“Complete Renovation” of Gold Coast 1-Bedroom for $545,000: 111 E. Chestnut
This 1-bedroom in The Elysees at 111 E. Chestnut in the Gold Coast came on the market in November 2022.
Built in 1972, The Elysees has 444 units and attached garage parking which is both public rental parking and deeded parking.
It is a full amenity building with doorstaff, on-site engineers and management, an on-site dry cleaners, outdoor pool, exercise room, sundeck and grills, party room, package room, bike room and conference room.
The listing says this 1000 square foot 1-bedroom unit has had a “complete renovation” complete with floor to ceiling wainscoting. It also has crown molding and hardwood floors throughout.
It is west facing with 8 floor-to-ceiling windows and overlooks the Quigley Seminary which is a city, state and federal landmark.
The kitchen is open to the living/dining room and has white cabinets with white Calacatta quartz countertops, a breakfast bar which seats 2, stainless steel appliances, a custom hood vent, a white tile backsplash and a dry bar with a wine fridge.
The bedroom has 2 closets.
The bathroom is “custom” and has Carrara marble with a walk-in-shower.
The unit has some of the features buyers look for including washer/dryer in the unit but it has wall heating/cooling and deeded garage parking is available separately but it doesn’t say how much.
The building is near Oak Street Beach, the Mag Mile, and all the shopping and restaurants of the Gold Coast and River North as well as Loyola University’s downtown campus.
The listing says “investors welcome.”
Listed at $545,000, that’s $269,000 above the 2004 sales price of $276,000.
Buyer’s love “new.”
Will the renovation sell this unit?
Ursula Gal at Republic Realty Group has the listing. See the pictures here. (sorry, no floor plan)
Unit #26J: 1 bedroom, 1 bath, 1000 square feet
- Sold in November 1995 for $145,000
- Sold in January 2004 for $276,000
- Redfin says it sold in July 2017 for $302,500 but the CCRD doesn’t list this sale
- Listed in November 2022 for $545,000
- Currently still listed for $545,000
- Assessments of $577 a month (includes doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
- Taxes of $5610 but the listing says “LOW TAXES $4919.11“
- No central air but wall units
- Washer/dryer in the unit
- Deeded parking available separately
- Bedroom: 16×15
- Living/dining room: 25×14
- Kitchen: 20×10
- Laundry room: 6×4
No such thing as floor to ceiling wainscoting
Not my style, but Reno looks well done, tho the kitchen pass through is a bit of a head scratcher
HOA looks really low especially since it includes cable AND internet
Fancy reno, but cheap appliances. Put in an induction range at the least. They are so much better than radiant. Does the hood even actually vent outside? No bathtub, no interest.
“HOA looks really low especially since it includes cable AND internet”
Resident, or hopefully former resident, runs an infrequently updated blog about the building. https://www.111eastchestnut.org/ Just another aggrieved homeowner or a look into another mismanaged condo? https://www.loopnorth.com/news/settlement0124.htm
About the parking garage: https://www.fox32chicago.com/video/953324
Didn’t they finish the repairs to the parking garage? I think so. It’s also two different condo associations.
Garage should be good to go for the next 20 years. Garage repairs are the big unknown with any condo building over 20 years old. The Chicago weather really takes its toll over the decades. The Hancock did a complete gut renovation on its garage a few years ago.
“Fancy reno, but cheap appliances. Put in an induction range at the least. They are so much better than radiant.”
Agreed that it should probably have an induction range at this price point Lauren. Seems like you could swap it out pretty easily.
I like the dry bar and the wine fridge. Lots of extra storage in the kitchen.
“Garage should be good to go for the next 20 years. Garage repairs are the big unknown with any condo building over 20 years old. The Chicago weather really takes its toll over the decades. The Hancock did a complete gut renovation on its garage a few years ago.”
You’re a SE now?
The Hancock is 50+ years old. Do you even live in Chicago?
“Fancy reno, but cheap appliances. Put in an induction range at the least.”
Hey, I resemble that remark! We’re not doing the expansion/reno that we assumed we’d do when we purchased our place about 4.5 years ago, so have instead been replacing appliances as they die, the range (same as the subject property) earlier this year. Had to replace the fridge a couple years ago, and unfortunately our seller had cabinets built around their old fridge about 20 years ago, which really limited our fridge options (the cabinets, and windows, were the only improvements they made in 45 years). Our fridge screams “rental” but the range isn’t so bad. Gearing up to replace the dishwasher/sink/countertops next (will also install a disposal; the seller mentioned he didn’t trust his wife to not overuse a disposal!).
In the past few years I’ve been in friends’ homes that are worth 2-3 times our house that have appliances that aren’t that much nicer than ours, basically not too different than this unit (a surprising dearth of red knobs and other signifiers of supperiority).
My parents have a parking place at 111. Garage repairs ran them $11k and are finally finished. Garage now has $80k+ in reserves which seem like a lot. Building had a long run of infighting between the board and one nut job. I remember it ending up in the courts, but don’t remember the outcome. Hopefully that’s over.
“The Hancock is 50+ years old. Do you even live in Chicago?”
Correct. Which is why they had to do a whole renovation. It’s similar age to the garage in this post.
