2-Bedroom Duplex With Lake Views Reduces to $275,000: 3700 N. Lake Shore Drive in Lakeview
We last chattered about this 2-bedroom duplex at 3700 N. Lake Shore Drive in Lakeview in January 2012.
See our prior chatter here.
No one seems to know if this is a townhouse or just a duplex condo but all the listing agents call it a townhouse.
In the last chatter, you all thought it was in the 6 story building behind the townhouses (which you can just see on the left side of the picture above). The new listing does indicate it is an elevator building (which I don’t see why you would need if it was a townhouse.)
If you recall, it is a corner unit and has windows on three sides, including a lake view.
It is apparently on the third and fourth floors of the building.
The 2 bedrooms are on the second floor (the duplex up.)
The listing says the unit is “outdated” but in great condition. It’s being sold “as-is.”
There is now a picture of one of the bathrooms (as well as the kitchen.)
One of you originally thought this would sell for $275,000 the last time we chattered. But many thought it would go back to around the 1991 price simply because it is not updated.
What will it take to sell this unit in this market?
Stefanie Lavelle at Coldwell Banker now has the listing. See the pictures here.
Unit #309: 2 bedrooms, 2.5 baths, 1 car parking, no square footage listed
- Sold in September 1991 for $212,000
- Originally listed in September 2010 for $350,000
- Reduced
- Was listed in January 2012 at $290,000
- Reduced
- Currently listed at $275,000
- Assessments of $505 a month
- Taxes of $4964
- Listing now says no central air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 15×17 (4th floor)
- Bedroom #2: 17×12 (4th floor)
While some of the fixtures are old, I think someone might like it who appreciates the Mad Men look. That retro style is very in right now. Could actually be a selling point for someone. Not me though.
I thnk the land under these townhomes is more valuable than the total cost of all of the townhouses. At what point, will there be collective action to sell all of them to build a highrise?
What would it sell For if it were updated?
“What would it sell For if it were updated?”
why would you do that?
The agent/owner attempting to market this as a townhome did themselves a disservice. Imaging how many townhome buyers may have viewed it, only to be pissed off that it’s not as advertised.
That said, it could be a cool place with rehab to the kitchen and bath. But in this market, as Sabrina says, people want “new, new, new”. Not many people have an additional $100k cash (a guess,only) to spend on rehab work for a kitchen a 2.5 baths. This will be a tough, tough sale, and may need to go to a flipper.
I used to live in a rental building 1/2 block west of here, right across from the highrise. Didn’t like the neigbhorhood at all and was happy to get out.
Anyway, the fact that this supposedly has a lake view and there is no picture of it is surprising (concerning).
@a local, I agree, these things are a waste of land.
But it can’t go to a flipper unless there is money to be made after purchase, rehab, holding and closing costs…
“This will be a tough, tough sale, and may need to go to a flipper.”
Agree that someone should have built a high rise here. This place was built in the early 80s, when interest rates were sky high, so maybe that kept a high rise from being built. The lot across the street, where the New York was eventually built in the late 80s, was vacant for many, many years, maybe for the same reason.
I know people who bought at 3700 LSD in around 1994. I wonder what they paid. They’d probably laugh to see it going down toward prices they paid 18 years ago (they sold in the late 90s and probably made a decent profit).
This is not the type of place I could ever love, but it seems like a very good deal for a townhouse in this prime Lakeview neighborhood.
The kitchen looks like the 1980 original. At least the realtor is honest about “outdated.”
Not sure about all the hate for this place. Seems priced to move now. Location is great, you have parking and there are two good size bedrooms. I like the windows on three sides as well, to me that’s a huge plus.
Pick this up for $250 and put 50 into it to upgrade kitchen and baths and you’ve got a nice place to live.
“No one seems to know if this is a townhouse or just a duplex condo but all the listing agents call it a townhouse.”
Doesn’t the $515 “association fee” argue against it being a “townhome”? It certainly isn’t a fee-simple property at any rate.
“Lake” views from the 3rd fl? Doubt it. More like a scenic view of Lake Shore DRIVE.
“Lakefront” views = park in this instance.
“Pick this up for $250 and put 50 into it to upgrade kitchen and baths and you’ve got a nice place to live.”
Isn’t that the problem with why this isn’t selling?
Buyers want new. Rehabbers/renovators will buy foreclosures on the cheap, fix them up and re-sell them (to all the buyers looking for new.) But this property is not a foreclosure. And it’s not cheap enough for a rehabber to come in and fix it up. But buyers want new.
So it’s not meeting either market. Therefore it doesn’t sell.
Most buyers today are lucky they have the 3% FHA downpayment let alone another $50,000 to fix up the kitchen and baths in a condo.
Sabrina you nailed that point! Spoke with a realtor today about a family members home we are preparing to sell soon. Put on new paint, tore up the carpets, and are considering what to do with the kitchen. The debate was over doing everything and shopping for a move in buyer or to doing less and selling to a flipper. now that we are in the middle it is tempting to go further…… Ugh!
Sabrina: word.
good investor unit?
Dan – The reason the vacant land at LSD and Waveland was empty for so many years, is that the local neighborhood groups fought to keep yet another highrise, with no surrounding green space, to be built (like 3550 and 3600 LSD). They also wanted a mixed-use building with small businesses open to the general public, not just the residents. I think the “set-aside for affordable housing” issue was in play here as well. The eventual result was the 3660 hirise and the still-unfulfilled promise of townhomes to come. Highly unlikely now; lots of foreclosures and short-sales going on in the New York bldg. OTOH there’s a really nice store ans gym.
Yeah, I get it people want new….but for location, parking and large bedroom sizes I would think someone in the 300 range might look at this as an opportunity if you could pick it up for 250. A flipper would likely pick it up at 225, put 30 into it and I would think this would go north of 300 then
We’ve been renting in this complex for several years and we really like it. We would buy in here in a “New York” second but the assessment is too just too high for us.
Its a really nice place to live. Its quiet, the rooms are huge, the units in the back face two pretty yards and, in the rear, we have large patios – really large -compared to what we’ve seen in new places. They face an enormous backyard belonging to a vintage LSD boutique 3 flat and a big umbrella table and chaise lounge plus a large gas grill all fit with ease. Brick walls for privacy divide each patio and everyone decorates their’s beautifully each year with flowers and plants – they are just gorgeous.
The people that live here are very nice and friendly – a good mix of young and retired and, as I stated before, its very quiet indeed.
The location can’t be beat with the tennis courts and running trial right across LSD and the lake front and golf course and bird sanctuary a block or so east. The 151 stops across the street, we can walk to Wrigley Field and the Music Box. Its a great place to live!
Oooops – correct that – the patio’s are in the front, two yards in the rear.
Rory,
At $505, I guess the assessment is a bit high, but it seems about normal for a unit like this in Lakeview/Lincoln Park. We were paying in the $400 range for our 2/2 in LP 10 years ago.
“I used to live in a rental building 1/2 block west of here, right across from the highrise. Didn’t like the neigbhorhood at all and was happy to get out.”
What??? This is a fantastic location!