Renovated Gold Coast 2-Bedroom with Parking at $595,000: 57 E. Delaware
This 2-bedroom in The Bristol at 57 E. Delaware in the Gold Coast originally came on the market in March 2022.
The Bristol was built in 2000 and has 178 units with attached garage parking.
It’s a full amenity building with doorstaff, an indoor pool, exercise room, sauna/hot tub, bike room and on-site manager/engineer.
It was also among the first of the “new” luxury towers built in the Gold Coast.
The listing says this unit has been renovated.
It has south city views.
The unit has dark hardwood floors in the living/dining rooms and kitchen along with carpet in the bedrooms.
The kitchen is open to the living/dining space and has white cabinets, white counter tops, a peninsula with seating and “top of the line” appliances along with a wine refrigerator.
The primary suite has a walk-in-closet and an en suite bath with a bathtub, walk-in-shower and dual vanity.
It has the features that buyers look for including central air, washer/dryer in the unit and 1 parking space is included.
This building is near the Mag Mile and shops and restaurants of the Gold Coast.
Originally listed in March 2022 for $620,000, it’s been reduced and is now listed at $595,000.
You can see the prior listing pictures before the renovation here.
With most sellers waiting until February to list for the spring season, can listing right now be an advantage?
Chezi Rafaeli at Coldwell Banker has the listing. See the pictures here.
Unit #1706: 2 bedrooms, 2 baths, 1500 square feet
- Sold in April 2000 for $452,000
- Sold in May 2004 for $525,000
- Originally listed in March 2022 for $620,000
- Reduced
- Currently listed at $595,000 (includes 1 car parking)
- Assessments of $1145 a month (includes cable, Internet, bike room, door staff, exercise room, party room, indoor pool, hot tub/sauna, on-site engineer/manager)
- Taxes of $12,730
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 17×13
- Bedroom #2: 13×11
- Living/dining room: 22×15
- Kitchen: 14×8
Look, it’s obvious at this point you are a poorly paid shill of low intelligence and prone to day drinking this was originally listed in 18 for $789k
Owner has walked the price all the way to $600k
The rent has also dropped from $3500 in 19 to $3100 today
Anyone willing to put $120k + $5400/mo Vs renting at $3100/mo is a real Sabrina. Nothing screams buy now or be priced out forever lol
I won’t steal TFOs thunder but the CPI numbers would almost require this place being designated a superfund site.
Outside of buying at the absolute peak and selling at the absolute bottom (Cue Sabrina claiming 04 as the bubble peak) should be unpossible to lose this much money
But this is the level of analysis one can expect from listening to shills
Also, for anyone just reading this blog and not commenting (I know many of you are out there), remember that most of the people creating posts here don’t even live in Chicago. Sabrina hasnt’t left her garden apartment in Bronzeville for decadesas she doesn’t like minorites or the poors. Nor even visited anywhere outside of the 550 sf they call home. . Many of the posters really have a much, much superior understanding wrt what is going on in Chicago real estate about pricing, demand, hot neighborhoods etc than the posters known as Sabrina
The good news is with ChatAI, we should see a much superior, honest and logical posts on Cribchatter
Low inventory and much demographics make losing money unpossible
April 2000 for $452,000 + CPI = $785k (-24.2%)
May 2004 for $525,000 + CPI = $826k (-28%)
Plus whatever the reno cost–perhaps an expert of experts could provide a decent estimate of that.
Too bad about those views…or should I say non-views.
I sure wish Johnny could take his Sabrina hate to another place where I don’t have to see it. When he actually comments on a unit instead of launches into an anti-Sabrina diatribe, he often has useful observations about properties.
As an addendum, I don’t have a dog in this fight. I make no judgment about whether Johnny or Sabrina are correct in their observations about the housing market (I’m honestly not expert enough to know).
Legitimate, thoughtful criticisms of my views and the views of others expressed on this site don’t bother me. It’s the endless hostility I see in J’s posts that does.
“Outside of buying at the absolute peak and selling at the absolute bottom (Cue Sabrina claiming 04 as the bubble peak) should be unpossible to lose this much money”
JohnnyU’s entire comment about this unit and the pricing reflects his lack of understanding about Chicago and Chicago downtown real estate, especially in the last few years.
I know many of the other long time commenters on this site understand it and what makes Chicago’s downtown market very different. Simply put: we have a lot of land available and can keep building new condo towers which means a lot of inventory. And there isn’t the demand to buy condos downtown, like there is to rent, which keeps demand low.
