Do Renovations Pay Off? A 1-Bedroom at 201 E. Chestnut in Streeterville
This 1-bedroom in 201 E. Chestnut in Streeterville came on the market in May 2019.
This building was constructed in 1967 and has 120 units and valet parking.
It’s a full service building with a doorman, pool and exercise room.
This unit faces south and has a private terrace.
The listing says it has had a “high end renovation by New York designer Danielle Richter.”
It has all new natural white wide plank oak floors, custom doors, millwork and specialty lighting.
There’s a new chef’s kitchen with white and stainless steel cabinets including Italian SCIC stainless steel lower cabinets, a herringbone marble backsplash, a Subzero refrigerator, Gagganau cooktop and oven and a Bosch dishwasher.
The bathroom has Carrara marble with heated floors.
It has the features buyers look for including central air, in-unit washer/dryer and there is valet parking in the building.
This 1-bedroom sold 5 years ago with an “updated kitchen” with white cabinets and black appliances for $220,000. You can see the pictures here if you are a Redfin subscriber.
It’s come on the market for $155,000 more, or $375,000.
These are the finishes that buyers who are renting nearby in luxury apartment buildings would be looking for.
Do full renovations like this pay off?
Keith Wilkey at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #12D: 1 bedroom, 1 bath, 1050 square feet
- Sold in September 2014 for $220,000
- Currently listed at $375,000
- Assessments of $580 a month (includes doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes are $4182
- Parking is valet rental in the building (not sure how much that costs)
- Bedroom: 11×17
- Living room: 19×18
- Kitchen: 12×11
- Laundry room: 3×3
- Balcony: 11×8
They want $155,000 more? From what I can tell, it’s hardly worth the price from 5 years ago.
“They want $155,000 more? From what I can tell, it’s hardly worth the price from 5 years ago.”
We’ll see when it sells.
Close friend lives here. They had to pay like $30k to fix their membrane (balcony).
Also note tucked away on the balcony, full-sized individual ac units. My friend was paying like $450 a month (NUTS).
The renos (and professional photography relative to the previous sale), definitely have added appeal – – the wallpaper selections are just a bit over the top and incongruous with the finishes, but all in this unit is much nicer than before. That said, the entrance to this building is one of the ugliest things ever. I wouldn’t want to have to look at that every day. How are the HOAs in this building, with a pool, so low while the HOA for the S. Plymouth Street Loft and no amenities, comparatively high?
Not a fan of electric cook-tops as compared to gas but likely that wasn’t something that could be changed. That AC unit on the balcony must make enjoying the balcony somewhat of a challenge. I feel like for sure this is “worth more” than the 2014 price, but do they get to make a profit on their very personal design choices, not so sure. $325K seems right for this place but I haven’t done an analysis of what other units in the building have sold for…that would really be the most important indicator of price and what this might appraise for.
“Not a fan of electric cook-tops as compared to gas but likely that wasn’t something that could be changed.”
1960s and 70s high rises will likely be all electric.
“Close friend lives here. They had to pay like $30k to fix their membrane (balcony).”
Yeah- the scaffolding was up for a while.
But it’s done now. Once those big projects are done, the next owner won’t have to deal with it.
This unit just lowered its price by $10,000.
List price is now $365,000.
Yes is the answer, sold for 346K