Rare Extra Tall Ceiling 3-Bedroom Reduces $66,000 in the John Hancock at 175 E. Delaware
This 3-bedroom in the John Hancock at 175 E. Delaware in the Gold Coast came on the market in April 2024.
Yes, I’m still calling it the Hancock even though the name has been removed. It will forever be named this, naming rights be damned. But it’s been years, and still no one dares to “rename” it.
Built in 1970, it has 703 units and commercial space at the base. It has attached rental garage parking.
It’s a city within the city as the building is full of amenities including a grocery store, USPS office, an indoor pool, a fitness room, 24-hour door staff, onsite maintenance and management, and coin laundry rooms.
The building now allows in-unit washer/dryers.
This unit is a high floor southwest corner which the listing says has “rare extra tall ceilings.”
There are hardwood parquet floors throughout and custom built-ins.
There is a wall which separates the living room and dining room which the listing says could be removed (is it original?).
The kitchen has brown cabinets and stainless steel appliances.
The primary bedroom is en suite with dual sinks, soaking tub and separate shower along with a walk-in-closet.
The third bedroom has been opened to the living room and acts as a “cozy den or office.”
This unit does not have central air but has wall cooling.
It also doesn’t have a washer/dryer but the listing says the washer/dryer can be “added in multiple locations” in the unit.
Garage parking is leased in the building for $385 a month.
In the base of the building there is a Cheesecake Factory, Benihana and Starbucks, along with a Chase Bank. It is next to the Mag Mile and surrounded by restaurants and shops.
There are multiple bus lines nearby.
Originally listed in April 2024 for $625,000, this unit has been under contract twice, but has now been reduced $66,000 to $559,000.
Is this a deal for 1800 square feet in the Hancock or is the lack of an open floor plan what is hurting the sale of the unit?
Jenny Ames at Engel & Voelkers has the listing. See the pictures and floor plan here.
Unit #7511: 3 bedrooms, 2 baths, 1800 square feet
- I couldn’t find a prior purchase price
- Originally listed in April 2024 for $625,000
- Contingent twice
- Reduced
- Currently listed at $559,000
- Assessments of $1805 a month (includes doorman, cable, exercise room, pool, scavenger, snow removal, bike room, party room)
- Taxes of $13,446
- No central air but wall cooling
- No washer/dryer in the unit but can be installed
- Garage parking is available in the building for $385 a month
- Bedroom #1: 20×12
- Bedroom #2: 15×12
- Bedroom #3: 18×10
- Living room: 19×17
- Dining room: 10×17
- Kitchen: 9×10
- Foyer: 14×5
I’ve been in some “11” units a little higher up and like the view, but this one is low enough that the Ritz Carlton might be in the way and block the lake vista. Price is very low for a 3 BR in this building and that reflects lots of work to be done, though arguably you could just move in and deal with things over time.
The big problem with this unit is the diagonal at the corner, which really detracts from the drama of the views. I wouldn’t be surprised if that’s why they’re having trouble selling it. People who buy here want their breath taken away when they step into the unit, and this one just doesn’t deliver.
And yes, floors 55/56, 74/75, and 91/92 all have high ceilings. The 91/92 ones have the highest and are considered PH levels. One is for sale now and I’ve long wondered if they’d bring down the price from $1.72 million where it now stands. Seems high with a similar unit a few floors down and also with the coveted north view now on the market for less than $900,000, though it’s not on a corner and lacks the high ceilings.
Thanks for the insight Dan #2. I knew you’d chime in with your thoughts.
I had something come up last night so I couldn’t get to another new post today. But there will be one tomorrow. I have found that many sellers are now listing on Thursday-Friday with open houses on Saturday and Sunday and offers due on Monday. But I usually look at listings over the weekend to feature the next week. But by then, they are already under contract. I will have to start posting the units that come on the market on Wednesday and Thursday during that week.
There’s more coming on the market, which is a good sign. The weather is probably playing a role.
Given that 6911 is contingent and looks to be in worse shape, I have to think Dan is right about the blocked corner being the biggest negative.
https://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-6911/home/14118493
since we talking 11 units
https://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-5022/home/14118167
It’s like take whatever I pay to upgrade a place like 200k plus to my standards and for sure enjoy it and kiss it all away because I am not going to get it back when I sell it decades later – and I’m totally ok with this approach
Why does link say Unit 5022? Has sale history for 5022, not 4811.
Correct prior sale for 4811 is Dec-2006 for $475k.
And prior to that, Aug-1973 for $49k.
Someone really liked feeling like they lived in an igloo.