“Live Like a Rock Star” in Your Streeterville Penthouse: 530 N. Lake Shore Drive
This 4-bedroom penthouse at 530 N. Lake Shore Drive in Streeterville has been on the market since June 2010.
At 3400 square feet, it is just slightly bigger than the 4-bedroom vintage unit we recently chattered about in 3500 N. Lake Shore Drive.
See our prior chatter on the vintage unit here.
Everyone was appalled at the $2700 a month assessments on the vintage unit.
But what’s the real cost of living in a huge apartment in the sky?
This was the closest comparison I could find that was newer construction with similar square footage and bedrooms.
530 N. Lake Shore Drive was built in 2003.
3500 N. Lake Shore Drive was built in 1926.
Both are doormen building.
This penthouse, however, has 2 oversized wrap-around terraces with North, South and West views.
It also has custom mahogany paneling, a 300 bottle wine cave, upscale kitchen appliances like SubZero and 10 foot ceilings.
The unit has central air, washer/dryer in the unit and 2-car parking is included.
What about those assessments?
$1691 a month for a building that is only 8 years old.
This penthouse has been reduced $404,000 in the last year and a half.
Kimberly Gleeson at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #2900: 4 bedrooms, 3.5 baths, 3400 square feet, 2 car parking
- Sold in July 2004 for $1,500,500
- Originally listed in June 2010 for $2,499,000
- Reduced
- Currently listed at $2,095,000
- Assessments of $1691 a month (includes heat, a/c, gas, doorman, cable, exercise room, clubhouse)
- Taxes of $18996
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×16
- Bedroom #2: 21×13
- Bedroom #3: 14×12
- Bedroom #4: 14×12
The “assessment” on the place yesterday included taxes, so the comparable cost for this place would be over 3000/month (when you include taxes).
Two million bucks and *that* is how it’s staged???
Realtor FAIL.
I don’t know any rock stars, but I think it’s pretty unlikely that they live like this.
I can see that the person who owns this put a lot of money into it – with the mahogany paneling, etc. It’s so taste specific though that I don’t think it will command a premium.
Case shiller out today. 48 consecutive months of year/year condo price declines & 53 consecutive months of year/year SFH price declines. And those are the two most important stats.
jenny, I’m not sure about that. It is totally my style and, if I was in the market, I would definitely buy this place (as I wouldn’t need to renovate). The monthly assessments/taxes are actually cheaper than you would pay for the maint/taxes on any 2 million dollar house (in the city or suburbs).
I live in streeterville, and I am not a big fan of the neighborhood. There are no neighborhood restaurants or bars just cheese cake factory and michigan ave places. That building is hideous, and the unit isn’t much better.
I think the window for buying (and getting a killer deal) is closing. We are at the seasonal period where most sellers will hold out until the spring market (which will be better than the past few years) – how much better is anyone’s guess, but it almost certainly will be better (the economy is improving and many potential buyers are tired of waiting)….
I think the wood paneling is over the top. Its too heavy and taste specific. The wood also looks very “new” veneered…not as warm as the old ways of doing woodwork.
So sellers have this desire to sell and wait to list until spring. Buyers are ready to buy. if everyone jumps in at the same time and in proportionate numbers volume just spins and prices stay flat which would be an improvement I guess…
“(the economy is improving and many potential buyers are tired of waiting)”
Way too much bad quality looking woodwork for this unit. Too dark and oppressive. The “old moneyed vintage” does not fit this uint. I think this has to reduce significantly (200K+) or wait for that specific buyer like Clio…
I’m very important. I have many leather-bound books and my apartment smells of rich mahogany.
“Case shiller out today. 48 consecutive months of year/year condo price declines & 53 consecutive months of year/year SFH price declines. And those are the two most important stats.”
I disagree that these are the two most important stats. YOY data has a serious lag to it. What is more interesting is that each year for the last 3 years at this time prices have started to head down and then in the March/April time frame we hit a new low. See first graph here: http://ChicagoHousingStats.com
With this being the 4th year of a decline at this time it makes you wonder what’s in store. And this is more than just normal seasonality – at least by the official Case Shiller seasonal factors. Their adjusted data also shows a decline in SFH prices, though not in condo prices.