Turnover is happening in many of the older condo towers, as I have mentioned before. Due to older owners either dying or retiring and wanting to move out of state. Those buildings have to compete against new construction. And then, as we all know, the downtown has really taken a hit over the last 3 years due to first, the pandemic, and second, the riots/protests. It’s made great strides to come back, but it’s not there 100% yet. There’s too much inventory, still, even though hit has come down from 2 years ago.
Additionally, some of the downtown neighborhoods are now out of favor with buyers. Fulton Market/West Loop is the hottest downtown neighborhood. Gold Coast is not. The looting happened in this neighborhood. Buyers may still be avoiding it.
The Bristol was one of the top luxury buildings when it was built in 2000. But that “title” usually only lasts 5 to 10 years in Chicago before something new is built and buyers prefer it. Luxury buyers want new kitchens and baths. If you don’t give it to them, they’ll buy new down the block.
The Bristol was surpassed by the Palmolive and 30 W Oak and then 9 W. Walton. And now? Maybe One Chicago or the Tribune. Owners of downtown Chicago condos have seen prices erode since 2016, which was the last “peak.” There will not be a rebound until demand for condos picks up again. It will, eventually. Chicago’s housing market has always gone in cycles of apartment booms, then condo booms, then apartment booms again and repeat. We’ve been in a 10 year apartment boom.
If inflation continues to push rental prices up, it might make more sense to buy to lock in a housing payment. Even with higher mortgage rates, it may still make more sense to buy a condo than to rent.
“ The Bristol was one of the top luxury buildings when it was built in 2000. But that “title” usually only lasts 5 to 10 years in Chicago before something new is built and buyers prefer it. Luxury buyers want new kitchens and baths. If you don’t give it to them, they’ll buy new down the block”
If this is true, why would anyone buy a condo in a HAWT neighborhood (or any hood for that matter). You’re basically saying that buyers are buying high and selling low.
Maybe you don’t value money, however most folks do
“If this is true, why would anyone buy a condo in a HAWT neighborhood (or any hood for that matter).”
Why would anyone buy a stock that has doubled? People want to buy in hot locations because everyone has made money there. When a neighborhood goes cold, it takes a long time to recover because buyers shun it, even if they can get deals.
West Loop prices have nearly doubled in less than 10 years. Logan Square and Avondale up big too. Bronzeville hot as well. But most of downtown has been hit hard. Peaked in 2016 and has been on the decline. And now buyers have said, “why should I buy a condo downtown, I’ll only lose money.” And they’re not wrong. In some cases, you’re not even getting 1% appreciation a year. It’s been terrible.
Eventually, it’ll hit bottom, be seen as a deal and people will buy again. It will help that new apartment buildings are going into the older established neighborhoods like Gold Coast. It needs new restaurants/bars as well to attract Millennials and GenZ.
“You’re basically saying that buyers are buying high and selling low.”
No one who bought in the Bristol in 2004, when it was one of the top luxury buildings, would be thinking, “gosh, in 20 years I won’t make any money on this.”
But the neighborhood is out of favor. The building isn’t the top luxury building anymore. Tastes have changed.
“West Loop prices have nearly doubled in less than 10 years. Logan Square and Avondale up big too. Bronzeville hot as well.”
So WL is ready to crash per your criteria?
“But most of downtown has been hit hard. Peaked in 2016 and has been on the decline. And now buyers have said, “why should I buy a condo downtown, I’ll only lose money.” And they’re not wrong. In some cases, you’re not even getting 1% appreciation a year. It’s been terrible.”
Vs
“No one who bought in the Bristol in 2004, when it was one of the top luxury buildings, would be thinking, “gosh, in 20 years I won’t make any money on this.””
So is making money (or not losing) a criteria or not?
Off your meds, @JohnnyU?
Chicago real estate has appreciated on average 1% to 3% a year, historically. That’s the expectation that buyers should have for Chicago.
Those expectations changed during the housing boom years, when prices rose at a much greater pace. But that was an anomaly. And Chicago missed out on the pandemic bubble so we shouldn’t have a bust here.
“Chicago real estate has appreciated on average [25-75 bps above inflation] a year, historically.”
ftfy.
Mainly accurate over longer terms (20+ years), to even out the cycles.
Closed for 540K
Absolutely brutal
Only took 5 years and a $240k haircut
rEAl eSTAte OnLy gOeS uP
May 2004 for $525,000 + CPI = $838k (-36%)
Plus whatever the reno cost.
Even in nominal dollars, after transaction costs, it’s a loser after *19* years.
Woof.