Attempting a flip at Walton on the Park

Walton on the Park, 2 W Delaware Pl, ChicagoThe newest listing for sale at Walton on the Park, 2 W Delaware St, is just the second attempt at a resale I’ve seen since closings began last year, and the first one to start off at a higher asking price than its last sale price. That’s a daring move given the scant amount of sales in the tower overall (Redfin shows 23 closings since June) and suggestions that the building’s unsold condos will become rentals.

Lisa Madonia of @properties listed unit #701 yesterday at $1,499,900, slightly above its August closing price of $1,485,474. The three-bedroom / three-bath condo has a landscaped terrace with gas, electric, and water service; an upgraded interior with hardwood floors throughout, a Viking gourmet kitchen, marble en-suite baths, and custom wall coverings and window treatments; and floor-to-ceiling windows. Monthly assessments are $750, and cover heat, air conditioning, water, common insurance, door staff, exercise facilities, pool, exterior maintenance, lawn care, scavenger, and snow removal.

Closing prices at Walton on the Park have ranged from $566,054 for a 945 square-foot one-bedroom to $2.2 million for a 2,165 square-foot three-bedroom. The median sale price is in the $950s, and the average price per square foot is $683.

Twenty-eight developer-owned units are currently listed from the $430s for a 965 square-foot one-bedroom to $2.43 million for a 3,435 square-foot four-bedroom. The median list price is in the $690s, and the average price per square foot is $565.

If the Enterprise Companies and Mesirow Financial Real Estate have begun renting out units at Walton on the Park, they aren’t doing so through the MLS. Just one home, the two-bedroom / 2.5-bath unit #1907, is listed as a rental, at $4,500 a month. Unit #1907 is the building’s other active resale, priced at $999,000; the home sold in August for $1,008,500.

Redfin shows no units under contract or sales pending.

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