“So sellers have this desire to sell and wait to list until spring. Buyers are ready to buy. if everyone jumps in at the same time and in proportionate numbers volume just spins and prices stay flat which would be an improvement I guess…”
Typically in the spring buyers increase by a greater percentage than sellers…or conversely at this time of the year buyers decrease by a greater percentage than sellers. The spring housing market is going to totally depend upon the employment picture.
As much as I hate to agree with Clio, he has a slight point. As a potential buyer, I haven’t seen a lot out there that I like and fits my unicorn criteria (being able to afford the damn place and still have some quality of life). I think a lot of potential sellers are holding off until the spring to list their places. Hopefully they are using this time to fix things up and pay down their loans so they can “price it right” after the Super Bowl.
“I live in streeterville, and I am not a big fan of the neighborhood. There are no neighborhood restaurants or bars just cheese cake factory and michigan ave places.”
Housing Bear – one of my greatest accomplishments ever was finishing the Big Timmy Challenge at O’Tooles. I got a free t-shirt and all I had to do was overpay by $10 for a burger and fries. Be careful, though, the onion rings get really gross if you don’t eat them quickly.
“The “assessment” on the place yesterday included taxes, so the comparable cost for this place would be over 3000/month (when you include taxes).”
The co-op also included electricity, which would run, what?, $100+/month? (I dunno, as I’ve never lived in a newer high rise.) And certainly is a bigger piece in the co-op, as undoubtedly many residents just leave things on, b/c they don’t bear the bill alone.
Also, this place should expect a tax increase after sale, while the co-op shouldn’t.
The two parking spots, the location, and the views do account for much of the price premium, tho.
Case shiller seasonally adjusted condo index september 2010: 122.32.
Case shiller seasonally adjusted condo index september 2011: 112.89.
Year/year change: -7.71%
‘The wood also looks very “new” veneered…not as warm as the old ways of doing woodwork.’
Not to worry local, in about another 9 months the wood joints will pull, fade, and the finish will bloom due to massive amounts of sun/uv coming in from the windows. Poor choice for that style of building.
Bob – how does all of that data help your personal situation? Are there properties that you like/want to buy that are paralleling the decreases demonstrated by the CSI? I thought so…….
Clio in two words not quite. But the longer this drags on the better my chance of movin’ on up to that de-lux apt in the sky. And data I’m seeing says it will continue dragging on.
anon- “The co-op also included electricity, which would run, what?, $100+/month? (I dunno, as I’ve never lived in a newer high rise.) And certainly is a bigger piece in the co-op, as undoubtedly many residents just leave things on, b/c they don’t bear the bill alone.”
Electricity would run more than $100 in this size unit b/c of the space and the wind factor from the lake. Also, units like this tend to have a lot of electronics (blinds, home theater, wine room, etc… which run up electricity costs). Probably $200-300.
anon- “The co-op also included electricity, which would run, what?, $100+/month? (I dunno, as I’ve never lived in a newer high rise.) And certainly is a bigger piece in the co-op, as undoubtedly many residents just leave things on, b/c they don’t bear the bill alone.”
Electricity would run more than $100 in this size unit b/c of the space and the wind factor from the lake. Also, units like this tend to have a lot of electronics (blinds, home theater, wine room, etc… which run up electricity costs). Probably 175-275
Technically, wouldn’t those be 270 degree views?
meh whatever not like I can afford this crazy place ever
Also whats with all the bears living in streeterville?
“Technically, wouldn’t those be 270 degree views?”
Stick your head out the window to look east?
I like this place from the pictures. Perhaps in person I would agree with others on the wood, but it definitely is different, and I think in a good way.
After everyone complaining about the assessments yesterday, I’m surprised no one is complaining today. Perhaps the lesson is learned? The taxes+assessments+electric are as much or more as the place yesterday and the price is $1.5M more. Somehow people’s thoughts that they’d find a better 4bed/3bath 3,000 sq. ft. place with lower assessments for a little more money didn’t seem to happen.
