A Rare Wood Burning Fireplace in a Streeterville 2-Bedroom Penthouse: 201 E. Chestnut
This 2-bedroom duplex up penthouse in 201 E. Chestnut in Streeterville just came on the market.
201 E. Chestnut was built in 1969 and has 120 units. It’s a full service building with a doorman, an exercise room, and an indoor pool.
There is valet rental parking available.
This unit is one of the few duplex penthouse units which has a wall of windows with double the ceiling height.
It looks like it faces north and there is a sliver of lake view.
The highlight of the living room, however, is the custom stone fireplace which is also a rare high rise wood burning fireplace.
One of the bedrooms is on the main floor and has French doors and access to the private, covered 11×8 terrace.
The master suite is on the second floor and has an attached bathroom.
A den, which is open to the lower level, is also on the second level.
The kitchen has dark wood cabinets, dark counter tops and stainless steel appliances.
It has the features buyers look for including central air, washer/dryer in the unit and you can get the valet parking for $185 a month.
This unit has only sold twice since 1985.
This is a rare opportunity to make it your home.
Who will snap up this unique property?
Jennifer Mills at Jameson Sotheby’s has the listing. See the pictures and floor plan here.
Unit #24C: 2 bedrooms, 2 baths, no square footage listed, duplex up
- Sold in September 1985 for $230,000 (per Redfin)
- Sold in June 2005 for $575,000
- Currently listed at $649,000
- Assessments of $1514 a month (includes doorman, exercise room, indoor pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $11,410
- Central Air
- Washer/dryer in the unit
- Valet parking available for $185 a month
- Wood burning fireplace
- Bedroom #1: 16×10 (second floor)
- Bedroom #2: 13×11 (main floor)
- Living room: 19×18 (main floor)
- Kitchen: 11×10 (main floor)
- Den: 11×14 (second floor)
- Walk-in-closet: 5×7 (main floor)
- Terrace: 11×8 (main floor)
Perfect place for mirrored ceiling crowd
Field stone (Or lick n stick eq)looks terrible and out of place. and as much as I like wood FP, it’s not practical.
Figure on doubling (at least) the valet rate w/ tips
Who knew 8 x 11 is an oversized balcony
Since the assessments don’t include Heat/AC that’s got to be another $500/mo?
$120k down and $5k/mo? Pass
Love the dramatic great room, but every single room requires significant updates — ceilings included.
I kind of love this. Some questionable design choices and, as KK notes, updates are needed, but this is so unique and dramatic and having the master bed on a separate level is pretty great for a single, couple with no kids or empty nesters.
“Heat/AC that’s got to be another $500/mo”
With that much glass? Probably more like $1,000.
I know you all are joking but wtf lol my 3 story 4k sqft house’s gas bill is like $250 max in the peak of winter and around the same with electricity in the peak of summer
you all keeping your windows open all winter or what
A full rehab would really benefit this place. The monthly nut seems too high for what it is currently.
“you all keeping your windows open all winter or what”
You’re skipping past (not missing much) the comments that defend really high HOAs that include heat (and ac sometimes) in part based on really high estimates of what HVAC costs are for that unit.
“$2500/month HOA isn’t so bad when you consider it would cost at least $1000/month to heat/cool that 1200 sf condo, and all the staff that comes with a full service building is expensive too”
oh yeah lol totally forgot about that meme
Don’t forget $100k Pergolas
This needs some work and I don’t love the decor, but ultimately feels like a bargain given the amount of space, the location, the big windows, and the balcony.
It is an older non-vintage building, which doesn’t work in its favor, but if you can put up with that and some renovation costs, you can live with the other stuff. Assessment and parking costs are both fair for the neighborhood.
“you all keeping your windows open all winter or what”
I have never paid that in Chicago.
For gas in the winter, my gas bill would be $150 for a 2/2 1200 square foot vintage apartment (granted, it was vintage so more drafty.) Electric would go as high as $200 a month in both the height of winter and the height of summer as the furnace was constantly running. Newer furnace might have been more efficient, I don’t know. It was a rental.
