel and will screw up many newbs barometers when looking for LEGIT info. see quoted text from above
“renovating a unit in a high-rise is a nightmare. Seriously, my costs for renovations are about 3-4X that of a house in the suburb”
“I wonder if the assessments are high because they have to have extra insurance on the windows for when they fall off in wind and land on people.”
What about ice chunks? They always have signs for falling ice….and then what’s someone reflexively do when they see the signs? they look up! I think falling ice from the top of the Hancock reaches terminal velocity long before it hits the ground (college physics) at a speed that doesn’t really hurt anyone….unless the chunk is huge?
I know that there are some decent objections that have been pointed out about the building. The low ceilings are a slight deterrent but if we were in the market for a downtown high rise then this building would make my short list.
Having never been inside the units it is hard to comment however I have always thought of it as a special place to live.
Go Hancock!
a local it totally right – renovating a unit in a high-rise is a nightmare. Seriously, my costs for renovations are about 3-4X that of a house in the suburbs (per square foot).
I’m not sure if its 3-4X but it is more. I have renovated several units in downtown condos. Some appliances require newer plumbing and electric fuseboxes so you don’t void warranty. Also, if you do that extensive of a renovation, you have to bring it up to current code. Often these buildings need to be brought up to code. Even if not, you would want to redo the plumbing in the unit b/c you risk ruining cabinets if the plumbing goes bad. A good contractor would advise you update your plumbing (in the unit) even if you don’t relocate anything.
“A good contractor would advise you update your plumbing (in the unit) even if you don’t relocate anything.”
total worth the cost to update all as future headaches will be more costly and inconvenient.
again old pipes untouched will be of but once you start muddling around with them is where you will see problems later.
You may think you are saving money just running new pipe from the wall (old pipe). and the up front costs IS cheaper but if your doing a remodel just do all the pipes TRUST ME ITS WORTH THE NOMINAL COST.
Now bringing things up to code is, well lets say doesnt really need to be done always 🙂 but assuming the high rise will require union labor only the “up to code” is going to happen if your pocket book wants to or not.
“up to code” in a SFH is easier to skip, and my never go detected is you know what to skip.
This rehabber was clearly a flipper, so I doubt he was too concerned with future headaches.
Can a building really require only union labor? Or is it more like they will make your life hell if you try to not use union labor? I honestly hadn’t thought of that.
I’m not sure that 40 units for sale in JH out of 700 would bother me if I were looking for a condo there. I have to try to dig up the unit I was in – I think that it was in the 80s and at least 3000 sqft – totally amazing. I expect between the sqft and the floor you could figure out where the market’s at for just about any place in JH without too much trouble if you knew the interior finishes.
“Can a building really require only union labor? Or is it more like they will make your life hell if you try to not use union labor? I honestly hadn’t thought of that.”
i dont think they can force you, but i would defy as me and anon(ufo) love seeing the inflatable red eyed rat 🙂
Hancock market activity per mls:
39 active listings
1 contingent contract
2 pending contracts
14 contracts total since 10/15/10
12 closings since 10/15/10
29 contracts total since 4/15/10
27 closings since 4/15/10
Clio,
I am sitting in the Hancock right now (in my office) and have a couple of comments to make regarding your statements (comments in CAPS):
1. You have to take two sets of elevators to get to the condos (this adds 10-15 minutes of commute time whenever you leave). If you have pets – this is a deal killer. TRUE, BUT IT PROBABLY TAKES LESS TIME THAN YOUR AVERAGE APARTMENT BUILDING… NOT 15 MINUTES
2. The units have low ceilings (relative to the height of the building). You really feel as though you are in an airplane or prison. THEY’RE 9 FOOT CEILINGS, NOT ANY DIFFERENT THAN MOST CONDOS
3. Lack of outdoor space contributes to the feeling of claustrophobia. TRUE.
4. When you are that high – on cloudy days you can’t see a damn thing. TRUE, FOR INSTANCE I CAN’T SEE ANYTHING OUT MY OFFICE WINDOW RIGHT NOW
5. The building sways in the wind – it is kind of like being on a cruise ship. THIS IS NOT TRUE. SOMETIMES YOU CAN SEE THE WIND PRESSURE IN THE FLEXING OF THE WINDOWS, BUT THE BUILDING DOESNT FEEL LIKE ITS MOVING – THE DESIGN IS BASICALLY A TRUNCATED PYRAMID WHICH I IMAGINE HELPS.
