Want a Beach View? A Vintage 3-Bedroom with Parking at 189 E. Lake Shore Drive in the Gold Coast
This 3-bedroom in The Mayfair at 189 E. Lake Shore Drive in the Gold Coast came on the market in May 2023.
Built in 1924, The Mayfair has only 28 units and an attached heated garage which is operated under a separate condo association called 180-190 East Walton Garage Condominiums. The building was converted into condos in 1996.
It has door staff, a fitness center, Pilates studio, on-site manager and on-site maintenance.
This unit has refinished hardwood floors throughout and crown molding. It also has a grand foyer.
The living room faces north over Lake Shore Drive with views of Oak Street Beach.
It has a separate dining room.
All three bedrooms are en suite but it looks like one that is used as an office doesn’t have any windows.
The primary suite has a walk-in-closet, a “spa” bath with heated floors and towel rack, a large shower with rain shower head, soaking tub, double granite vanity and separate commode.
The custom kitchen has white cabinets with a large island and high-end stainless steel appliances by Subzero, Bosch and Thermador.
French doors lead to a family room which is south facing and overlooks a landscaped private terrace with 2 custom water fountains, outdoor gas grill, dining area and firepit.
This unit has the features that buyers look for including 3 HVAC units and a new air filtration system, a full laundry room with side-by-side washer/dryer and sink, and 2 deeded parking spaces included in the separate, heated, fully staffed garage.
It also has a “huge” private storage space.
This building is near the shops and restaurants of the Gold Coast and Mag Mile, including the shops on Oak Street. The beach is across the street and most of Streeterville, River North and the Gold Coast are easily accessible.
Listed in May 2023 for $1.7 million, it has been reduced $75,000 to $1.625 million.
That price is the lowest it’s been since the 1997 sale. Is this property a deal?
Millie Rosenbloom at Baird & Warner has the listing. See the pictures and floor plan here.
Unit #2E: 3 bedrooms, 3.5 baths, no square feet
- Sold in October 1997 for $1.11 million
- Lis pendens filed in March 2010
- Bank owned in August 2010
- Sold as a bank sale in November 2010 for $1.9 million
- Sold in July 2020 for $1.807 million
- Originally listed in May 2023 for $1.7 million
- Reduced
- Currently listed at $1.625 million
- Assessments of $4,207 a month (includes heat, a/c, gas, parking costs included, security, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $37,148
- Central Air
- Side-by-side washer/dryer in the unit
- 2 car parking at 189-190 East Walton Condo Assoc.
- 2 fireplaces
- Bedroom #1: 17×20
- Bedroom #2: 13×15
- Bedroom #3: 11×18
- Family room: 15×17
- Kitchen: 14×26
- Living room: 24×19
- Dining room: 12×18
- Foyer: 15×18
- Deck: 32×18
Lot of SF devoted to a foyer.
It’s nice, and the terrace is a great feature, but it’s basically $7500/month if you pay cash, and it’s on the 2d floor.
Who’s the target at this price? The three owners have all been boomers.
“It’s nice, and the terrace is a great feature, but it’s basically $7500/month if you pay cash, and it’s on the 2d floor.”
The terrace is great. Not sure about privacy with all the other buildings surrounding it, but it’s rare for vintage to have a big outdoor space like this.
I also like the Mayfair because it has parking, which is also rare.
“Who’s the target at this price? The three owners have all been boomers.”
This is the problem with the Gold Coast. It’s just not popular with younger buyers. They don’t understand the cache of East Lake Shore Drive when Lincoln Park or Fulton Market/West Loop are both seen as more exclusive. There are $3 million+ properties in the West Loop now so many aren’t attracted to the Gold Coast for “luxury” anymore like you had to be 20 or 30 years ago. There is now LOTS of luxury in Chicago.
“ They don’t understand the cache of East Lake Shore Drive”
Well in all fairness, a certain amount of cache died out when Michigan Avenue started becoming anemic. Both due to the rioting incidents and general struggles that brick and mortar stores are facing these days.
“Who’s the target at this price? The three owners have all been boomers.”
Other boomers
Unless the UHNW folks decide to make a stand, ELSD is going to die a slow painful death. While this unit is nicely updated, there’s a lot of properties that are in dire need of major rehabs. I dont see GenX buying the boomers out. Values are going to need to drop pretty far to make it worth redevloping and rents coming down to attract new businesses
ELSD only has cache with the over 65 crowd
I guess I’m getting old. It is really interesting to see how neighborhoods have changed over the years. Remember when Gold Coast was vibrant and in demand and West Loop was basically deserted save for a few rental Annie’s Lofts. The change is slow and then all of a sudden you realize the neighborhoods are completely different.
“Other boomers”
They are buying in all the new towers or have retired to Florida/AZ. Age is now 59 to 79. Buyer for this is GenX but they aren’t interested either.
Neighborhoods change. What was “exclusive” 30 years ago, doesn’t necessarily remain so especially in a city like Chicago with all the building going on.
“Well in all fairness, a certain amount of cache died out when Michigan Avenue started becoming anemic. Both due to the rioting incidents and general struggles that brick and mortar stores are facing these days.”
I disagree 100%. You think people living on ESLD are shopping at the Gap? Uniqlo? Most likely to shop on Oak and Rush, both of which are booming right now. They are still able to eat at their Le Colonial and even Tavern on Rush is coming back apparently.