530 N. Lake Shore Drive: When a Hot New High Rise Loses Its Luster
There comes a time in every condo building’s life when it is no longer the “new” kid on the block. What once seemed like a “prestige” building in a “great” location, no longer is, once a newer, even more prestigious building with even better views is built up the street from you.
And the once “in” cabinets, even four or five years later, are now “out” and dated. Same with the baths.
Such is the case with 530 N. Lake Shore Drive. There was buzz about this building when it was originally sold in 2003. It was the first “new” construction building to be built right on Lake Shore Drive in Streeterville/Gold Coast in decades. Many of the units had stunning lake views.
But in the last several years, other buildings have taken away some of its sparkle- including its under construction neighbor to the north, 600 N. Lake Shore Drive, which has not yet had any closings.
Sellers are finding that appreciation is not as great as they thought it might be in the building.
Unit #1801: 3 bedroom, 3 baths, 2772 square feet, two terraces
The pictures above are of this unit.
- Originally listed for $1.397 million
- Reduced to $1.249 million
- Originally sold for $1.044 million in December 2003
In nearly four years, this owner will be lucky, after realtors fees, to make much more than $100,000 or $150,000. But hey- at least they’re still making a profit, right? But after a booming market the last few years, I’m sure the sellers in this building thought they’d be doing a bit better on re-sale.
The market is not good for the larger units in the upper bracket. But what about something a bit more affordable?
Unit #2003: 2 bedroom, 2 baths, about 1300 square feet, parking included
- Currently listed for $649,000
- Originally sold for $513,500 in January 2004
Again, depending on the ultimate sales price and realtor’s fees- the appreciation for owning this unit hasn’t been all that you might imagine.
Will price appreciation decelerate more quickly once 600 N. Lake Shore Drive’s units come onto the market? I imagine it will. Buyers want “new.”
There is clearly nothing wrong with 530 N. Lake Shore Drive. But what was once “hot” is now, clearly, “not.”