Another Elysian condo returns to market

Elysian, 11 E Walton St, ChicagoA lot of the flip attempts at the Elysian, 11 E Walton St, have come with significant markups — as much as 33 percent above an original sale price in one instance, according to Cook County records. Another Elysian condo went back on the market this weekend, and although it too is priced above its November closing price, the difference is a modest 4 percent. Are sellers at the Elysian coming down to earth, or does this person just failing to think big?

In this case, the answer is probably “neither.” Unit #4102, which sold in November for $4.25 million and is now selling for $4.43 million, already represents the high end of what’s available in the building — it’s a good half-million higher than an identical unit located just three floors lower. It’s listed by Mario Tricoci of the Luxury Sales Group, which was the Elysian’s exclusive brokerage; the Elysian website also names Tricoci as the principal and general counsel for the Elysian’s development team. So this may be a case of the developers agreeing to resell one of their investor’s units as a de facto new home, with slight adjustments upwards resulting from the inclusion of parking, the addition of interior features, or the fact that everyone here is trying to sell for at least a small profit.

Tricoci doesn’t include a lot of detail in the listing, noting simply that the three-bedroom home has 3,972 square feet. Monthly assessments are $2,602, and pay for heat, air conditioning, water, gas, parking, common insurance, door staff, exercise facilities, pool, lawn care, and scavenger. No tax data is available yet.

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