6. Oh yeah – and the units aren’t that cheap!!! TRUE, WAY OVERPRICED. PLUS, THIS UNIT HAS THE ANGLED BEAMS, WHICH CUTS VISIBILITY… MY OFFICE DOES NOT.
“2. The units have low ceilings (relative to the height of the building). You really feel as though you are in an airplane or prison. THEY’RE 9 FOOT CEILINGS, NOT ANY DIFFERENT THAN MOST CONDOS”
You forget that clio is comparing to height of building.
“5. The building sways in the wind – it is kind of like being on a cruise ship. THIS IS NOT TRUE. SOMETIMES YOU CAN SEE THE WIND PRESSURE IN THE FLEXING OF THE WINDOWS, BUT THE BUILDING DOESNT FEEL LIKE ITS MOVING – THE DESIGN IS BASICALLY A TRUNCATED PYRAMID WHICH I IMAGINE HELPS.”
I have been in it on a really windy day when it felt like the windows were about to shatter. I guess that hasn’t really happened but there was that scaffolding accident.
Watch out JP$, you should know the #1 rule of CC is you can’t agree with Clio and it looks like you agree with him on 4 or 5 out of 6 points. I am sure that everyone else on here is going to say you are posing as him.
Considering how often clio states the obvious as if a revelation, your first conclusion is erroneous. Also, as someone who disagrees with most of the rest of what clio typically states here and has never accused him of posing as anyone else, I can safely state that your second conclusion is erroneous as well.
“TRUE, FOR INSTANCE I CAN’T SEE ANYTHING OUT MY OFFICE WINDOW RIGHT NOW”
On a day like today you don’t need to be 60 stories up to not see anything. I doubt there is a meaningful visibility difference the higher you get up after a certain point and on most days the higher you are the more awesome your view is.
OK – for those of you that think it is not possible to sell for a higher price – take this very very average house in hinsdale (nothing special about it) – it went under contract at almost 200k over purchase price in 2004 within a couple of weeks:
http://www.redfin.com/IL/Hinsdale/409-S-Bodin-St-60521/home/18021757
Clio, yes within a couple of weeks this time…but it has been on the market for a year. Also, who knows what updates they have put in since 2004. Not all the needed info is here to make your claim for sure.
Clio: Why are you providing a link to a mediocre suburban house?
“Clio: Why are you providing a link to a mediocre suburban house?”
To show you guys that mediocre homes are selling in the 900s in many suburbs (within days – and for a significant profit – even if the previous owners bought in the bubble)
Would be interesting to know what the impact of 9/11 was on this building. I heard of people dumping units around then, and wondering if price are still hurt by that event today. I’m sure they are. I’m not a huge fan of the Hancock building, as it does feel outdated as a whole. Low ceilings are a bummer. Someone transferring to Chicago from Boston was asking if I would recommend living here. Told him to save up and live in the Four Seasons across the street instead.
I would think 9/11 has to still have an impact on buildings like JH at least here in the US. However, I don’t have any proof. I know our memory fades fast, but I think for something as major as 9/11 it would make people think twice about paying $600k+ to live in such an icon.
“I would think 9/11 has to still have an impact on buildings like JH at least here in the US.”
No one seems to have any trouble buying in Trump Tower these days which is, with the John Hancock, the 2nd or 3rd tallest residential structure in the world (I don’t remember which is which- that tower in Abu Dhabi is #1.)
“No one seems to have any trouble buying in Trump Tower these days which is, with the John Hancock, the 2nd or 3rd tallest residential structure in the world (I don’t remember which is which- that tower in Abu Dhabi is #1.)”