People underestimate the garage when looking at condo buildings. You have to maintain it but how many condo buildings really want to do it? The Chicago weather elements are brutal. So much salt and water brought in every winter. Even if you’re doing maintenance, with refinishing it every 10+ years, you still will have to do repairs to the concrete like the Hancock needed.
But once it’s done, as long as you are maintaining it, it’s good to go for 20+ years.
Many of the housing boom high rises are at, or near, the 20-year age now. It’s something to keep in mind if you are a buyer. Maybe it’s a good thing many vintage high rises don’t have parking garages. Lol.
Not my taste, and seems a bit overwrought for the building. Also, that’s a ton of money for a 1BR when I know of 2BR’s for less in the building (my mom is trying to sell my grandfather’s former unit).
“Does the hood even actually vent outside?”
Old kitchen does not appear to have had a vent, so it is exceptionally unlikely. But don’t see where it could exhaust to, either, if it is a re-circulator.
“Old kitchen does not appear to have had a vent, so it is exceptionally unlikely. But don’t see where it could exhaust to, either, if it is a re-circulator.”
Dedicated hoods that don’t vent outside are waste of space. You should otherwise just have re-circulation and microwave in the same space and allow space to store a compressor ice cream maker.
I have really been enjoying my induction cooktop and glad I went with it over gas (don’t have outside vent). No red knobs–they don’t match the cabinets.
“Building had a long run of infighting between the board and one nut job. I remember it ending up in the courts, but don’t remember the outcome”
https://www.loopnorth.com/news/settlement0124.htm Finally finished. Hopefully guy moved. However, I have enjoyed reading his blog over the years. I think he posted pictures of a unit that had to have its kitchen removed in order to do structural repairs.
I generally don’t like them, but GE Cafe series appliances in white would look really nice with the rest of the “floor to ceiling wainscoting.”
“Also, that’s a ton of money for a 1BR when I know of 2BR’s for less in the building (my mom is trying to sell my grandfather’s former unit).”
Are they completely renovated?
It’s a 50 year old building. Some units will have current finishes, some will not.
It’s not an offensive unit in any way, and the updates seem fine. But it has no view, it’s in an older building, and there’s no way they’ll get $545,000 for it.
The building itself is kind of dull, and maybe if it were a high floor with a lake view that could command some extra cash. But not a low floor looking west.
I’d much rather go across the street to 175 E. Delaware, where I could pay $170,000 less, only sacrifice 100 square feet, have a jaw-dropping view and be in a striking piece of architecture.
https://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-5808/home/14119754
Before people go off on the Hancock unit I posted, I realize one reason it’s cheaper is lack of fancy renovation. I’m guessing for $50,000 you could do a very nice job of it and still spend well under what the 111 E. Chestnut unit would have cost.
I would as well
$30k in period correct furniture would turn into a killer pad
Dan #2
Do you recall if you heard airflow whistling under the entrance door while you were there?
Also nice choice of a 1Bd with no diagonals
“I’d much rather go across the street to 175 E. Delaware, where I could pay $170,000 less, only sacrifice 100 square feet, have a jaw-dropping view and be in a striking piece of architecture.”
They are very different types of buildings. I’m not sure the buyer in one is the same buyer in the other.
The Hancock is massive. The Elysees has a lot of units because it has a bunch of studios. The Hancock doesn’t have floor to ceiling windows and the Elysees does. It also doesn’t have the weird dropdowns in the ceiling like the Hancock.
I like the unit you posted Dan #2. I don’t know why they don’t put in the hardwoods throughout. They can put in the “luxury vinyl flooring” now as it’s pretty good quality and is being accepted by most buyers at everything except the luxury level. It also doesn’t have in-unit washer/dryer which some require.
People want to move right in. The Elysees unit is move-in ready. You don’t have to throw in $50k. That’s a big difference. Construction in a high rise is a real pain. Most people will avoid it at all costs if they can. Lol.
Good comment, Sabrina. Lots of interesting stuff to contemplate. The Hancock ceilings are actually decently high in most of the units I’ve been in there. Our unit had 9-foot ceilings.
I get it about not wanting to renovate and the Hancock being a massive building compared with the one featured.
As for in-unit W/D, it’s really not all that necessary in the Hancock. Laundry rooms are on even floors, so the 58th floor has one. It’s simple to just walk down the hall and do your laundry. It’s not like buildings where you have to carry your stuff down to the lobby level and back.
“It’s simple to just walk down the hall and do your laundry.”
Most don’t want to do that, even if it’s “simple.” It’s a real negative. Nearly all the new construction high rises have w/d in the apartment. This is what Millennials and GenZ want. This is what my kids want. And they certainly want it if they are buying.
Isn’t that the reason the Hancock finally allowed it in the units? It was a real negative on re-sales.
But, there is a cost to installing it in these older buildings. And you have to find a location for it and even the smaller stackables aren’t that small.
“Are they completely renovated?”
“It’s a 50 year old building. Some units will have current finishes, some will not.”
It’s not brand new, but certainly not original either… here’s the listing:
https://www.redfin.com/IL/Chicago/111-E-Chestnut-St-60611/unit-19K/home/179578393
“It’s not brand new, but certainly not original either… here’s the listing:”
Buyers want updated and current, I’m afraid. And they WILL pay more for it so they don’t have to do anything but move in.