That’s $350 a month at the height. It evened out in the “low” months but the gas company offered to let me pay a set amount every month and stretch the bills out throughout the year so I didn’t have super high bills in winter/summer and low the rest.
It would be much more with a bigger space.
It also had some western and southern windows which cranked up the bills in the summer as well.
“I kind of love this. Some questionable design choices and, as KK notes, updates are needed, but this is so unique and dramatic and having the master bed on a separate level is pretty great for a single, couple with no kids or empty nesters.”
Me too! So unique. I love it. No wonder it’s only had 2 owners in all those years.
I love it too even needing a lot of updates
Sabrina – Good pick. This is a really wonderful space and cool vibe. It actually seems like decent value for a true unique penthouse in the area. There are still some empty netters that don’t fear the city and want an ego stroking cool condo in the the city. To them the expense is not an issue.Betting someone who already has a basic “in town” nearby or perhaps even in this building will happily buy this space.
Those great room proportions are fantastic. Really like the double height ceiling and big windows. Sure the field stone fireplace and cherry kitchen can be updated. Bet that they leave the mirrors as a joke to show their friends. Because this space will be used to impress the new owners friends that are invited down for a cocktail prior to dining at Tavern on Rush.
Even with the protests.looting I’m betting that this one is under contract before the 4th of July. Anyone feel differently?
Wow! That great room! We spend a lot of time seeing lots of real estate pics, it’s so nice to finally see something that is different and fabulous. The windows are just so incredible. What a lovely space that is. Imagine a nice cozy, winter evening with snow falling and having a fire going. And all that natural light is good for you.
It would require a serious chunk of change to really bring it up to today’s style, more contemporary, classic, and streamlined finishes would be just right. Perfect for a single or a couple. This place has great bones, no doubt about it. If I had the dough, I’d be very interested in this. Great find, Sabrina!
This one closed for 560K
“This one closed for 560K”
Owned this place for almost 20 Years and they lost money?
How is that possible in Chicago?
I’m sure the owners had offers above $560k – LOL
“Owned this place for almost 20 Years and they lost money?”
I’m real tired of the stupid comments on this site by just a few people. Are you here to actually discuss real estate or just be stupid?
Because there are plenty of people who have owned for 20 years in downtown Chicago who have lost money. It has been documented ON THIS BLOG over and over again. 20 years is going back to the housing boom. As I’ve said over, and over, and over again (and which is obvious from the data), the housing bubble was big in Chicago. If you buy at the top, in any bubble, it’s going to take a long time to get back. Chicago real estate appreciation is normally 1% to 3%. Once housing burst, do the math to get back.
Thankfully, for most of the city, there was quicker recovery as the neighborhoods have seen solid appreciation in the last 4 years. Downtown is still lagging. There’s competition for high rise condos. They’re called “luxury high rise apartment buildings.”
I hate repeating myself over and over but some people on this site are just clueless. Do they think they are “winning” repeating what we have talked about for several years now?
This unit was not updated. Always going to be a hard sell downtown. Possible buyers are just going to rent the completely new apartment instead. They don’t have to plop down a downpayment either.
But every property sells eventually.
Is pointing out that the owner of this unit lost money not a real estate topic?
Especially in light of the fact that the CS Condo index is up about 20% over the period of ownership
Or is the only allowed Real Estate discussion points related to shilling?
“Possible buyers are just going to rent the completely new apartment instead. They don’t have to plop down a downpayment either.”
I thought buyer wanted to live? What about demographics?
“CS Condo index is up about 20% over the period of ownership”
+ CPI = $910k.
Sep-85 price + CPI = $650k. Granted, the finishes were new then.
“+ CPI = $910k.
Sep-85 price + CPI = $650k. Granted, the finishes were new then.”
Numbers dont matter if they dont support Sabrina’s opinions.
Kitchen is post 85 IMO
Way to step on the joke with facts.