I’d have trouble buying in Trump too! I thought that building had lots of units that didn’t end up closing though and resales have been losing big bucks. Maybe I am wrong, and it could have nothing to do with 9/11 because high rises are far from what I follow, but I never got the feeling the Trump Tower was particularly healthy.
“To show you guys that mediocre homes are selling in the 900s in many suburbs (within days – and for a significant profit – even if the previous owners bought in the bubble)’
Again- this home in Hinsdale did NOT go under contract within “days.” It has been listed for 13 months. We had spring, summer and fall and then winter and spring again and then it FINALLY went under contract.
I still struggle slightly with working on the 48th floor across the street from Sears Tower. Just today I was thinking about what would happen if it was attacked. I certainly couldn’t buy that high up.
“Again- this home in Hinsdale did NOT go under contract within “days.” It has been listed for 13 months.”
Wrong – it was briefly listed last spring/early summer and then taken off the market. This just goes to show you how much stronger the market is this year!!!
You’re right- it wasn’t listed for the entire 13 months. Only 6 months of it- during the “prime” selling season of 2010 from March 2010 to August 2010). It couldn’t sell probably because it was overpriced.
Then they reduced it and decided to try again. Wow- it went under contract then! Things must be hot.
It’s so amusing to pick and choose properties and then declare the market is better. Again, for every house that is under contract, I can show you a handful that are sitting there languishing (most likely just down the street.)
It’s the spring selling season. Yes- some properties are still selling. But sales volumes are still light, especially in the city. We’re tracking under last year (not surprisingly- given that there was still the tax break.) But I’m not expecting that to change much as the year goes on- especially with QE2 ending shortly.
Jennifer- you wouldn’t buy that high up in any building?
340 On the Park is, I believe, in the top 10 of the tallest residential buildings in the world (one of the few that is ALL residential.) Same with the Legacy.
Chicago has numerous of the most tallest residences in the world. We have so many we are used to it. In fact, NY just built a building with units on the 70th floor (their highest residential structure) and they are all ga-ga over it.
I just yawn over their comments as we have had those “tall” buildings for decades now.
“This just goes to show you how much stronger the market is this year!!!”
Actually- the market was actually stronger last year due to the first time homebuyer tax credit. In Chicago, sales volumes were higher. But then, it was all artificial anyway.
“Jennifer- you wouldn’t buy that high up in any building?
340 On the Park is, I believe, in the top 10 of the tallest residential buildings in the world (one of the few that is ALL residential.) Same with the Legacy.”
I know this was addressed at Jennifer, but since I was making the argument too…I wouldn’t. However, looking at the 9/11 “crew” I have a feeling they would target the ST or JH before 340 or Legacy. Those buildings are new and don’t have the celebrity status of the older buildings and perhaps Trump. If 340 OTP fell to the ground, most people outside Chicago I think would ask, “What?” if the Sears Tower collapsed, I think most people would recognize the importance. Either way, I feel safer close to the ground! I’ll visit for the views.
Clio must be getting old and not really remember the JH.
Yes you do need to take 2 elevators but the time is more like 4-5 minutes to get all the way down. I can say that they are very fast elevators.
Actually the ceiling height is very good in most of the units. I have been on a few floor where the ceilings are a bit low. The ceilings in this unit are just over 9’, pretty standard. A couple of units just sold on floor 74 or 75 and the ceiling heights were over 10’.
How many buildings in downtown actually have outdoor space? Palmolive? (only if you want to spend like $5M++) Water tower? 4 Seasons? Olympia Center? NOPE.
I guess most everyone understand cloudy days in Chicago. Heck I live on the 30th floor and I couldn’t see out the other day. I bet on a clear day you can see forever.
I have spent a lot of time in the JH and I have never felt it sway in the wind.
What building do you know of downtown that has cheap units?
