Luxury Week: A 4-Bedroom with a Tree-Top Terrace: 55 W. Delaware in the Gold Coast
This 4-bedroom in Park Newberry at 55 W. Delaware in the Gold Coast came on the market in April 2021.
Built in 1998, Park Newberry has 183 units and garage parking.
It has a doorman and an exercise room and overlooks Washington Park and the Newberry Library.
This unit is on the second floor and has 6400 square feet of indoor and outdoor space with what appears to be north, east and west exposures.
The listing says the unit has been “gut renovated” with new millwork, crown molding, Chevron floors and Hansgrohe fixtures.
The kitchen has white Leicht cabinetry, Miele appliances, Subzero wine tower, a hidden pantry and quartz and walnut butcher block island with seating.
The primary suite has a custom dressing room and spa bath.
The other 3 bedrooms are also en suite.
The listing says the unit has Elan home automation with speakers throughout and 7 incorporated TVs.
But the big selling feature is the massive terrace that stretches across the entire condo and has an outdoor kitchen with a pizza oven, pergola dining, landscaping, and a gas fire pit overlooking the trees and Washington Park.
It has the features buyers look for including central air, washer/dryer in the unit and 2 heated garage parking spaces on the first floor.
Listed at $3.195 million in April 2021, it has been reduced $195,000 to $3 million.
For those who love outdoor space, is this a dream terrace?
Ryan Preuett at Jameson Sotheby’s has the listing. See the pictures here.
Unit #202: 4 bedrooms, 4.5 baths, 3900 square feet
- Sold in October 1999 for $1.064 million (no parking)
- Sold in July 2011 for $1.95 million (two parking spaces included)
- Originally listed in April 2021 for $3.195 million
- Reduced
- Currently listed at $3 million (two heated garage parking spaces included)
- Assessments of $3427 a month (includes heat, a/c, gas, doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $43,526
- Central Air
- Washer/dryer in the unit
- 3 fireplaces
- Elan home automation
- Private terrace: 75×31
- Bedroom #1: 14×18
- Bedroom #2: 12×17
- Bedroom #3: 14×17
- Kitchen: 26×15
- Living room: 38×17
- Dining room: 15×11
- Walk-in-closet: 13×12
- Walk-in-closet: 9×13
- Laundry room: 6×6
I’m not sure why someone would go for this at this price when there are SFHs available at the same price with more privacy and over twice the square footage. There are several — linking one of the nicer ones. https://www.redfin.com/IL/Chicago/1347-N-State-Pkwy-60610/home/14126202
Yeah there are condo people and house people and condo people are attracted to low maintenance. But my goodness, in lieu of the $3,500 / mo assessment, you could outsource quite a bit of help.
“not sure why someone would go for this at this price when there are SFHs available at the same price”
No single-floor SFHs tho.
My bigger issue: why would I spend that to tell people I live in the Naperville senior village dropped across from Bughouse?
Not to mention, it wasn’t designed as a luxury building, at all:
The new condo building, whose units will range in price from $140,000 to $516,000[].
The Oak Club, a townhome development west of the park [] recently sold out with units in the $400,000-$700,000 range.
https://www.chicagotribune.com/news/ct-xpm-1995-10-17-9510170275-story.html
Good luck with that!
For the longest time, I thought this was a retirement community.
I do not like the finishes at all–too many different ones. There are four different counter surfaces just in the kitchen. It makes what should be a minimalist design feel cluttered. I am still not convinced the building is not an old person home in Naperville.
The terrace is pretty great. The rest is nice enough.
$3M is unrealistic, but I’m surprised it went for $1.95M in ’11.
“surprised it went for $1.95M in ’11.”
Especially as it was quite awful then.
Wasn’t this Magellan’s first ever foray in multifamily development? Yeah – – you could get a SFH, but as anon pointed out: not on a single level and accessible to all of your guests. Also the property taxes and maintenance on the SFH that KK linked to make that SFH quite a bit more costly to own than this place. What I don’t get is what kind of lifestyle do you lead where entertaining friends involves them sitting in adjacent chaise lounge chairs? Just looks like the amenity deck for a hotel or a fancy air bnb…or the amenity deck for some high end senior housing.
“the property taxes and maintenance on the SFH that KK linked”
Taxes are for the 2 separate units combined, which have a combined AMV of over $4m–so this is a rare for Chicago case where the asking price is 25% below the assessor’s value. Appeal after closing *should* be a slamdunk.
” property taxes and maintenance on the SFH that KK linked to make that SFH quite a bit more costly to own than this place. ”
Good point about taxes being much higher.
Better comp down the street: https://www.redfin.com/IL/Chicago/112-W-Delaware-Pl-60610/home/14109717
Far sexier than the nursing home. An extra 1,500 square feet. Attached garage. Elevator.
$6k/mo less (assuming just 20% down on either property).
“Better comp down the street”
my guess is that someone looking to buy the featured condo doesn’t want a 4 level home.
This one closed Jun-23 for…
wait on it…
$1.95m.