Love Views? A 2-Bedroom Duplex on the 62nd Floor: 161 E. Chicago in Streeterville
This 2-bedroom duplex in Olympia Centre at 161 E. Chicago in Streeterville came on the market in September 2021.
Built in 1984, Olympia Centre has 292 units and an attached parking garage.
It’s a full amenity building with an on-site engineer, door staff, and concierge.
It has a cardio room, a separate weight room, and an indoor pool.
This unit is on the 62nd floor and appears to have a south facing view of the city skyline and the Lake.
It has 24 foot ceilings and double hung windows.
The main floor has the living room, dining room, kitchen and family room.
The unit has a Deguilio-designed kitchen with Miele and Dacor appliances.
It has oak floors and silk wall coverings.
The two bedrooms and an office are on the second floor. The listing says the 2 bedrooms could be converted to 3.
It has Dornbracht fixtures and is wired for sound.
The unit also has a unique feature for a modern high rise: a wood burning fireplace.
It has features buyers look for including central air, washer/dryer in the unit and 2 car parking is available to lease in the garage.
Listed at $2.75 million for 4500 square feet, is this the home for those who love views?
Jennifer Piser Wright and Armin Jalali Sohi at Domain Properties have the listing. See the pictures and 3D walkthrough here.
Unit #62S2: 2 bedrooms, 2.5 baths, 4500 square feet, duplex
- Sold in May 1988 for $900,000
- Sold in December 2004 for $3.5 million
- Originally listed in September 2021 for $2.75 million
- Currently still listed at $2.75 million
- Assessments of $4505 a month (includes doorman, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $53,766
- Central Air
- Washer/dryer in the unit
- Wood burning fireplace
- Leased garage parking
- Bedroom #1: 21×13 (second floor)
- Bedroom #2: 21×13 (second floor)
- Office: 14×10 (second floor)
- Living room: 35×20 (main floor)
- Dining room: 19×13 (main floor)
- Kitchen: 20×16 (main floor)
- Family room: 19×19 (main floor)
Fireplace and multi level are nice but $4,500 HOA isnt going to do this place any favors. Going to need a solid haircut on price to sell.
Wow! Truly impressive! Great views, finishes, and proportions. Beautiful pool and gym too.
However, looks like it was a terrible financial decision. It’s been on the market for awhile and may likely end up selling close to $2.5M, which would be $1M less than they paid for it way back in 2005…nearly a 30% decrease in value over 16 years. Yikes!
$110k/year in base carry! To have smash & grab theft going on downstairs.
Pricing aside, this is a cool property. If I had to choose between a boring interior @ the Tribune or this, I’d go with this.
Good point made above -would much rather have this than the Tribune. The $9,000 a month carrying costs limit the appeal, however.
very nice place but good god thats overpriced
This is easily 10M in Manhattan so its priced right for Chicago imo
This unit in Tribune is somewhat comparable (similar carry, also a duplex, etc). Obv the aesthetic is very very different:
https://www.redfin.com/IL/Chicago/435-N-Michigan-Ave-60611/unit-2004/home/176521219
It’s also asking a lot more.
“This unit in Tribune is somewhat comparable (similar carry, also a duplex, etc). Obv the aesthetic is very very different:”
Thanks for posting the link anon (tfo). Amazing historic windows. Great renovation of those.
That kitchen is tiny, though.
“$110k/year in base carry! To have smash & grab theft going on downstairs.”
It’s going on in Beverly Hills too anon(tfo). Should you not be buying there?
By the way, that Neiman Marcus is the second most profitable store for the chain in the country.
“However, looks like it was a terrible financial decision. It’s been on the market for awhile and may likely end up selling close to $2.5M, which would be $1M less than they paid for it way back in 2005…nearly a 30% decrease in value over 16 years. Yikes!”
Let’s remember: that was the housing bubble. Prices near peak. Fewer luxury buildings so they got premium prices. Now, 16 years later, a LOT more competition in luxury.
“Now, 16 years later, a LOT more competition in luxury.”
There is more supply. But let’s not brush over the fact that the demand has certainly gone down too.
“Should you not be buying there?”
I wouldn’t buy in BH on/near Rodeo Drive, no. If I want a BH address, it’s either a manse, or I’m renting.
Rather be in the canyons, or if I needed easier DTLA access, Hancock Park.
Tribune unit is dramatic and unique but I’d still take the featured one here, especially for half the price. I’d rather be on 62 than on 20.
“Rather be in the canyons, or if I needed easier DTLA access, Hancock Park.”
Right. But you’re saying all the crime that is happening in these areas you want to live in isn’t going to deter you from living there. A woman was recently robbed, for instance, walking into her gated driveway after returning from a walk in the middle of the day with her child in a baby carriage. In Hancock Park.
“There is more supply. But let’s not brush over the fact that the demand has certainly gone down too.”
This will be a record year for sales over $4 million KK. And that doesn’t include everything else in the “luxury” category of $1 million to $3.99 million.
