“Priced to Sell”: A 3-Bedroom in the Bristol for $879,000: 57 E. Delaware in the Gold Coast
This 3-bedroom corner unit in the Bristol at 57 E. Delaware in the Gold Coast came on the market in January 2022.
The Bristol was built in 2000 and has 178 units and attached garage parking.
It was considered one of the top new construction downtown luxury buildings when it was first built.
It’s a full amenity building with door staff, a clubhouse, an exercise room, dry cleaners, bike storage, an indoor pool, jacuzzi and a deck with grills and a fire pit.
This listing also says that the building has new hallways and amenities and is also a smoke free building.
This corner unit has hardwood floors in the hallways, living room and dining room and the third bedroom.
It has east and south views, including of the Hancock and Michigan Avenue.
The listing says the third bedroom is currently being used as a den off the living room but could be converted back into a bedroom.
The other bedrooms are in a split floor plan.
The primary suite has a walk-in-closet and bathroom.
The unit has a half bath.
The kitchen has white cabinets, what look like granite counter tops and stainless steel appliances.
It has the features buyers look for including central air, side-by-side washer/dryer in the unit and there are 2 side-by-side parking spaces included.
Listed at $879,000, that’s $58,000 under the 2000 purchase price of $937,000.
The listing says:
DON’T MISS THIS VALUE PRICED OPPORTUNITY AT THE BRISTOL!
And says:
***Make this your next home with a little or a lot of personalizing as it is PRICED TO SELL!***
Is this a deal?
Patricia Papatheodore at Baird & Warner has the listing. See the pictures and floor plan here.
Unit #2402: 3 bedrooms, 2.5 baths, 2015 square feet
- Sold in September 2000 for $937,000
- Currently listed at $879,000 (includes 2 car side-by-side garage parking)
- Assessments of $1591 a month (includes a/c, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
- Taxes of $19,901
- Central Air
- Side-by-side washer/dryer in the unit
- Bedroom #1: 15×15
- Bedroom #2: 13×16
- Bedroom #3: 13×12
- Living/dining room: 26×20
- Kitchen: 8×19
Not yet a deal
Views suck and other than the den, this place needs a lot of work.
At $800k you’d have something to work with
So best case scenario the owner loses ~$150,000 on a $937,000 investment made 20 years ago? Wow. Kinda contradicts what you told me before.
“Condo market is not weak. That is laughable.”
Oh, no. No, no, no, no, no. No, not at all. I – I – I just think that the, uh, their appeal is becoming more selective.
7k mo for a lame kitchen and no outdoor space? Nope.
For about the same cost you could have this:
https://www.coldwellbankerhomes.com/il/chicago/2117-n-halsted-st-ph/pid_45169148/
Doormen and high rise amenities are overrated unless you are elderly or disabled.
I always had a doorman when I lived in Chicago. I thought that part was really nice. Most amenities are worthless but I’d say they get used by the younger crowd, not the lederly.
“you could have this:”
I like it, but I would be embarrassed to refer to a 3d floor unit as a penthouse.
” I like it, but I would be embarrassed to refer to a 3d floor unit as a penthouse.”
——————————–
That’s because you don’t live in a HAWT real estate market.
Sad to see it below the price from 22 years ago. Ouch. Nice looking for the most part, but you’re paying for location. No private outdoor space is a detractor. So are the views from the second bedroom right into another building.
I rather not have a doorman. I do however, appreciate and utilize, the receiving room, gym, and pool.
As for the Halsted Street comparison, I’m not so sure someone interested in buying right off of Michigan Avenue would be looking for something near Halsted and Armitage. Different kind of buyer.
And yes, Johnny U. I got the Spinal Tap reference! Good one.
How was this almost $1 mil in 2000? Location was desirable, but layout and finishes were average. Did it have amazing views that have been obscured in the last 20+ years?
krh7 – Chicago was a more desirable place to live in 2000. The condo boom was just beginning and this was a new building. I knew professors who lived in this building in the early 2000s and they were very proud to live there. If this was any other major city, this place would have tripled in value. Now this sales price will be equivalent to an average sale in Boise.
“How was this almost $1 mil in 2000?”
In Feb-2000, the original buyers paid $662k for it. +40% in 7 months–THAT is HAAAWWWTTT!
But even that $662k, plus CPI, should be $1,087,000 now.
“Now this sales price will be equivalent to an average sale in Boise.”
$500,000?
Come on. Some of the comments on this blog are just absurd by people who don’t live in the state of Illinois and have no idea what is happening in the city of Chicago.
This building was the first of the “luxury” condo buildings to be built. In the last 22 years, many more have been built so the demand isn’t there for the older buildings anymore, especially if the unit hasn’t been updated.
“Location was desirable, but layout and finishes were average.”
These were the finishes that were “in” in luxury buildings back in the day.
“So best case scenario the owner loses ~$150,000 on a $937,000 investment made 20 years ago? Wow. Kinda contradicts what you told me before.”