I’m not so concerned about the building being ‘attacked’, more about being stuck that high up with my two kids if something were to happen. We have those high rise fire drills at work where they don’t actually plan to get you out of the building, just isolate you on a somewhat lower, but still high floor.
As for cheap units – Century Tower at Lake and Wells. Plenty of super cheap places going there.
“I’m not so concerned about the building being ‘attacked’, more about being stuck that high up ”
even if you lived on the ground floor in a building 7 blocks away if this building were “attacked” the fleeing traffic jam would have you “stuck” anyway.
i say be more afraid of a small fire in a new building with all its “quality” builds and corner-cut pay offs to the inspector, than the scenario you guys are dreaming up.
Miumiu, so you’re telling me that you would rather spend nearly $800k (Unit #3808 listed for $799K) to live in the Legacy?
Talk about a concret jungle, have you ever looked to the north, South or West of Legacy? I’ll give you MPark and Grant park, but there are FAR more homless, pissing on the Bean and in the Crown fountians than at Oak St. Beach. And where is the grocery store? 7/11?
We saw a nice North East facing unit for 699K (deeply discounted from 900K) with lovely city and unobstructed park and lake views. The assessments are nearly half of what they are in Hancock.
You are right about the grocery store. We will drive to Whole food and Trader Joe’s, both are close and have parking so that will not be a big problem. I always drive to grocery store as I buy in bulk and cannot really carry my shopping otherwise, but your point in still valid.
“We saw a nice North East facing unit for 699K (deeply discounted from 900K)”
Which unit was that?
“i say be more afraid of a small fire in a new building with all its “quality” builds and corner-cut pay offs to the inspector”
If I were a crooked inspector I’d take bribes for non dangerous stuff, but I wouldn’t sign off on a non existent sprinkler system and then spend the rest of my life in jail when people die. Fire is a non issue in a modern highrise.
Bob, the brochure is in Chicago. Don’t remember the number of top of my head but was above 30th floor. It is pretty nice. The only thing I did not like was that it does not have a den and heating was electric and I think not included in the assessment. The pool is not that great for a building of that size either. Also I think they have 80ish units unsold. I wish we would chatter about it.
About the 9/11 comments… I have worked in the Hancock for almost 4 years, and morbidly I have thought of it as a potential target from day 1, and still think about it every now and then.
I actually looked into buying a base-jumping parachute, and based upon my research I would have a good chance of it actually opening if I needed to jump from my office window (lets say its between 350- 400 feet off of the ground). The whole system is like $1500, which is a lot to spend on an insurance policy that I will most likely never use… it’d be sort of cool to say I have a base jumping parachute though.
But you couldn’t tell anyone you had it, at least not at the office, for fear that they’d grab it before you in the event!
Miumim
Actually the unit you speak about is #1704 listed for $699K. it is on the SW corner of the building. My guess is you might be able to see Michigan Ave, but the Lake or the Park? I doubt it. And this is a pretty small 2/2 at just 1376ft2 for $699k. The ’03 units are in a better position for views, but now you’re talking over $800K. You’ve got to admit the place in JH at $200k less is a better buy!
Jennifer, you’re exactly right. I’d have to lock my office door, throw my chair through the window and jump out before anyone saw me… because those things arent made to stop more than one person from hitting the ground at terminal velocity.
I’ve also thought about rapelling down the side of the building, but I almost think that would be more dangerous, plus time consuming to get the thing rigged up to a good support.
If you’re living in fear the terrorists have won… (never mind that if Chicago would be targeted the only logical choice would be Sears anyways. Blowing up residential is bad pr for terrorists.)
“You’ve got to admit the place in JH at $200k less is a better buy!”
Assessments are higher, plus everyone already pointed out its other shortcomings. If I had to pick between the two I’d choose Legacy for sure even with that premium.
When I visited the observatory here recently, I was surprised to note that security checked my car before I drove into the building’s parking garage. I’d be a bit nervous living in a place that’s such a potential target that peoples’ cars are being checked. Also, because of all the commercial space in the building, it seems like the place could easily be attacked by any crazy person with a bomb.