I’d be curious to know the background of this place. Sold in 2004 for $1.5M, I’m guessing all the woodwork etc. was added later? Custom build out by the first owner? I can’t see any developer tarting up a place in such a specific style on spec. If all that stuff was added after the initial sale the owner does have a fair amount of investment in the place.
I know we’re not supposed to talk about furninshing, but since this is clearly empty and staged, I just have to say that the chrome/glass table (in an inappropriate shape to boot) under that chandelier is just horrific!
One would think that a $2mm penthouse in a downtown high rise should elicit some sort of excitement, but it just isn’t happening with me. Nothing about this is “rock star” or unique or luxurious… it reads like an expensive builder’s special.
what is inappropriate about the shape?
I agree. It just is too dark for this space.
“I think the wood paneling is over the top. Its too heavy and taste specific. The wood also looks very “new” veneered…not as warm as the old ways of doing woodwork.”
Lake Shore Drive but you have to turn your head to actually see the lake. And lots of views right into other buildings. The wood panelling is a bit overwhelming as well. And as someone else said, not a very interesting neighborhood.
Even being near the lake here doesn’t mean much, as the lake shore is just a wide running/biking sidewalk between LSD and the water, and to go south along the lake to Grant Park means negotiating through some very unattractive underpasses. The lake is right outside your door, but not the part of the lakefront most people would want to access. The 3500 LSD location is far more attractive, though if you’re into glamorous, rock star living, that address would certainly not suit you as well as this one.
“Even being near the lake here doesn’t mean much, as the lake shore is just a wide running/biking sidewalk between LSD and the water”
Wrong. There is a beach right there.
“Even being near the lake here doesn’t mean much, as the lake shore is just a wide running/biking sidewalk between LSD and the water”
It may not be where the koolkids hang, but the Ohio Street beach is *right* there. Not the best in the pm, but a fine am beach.
And this: http://www.cityofchicago.org/content/dam/city/depts/cdot/NPFlyover_FINAL_PRESENTATION_feb2011.pdf (WARNING: LARGE pdf)
seems like it’s going to happen soon. Which will make (recreational) access to the south from here a lot better.
“It may not be where the koolkids hang, but the Ohio Street beach is *right* there. Not the best in the pm, but a fine am beach.”
And that’s really kinda a pleasant little park over there. Maybe not rock star worthy, but I like it the 1-2 times a year we find ourselves there for a stroll. Good views of the city.
wow, how much is that project projected to cost? and, are they really going to put a park in that land s of navy pier east of lsd? isnt it toxic soil or something
I hear that about a half billion is going to be spent on Navy Pier.
“wow, how much is that project projected to cost?”
Supposedly $40mm.
“and, are they really going to put a park in that land s of navy pier east of lsd?”
Been “going to” for about 25 years.
“isnt it toxic soil or something”
Spire developer did complete a bunch of remediation work. All of it? Dunno.
I knew I’d get skewed for criticizing the lakefront here. I’d like to see anyone say with a straight face that Olive Park is as good as Lincoln Park at 3500 north. Yes, it’s an OK beach, with decent views. That’s all one can really say. I’ll take Lincoln Park farther north, even though there’s no beach near 3500 (I’m not a big beach person).
What’s “provocative” or “rock star” about this unit? The realtor must have attended one too many “eyes wide shut” parties there or something. I guess it could be tricked out for a Lady Gaga Illuminati-inspired video or something.
“I knew I’d get skewed for criticizing the lakefront here.”
You knew you’d get skewered for misstating facts about the lakefront here?
There is an easy solution for that.
“I’d like to see anyone say with a straight face that Olive Park is as good as Lincoln Park at 3500 north.”
You apparently have no problem saying–with a straight face–that Olive Park and Ohio Street Beach are nothing more than “just a wide running/biking sidewalk”.
Anon,
I sometimes think you just go on this site because you get a kick out of picking on other peoples’ posts.