Do you think there’s a reason I’m posting on these types of properties Stacy?
Lol.
As I’ve said for months now, the downtown market is the weakest in the city. There is too much inventory but it is being absorbed. If I wanted to sell downtown, I would wait another year or two for the inventory to be absorbed. However, it’s selling faster than I thought it would, so maybe by the end of this year it will be pretty tight.
Condo inventory is under 4 months again, at 3.6 months. It’s higher downtown, but in some buildings and neighborhoods, probably already a sellers market as there are no units for sale in many buildings right now. If you have your heart set on a specific building, you may be waiting.
Condo market in the neighborhoods is on fire. Multiple bids. No inventory and plenty of buyers.
Give the buyers what they want. Who wants to buy a condo that hasn’t been updated, even if they get it cheap? Have you ever renovated in a high rise before? It sucks. 99% of buyers just want to move into the renovated property.
Someone in the 1% of buyers who WILL buy an unrenovated property, will get a deal on this unit, however.
Tight market evident in Hancock, where I have an apartment. Very few rentals available, and almost no new condo units on the market over the last few months.
I’ve been hoping to move from a studio to a 1 BR but pickings are slim here at 175 E. Delaware. Hoping a lot of stuff opens up before my lease ends.
Anecdotal from my building, very few units are available and there are more renovations planned than ever.
I am renovating my condo (on month five waiting for cabinets) rather than moving. I can’t afford new construction (comparable floor plan at Cirrus is twice my current place). Might as well renovate my existing 16 y/o condo instead of hoping to find someone else’s renovation that I like at a price I can afford and still have to sell existing place.
With the Bristol price falling from 2000, a bit of demographics may be at play. The Baby Boomers were a huge market in 2000, near the top of their earnings peak. Now they’re all 67 and older, and either already bought their expensive retirement pads/downtown hideaways or don’t plan to, ever.
My parents are an example. They were born in 1946 and made their move to an expensive condo in River North 14 years ago. They’re both turning 76 this year and they aren’t planning to buy any more condos.
So the market for these types of properties is now solidly my generation, the smaller group born between 1965 and 1980. But besides being smaller in population, this generation (Generation X) tended to get married and have kids later, meaning they’re mostly not ready to move back from the burbs (if that’s where they fled to raise children).
Even when the kids grow up, this generation may still be paying for their own or their kids’ expensive education far longer than the baby boomers did, due to rising college costs. Also, they don’t have reliable pensions like the prior generation. A lot of demographic headwinds aimed at downtown condos, the way I see it.
Here’s a pretty cool unit in same building (with views) that sold last year. Still looks like a better office space than home, but definitely some personality.
https://www.realtor.com/realestateandhomes-detail/523-S-Plymouth-Ct-Apt-1102_Chicago_IL_60605_M88727-13216
“These were the finishes that were “in” in luxury buildings back in the day.”
In 2000?
Yeah, no
““These were the finishes that were “in” in luxury buildings back in the day.”
In 2000?
Yeah, no”
We’re talking about the kitchen and the baths here, as the rest of the place is basically a white box needing new carpet.
The baths look, to me, more or less like the entry-level finishes for “luxe” of the era, but the kitchen…NFW.
“In 2000?
Yeah, no”
what would be a good comp. any other high rise buildings that billed themselves “luxury” built in 2000 that we can see. the Fordham was built a few years later and the finishes were slightly better. any buildings before that? I’m curious.
“Might as well renovate my existing 16 y/o condo instead of hoping to find someone else’s renovation that I like at a price I can afford and still have to sell existing place.”
Smart Lauren.
I’m thinking of doing this too. At least you’re going to get what you want.
But your story of waiting 5 months for cabinets has me scared. Lol.
“what would be a good comp. any other high rise buildings that billed themselves “luxury” built in 2000 that we can see. the Fordham was built a few years later and the finishes were slightly better. any buildings before that? I’m curious.”
Not sure about comps but
Cheap white Ceramic floor tile – Not a chance
Shaker Cabinets were considered builders grade (Same with Bath)
Guessing the appliances are post Y2K
Granite counters are appropriate for 2000, but the more uniform look & 1″ thick – not Luxury
Tub – You’d see the same in any blue collar bathroom
here’s, what looks to be an original condo in the Fordham. This was considered luxury and built a few years after. Looks cheap but this was the luxury standard 20 years ago. Even go look at all the non-renovated mansions in the burbs from that time. They all look like this.
https://www.redfin.com/IL/Chicago/25-E-Superior-St-60611/unit-1201/home/12708370
“This was considered luxury and built a few years after. Looks cheap but this was the luxury standard 20 years ago.”
Marco is right. At the beginning of the condo boom, “luxury” was granite and nicer 42 inch cabinets. You didn’t even get the luxury appliances until about 2004-2005.
“Looks cheap but this was the luxury standard 20 years ago.”
Still looks nicer to me than the featured unit.