The Pinnacle of Urban Living: A 1-Bedroom in the Hancock at 175 E. Delaware in the Gold Coast
This 1-bedroom in the John Hancock at 175 E. Delaware in the Gold Coast came on the market in September 2023.
Yes, I’m still calling the building the John Hancock until someone else buys the naming rights.
The Hancock was built in 1969 and has 703 units and attached rental parking. It’s one of America’s most iconic condo buildings.
The building has 24/7 door staff, on-site maintenance and engineering, a fitness center, indoor pool, a grocery store, multiple party rooms and the sky lobby.
The listing calls the Hancock the “pinnacle of urban living.”
This unit was renovated in 2023 and some walls were removed.
It is a north facing 61st floor unit with views of the Lake, Lincoln Park and the north side without any diagonals.
It has wide plank hardwood floors throughout.
This is the floor plan that had the den in front of the bedroom. The glass walls to the den were removed but it still has a 10×8 office on the floor plan.
The kitchen has also been opened to the living room and has white custom cabinets, granite counter tops, a tile backsplash, top of the line stainless steel appliances and a peninsula with seating for 3. It also has a wine cooler.
The bathroom has also been renovated with a walk-in-shower and a white vanity.
The Hancock has allowed units to add washer/dryers and this one now has it tucked away behind a kitchen cabinet.
The unit has wall air conditioning and parking is available to rent in the building.
This building is in the heart of everything in the Gold Coast and Streeterville. It’s near the Mag Mile, Oak Street Beach, shopping, restaurants galore and numerous bus routes and the subway.
The listing says this unit “delivers it all.”
Listed at $425,000, that’s $115,000 above the 2019 sales price of $310,000.
Buyers love “new.”
Will the renovation get this unit sold quickly?
Robert Picciariello at Prello Realty has the listing. See the pictures and floor plan here.
Unit #6104: 1 bedroom, 1 bath, 929 square feet
- Sold in July 1988 for $155,000
- Sold in June 2006 for $365,000
- Sold in January 2019 for $310,000
- Currently listed at $425,000
- Assessments of $880 a month (includes doorman, exercise room, indoor pool)
- Taxes of $6650
- No central air but wall units
- Washer/dryer in the unit
- Rental parking in the building
- Bedroom: 11×15
- Office: 10×8
- Living room: 14×21
- Kitchen: 7×11
Nice place and great views
Dont know if I’d consider GE TOL, but thats just me
Having a W/D in the unit is a big plus
Good option for a all cash buyer (empty nester that sold their Suburban home and wants to downsize and move to the city)
Current owner is losing a fair bit with the remodel
“consider GE TOL”
Every line has a top. Don’t feel like digging into those particualr models today.
Trouble is that GE appliance family lines go like this, top to bottom:
Monogram
Cafe
GE Profile
GE
Hotpoint/Haier
Maybe they’re Profile, but they ain’t cafe or monogram.
Nice laundry setup tho–should have flipped the dryer door.
The translucent closet doors look IKEA awful and lack function. What is the appeal?
Nice Reno – – They greatly improved this unit and it would make a decent pied a terre for someone. Not sure I would buy this versus renting a luxury one bed elsewhere. I also would hate running the tourist gauntlet on the daily, so not for me.
Nyet – If it is IKEA, you can just put different doors on it. IKEA makes really great closets though. We were running out of money on our gut reno and put in Ikea closets in 2014 because we could do so with all the organizational bells and whistles. Our plan was to replace them in short order….here we are 9 years later and they look fine, are fully functional, holding up well. No reason to spend the coin on a more quality build at this point. Ikea closets are a budget renovator’s best kept secret.
“Not sure I would buy this versus renting a luxury one bed elsewhere.”
Good point. Lots of rental options now, even in 70 story towers. But you will probably pay more for 929 square feet than your monthly on this unit. Have to come up with the down payment though.
“Current owner is losing a fair bit with the remodel”
JU:
Asking seriously. How much you think the reno cost was? I haven’t personally done a full reno in ages. Most for me recently has been some new kitchen cabinets and various appliances So I have no idea.
so 310k sale + what $ reno ballpark
Comments and then questions
comment:
– I do like the view. For a one bedroom either that north view or south view would be my preference
– nice listing overall. photos and floor plan
– also this unit for a one bedroom does not have a diagonal which is nice
– guessing owner is in the markets
– there really isn’t a tourist gauntlet. Resident entry is opposite the tourist side entry. And Delaware street is pretty quiet in this section. And for avoiding tourists there are lots of back ways like going west using grand or initially walton than other streets. heading south on st. clair and so on
Questions
– I am having to exit the bedroom to go to the bathroom, yes?
– should the tub have been kept? pretty sure these units came initial with a bathtub
“Asking seriously. How much you think the reno cost was? I haven’t personally done a full reno in ages. Most for me recently has been some new kitchen cabinets and various appliances So I have no idea.
so 310k sale + what $ reno ballpark“
Would guess the floor for the Reno is $125k, and could be higher if is a Union only building, using bldg approved contractors, etc
The maths I use is slightly different
Sale price – 6% – reno – purchase = P/L
“Would guess the floor for the Reno is $125k”
seems high with a smallish kitchen and 1 small bathroom.
