The Luxury 1-Bedroom in the Olympia Centre: 161 E. Chicago in Streeterville
The Olympia Centre at 161 E. Chicago right in the heart of the Mag Mile, has long been considered a luxury building.
Built in 1985, it has 292 units, many which have stunning city and lake views.
It is a full amenity building with an indoor pool.
This 900-square foot 1-bedroom unit has been on the market since February.
It has a marble foyer and new hardwood floors throughout. The kitchen has been updated with a Sub-Zero refrigerator and Miele dishwasher.
It also has a full-sized washer/dryer, which is rare in a downtown 1-bedroom condo.
Does this unit give some of the newer luxury 1-bedroom units a run for the money?
Anna Pesce at Rubloff has the listing. See the pictures and a virtual tour here.
See the property website here.
Unit #35G: 1 bedroom, 1.5 baths, 900 square feet
- Sold in September 1995 for $100,000
- Originally listed in February 2009 for $445,000
- Reduced in May 2009 to $430,000
- Currently listed at $430,000
- Assessments of $490 a month (includes pool, doorman, cable)
- Taxes of $5150
- Parking is rental for the building- between $320 and $365 a month
- Central air
- Bedroom: 12×16
- Living room: 20×16
- Kitchen: 8×9
Not one of my favorite buildings but people seem to like it.
Unit 36H closed on 8/24/2009 for $550.
It is a 1454 sq ft 1 bed 1.5bath
Not one of my favs as well, but the unit does show well. Usually I like units to be furnished and staged, but in this case the lack of furniture works to it’s advantage. Nice views, great floors and a very sleek and clean kitchen.
If a unit with an additional 554 sq ft sold for $550, I would think the asking is perhaps a tad more than what they probably will get. If I were interested enough to purchase, I would offer $500.
Anyone know anything about the rumors that the new hospital being built down the street from this building will have a helipad?
Looks like a mental institution. Can you get any more bland?
I appreciate neutralizing things to appeal to the masses, but seriously. I’d go insane in this place.
westloopelo, come on now, even if it shows well you don’t need to offer $70k more than asking. They say the market is turning around, but slow down!
guess my comments don’t matter since westloopelo just got this place for 500. what a steal – there must have been a bidding war between westloopelo and himself. 900 sf for 500K? just lost all cred with me man.
you guy do see this is a 1/1.5 right?
and the price is 430k right?
and you did see the kitchen right?
you saw the picture of the bathroom right?
I am guilty of having lived in many overpriced one bed/ 1.5 baths throughout downtown (both owning and renting). Even though the assessments seem reasonable for the age on the building and amenities, the smaller size and outdated kitchen cabinets and baths put this one at a disadvantage. With the rental parking and carrying costs for this unit go rent a larger unit in Trump.
At this price it’s a steal. Buy NOW or be priced out forever!
The window seat is a nice touch – beautiful views – but the kitchen & bath need a smidge of work. Assessments seem reasonable for the amenities.
David,
According to a letter that was sent out to residents of the area, IDOT’s approval is the last step for securing authorization to operate the heliport. Thus far there has been preliminary approval, but the final decision won’t be for several months.
Sold for $100K in ’95? You sure? If so, that was a good buy.
Jumping off from Laura’s points in the Granville thread, I’d make sure you check thoroughly into any pending or threatened litigation involving this building. Maybe the issues were all resolved, but I’d want to be certain before making an offer.
Also, 11% per year return? Really?
you guys/gals do see this is a 1/1 strait from the early 80’s priced at 430k?
yeah groove, but it’s one of those “prestige” buildings. like the ritz, park hyatt, etc that prices dont really make any sense (to me). sam zell lives next door above the walgreens. ken griffen kitty corner in the park hyatt, and oprah across the park at the ritz (or east lsd…not sure). so you have a good bit of the chicago billionaires club as neighbors.
Don’t blame westloopelo for overpaying… He/she’s too busy to run his/her numbers because he/she’s doing imaginary showings with me!
Thank Dave.
I have a suspicion that the helipad will really cause problems in this neighborhood if approved, especially this building, as it’s so close to the hospital.
Sorry but no, if I’m going to spend that much I’ll buy in Aqua. I want new construction, floor to ceiling windows, an outdoor space, bigger bathroom and newer kitchen (I know this one says updated kitchen but its really updated APPLIANCES)
methinks sam zell lives in this building
a on,
Aqua and most new high rises around today don’t have rental caps and have tons of renters coming in and out trashing the amenities, elevators, hallways, etc. This may happen to Aqua considering there are about 400 rental units in the building.