Yes, kitchen is newer as are at least the vanities in the baths.
“As I’ve said over, and over, and over again (and which is obvious from the data), the housing bubble was big in Chicago. If you buy at the top, in any bubble, it’s going to take a long time to get back.”
Metros with biggest “bubbles” in mid 2006 using 1995 as base year (i.e. including the big run-ups in Chicago in the late 90s and early 2000s): LA (+261%), San Diego (+243%), San Francisco (+221%), Miami (+220%), Phoenix (+203%). Chicago was +106% over same period.
So, how long did it take those super bubblicious cities to get back to top bubble values after the crash? (Cities that had much higher values in 2006, so already had major affordability issues and not as much “room” to appreciate theoretically.)
San Francisco: Oct 2015
USA: Jan 2017
LA: Feb 2018
San Diego: Feb 2018
Phoenix: Dec 2020
Miami: March 2021
and….
Chicago: July 2021
Chicago is anomalous in how long people had to wait to “get back” even though the bubble wasn’t as big here as it was in other locations (but it was big still). Miami and Phoenix were the closest longest “waits” to Chicago, but if you look at those prices from 1995 to present, you’d see an average appreciation of 388% in Miami, 332% in Phoenix, and 143% in Chicago (NOT inflation adjusted).
In inflation-adjusted dollars, Chicago real estate is +27% over that 18-year period or +1.3% real annually, which does align barely to your statement. “Chicago real estate appreciation is normally 1% to 3%.” Most other cities have historically shown much higher appreciation is the point. Besides Cleveland, Chicago has been the worst performer (worse than Detroit!).
I certainly love Chicago as a city and think it offers a lot, but cannot deny it’s been a major dog in the real estate appreciation game compared to virtually every other major city in this country — and don’t see why that would change based on historical precedent.
“Way to step on the joke with facts.”
My bad
“I certainly love Chicago as a city and think it offers a lot, but cannot deny it’s been a major dog in the real estate appreciation game compared to virtually every other major city in this country — and don’t see why that would change based on historical precedent.”
A whole post of truthbombs that unfortunately get ignored
“+1.3% real annually”
That’s super high for Chicago, historically speaking. Over many decades, it’s more like 50 bp/a in real terms.
“+27% over that 18-year period”
Which 18 years?
1995 to present is 28, and if you meant 28, then it’s +0.857% pa. Which is *still* high, historically speaking, and is an indicator that we are likely near a peak that will either soften naturally, or get bubbly.
“Which 18 years? 1995 to present is 28, and if you meant 28, then it’s +0.857% pa. Which is *still* high, historically speaking, and is an indicator that we are likely near a peak that will either soften naturally, or get bubbly.”
Yikes, that was a silly mistake. Thanks for that correction. After all that math, I can’t even count years apparently…sorry! Yes, this was over a 28-year period (source: Case-Shiller).
Is this a good or bad thing for education quality in CPS – https://chicago.suntimes.com/education/2023/12/12/23999129/brandon-johnsons-board-of-ed-looks-to-move-away-from-school-choice-toward-neighborhood-schools
“1995 to present is 28, and if you meant 28, then it’s +0.857% pa. Which is *still* high, historically speaking, and is an indicator that we are likely near a peak that will either soften naturally, or get bubbly.”
After what has happened in housing over the last 20 years, most Americans now have unrealistic expectations about appreciation. We saw 100% during the housing bubble and some markets saw 50%+ during the pandemic. In California, prices just keep going up even with 7% mortgage rates.
What the market really needs is what Chicago has gone through the last 10 years. Little to no appreciation for years. That will straighten it up real quick and also will take out the speculation.
“I certainly love Chicago as a city and think it offers a lot, but cannot deny it’s been a major dog in the real estate appreciation game compared to virtually every other major city in this country — and don’t see why that would change based on historical precedent.”
Really?
Affordability and climate change can change it all.
20 years ago, I don’t think many people thought thousands of people would be moving to Nashville every year and that it would be this booming, cool, city.