This unit faces south and is below the top of the Ritz Carlton. For that reason, it should be valued lower, because the view won’t be truly magnificent. You need to be on the north side of the building or higher up on the south side to have the tremendous views that are the Hancock’s best attribute.
JP$ I’m picturing that (possibly urban myth) dude that threw his chair at the window and it bounced right back in his face.
Bob 2.
If you really think that the Legacy is a better buy at a $200k premium, why are SOOOO many units for sale?
As far as the assessments being higher at the JH, I’ll stick my $200k in my mattress and use it to pay the next 20 years of my increase.
Bob
If your so concerned about the views, how are you getting those at the Legacy? You need to buy an 01 or 02 to really have those Magnificant view. Now your taking $1.2-$1.7M And you get all those lovey developer finishes. (can any one say prefinish wood floors?)
“If you really think that the Legacy is a better buy at a $200k premium, why are SOOOO many units for sale?”
Glut of high end new construction, plus did you miss that whole recession thing? I’d buy neither because of location anyways.
“If your so concerned about the views, how are you getting those at the Legacy?”
I remember the view from the model being quite fantastic, 3808, I believe.
“can any one say prefinish wood floors?”
What? There’s tons of high end engineered wood flooring. Are you seriously advocating hardwood planks in a high rise?
“JP$ I’m picturing that (possibly urban myth) dude that threw his chair at the window and it bounced right back in his face.”
thank you for the visual got a good giggle on that.
no on to the crazy fear mongering here, oh my we get enough of the “sky is falling” from HomeDelete you guy dont need to literally add to it. far more odds of getting killed driving down western ave than john handjock being a target
and if had the choice between JH and legacy (and taking the parking ramp out of the equation) i would choose JH in a heart beat. better value per dollar IMO.
good lord people you have about the same chance of being killed by a terrorist as you do of winning the megamillions lottery
give me a damn break no terrorists give two shits about the JHB, I’d be more worried about the sears
“I have worked in the Hancock for almost 4 years, and morbidly I have thought of it as a potential target from day 1, and still think about it every now and then.”
Have friends who were working in Hancock at time of 9/11 and it was a major concern that stays with them.
“If you’re living in fear the terrorists have won…”
That’s fine to say, but for my friends who were working there, it’s hard to forget. Hancock would have been pretty logical target then (now, it’s hard to see such an attack making much sense to try to pull off).
“never mind that if Chicago would be targeted the only logical choice would be Sears anyways. Blowing up residential is bad pr for terrorists.”
Don’t know that terrorists care much about residential. Sears was certainly more iconic, but Hancock is prob easier to hit coming off the lake. If Chicago had made sense logistically, they’d probably have gone after both.
No Reinzi, it was above 30th floor and had N, E, W exposure. I will email my Realtor and ask her for the number. It is a unit which was under contract but could not close.
“If you really think that the Legacy is a better buy at a $200k premium, why are SOOOO many units for sale?”
Legacy went for sale after the bust. How can you compare that to relic of Hancock?
The 07 teir is the only unit with N,E and W view. The last sale of an 07 tier at Legacy sold at over $850K. FYI the East view is out of the part of the building that juts out, just a couple of window. Believe me the North and West view are not much to write home about.
I was in the unit and I loved the views. I would take the 3 sided exposure any day over the Hancock unit’s little window. But, a chacun son gout. The unit was discounted for 699K, so what’s your point? I said it was a good deal.
the fact of the matter is that the last unit with that view sold at $850K. If you can’t figure out my point, you’re in trouble. I also find it interesting that you did not buy that unit. which proves the point you did feel it was worth the asking.
Try getting to sleep at night with the El running all night
“Try getting to sleep at night with the El running all night”
Except 07 is mostly sheltered from the EL (larger bulk of the building blocking the sound), and even if it weren’t, that high up it’s a non issue anyways.