These older builder, 180 Pearson, 132 Delaware, 161 Chicago, 950 N Michigan, etc have strict policies in place, rental caps, etc, and overall seem to retain their prestige factor and high prices.
“but its really updated APPLIANCES”
Maybe the refrigerator and the dishwasher, but the oven and that brick microwave aren’t new. These kitchens bum me out – who wants to cook in a windowless galley. Depressing.
“This may happen to Aqua considering there are about 400 rental units in the building.”
Separate elevator bank. The apartments are all on the sandwich floors b/t the (vacant) hotel space and the condos. But you would have to deal with those riff-raff renters on the pool deck, at the CVS, maybe even (gasp!) in the garage, etc.
Doesn’t look very luxurious to me, but atleast you’re living above Nieman Marcus.
Well here’s one example of a turd that can’t be polished no matter what words realtors use.
If I was buying and my realtor showed me this POS for 430k, i’d fire them on the spot, and possibly throw them off the balcony depending on how hard they tried to sell me on the place.
“possibly throw them off the balcony”
No matter how hard you tried, you couldn’t make this happen.
CH,
so your paying for prestige and location! and the location is great. not a fan of streeter but thats me.
the breakdown
100k for the condo
125k for the location
25k for all the eye candy
220k to brag about who your neighbors are
-40k to having to see Oprahs budunk-adonk walking down the street 🙂
430k and that toilet? Are they serious?
They will be lucky to get 315k for this.
“No matter how hard you tried, you couldn’t make this happen.”
LOL I thought one of the pictures was from a balcony… nevermind… out the window then!
Plus I really like the look of Aqua, definitely the most unique modern building I’ve ever seen. I think many years from now people will consider it the best addition to the cityscape.
I don’t beleive this sold for 100k in 95. I think the studio were in the 150-180 range. When this building was built it was by far the most expensive condo building in the city.
Also, please let me add that I hate Chicago Ave. around here.
“methinks sam zell lives in this building”.
that would make more sense. I have a relative that worked for him for decades, he told me mich and chicago.. I thought it was funny that he lived above the walgreens. oh well.
Groove, oprah keeps a low low profile so add back that 40k. stedman is all over the place though. and more tourist shoppers than there’s room for.
Dumbass question: What’s the concern with a helipad? Noise? Worry of helicopters crashing into nearby buildings?
CH,
This is not the Walgreens building, its the building east of there connected to Neman Marcus. Yes Sam Zell lives there, Mike Dikta too!
“Sam Zell lives there, Mike Dikta too!”
I don’t know about you, but I certainly wouldn’t want those two obnoxious morons as my neighbors…
Have to agree with you Sonies!
Valasko,
I think you’re right, unless it was some sort of sweetheart deal to a relative or something. The cheapest thing I recall seeing listed in the past decade or so was a studio in the $200 something range.
I’ve been watching this building for quite awhile and I would have tried to pick up a 1 br there for $100K considering I was buying in much less desirable buildings for 70K-80K circa ’95.
I kinda think the proposed heliport could be causing some of the activity here. I understand the need for the heliport, but as a homeowner I wouldn’t be crazy about it. The exodus will probably pass though. If I recall correctly, people panicked at The Bristol when the Chestnut building was going up, and some deals were had, but that seemed to stop until the recession hit. However, noise, in my opinion, is a turnoff. Having spent many days and nights at a hospital with a helipad, I’ve gotta say that I never got used to the roaring thunder of the helicopter. I doubt this helipad would be as busy as the place I was at, but that’s something these folks will probably have to live with.
Short of that, I like the building. Not too crazy about the location, but it has a good reputation and, as noted by others, has some berry wealthy people that live there.
valasko/dave, that didn’t look right to me either.
The deed noted by Sabrina does not appear to be a sale. The original purchaser has been involved on other mortgages/recordings on the unit from 1986 up until the last mortgage in 2003.
The lowest sales ever in the mls for this bldg are for approx 650sf studios: #30D sold 9/9/94 for $147,000 and #42D sold 3/30/95 for $148,000.
