3-Bedroom Gold Coast Penthouse “Priced for Renovation” Reduces $500,000: 1 E. Schiller
This 3-bedroom penthouse in One East at 1 E. Schiller in the Gold Coast has been on and off the market since 2022.
We last chattered about it in March 2023. Back then, some of you thought it was overpriced. See our chatter here.
One East was built in 1964 and has 78 units and attached rental parking.
This 3-bedroom penthouse in 1 E. Schiller in the Gold Coast came on the market in June 2022.
One East was built in 1961 and has 77 units and attached garage parking. It has 24/7 door staff, on-site maintenance, live-on property engineer and property manager.
If you recall, this penthouse has 3 exposures of South, North and West.
It’s a half-floor penthouse with 3500 square feet of interior space.
The unit has a single elevator access to the residence opening into a private vestibule foyer.
It has 7″ wide plank hardwood floors but some of the flooring looks like it’s tile or something else.
There is a wood-paneled den which has a double-sided wood burning fireplace.
The kitchen has white cabinets, some stainless steel appliances and a breakfast bar with seating for two.
The primary bedroom has a massive en suite bathroom with a blue soaking tub with corner views overlooking the city and a walk-in-closet.
A Custom Retractable Roof
But the most unique feature is the 12×30 sunroom which has a wet bar and a “custom retractable roof.”
There’s also a spiral staircase that leads to a private rooftop deck which the prior listing said was the only unit in the building with access to one.
It is “already built-out” and has a pergola and city views. There seems to be some sort of an outdoor bar in one picture.
It has the features buyers look for including central air, side-by-side washer/dryer in the unit and rental parking is available.
This building is a short stroll to Oak Street Beach, North Avenue Beach, Lake Michigan, Lincoln Park and the shops and restaurants of the Gold Coast.
Originally listed at $1.95 million, it was reduced $500,000 to $1.45 million. The listing now says it’s “priced for renovation.”
Is this cheap enough for someone to renovate it?
Nicholas Colagiovanni at Baird & Warner now has the listing. See the pictures and floor plan here.
Unit #PHW23: 3 bedrooms, 3 baths, 3500 square feet, penthouse
- Sold in December 1985 – no price listed in the CCRD
- Sold in June 2021 for $940,000
- Listed in June 2022 for $1.95 million
- Reduced
- Currently listed at $1.45 million
- Assessments are now $2825 a month (they were $2646 a month in March 2023) (includes doorman, cable, exterior maintenance, scavenger, snow removal)
- Taxes are now $16,246 (they were $15,483 in March 2023)
- Central Air
- Washer/dryer in the unit
- Garage parking is $275 a month for garage space or $235 a month for outdoor parking space
- Double sided wood burning fireplace
- Bedroom #1: 25×17
- Bedroom #2: 16×13
- Bedroom #3: 14×11
- Den: 16×13
- Living room: 25×15
- Dining room: 17×13
- Kitchen: 13×7
- Family room: 36×14
- Sunroom: 12×30
- Rooftop terrace: 35×26
25% reduction lol, nice attempt at theft.
“priced for renovation.”
Nope.
This feels like a $350 psf building, tops. And this unit needs at least $100 psf of reno. Add in a little PH premium, could *maybe* justify the project at ~$300 psf.
Note it’s probably closer to 3000 than to 3500.
The $940k they paid is about right, imo. And a really well spent $350k (excluding carrying costs) would likely get you a 1.5-1.6m unit. Which makes it “priced for reno” for a fool doing it himself, not a pro.
Pro price is at least $100k under what they paid.
I gave the building a little more credit than last time.
Citing the value of a 30 year old rennovation is wild.
Only upside I see to this place is that, with that many mirrors in the bathroom, I could never allow myself to get fat.
“The $940k they paid is about right, imo. And a really well spent $350k (excluding carrying costs) would likely get you a 1.5-1.6m unit. Which makes it “priced for reno” for a fool doing it himself, not a pro.”
I think you probably need at least $500k on this. And more likely $700k. Would have to take it to the studs. New electric, plumbing. You’re going to have to move the kitchen. No way you’re getting $1.5 million with a 13×7 kitchen.
Depends on what kind of finishes you put in it though. If you went with the run-of-the mill, can maybe keep costs down. But at 3000 square feet, even just putting in true white oak hardwoods is going to cost you a pretty penny.
You can get a good idea of costs in an older high rise by watching Windy City Rehab on HGTV. This current season has a full, to the studs, rehab of a 2600 square foot penthouse in 111 E Chestnut. Owner originally thought he could spend $200k to $300k and Alison Victoria laughed at him. Ended up costing close to $600k. $300k was simply for labor costs, she said.
They ended going upscale on it though. The owner put in $96,000 white oak kitchen cabinets wherein Alison wanted to do only the front veneers to save money.
this property is typical of Chicago Streeterville high rises where you have these forever homes and owners are in these homes for 30 plus years.
When I was in the Hancock I had to fight tooth and nail just to get some friends to get rid of their carpet that was coming up in places and in the end put down some new floors.
I wouldn’t expect to get any of my money back if / when I bought a Streeterville high rise. It’s basically treating the money as a rental that goes straight out the door versus buying a single family home in lakeview.
one other thing i would note is that since this property is in the gold coast the assessments will be even higher than the streeterville properties because the streeterville properties will be taller larger
Unique unit with great outdoor space; however, it would take a significant amount to update (500K +) to make a real show place out of the unit. I’d have to get a sense of what the building’s interiors/hallways/etc look like, price ranges etc to get a sense on pricing of this truly unique unit.