ChicagoDowntown / Loop

Owners ready for return on investment at Elysian

by Joseph Askins on 4/11/11

CaptionThe latest listing at The Elysian, a 3,972 square-foot four-bedroom on the tower’s 49th floor, hit the market last Friday at $5.19 million, less than a year after it closed for $4.78 million. That markup of about 9% is modest compared to a resale located one floor above: a three-bedroom / two-bath has been available since March for $3.3 million, almost 34% higher than its late June closing price of $2.46 million.

Homes are in short supply at The Elysian — just two other homes are currently available at higher prices (including $9.8 million for a penthouse spanning two full floors), and another six are under contract with sales pending — so these sellers may very well earn their money back and a bit more if the building maintains its popularity.

Renting at The Elysian doesn’t come easy. In January, Domu posted a listing for a 3,972 square-foot three-bedroom priced at $14,000 a month, a price that makes it the third most expensive rental in downtown Chicago. The two other homes currently listed for rent through the MLS aren’t much cheaper: one is priced at $13,500, the other at $13,000.

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{ 1 comment… read it below or add one }

Jeff April 11, 2011 at 10:25 PM

Sounds like its a wash once closing costs happen.


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