Here’s what “G” units sold for in 1995-96:
#40G 1/11/95 $215,000
#37G 7/31/95 $200,000
#53G 5/22/96 $238,000
#46G 12/13/96 $225,000
#55G 12/13/96 $250,000
New hospital next door will be Chicago Children’s Hospital, relocating from Lincoln Park. Expect at least one emergency helicopter a day, if not more. This building’s tenants have been vocal with their concern regarding noise and vehicular traffic generated by new hospital. It is a terrible location for yet another hospital, and the new building is shoe-horned on to a way too site. Think of the traffic jams yet to occur when CCH opens!
This Olympia Center building should attract a cost premium simply for the business networking you can do while riding the elevators and checking your mailbox. A young professional could accelerate their career advancement simply by chosing this condo. No joke, access can be everything. This is one of Chicago’s “master of the universe” addresses for new monied CEO/CFO/COO types.
Anyone buying here is likely to immediately spend another $100,000 updating the kitchen and bathroom anyways for their pied de terre.
LOL… OOPPPSSS on my major cyber offer there….I would offer a bit under $400k IF I were interested. Was caught up in comparing to others in the area and got hung up on #s.
LOL now I look like an ass…again…
I don’t understand the logic of some of these sellers nowdays. They just throw their dated POS on the market and think it will move? A complete reno takes time/$$, ok. But what about spending 5k to throw in some appliances to make that kitchen at least pretend to be worthy of such a prestige premium?! Another 5k buys a nice vanity set at Restoration Hardware. Act like you want to sell it.
G,
As usual, thanks for the numbers confirmation……
360/month for parking??
I am currently renting out a parking spot for $350 a month.
Its varies per building based on supply and demand.
If there is a shortage in a building you can get much higher rates. People would rather pay extra than park in an adjacent parking structure.
New hospital next door will be Chicago Children’s Hospital, relocating from Lincoln Park. Expect at least one emergency helicopter a day, if not more.
My parents have a pied-a-terre in this building (also a G-tier, although theirs is a 1/1, not 1/1.5). My Dad also knows the guy who is heading up the development of the new Children’s Hospital. So he knows a quite a bit about the situation about the helipad. The current LP campus receives approx. 77 life flight landings per year, which is what would be expected at the new hospital as well. So that’s about 1 1/2 flights a week, and whenever one does land it’s under the most critical of situations. Anyone who’s going to complain about that noise, etc. given the gravity of a child’s life is pretty damn heartless.
As for the building relative to new constructions, the fit & finish is of much greater quality compared to what I’ve seen in new construction, even if the original kitchens/baths are a bit dated after 20 years. Also, the quality of the staff and amenities are higher than the number of buildings in that immediate area and in Lincoln Park that I am familiar with because I or other family members live in them. Even my wife and I are greeted by name by the door staff when we visit!
“Anyone who’s going to complain about that noise, etc. given the gravity of a child’s life is pretty damn heartless”
Agree 100%.
It is always good to hear from someone who is familar with the featured properties and has the factual information to share with those who only speculate and come up with some wild reasons why place does not appeal to them. Facts never fail to silence the critics!
I did not say anywhere I would buy this place or was even interested in it. I merely was commenting that from the pics it does seem rather nice and the kitchen is sleek and clean with no clutter. I believe when they were pricing the unit they considered the overall condition of the building and the wealth of the neighbors. Does that make sense to the average buyer? Of course not, but it is common practice everywhere.
Take Tribeca in NYC as an example. To me it is one of the funkiest (and not a good funkiest) areas of the city. But the mere fact that DeNiro and a few dozen other famous and wealthy people reside there leads sellers to believe they can add an additional $1 mil onto their prices and the proximity to the famous justifies their price. 99% of the time it works and their properties are sold rather quickly. Doesn’t make sense to me, but that is just the way it works.
Anyway, other than getting a bit confused when searching for comparable units in the building/area, I still stand by my comments and belive it will sell for around $350-375.
Jon I can’t make sense of your comment? Elaborate?
The other side of why some people think Tribeca is the absolute best place in NYC (me for example) maybe because you can actually look up and see the freaking sky and not feel so overwhelmed by the city like you do uptown. Village holds true on that also but clearly not my stomping ground. I can also throw in awesome sized space, great windows, and I love the cast iron architecture. Oh Chanterelle, Montrachet, Bouley…. Breakfast at Bubbys… Walk to Wall Street.. right next to the 1st Precinct for safety. Hot ass chicks!! Tribeca just rules!
One thing negative about this building. I liked it a lot and when I actually thought of living in Chicago went to see a place in it. My wife hated the Walgreen’s downstairs. Didn’t bother me but was a 100% non-starter for her. Go figure?