No, demand has not “gone down.”
The city is super hot. There are more companies/businesses here than ever. That means more rich people. For the last decade, luxury has been moving to the city versus the suburbs as GenX and Millennials want to be in the city. For instance, historically, many of Chicago’s professional athletes have lived in the suburbs but, more often now, this generation is living in Chicago itself. Same with CEOs of McDonald’s etc. They’ve all moved to the city.
Wow imagine begging someone to buy your house so you could take $1 million loss on it. I sold my Chicago house a couple years back and according to Zillow and redfin the value is down dramatically. We purchased a new place in Florida and housing in our neighborhood is easily up 50 to 100% from that point. We actually looked at this building when we lived in Chicago to buy birds it’s all very very old and the ceilings are very low and I just can’t imagine someone wanting to spend two or 3 million and having to worry about major crime downstairs. People like to say that the rich don’t care about high assessments or taxes but it just isn’t true. The sellers here have enormous carrying costs and I bet they were dying to sell.
“ The city is super hot.”
Are we ignoring the rampant crime, overall bad public school system, declining “Magnificent Mile”, and sky high property taxes? As well as the fact that commuting to the loop 5 days per week is no longer the norm for most white collar workers?
Who are the buyers that don’t care about the above?
I cannot get over the fact that the Tribune unit is a flip!!!! I have a hunch they aren’t even going to cover transaction costs at the end of the day…most likely will lose money. If I won the lottery however I would buy it over the other place…just has more character….ah who am I kidding? I wouldn’t want to deal with Michigan Ave tourists or “locals” and would instead by a lot and build my in-town dream home….and most likely spend way less than either of these places are asking for.
I do have to wonder about the kind of person who can just lose $1MM without a care in the world. Must be inherited wealth or money laundering…certainly didn’t earn it themselves.
“ I do have to wonder about the kind of person who can just lose $1MM without a care in the world.”
They’ve attempted to sell the place off and on for the last 6 years, feeling out the market and gradually reducing the price. I don’t agree that the ~$1M loss on the property isn’t hitting them where it hurts. If money was no concern, they would have dumped the property at a loss years ago and moved on.
“This will be a record year for sales over $4 million KK. And that doesn’t include everything else in the “luxury” category of $1 million to $3.99 million.”
$1MM isnt luxury
“Are we ignoring the rampant crime, overall bad public school system, declining “Magnificent Mile”, and sky high property taxes? As well as the fact that commuting to the loop 5 days per week is no longer the norm for most white collar workers?”
Super HAWT ™ is a joke, but people are buying in the city due to the fact there’s still “Deals” (Relative to CPI). The reasons you list will create a tipping point that will have some serious negative consequences
Just got a redfin alert for all the homes I’ve owned
In Chicago one is -3%, the other is +2% and my current home not in Chicago is +22% year over year
Small sample size, but I wouldn’t say Chicago is HAWT at all, clearly the opposite on a relative basis.
I get those Redfin alerts and they’re hot garbage. Even still my past properties are up 18% and 22% since sold (5 and 9 years prior, respectively) and my current one is up 11%. I find it quite hard to believe my last condo has appreciated at double the rate of my current SF of similar neighborhood and identical granite and cherry era vintage.
“Small sample size, but I wouldn’t say Chicago is HAWT at all, clearly the opposite on a relative basis.”
Were your properties downtown sonies?
Yeah- downtown sucks. Too much inventory and fewer wanted to be there during the pandemic and after the looting. This has been well documented on this site for the past 19 months.
But lots of deals if you’re looking to buy.
The rest of Chicago? Yeah- it’s up everywhere. 10% to 20%. Especially single family homes. Bidding wars on condos in the hot neighborhoods like Logan Square. Just NO inventory. Plenty who want to buy with the low mortgage rates.
I have said this before but when I started this blog in 2007, there were routinely over 4,000 properties listed in Lakeview. Right now, on Redfin, 472 properties.
This is why there is record low inventory, citywide. It’s really insane how tight it is.
Good luck this spring, buyers.
“$1MM isnt luxury”
Uhhhh…yes, it is. In Chicago, well above the conforming loan level.
“If money was no concern, they would have dumped the property at a loss years ago and moved on.”
Most sellers are of the belief: “I’m not going to give it away.”
Now you are all seeing how “sticky” prices are to the downside. It takes YEARS for sellers to lower the price, as this property shows and as the 2008-2012 bust also shows. This is why there will NOT be a big housing “crash.” And anyone waiting for it to happen in, say, 2022, is going to be sorely disappointed.
In fact, this is why real estate prices rarely decline. It takes a big “event” (natural disaster, Great Recession or Depression, oil bust which results in thousands of layoffs).
Oprah Winfrey took a loss on at least one her properties that she sold when she shut down the Oprah Winfrey Show. Did she care? No.
“Are we ignoring the rampant crime, overall bad public school system, declining “Magnificent Mile”, and sky high property taxes? As well as the fact that commuting to the loop 5 days per week is no longer the norm for most white collar workers?”
