A 1-Bedroom Secret Streeterville Hideaway With Parking Sells For $229K: 211 E. Ohio
We last chattered about this 1-bedroom in the Grand Ohio at 211 E. Ohio in October 2012.
See our prior chatter here.
Some of you liked the private walled terrace that ran the length of the unit, but others thought this unit was too small for the asking price which was $249,000 plus $30,000 for the parking.
It recently sold for $229,000 – with the parking included.
If you remember, it was just 700 square feet, but several features about this unit made it unique in the building and the neighborhood.
The south facing units on the fifth floor of the Grand Ohio all have brick walled in private terraces. The one for this unit is 400 square feet. That’s enough space to have quite the dinner party.
The units on this floor are also the few in the building that actually have in-unit washer/dryer.
The kitchen had white cabinets and white appliances. The bathroom was also all white.
The bedroom had a Murphy Bed already installed.
There was no central air- but there were wall units.
Did this buyer get a deal?
Brigette Taylor at Baird & Warner had the listing. You can still see interior pictures here.
Unit #517: 1 bedroom, 1 bath, 700 square feet
- Sold in June 1999 for $152,000
- Sold in May 2001 for $245,000 (doesn’t look like it included any parking)
- Originally listed in September 2012 for $257,000 (parking $30kextra)
- Reduced
- Was listed in October 2012 at $247,000 (parking $30k extra)
- Sold in November 2012 at $229,000 (parking included)
- Assessments of $455 a month (includes doorman, cable, pool, exercise rooms)
- Taxes of $2261
- No central air- wall units only
- Washer/Dryer in the unit
- Bedroom: 11×15
- Livingroom: 15×16
- Kitchen: 7×10
To get a unique 1 bedroom like this at that price with parking; I’d say the buyer got a decent deal. New owners will have under $1500/month in payments without having to pay $200-$300/month for a parking spot makes it a pretty good for this area. 1 bedrooms (without the the 400sq ft deck and parking spot) generally rent in the building for $1550+. So they are already saving $300+/month by buying, more if you factor in tax deductions.
Of course, one bad special assessment and that financial advantage of owning could be wiped out. However, I have a friend in the building who says the reserves are healthy and given the high volume of occupants, any future special assessments would be easily absorbed. I think the buyers will be realize good intrinsic and monetary investment if they don’t try to resell this in 2-3 years and stay for awhile.
@ Elliot – do you have any idea on rental restrictions from your friend? IMO, the place is a little small for anyone to stay in once they have a spouse and kids, but would be good value if rented out.
“Did this buyer get a deal?”
With mortgage rates as low as they are, I guess it’s just your average purchase. Makes sense to me.
Yes, especailly considering the outdoor space & parking.
I think what sells this place is the location. It is way too small for more than one person, but it would be great for a student. Northwestern (med and law), UC Business school, and Loyola’s Water Tower Campus (undergrad, Law, and Grad Business) are all easy walking distance. People can pay $1,800 to rent at The Streeter, or can buy a place and then have some value in a few years. I can easily imagine a parent buying this place for a college kid.
From the prior thread — the 7-11 issue is real. For some reason, that corner attracts some pretty obnoxious people. The City really does need to do something about it. I’m not aware of much actual crime, but the people outside are pretty aggressive. It would not prevent me from buying, but it is worth noting.
On the other hand, Emilos and a new sushi place are on the block, and a Thai place is right across the street.
Overall, for the price and location, that was a good deal.
“UC Business school”
Not the full-time program. Just evening/weekend/executive. Someone coming for the 2 year fulltime program would go to classes in Hyde Park.