Are Smoke Free Buildings the Future? A 1-Bedroom in 111 E. Chestnut in the Gold Coast
This 1-bedroom in the Elysee at 111 E. Chestnut in the Gold Coast came on the market in November 2016.
On the 50th floor with west city views, it has solid oak floors and crown molding.
The listing says the unit has custom doors and Hunter Douglas window treatments.
The kitchen has cherry cabinets, stainless steel appliances, and granite counter tops along with a granite backsplash.
It has a washer/dryer in the unit, wall air conditioning units and parking is available in the building for $40,000 extra.
This building was built in 1972 and has 444 units.
I’ve been told that this building is expected to go non-smoking as of January. That means no smoking in the common areas or in your unit.
Is this is big selling point in the condo market, especially with Millennial buyers?
Will we see a bunch of other buildings following suit?
Harold Gerber at forsalebyowner.com has the listing. See the pictures here.
Unit #50G: 1 bedroom, 1 bath, 1000 square feet
- Sold in February 1998 for $189,500
- Sold in August 2000 for $234,000
- Currently listed for $394,600
- Assessments of $607 a month (includes doorman, cable, Internet, exercise room, outdoor pool, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes of $4671
- No central air- wall units
- Washer/Dryer in the unit
- Parking available for $40,000 in the building
- Bedroom: 17×16
I wish my building would implement such a rule. I hate smelling it in the hallways and in the summer I can’t open my windows unless I want to smell smoke.
crappy pictures by a “for sale by owner” isn’t going to help in any way.
“Custom doors throughout apartment”
Huh? the only doors i can see in the listing are the bedroom door and closet doors. they are in no way custom.
“they are in no way custom”
To some, “custom” = “had to be ordered, in a not standard size”.
They’re wrong, of course, but that’s how some people mean it
I think the square footage includes the common hallway :0
Throw in the wicker barstools and I could maybe do $300k
All picking-apart of the fit and finish and broker babble aside, THIS is how you make money in real estate. You buy [in a good location] and hold for a long period of time and maintain your property. When they finally sell this unit, they will walk away with at least $200K in their pocket. Granted, not all profit, but when you consider you pay to live anywhere, that’s a good deal.
I’d say that’s pretty average ROI considering that person bought almost 17 years ago. Nice that there should be some extra cash once it actually sells…but in no way are they breaking new real estate deal ground or really rolling in the super big bucks there. I would reckon you pretty much better show some decent profit being in a desirable downtown location and building selling after all that time anyhow.
@GG, this person looks to have occupied this as a home or long term pied-a-terre, and not primarily as an investment. Along the way, they got some good tax benefits and interest deductions along with their price appreciation, in addition to a roof over their head. This is a pretty good benefit actually.
Most folks are not really investors – – first and foremost they are looking for a place to live either full or part time. When you make incremental moves are selling your primary residence every 4-5 years you are losing a ton of money to transaction costs. I have tried myself and tell all my friends who are just looking for a home, to be patient and make only big moves. The incremental move-ups from condo to condo are generally not good moves. Staying in a true starter home for a long time and saving while accumulating a significant chunk of equity, is a great move.
“I think the square footage includes the common hallway”
Nope. That is “true” square footage. There are large 1-bedrooms in this building.
For perspective, other similar square footage 1-bedrooms in this building have sold anywhere from $290,000 (with original finishes) to $360,000 (high floor, new kitchen/bath.)
Nice location but I think the unit is overpriced.
Those west views are hotter than hell in the afternoon. From about 4-7, it is impossible to probably even sit in the LR.
1000 sq ft?
Show me an appraisal with that number and i will hand you $100.
Yes to a ban in common areas. No to what goes on within an owner’s four walls as long as it’s not illegal. This is America, people!
No Gayle–it’s a condo not a SFH. Faulty duct work and your crappy virginia slims are filling the unit above yors with second hand smoke. Buy a place that is truly your own if you actually want ro do whatever in it.
Smoke free building is absolutely a selling point.
Actually I’ve never smoked “anything!” But I wouldn’t want the condo police raiding my dwelling space if someone in there were doing so with my permission. I guess I must be a latent Libertarian.
I’m in a 500 unit building that’s in the process of going smoke free, including within individual units. The amendment passed with a 90% yes vote.
Smoking permeates other units just like a loud stereo or a barking dog. But unlike the other two, smoking causes cancer and it’s hell on babies and those with breathing difficulty. If you want absolute freedom, a condo is not the right choice.