Pied-a-Terre Week: A 1-Bedroom Maisonette in the Gold Coast at 1120 N. Lake Shore Drive
This 1-bedroom maisonette in 1120 N. Lake Shore Drive in the Gold Coast came on the market in August 2019.
1120 N. Lake Shore Drive was built in 1924-25 by Robert S. De Golyer.
According to Chicago Apartments: A Century of Lakefront Luxury, it was Chicago’s tallest co-op at the time it was completed in 1925, at 18 stories.
The upper floors have duplexes.
Originally planned to have 58 apartments, the book says there are 40 apartments today but the listing for this unit says there are 61.
It was built as a co-op in 1925 with apartment prices starting at $12,800.
It remains a co-op today.
It’s a full service building with a 24-hour doorman and on-site maintenance staff. It has an exercise room and garden patio.
Up to 2 dogs are allowed, with no weight limit restrictions.
This unit is one of the maisonettes.
At 658 square feet, it has hardwood floors throughout and 11’4″ ceilings.
The listing says it has a “high end” kitchen with dark cabinets, what look like granite counter tops and Subzero and Viking appliances.
The listing says the bathroom has been updated.
The assessment includes the property taxes.
It has space pac a/c, but no parking nor washer/dryer in the unit. Washer/dryer is coin laundry in the building.
The listing calls this unit the “perfect pied-a-terre.”
For vintage lovers, is this the perfect weekend apartment?
Linda Shaughnessy at Jameson has the listing. See the pictures here.
Unit #1B: 1 bedroom, 1 bath, 658 square feet
- No prior sales price because it’s a co-op
- Originally listed in August 2019 for $230,000
- Still listed at $230,000
- Assessments of $1823 a month (includes heat, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal, taxes)
- Taxes included in assessment
- Space pak A/C
- No washer/dryer in the unit (coin laundry in the building)
- No parking (available to rent in the neighborhood)
- Bedroom: 13×11
- Living room: 13×17
- Kitchen: 7×8
“ The listing calls this unit the “perfect pied-a-terre.”
Yeah, it’s not
Shooting for $350/sf with a high HOA – shocker that it’s been for sale for the last year and a half.
“$350/sf”
Over $20/psf of it is just the appliances!
Oh sweet baby Jeebus, $2.77 a square foot HOA? This is one of the highest HOA costs per square foot that I have ever seen.
It would be bad enough if this were a really beautiful apartment, in a building with top-tier amenities, but it’s not. In fact, almost every (much) cheaper vintage apartment I’ve ever owned or rented in Lakeview, Rogers Park, or my old St Louis neighborhood, has better architecture and finer vintage details. What I see here is a small, drab, charmless unit with ordinary finishes, that has been clean-walled to death, in a building with none of the amenities you expect for that monthly cost, like an indoor pool or a well-appointed fitness room, or in-unit laundry.
I expect it will linger on the market for another year at least, even at this price.
I assume this unit was originally intended to be a servant’s quarters?
No privacy as a first floor corner unit and, being so close to LSD, you must hear traffic constantly.
At $1,800 mo in fixed, non-equity building payments, it makes zero sense as a weekend place in an area that has tons of hotels.
A pied-a-terre without parking is like a bathroom without a toilet. I just don’t see suburbanites taking mass transit to their place in the city.
This is an easy one to decline. No interest in being on the ground floor of a high rise. And not having parking. And paying $1,800 a month to own a $230,000 apartment.
In fact, you can do much better than this just renting a place. There are many rental 1-bed apartments & condos in 60611 & 60610 zip codes with rent much lower than the HOA for this place, and that are more attractive and have more amenities, even parking.
This one is priced so low that I’m convinced that it’s an error, but even if it’s $1950 instead of $950, it’s a much better deal, and there’s parking available:
https://www.realtor.com/realestateandhomes-detail/159-E-Walton-Pl_Chicago_IL_60611_M90115-91344#photo0
That’s only one example- there are at least a couple of dozen listings for nice one-bed units in 60611, right in the middle of all the downtown attractions, that rent for less than $1800.
Laura, similar rentals at 159 E Walton (Palmolive) are going for $5k per month. Doubt it’s true price is $950 or $1950. Perfect building for a pied-a-terre though.
@Laura Louzader:
I agree with your point that there are nice 1 BR rentals in the $1800 range or less (particular with recent price drops).
But the one example you gave was WAAAAY off— it’s in the Palmolive Building, and the only 1 BR units for rent are currently asking $5250 and $4250.
I agree with all that the ground floor location on LSD with active sidewalks on 2 sides, lack of laundry and parking and high assessments make this unit a tough sell. Also not clear where the entrance is in the lobby (are people congregating in the lobby right outside). I thought the concept of Maisonnette typically included a separate entrance.
JAH, I KNOW it’s at the Palmolive Bldg, and, as I said, I think the listed rental is an error.
Look at the listing- it says $950, which I don’t believe,either. They must have gotten thousands of inquiries by now, so I’m surprised they haven’t corrected the mistake. That is one very beautiful 1-bed apt. I’d really be surprised at a rent less than $2500.
But $2500 rent for that would still be a better deal than $1850 HOA for this nothing cooperative unit.
The Palm 1 bed referenced is 8F for 4250/month
@Laura: sorry for any confusion. I agree with you that the apartment ad you linked showed a beautiful apartment and that it would be great at $2500. But, it’s really $5250.
@David: It’s actually unit 7B at $5250 (here’s the link:
https://www.apartments.com/159-e-walton-pl-chicago-il-unit-7b/cvqdnvg/
so–it’s an entirely different realm of property. A more fair comparison to the subject unit in a comparable building would likely be in the $2200-2500 range I believe (still a better deal than buying this place). There are lots of 1 Bedrooms in middle tier newer high rises for 1800/month, but 1 bedrooms in the really new buildings (or great older ones) are likely $3000 or more.
Laura,
I recently rented a weekend place a couple blocks away at the Hancock. A large studio with high ceilings (one of the few floors that have them) and a modern bathroom, floors and kitchen. The kitchen’s been opened to the rest of the unit to make it feel more spacious.
North view up the drive is spectacular, though the floor isn’t high for the building.
Not going to say what I’m paying but let’s just say it’s about 15% below what it rented for in its most recent lease before mine. And I’m still paying hundreds more for it than I would for one of the lowest priced studios that haven’t been redone. Some are less than $1,200.
I’m happy with the rent I’m paying and see no reason to buy a place downtown, probably ever. Plus who wants to pay taxes and assessments? I get all the building’s amenities included in my rent. And when the lease is up, I can choose to stay or look somewhere else. I like variety.
Dan #2,
Congrats on the new weekend place, I know you’ve been talking about that for awhile, and were particularly interested in moving back to 2626 Lakeview.
As a long time resident of 2626, I am going to recommend that you stay clear of this place both as a renter and a buyer. In addition to draconian restrictions / monitoring implemented during the pandemic, pipes in every single unit will be replaced in the coming year. That translates to continuous work over a 3 month span in my one bedroom, and no access to kitchen or bathroom during the 8 to 5 work day.
The building has been great to me but after the pandemic, and such a disruptive construction project in the works, I have decided it is time to move on.
I’m not surprised to hear that that Palmolive unit actually rents for over $4k. It’s a gorgeous apt, though not, IMO, quite THAT gorgeous.
That $950 in the Realtor.com listing must have generated 10,000 inquiries.
So sorry to hear, Laura. I’m glad you enjoyed 2626 for so long. I lived there from 1994-2002 and loved it then. Sounds like it’s not the same any more. Hope you find a better place.