Are There Deals In The Olympia Center? 161 E. Chicago in Streeterville
This 31st floor 2-bedroom with city views in the Olympia Center at 161 E. Chicago in Streeterville first came on the market in February 2011.
Since that time it has been reduced 21%.
This is no small 2-bedroom. It has 1853 square feet with a split bedroom floorplan which includes an actual entrance foyer.
The kitchen has granite counter tops and stainless steel appliances.
Built in 1985, the Olympia Center is a full service building with an indoor pool with city views. It has leased parking.
This unit has the other features buyers look for including washer/dryer in the unit and central air.
Now listed $175,000 under the 2005 purchase price, is this a deal at just $625,000?
Tricia Fox at @Properties has the listing. See the pictures here.
Unit #31C: 2 bedrooms, 2.5 baths, 1853 square feet
- Sold in July 1997 for $482,000
- Sold in June 2002 for $446,500
- Sold in August 2005 for $800,000
- Originally listed in February 2011 at $799,000
- Reduced
- Currently listed at $625,000
- Assessments of $1054 a month (includes a/c, doorman, cable, pool)
- Taxes of $9074
- Central Air
- Washer/Dryer in the unit
- Leased parking
- Bedroom #1: 16×16
- Bedroom #2: 11×18
Featuring all the buildings my family lives in this week! 111 E. Chestnut yesterday, and now this… my parents have a pied-a-terre 1BR here. I love this building — high quality building, top notch staff. This unit seems like a steal at that price.
This is actually an old people building. Lots of old people live here. Blue hairs and all.
I like old people and would like to live near them.
“I like old people and would like to live near them.”
This place may even have enough bathrooms for you Jenny. Also, there is a pool, so they may even allow tortoises!
Otherwise, the master bath definitely needs some updating and the second bathroom perhaps too. I think crown moulding could really make the place look better too. It just looks a little blah at the moment. However, for the location the price seems to be getting more realistic. Just remember, everyone wants “new” at the moment and that bathroom is definitely NOT new, so they’ll have to sell lower to entice someone willing to do work or deal with old.
I’ll give you too much plastic surgery and tacky jewelry, but I doubt you’ll find any actual blue hair at this address (unless it’s the owner’s punk granddaughter).
“my parents have a pied-a-terre 1BR here.”
I can’t say that I have heard of people having pied-a-terres in Chicago, just “in-towns” or condos. I love it when Midwesterners get all highfalutin & Euro. Calling something a pied-a-terre implies that you are a person of some means. Implying that you are a person of some means by referring to your pied-a-terre is straight-up douchebaggy.
Calling a one bedroom second home a pied-a-terre is pretty standard for east coast lingo. Perhaps midwesterners are just flat out backwards.
Homer: Hmm. I wonder why he’s so eager to go to the garage?
Moe: The “garage”? Hey fellas, the “garage”! Well, ooh la di da, Mr. French Man.
Homer: Well what do you call it?
Moe: A car hole!
The place actually shows fairly well in the photos, although I do wonder how generic it would look if emptied of the furnishings. The kitchen is a bit of a dim corridor, can’t imaging working in there.
Isn’t saying 2 parking spaces and then saying leased parking available in building cheating a little? How much will 2 parking places in that neighborhood add to your monthly costs?
A very “New Yorky” apartment. I like it a lot and the price seems like a bargain for this building. Agree that the bathrooms look dated, however.
Olympia Centre is a real gem in Streeterville. This gracious tower has some of the most spectacular views of the city. I will let the unit speak for itself. Below are a few reasons why a potential buyer should consider OC when searching for a unit in a luxury building in Streeterville, in no particular order:
– Service, service, service. The elegant lobby is staffed with 2 door attendants and a concierge
– Top notch security
– Timeless design
– Solid construction. Designed by SOM and built by Toronto-based Olympia & York, it was OY’s first multi-use building project in the U.S. and they were forward thinking in design and details to make a big splash and raise the bar in luxury, elegance, style and functionality.
– Roof top deck (great for watching the Air & Water Show)
– Small “H” pattern floor plate … no long walks to the elevators; doesn’t feel like a hotel
– Large windows that open for fresh air
– Extremely well maintained and financially solid (prudent reserve levels are maintained)
– Reserved parking available
– Large party room with kitchen for entertaining
– Extremely quiet. No unit-to-unit noise transfer. Original soundproofing standards are enforced when a unit undergoes renovation
– Of the approx. 273 units, many have been updated.
– An older or financially successful resident population is a positive for a luxury building. Typically they invest more heavily in their units, there is reduced turnover, the risk of deferred maintenance is greatly diminished, the standard of service is consistent and higher, and it is often not the owner’s only residence so there is reduced traffic, especially during winter months.
I find this building very “whitebread” and overpriced. I would not want to be that near Lurie Children’s heliport either. Looks like the views are south however away from the hospital complex.
“straight-up douchebaggy”
When this building opened in the 80’s it was full of douche-baggy Eighties types, that I guess they have now turned old and still there, 25-30 years later, just like Joan Rivers.
“I find this building very “whitebread””
It’s actually very JAPpy, like Benjy implies.
In regards to Helmethofer’s last post, I’m going to quote Ronald Reagan:
“There he goes again.”
I looked at several units in this building before deciding against it.
Leased parking sucks
Super low ceilings, especially in the kitchen and baths (like raise your arm up and touch the ceiling height).
sloping floors
electric only in the kitchen, no gas
exercise room was pathetic (like really really bad) Go up a narrow stairway to a 15×15 room with some free weights)
We saw 3 units and all needed serious upgrading. NE units are right next to the heli pad on the hospital next door. I don’t know if they are using that but some serious noise potential.
Everything is outdated. The hallways, the lobby and all the units. Be prepared to buy some leg warmers to match the decor or spend $$$$ fixing things.
Assessments are also on the high end.
Helmut:
Since you always manage to turn real estate discussion into a perjorative discussion of ethnicities, I’m curious about your ethnic background. Are you first generation? Second? And from where, Germany? Poland? Mexico (just kidding on that one!)
iirc:
sam zell lives here.
z’s (“investor” at the time) wife didnt like this location bc of the riff raff outside of walgreens.
ditka lives here