Update: The property has been taken off the market; the Trafelets are negotiating a private sale.

List price: $649,000

The Property: A duplex in a classic 1920s Gold Coast building designed by Andrew Rebori, this five-room, two-bedroom apartment manages to create elegance in an economical space. Except for the dramatic two-story living room-with a charming fireplace inglenook, a sensuously curved staircase, and big windows looking out onto Schiller Street-the rooms are relatively small, though not cramped. “These apartments [in the building] are all like movie sets,” says Louise Trafelet, pointing to the interior balconies and the Jazz Age plaster detailing. Three years ago, Trafelet and her husband, Dan, moved in and revived this unit, shoehorning all the requisite appliances into the kitchen and the master and guest baths. Now they plan to move into the unit next door, which badly needs help.

Price Points: The home is one of 18 apartments in the building, each originally intended as in-town getaways, primarily for residents of the North Shore. If you have priced one of the hotel-condo units popping up around the city, you may want to take a look at this place. It doesn’t offer room service or other luxury amenities, but at this price-and with this location-it would be hard to find something with more élan. As a full-time home, it might be a bit small for more than a single person-or a couple without much stuff.

Listing Agent: Nancy Joyce, Koenig & Strey GMAC Gold Coast, 312 339 4949

Photograph: Scott Shigley