THE CHANDLER 450 E. WATERSIDE – LAKE SHORE EAST

450 E. WATERSIDE  РLAKE SHORE EAST

450 E. Waterside, also known as “The Chandler” is located in Chicago’s Lake Shore East neighborhood. For those of you not familiar with this area, Lake Shore East is located on the south side of the River where the river meets Lake Shore drive. The Chandler is one of the newest buildings in the Lake Shore East neighborhood.

The Chandler in Lake Shore East - 450 E. Waterside

The Chandler in Lake Shore East – 450 E. Waterside

What I like about The Chandler 450 E. Waterside

The Chandler, located at 450 E. Waterside, was one of the last buildings completed by Magellan as condos in the Lake Shore East neighborhood. It is slightly more expensive than its sister building, the Regatta built one year prior. The majority of the units in the Chandler are upgraded with Snaidero Cabinetry and most have great views, at least for the time being. The building is situated on the far North East corner of Lake Shore East. This allows it to have prime views of the River, Navy Pier and both the North and South skyline of the city.

The building boasts a phenomenal indoor rooftop pool and sundecks on either side of the pool complete with an outdoor whirlpool. The sundeck makes for amazing Air & Water Show watching. The building has a fitness center and media room on the second floor as well as a party room off the lobby which opens out onto an outdoor deck with River and Navy Pier views.

Most of the floor plans in the building are very functional and make a good use of the space. There is very little wasted space in condos at the Chandler so 1000 square feet is a true 1000 square feet versus some buildings that have obnoxiously long hallways and “nooks” which eat up space. All units will have Hardwood Floors, Granite and SS Appliances. Most will have updated cabinetry and all units with the exception of a few will have a balcony.

What I don’t like about The Chandler

I love the building and the build quality. Some of the South Facing¬† units, specifically the 04 tier will eventually have their view blocked when new buildings are built on the vacant lot directly to the South of The Chandler. There is some talk about a building going just East of the Chandler but I’m not sure if any of those claims can be substantiated at this time.

The building has a new rental cap. The specifics are a bit vague but it appears that new owners will not be allowed to rent their units until the rental percentage drops to around 30%?? Currently the building has roughly 44% tenant occupied units.

What do condos sell for in The Chandler?

One Bedrooms start around $310,000 in The Chandler and move up from there depending on floor height and view. Units facing North sell for a premium since these units have the protected and much preferred River view. These units tend to be larger. However, be warned that a couple tiers on lower floors facing North do not have balconies.

Two Bedrooms in The Chandler start in the $500’s but they are the smaller square footage Two Beds around 1100 to 1250square feet. Larger Two Bedrooms will start in the high $600’s and can exceed well over $750,000. The Chandler does have three bedroom units but expect to pay over a million for any 3 Bedroom with some going well over 2 million and others competing with some of the most expensive condos in the area.

160 E. ILLINOIS – AVENUE EAST

160 E. Illinois is located in Streeterville just east of Michigan Avenue off upper Illinois. 160 E. Illinois is a boutique building that was completed in 2007. 160 E. Illinois is comprised of Junior 1 Bedrooms, One Bedrooms, Two Bedrooms, Three Bedrooms and Penthouse units. 160 E. Illinois, also known as “Avenue East” has 24hr door staff, fitness center, rooftop sundeck, and party room. Most units have parking in the building but note that some of the smaller One Bedrooms do not have parking.

Avenue East, 160 E. Illinois in Streeterville

Avenue East, 160 E. Illinois in Streeterville

What I like most about 160 E. Illinois

160 E. Illinois has two great assets: It’s location and it’s boutique feel. The building has only 130 units but feels like a more intimate 90 unit building or less. The location of 160 E. Illinois is quite ideal. It is right off Michigan avenue on upper Illinois so you have the convenience of everything along Michigan Avenue but the few hundred feet you are off Michigan allows you to be on a quite street with practically no traffic.

The door staff in 160 E. Illinois is excellent. As Realtor’s we get to know the door staff in different buildings and we all have our favorites as well as the ones we dread dealing with. 160 E. Illinois has some of the friendliest door people in the city and they’ve been there since the building was built. Keep in mind that when buying a condo you are not just buying the unit but buying into a building; buying into a way of life. Therefore everything from the staff to the cleanliness of the hallways and common areas should be a factor in your decision.

What I don’t like about 160 E. Illinois

Unlike most Realtor’s I’m not going to say every building in Chicago is wonderful. Each building has their own set of flaws and so does 160 E. Illinois. My first complaint about the building is not so much of a complaint but more of a statement. The build quality is average. It is not bad by any means but it is one step under the higher end Class A condo buildings in Chicago.

My last complaint are the views. This is not a view building. Some of the higher floors enjoy some decent city views but most of the views in the building are obstructed which can cause some units in the building to have low light. Specifically the “07” tier has recently lost its gorgeous lake and east city views as a new rental building has been built directly to the east of 160 Illinois.

Condos for Sale in 160 E. Illinois

Pricing has shifted greatly in 160 E. Illinois over the past two years. We’ve seen some foreclosures and short sales in the building a year ago, however, those units sold within days. While they left the building with bad comps it has been long enough since a “low closed price” so appraisers will not longer consider these when appraising a unit. Inventory levels in the building are currently low. There are a couple “07” tier 2 Bedrooms cheaply priced in the mid $400’s but keep in mind these units have their view completely blocked by the new rental apartment building next door.

Prices throughout the building can range from the $300’s on up to over $1 Million for the penthouse units.