Oh and westloop.. here is a positive comment on So Fla.. Best Jew food outside of NYC. The Barney thing has me dying for Barney Greengrass… Never understood that about Chicago.. No shortage of Jews… overall excellent food… horrendous deli.
One thing that is changing in NYC RE now Ze is that more and more buildings are finally offering more space. I believe that Tribeca did influence architects and developers to go back to the days when 2000+ sq ft was the standard size apartment.
In that greedy era when everyone was attempting to live in Manhattan, the size of places became miniscule. Even if people are not buying these new large units, they are enlarging their own spaces by buying the places that surround them.
A great thing that is coming out of this current RE mess is that the renovation business is booming now. People, esp NYers, are constantly looking for bigger and better apartments but are deathly afraid of making the mistake of buying in a new construction, financially strapped building that is so common now. What seemed like a solid spectacular new condo building last year is now sitting abandonded and bank owned. So many people are losing a ton of $$$ and lawsuits are springing up every day. Even the most successful companies are going bankrupt. Had it not been for the foreign starchitects that have come on the scene lately, there would be zero growth going on in the city.
It seems like I am the opposite of you as I love being in the midst of that concrete jungle with buildings all around me. If I want to see the actual sky, I go back down to Miami where that is all you see from my place….water and sky with not a view of concrete anywhere.
ze, were you IB prviously.
CH.. Yep.. for about a week or two… I like Ze much better.. I am a Carioca now.
Except that Olympia Tower was there first. Children’s doesn’t belong at this location, and more practical location from a traffic standpoint and access consideration would have been further west, off the expressways, so that the PARENTS could reach the hospital easier from all points in Chicago area, and the Streeterville residents wouldn’t need to contend with yet more newly created additional traffic congestion.
Not all of Children’s facilities are moving downtown; some research and other departments are staying in LP.
“Anyone who’s going to complain about that noise, etc. given the gravity of a child’s life is pretty damn heartless”
It’s a buyers’ and owners’ duty to be aware of all things that will affect property price. No one is saying they want children to suffer. Owners and buyers are simply asking if they are going to carry too much of the cost burden. Society clearly benefits from power plants, airports, schools, emergency rooms, etc, but the “not in my backyard” arguent also makes sense form the individual’s view point. I don’t want an airport in my backyard and I would protest if the city proposed to build one. It’s just good sound reasoning. It’s not wishing ill will toward children and it’s not heartless.
One thing is pretty clear, it sounds like Benjy and westloopelo don’t mind a helicopter pad in their backyards. Are you two also giving the greenlight on a power plant?
“One thing is pretty clear, it sounds like Benjy and westloopelo don’t mind a helicopter pad in their backyards.”
There have been a number of LP properties featured here–many of them within earshot of the current Children’s Hospital. Has *anyone* raised the helicopter noise issue w/r/t Lincoln Park properties?
That said, I totally agree that the new Children’s should have been built on the westside, in the Ill Med Center area. But, in case you hand’t noticed, this location is about convenience for the doctors (who are much more likely to be affiliated with NW than Rush), not convenience of the patients, like much of modern medicine.
What’s the closet space like? A lot of these “older” (though really this one’s more middle-aged!) units weren’t built with laundry in-unit, so when a w/d goes in, closet space goes out.
As for updating the kitchen, honestly, I’d rather a seller *didn’t* go in and rehab *just* to sell – If a place is going to need a kitchen update, I’d rather do it myself and get exactly what I want than either live with someone else’s vision or feel guilty for “throwing away” a new kitchen.
And yeah, I’d want a balcony, too – even if it was too noisy/windy/whatever to use it most of the time, its nice to be able to step outside without having to leave your home once in awhile.
Leasing agent, well said. I don’t want to be put in a spot where I have to trash someone’s ugly new granite countertops.
These units have TONS of closet space for the size. My parents’ G-tier has 2 walk-ins in the bedroom that are each probably 6×5 and there is also a walk-in in the front hall, which then has a closet-within it where they have a stacked W/D. Plus, there are storage lockers on each floor, that are probably 5×5 and floor to ceiling.
“One thing is pretty clear, it sounds like Benjy and westloopelo don’t mind a helicopter pad in their backyards.”
Funny I have choppers flying real close to me all the time and never even hear them. Think what would bother me more is I always remember the Pan Am building accident back a long time ago in NYC.
And yes. I am in same school as Chris and Leasing agent. I hate when people redo the kitchen, I want it my way so paying for a sellers new stuff is not a favorable thing for me either.