Do you NOT read the monthly market updates about Chicago KK?
Or do you skip over those posts because it doesn’t fit your “Chicago is doomed and no one is buying real estate” narrative?
It’s pretty obvious how hot the market is. Yes, believe it or not, people ARE buying homes, townhomes and condos all over Chicago right now despite the problems the city is facing. Go figure.
At 15 year highs!
In fact, more are buying right now than were buying in 2012, when prices were at their lows and there were deals everywhere.
Love it how KK just throws in “overall bad public school system”. Ha ha. Nice trolling.
Clearly, the schools are NOT an issue for Chicago buyers because single family home inventory is below 2 months citywide. Even in the not-so-great school districts.
Imagine that?
“I sold my Chicago house a couple years back and according to Zillow and redfin the value is down dramatically.”
Not possible Stacy as single family homes in the city are up since a “couple years back.” In all neighborhoods.
‘’Love it how KK just throws in “overall bad public school system”. Ha ha. Nice trolling.
Clearly, the schools are NOT an issue for Chicago buyers because single family home inventory is below 2 months citywide”
So Sabrina is claiming that she knows which children are in CPS and which are in private schools. LOL
Sabrina vs the bears: a tale as old as this WordPress theme. You have to appreciate the consistency.
“Sabrina vs the bears: a tale as old as this WordPress theme. You have to appreciate the consistency.”
Huh?
How long you been here AnonIDGAF?
I was a bear until about 2015, or so? Got attacked on this very blog day in, and day out, by the bulls who said I was clueless.
So, yeah, I have to laugh that you’re all now attacking me for being a bull. But the numbers don’t lie. This is the best housing market in Chicago since the 2005 housing boom. No way to gaslight that, sorry to say. But I know you all are going to try.
If it was a one off, or a 6 month trend that has faded, then that would be one thing. But the hot housing market has been hot for about 16 months now.
It’s all demographics AnonIDGAF. The largest generation in US history is forming families. They are buying in bigger numbers. Combine that with Baby Boomers who want to leave the suburbs and move into the city, and those who are selling to retire to warmer climates, and you just have a lot of people moving in and out, and up.
Follow. The. Data.
“$1MM isnt luxury”
“yes, it is. In Chicago”
So Lincoln Park dirt with a yurt is “luxury”?
$100 psf construction on a $600k city lot isn’t “lux” other than the dirt–it’s just a big house in a decent location.
Threshold is *at least* $1.5m right now.
“So Sabrina is claiming that she knows which children are in CPS and which are in private schools. LOL”
Um..there have ALWAYS been private schools in Chicago?
Why do you think Latin is so popular? Because parents made that choice throughout the last 50 years when the public schools weren’t so great.
The private schools in Chicago aren’t that much of a factor. There are 300,000 kids in public schools in Chicago. How many in private? A small sliver.
And it’s it great that we have public, and private, schools that people can choose from. If they can afford the private, good for them. It’s another thing that isn’t going to make them move to Hinsdale, right?
So, why are the schools a factor for home buyers in Chicago again?
They aren’t. And it’s trolling to bring it up. Parents have figured out the schools for the last 15 years in the city.
The single family home market is red-hot. Nothing in those statistics is screaming, “but the schools.”
“Threshold is *at least* $1.5m right now.”
Come on. A million dollar property isn’t luxury in the city now? It’s NOT the top 1% of the price point?
Yes, it is.
It’s only because this blog focuses on the GreenZone, which is the luxury price point, that it seems like everything in the city is this price point.
Yes, a million dollar condo in Lincoln Park is “luxury.”
” A million dollar property isn’t luxury in the city now? ”
SFH? No, it isn’t. Not in the GZ, at least.
Condo? Depends on the building and the SF. 5000 sf condo in a B building? Nope. That one in the St Regis? Sure.
Can’t be blanket about price point.
“There are 300,000 kids in public schools in Chicago. How many in private? A small sliver.”
~72,000 in privates. So about 17.5% of Chicago schoolkids. More than a small sliver.
I would contend that the charter school kids are effectively private school kids, too, tho they count as “CPS”. That’s ~58,000 this year, making it ~140k out of 402k–over 1/3. (Feel free to disagree, but don’t bother arguing that point with me, I won’t engage.)
This building is pretty amazing. Staff does the white glove touch better than any I’ve been in and I’m in a pretty posh building. You could definitely feel very rich living here. Unit seems to be priced well, but I image most will redecorate. Space has crazy potential and probably very little to loose if you don’t renovate and live as is.
“~72,000 in privates. So about 17.5% of Chicago schoolkids. More than a small sliver.”
Yeah, that’s more than I thought. Hooray! Fantastic. Another reason all of these Millennials will NOT leave the city of Chicago, like I said.
KK’s trolling of the “bad schools” sounds like an old 1980s op-ed.
Again, the single family home inventory is less than 2 months. Those are mostly families buying. The schools are NOT an issue.