I’ll grant you that Olive Park exists and is across the street from this property. However, one block north of here the lakefront becomes a sterile concrete bike path and nothing else stretching north all the way to Oak Street beach. And a block south of here you have Lake Point Tower blocking the lakefront. South of that is the series of overpasses I mentioned. This is in no way a great part of the lakefront.
The beauty of this neighborhood is that you can get downtown fast: 5 minute cab-rdie, 10 minutes on the bus. Still, you’d think they would open more restaurants and shops for when all the people in the highrises descend.
“I sometimes think you just go on this site because you get a kick out of picking on other peoples’ posts. ”
Damn. Sniffed me out.
Now, what was your (*very*, *very*) hidden subtext? That I’m not as nice as dahlia? Or meaner than Bob?
Or that I don’t walk as fast as miumiu?
“Or meaner than Bob? ”
If I was that mean I’d be picking on this property. But I don’t know/follow this segment or even care. You never know with this segment what wildcards are out there though. Transferred sports athlete/exec/etc.
“Housing Bear – one of my greatest accomplishments ever was finishing the Big Timmy Challenge at O’Tooles. I got a free t-shirt and all I had to do was overpay by $10 for a burger and fries. Be careful, though, the onion rings get really gross if you don’t eat them quickly.”
At first I didn’t know of this bar and thought you were joking and said to myself if it actually existed I’d have to visit it on name alone. Sold. (But I’ll drop in randomly don’t need you guys knowing who I am 🙂
Now I gotta tell others about this bar name, which I find hilarious.
“Or that I don’t walk as fast as miumiu?”
lol… I need to measure my pace one of these days without the stroller of course ; )
Great/unique property; but price has to come down. 1.6-1.8MM will find a buyer. Too many rich people in Chicago for this to drop below that… I also feel if the economy doesn’t tank too much, in 5+ years, this will be worth the original asking of 2.5MM.
“I disagree that these are the two most important stats. YOY data has a serious lag to it. What is more interesting is that each year for the last 3 years at this time prices have started to head down and then in the March/April time frame we hit a new low. See first graph here: http://ChicagoHousingStats.com”
Thanks for the good historical info Gary.
It certainly does look like we could be entering the 4th leg down in Chicago prices. Only time will tell.
-$75k for pathetic staging.
-$50k for unlawful use of “Ralph Lauren” in write-up.
-$200 for the rest of the typically offensive realtor writing.
So what exactly is Kimberly Gleeson and Koenig & Strey doing to earn .06 x $2m on this?
The future “DuSable Park” was contaminated with radioactive thorium from a previous lantern-mantle factory at the site. Much of this contamination remains. There are still covered piles of dirt with red flags. You can see this from the LSD pedestrian sidewalk bridge.
All the spire developer did was move some of these piles of dirt to create the road access to the hole in the ground.
“I’ll grant you that Olive Park exists and is across the street from this property.”
Dan #2 will grant you facts…now that he has been called out on his non-facts. Not so different from when he described North Center as some “backwoods” area. He claims to have grown up in Lake View, but seems to know nothing abouth the areas that surrounded him his whole life.
Be careful NYC, or you might get lumped in with me, getting kicks from picking on peoples’ posts. I’ve heard that they don’t like my kind in prison. Or like us too much. Or something. Maybe I should just go to seminary to atone for my sins.
Don’t worry, anon. Calling out BS is not a sin.
It’s no secret that I place an enormous premium on the lakefront. But this particular stretch of the lakefront is not so great. It’s not even a very nice stretch for running/walking/biking on, let alone standing/sitting in one spot for an extended period of time. Perhaps I’ve not read this thread carefully enough, but it sounds like people are arguing that the lakefront starting at North and heading north along Lincoln Park (i.e., the park) is NOT nicer than this stretch. I suppose the area around Oak is fine for the occasional visit, but Ohio, meh.
“Perhaps I’ve not read this thread carefully enough”
THIS.
Unless, of course, you believe Ohio Street Beach and Olive Park to simply be a manifestation of a mass hallucination.
40million is a lot of money to solve a congestion problem that only exists on the weekends. that bridge path overpass deal is pretty but it isnt needed for working folk riding to the office