“seems high with a smallish kitchen and 1 small bathroom.”
Maybe Sabrinas rubbing off on me.
You also have Flooring, paint, moving/repairing walls, appliances + W/D, soffits, lighting + HiRise PITA factor
I just saw this – busy week. This is the highest floor in the building for the prime north-facing 1-bedroom (there are 1-bedrooms higher up but they face only east or west. Therefore, it’s highly coveted, and this looks like a nice renovation. Should be interesting to see what they get for it. A 1-bedroom in similar shape on the floor below also facing north sold for only around $325,000 during the pandemic, if memory serves.
We thought of buying in the building when we rented there but decided there wasn’t much of an investment thesis. The low pandemic values were a blip but I don’t think this one will sell for $425 now and then go up 10% in 2 years or anything.
Yes, 1-bedroom units originally had bathtubs, so that’s a bit disappointing not to have one here.
Having W/D and opening windows are perks in this building, and this unit has those.
Tourist presence on Delaware isn’t an issue. And I liked the Michigan Avenue plaza. It was enjoyable for me to see tourists gawking at the building I lived in – nice to see it appreciated.
Someone said they prefer south view or north view 1-bedrooms. Problem is south view one bedrooms only go up to 61, as I noted, so any one bedroom facing south looks pretty much right into Water Tower Place.
“Maybe Sabrinas rubbing off on me.
You also have Flooring, paint, moving/repairing walls, appliances + W/D, soffits, lighting + HiRise PITA factor”
first off: thanks for the reply
As I recall, proper freight elevators. Don’t recall if it had to be union contractors. I recall minor updates like PERGO floors etc and don’t remember union rates.
moving walls though means additional asbestos precautions and expenses
Is this correct?
https://www.remax.com/il/chicago/home-details/175-e-delaware-pl-apt-6602-chicago-il-60611/1600841480733917577/M00000243/11837987
53% of the people in the John Hancock are renters?!?!
I doubt 53%. Probably under 40%.
somethings rotten in denmark
(clearly I am reading the stats wrong)
I pulled up Park Hyatt that has 100 – 200 condos
https://www.remax.com/il/chicago/home-details/800-n-michigan-ave-apt-4303-chicago-il-60611/445246642604518856/M00000243/11851354
same 53% renters stat
Then I did the same for the Water Tower
with 200-300 condos
https://www.remax.com/il/chicago/home-details/180-e-pearson-st-apt-6901-chicago-il-60611/11527400215987527167/M00000243/11889791
again 53%
I’m thinking that has to be a more generalized number
“again 53%
I’m thinking that has to be a more generalized number”
Without checking, think that is the %age of all Chicago households who are renters.
“53% of the people in the John Hancock are renters?!?!”
Yes. Commercial space.
“I’m thinking that has to be a more generalized number”
All buildings you pulled up have commercial space on the lower levels. What does it say for 340 On the Park? No commercial space there.
“What does it say for 340 On the Park?”
66%:
https://www.remax.com/il/chicago/home-details/340-e-randolph-st-apt-1506-chicago-il-60601/10082804859207406812
So, it’s not all of Chicago, but zip code, or neighborhood, or radius, but clearly more than just the building.
“So, it’s not all of Chicago, but zip code, or neighborhood, or radius, but clearly more than just the building.”
Yeah- sounds like it’s done by some other factor and is not building specific.
You won’t know rental percentages exactly until a condo questionnaire is completed by HOA management company. In my experience, most of these large high rises tend to have 30-40% rentals. Near 50% or more wouldn’t surprise me in some of the larger older building, particularly those that aren’t super exclusive – think old American Invesco style buildings.
“Near 50% or more wouldn’t surprise me in some of the larger older building, particularly those that aren’t super exclusive – think old American Invesco style buildings.”
Really? Even with all the requirements put into place after the housing bust?
Would make it nearly impossible to get a loan in the building if 50% were rentals, wouldn’t it?
The agencies no longer have rental restrictions if the buyer is a primary residence, so it isn’t as big of an issue as it used to be after housing bust. Rental percentage is capped at 50% if the buyer is an investor though. However, some HOAs may have restrictions on the number of rentals.
Even in some of the small walk ups, it isn’t uncommon to have 1 or 2 units being rented.
I worked on a mortgage for a vintage walk up in Lakeview last year that was 70% rental! I think there were maybe 50 units in the building, IIRC.
Russ
“I worked on a mortgage for a vintage walk up in Lakeview last year that was 70% rental! I think there were maybe 50 units in the building, IIRC.”
Hi Russ
Where does the data come from on the number of rentals in the building. Is it from the HOA? What if the HOA doesn’t have that information? Data broker?
“I worked on a mortgage for a vintage walk up in Lakeview last year that was 70% rental! I think there were maybe 50 units in the building, IIRC.”
Who would want to live in a condo building with that many renters? Must be terrible for the owner occupiers. There’s a big difference between a renter and an owner in the property. No sense of community with all those renters.