Crib Chatter

With all the rush to buy “new” construction, what about a building that has been around for four years?

I’ve chattered about 530 N. Lake Shore Drive in Streeterville before but I thought it was time to revisit it.  Many of the units have lake views.

 

Some stats for the building:

• 12 units sold in 2006
• 13 units sold in 2007
• 18 units currently on the market

I chattered about two units last October.  Neither one has sold.

For Unit #1801, it’s interesting to note that the furniture has been moved around a bit (with the diningroom table now in a different location) from last fall.

Then:

And now:

Unit #1801: 3 bedroom, 3 baths,  2772 square feet, two terraces

• Originally listed for $1.397 million
• Reduced to $1.249 million in October 2007
• Just re-listed for $1.199 million (includes one parking space)
• Originally sold for $1.044 million in December 2003
• Assessments of $1,264 a month
• Jennifer Ames at Coldwell Banker has the listing

Unit #2003: 2 bedroom, 2 baths, about 1300 square feet, parking included

• Listed for $649,000 in October 2007
• Reduced and now listed at $629,000
• Originally sold for $513,500 in January 2004
• Assessments of $608 a month
• Classic Realty Group, Inc. has the listing

There are some large one bedroom units in the building- some with very nice city and lake views.

But many of the units don’t have hardwood floors and they have outdated white appliances.

Unit #2906: 1 bedroom, 1.5 baths,  1045 square feet, penthouse unit

• Sold in June 2004 for $469,500
• Currently listed for $549,000 plus $50k for parking
• Assessments of $489 a month
• @Properties has the listing

The cheapest unit in the building is this:

Unit #902: 1 bedroom, 1.5 baths, 1100 square feet

• Sold in April 2004 for $288,500
• Currently listed for $459,900 (parking included)
• Assessments are $401 a month
• Urban Real Estate has the listing

The listing states:

PROFESSIONALLY FINISHED LIKE BRAND NEW 1 BEDRM 1 1/2 BATH 1100 SQ.FT CONDO ON BEAUTIFUL LAKE SHORE DRIVE. KITCHEN HAS STAINLESS STEEL APPLIANCES. LIVING RM HAS FIREPLACE/MANTEL SLIDING DOORS LEADING ONTO BALCONY WHICH OFFERS FANTASTIC CITY VIEWS.

CURRENTLY RENTED AT $1700.00 FOR PERFECT ARM CHAIR INVESTMENT. INVESTOR MAKE OFFER WON’T LAST. PARKING INCLUDED & TENANT IN PLACE.

Perfect arm chair investment at $1700 a month?

There are no pictures of the interior of the unit, sorry.