“Except 07 is mostly sheltered from the EL ”
Correction I was thinking of 08
“Legacy went for sale after the bust. How can you compare that to relic of Hancock?”
and the relic was built when quality workmanship and pride were motivating factors not MARGIN (albeit at the very end of the quality and pride era)
Legacy was built during the boom and maximize margin era.
so really which one has the better dollar value in you opinion?
also wouldnt you want to live in a established building with a sound HOA and surronded by NEIGHBORS not stuck specuvestors?
“and the relic was built when quality workmanship and pride were motivating factors not MARGIN”
And they also used asbestos. There’s been a lot of advances in high rise construction since and you’re also implying that The Legacy isn’t quality which I’d have to disagree with. There’s plenty of “luxury” low quality crap (like The Columbian), but I really didn’t get that impression from The Legacy.
“and you’re also implying that The Legacy isn’t quality which I’d have to disagree with”
i have no clue if its quality or not, i havent seen it and even if i did see it i wouldnt even state its not quality as i am no expert. i am just making a general assumption, which odds have shown in favor of the assumption.
now is the columbian trying to market it as luxury? i hope not as once you see a unit there you will understand why the prices are low. you would think the brick is a great insulator of noise but i guess you have to factor in the window quality and size.
still if quality is equal, wouldnt you want to live in a established building with a sound HOA and surrounded by NEIGHBORS not stuck specuvestors and empty units?
“still if quality is equal, wouldnt you want to live in a established building with a sound HOA and surrounded by NEIGHBORS not stuck specuvestors and empty units?”
yes of course
“now is the columbian trying to market it as luxury?”
Oh yes, and there is stuff I like about it (like the rental cap), but then there’s shit like gaps in the wood floor, completely crooked elevator button panel, a ceiling that is an inch lower on one side than the other, different style outlets used in same kitchen, etc… and that’s just cosmetic things, I worry about the stuff you can’t see on that one…
“different style outlets used in same kitchen, etc”
we looked at two rentals and although i didnt see that in the same room i did notice the inconsistency throughout. I chalked it up to it being a rental unit and because it did seem like it was lived in.
to get into the parking garage was a tricky ordeal there too. i dont feel like they planned that one out or it was the best they could do with what they had.
the one thing i did like about the columbian as it didnt go all crazy trying to cram as many units as possible sacrificing views and sqft.
Didnt notice the elevator thingy, where was it?
“Didnt notice the elevator thingy, where was it?”
I think it was the one on the 44th floor, it was seriously crooked, not just a little bit. And yea, the garage exit sucks. The Columbian is a bit cheaper, but I’d rather buy a bit less square footage in OMP east. Much nicer imo.
I still don’t get your point besides you clearly trying to push for the Hancock unit which is obvious. As for why I did not buy it, 2 reasons, first, we are short on the money and second, I am worried in general buying in a declining market. Second one is irrelative of the specific unit. Now how my specifically not buying a unit is proof of lack of quality as you imply is beyond me.
Also I am completely with Bob2, on asbestos comment. Also I agree on Columbian, terrible amenities and the windows in the unit are positioned so poorly that even in a corner unit, you have to strategically angle your furniture at unnatural angles to see the lake.
“the fact of the matter is that the last unit with that view sold at $850K. If you can’t figure out my point, you’re in trouble. I also find it interesting that you did not buy that unit. which proves the point you did feel it was worth the asking.”
“I think it was the one on the 44th floor, it was seriously crooked, not just a little bit. And yea, the garage exit sucks. The Columbian is a bit cheaper, but I’d rather buy a bit less square footage in OMP east. Much nicer imo.”
didnt go up that high, i think 27th was the highest of the two rental we looked at.
and thats sad for the 40+ floors as i thought that was the PH levels with only three or two units a floor?
We loved OMP and the amenities blow other buildings out the water, we just couldnt get a deal on a rental there.
have you checked 6 Michigan? real quality finishes and no sound travel! but small sqft and dark units, very high tourist traffic area too.
but all that grant park living moxie has run it course and didnt happen for us.
Oh and the unit is 3107. Call the realtor and check for yourself the price. She said it was discounted from 900K which is consistent with your 850K figure.
I won’t worry too much about El noise on 31st floor. In fact, I did not hear anything while in there. The main issue for me besides the price is the lack of den and of course overall health of HOA which we will check carefully if we decide to place an offer (assuming we can save some more or our parents give us some more money which is likely given that I am making them a grand kid: ) ).
“thats sad for the 40+ floors as i thought that was the PH levels with only three or two units a floor?”
Yea, there’s 3 units on 44. 1 big one covering the east side of it and 2 almost identical large 2 bedrooms. One facing north at 900k and the other south for 800k. I looked at both those. Another thing that I “loved” was the subzero and wolf or whatever appliances, but they couldn’t spare the couple extra dollars for self closing drawers. Maybe it’s just me, but I consider those required if you’re doing a high end kitchen.
“have you checked 6 Michigan?”
Nope, cool building, but I prefer south of Roosevelt.
I was in 6 Michigan and the second bedroom had no window and the master was so dark with some little window. I would never buy there for those prices. In fact, I would never buy a 2Br with one room having no window. That is a walk-in closet to me. Unless you are hanging with some vampires, 6 Michigan is a no no to me.
“but they couldn’t spare the couple extra dollars for self closing drawers. Maybe it’s just me, but I consider those required if you’re doing a high end kitchen.”
agreed! its those little things that are missing make you say “your asking this much and you couldnt spend $xxxx to put that in?”
“I was in 6 Michigan and the second bedroom had no window and the master was so dark with some little window. I would never buy there for those prices.”
Bob#deuce and muimiu, remember we were just looking for a one year throw away rental with a view, my standards will be way below yours.
Sure Groove, you are right, but I doubt Bob 2 wants to buy in 6 Michigan, given the window situation. I wrote it mostly for him. I think Bob 2 and I might end up becoming neighbors after all as we are checking similar properties : )
when the assessments are listed in crib chatter and THEN the taxes are listed separately is that just for knowledge and the taxes are included in the monthly assessments?
thanks
condos = you pay both as listed
Co-ops = not always clear
Asbestos? Give me a break. There are people that have lived there nearly 40 years and I haven’t seen anyone with two heads yet. You would need to be in a
Miumiu you have said it all. you don’t have the $$$ to buy. Declining market or not. When you have the money and you see value you purchase. It’s not like your trading a stock that your going to sell in 6 months. AND, If you think that you buying an “investment” you should have your head examined. After you factor in Tax, Interest and Assessments over the time you hold, you WILL lose. It don’t matter how good an ecomony you’re in. So then, I’ll take my $200k on the difference in JH to the Legacy and laugh all the way to the bank.
Good for you Reinzi, I will laugh when I save 600 a month on my assessments, have amazing views and don’t live in a building that is a tourist first stop.
I am getting this place as my second in town so not like I am in a real rush.
@Bob 2 and Goove77 regarding Columbian. I looked at units there a couple of times over the last 2 years. Marketed as “luxury” and also “low assessments” (e.g. low amenities) at the same time.
Good location and if you’re east facing good views of the park and lake. But odd design choices sometimes (yup, the “if you guys had only done X”) Definitely over-priced, even today. However, from time to time you see that someone got a good deal: #3504 (1200 sq ft) sold for $245k. That’s $204 psf.
http://www.redfin.com/IL/Chicago/1160-S-Michigan-Ave-60605/unit-3504/home/21793425
Does anyone know what the reserve accounts are like for this building? Or after 40 years of existence, are there any reserves left ???
Chicago is a great place to live
IF YOU JUST MINUS OUT THE
CRIME AND GANGS THAT “SEEM” TO GET AN ASSIST FROM THE POLICE ADMINISTRATION WHO DONT “SEEM” TO INVESTIGATE OR CARE
A TAX RATE THAT IS A DEAL KILLER
LOOKS LIKE WE’RE headed back to the 1960’s
you’ll see
Please don’t yell. Gives me a headache.