Love Lakeshore East? Buy a 2/2 Under the 2006 Price in The Regatta at 420 W. Waterside

420 e waterside

This 2-bedroom in The Regatta at 420 W. Waterside in Lakeshore East came on the market in October 2015.

It is bank owned.

From the pictures, it appears that the kitchen, with cherry cabinets, granite counter tops and stainless steel appliances, and the bathrooms, are intact.

It has central air, a balcony, and washer/dryer hook-ups in the unit.

There’s no parking with this unit but there is deeded parking in the building. You’d have to see if something was available to purchase or rent.

But who has a car these days anyway?

This unit was originally listed for $438,900 in October 2015 but it hasn’t found any takers.

It has been reduced to $394,900, or $37,100 under the 2006 purchase price.

Is this a deal?

Rommel Shaw at Paradigm Realty LLC has the listing. See the pictures here.

Unit #503: 2 bedrooms, 2 baths, 1182 square feet

  • Sold in August 2006 for $432,000
  • Lis pendens filed in September 2014
  • Bank owned in June 2015
  • Originally listed in October 2015 for $438,900
  • Reduced
  • Currently listed at $394,900
  • Assessments of $557 a month (includes heat, a/c, gas, cable, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal
  • Special annual assessment of $1160 (not sure what this is for)
  • Rental restrictions in the building
  • No parking with this unit
  • Washer/Dryer hook-ups in the unit
  • Central Air
  • Bedroom #1: 12×13
  • Bedroom #2: 12×10

26 Responses to “Love Lakeshore East? Buy a 2/2 Under the 2006 Price in The Regatta at 420 W. Waterside”

  1. actually LSE is probably my least favorite neighborhood in all of Chicago…

    and wow! Below 2006 price! Who cares, its a piece of crap condo either way and was clearly overpriced during the bubble years financed by funny dumb money

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  2. Like living in a fancy prison over there. Can’t get anywhere, can’t go anywhere… and Guantanamo is warmer.

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    Rating: -1 (from 13 votes)
  3. Price reflects low floor, AssFee seems reasonable, nothing spectacular, nothing major flawed, price not bad and negotiable.

    I dont know why they call it lakeshore east, it should be called expat central. Hence the reason gems academy dropped a location there when CPS pulled out.

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  4. expensive and soulless as a neighborhood can get, and the people… my god the people….

    eff that area…

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  5. speaking of soul-less. That kitchen! The $40 at Home Depot Elkay drop-in sink with granite counters!!!! Oh the humanity.

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  6. “The $40 at Home Depot Elkay drop-in sink with granite counters!!!!”

    That made me look. Wow–did Magellan value engineer all of the buildings over there like that? Because that’s just tacky.

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  7. Rename the site CribHater please. Not sure how you can call this unit overpriced… The same price will maybe get you a studio in Aqua… Or maybe you can grab a 1.3 million dollar 1 bedroom @ Wanda Vista, tell me, is that a better deal? In 10 years the finishes in Wanda will be Home Depot specials as well, that’s how the system works… Keep up, pay up.

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  8. “In 10 years the finishes in Wanda will be Home Depot specials”

    Drop in sinks have been “cheap” looking, and disfavored for 20 years.

    There are really at least three people here who have to defend the honor of drop in kitchen sinks? It was a vile engineering decision, and one that’s really easy to see, unlike others.

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  9. Completely agree AnonIDGAF, aside from a few posters on here most do not take into comps when they do their normal shtick of tearing down a place. I enjoy the macro market discussion on the site but the comments made about individual listings are many times ridiculous. I first found this site in 2013 before I purchased a unit in LP 2550 and google’d the building and it lead me to a CC thread where a few posters were wrongly claiming law suits against the developer for lack of sound proofing and other sorts of ridiculous claims. Then there was the normal carving up off the units for being cookie cutter, not fully limestone, fixtures, hallways, etc.) Thank goodness I wasn’t swayed.

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  10. If anybody based a 400k+ buying decision on a bunch of random internet yokels, they need to take that persons check book away, hide all sharp objects and make them wear a helmet 24/7.

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  11. “a vile engineering decision”

    sb ‘value’. but it’s vile, too.

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  12. The area is a bit remote but it does have bus service so downtown is as accessible as it is from other non-EL locations. All of the buildings around the park have in-ward park/city views as well as outward lake views and edge-looking-at-YOU-neighbor views. Compared to a lower-floor Gold Coast building where you ONLY have neighbor views, this isn’t a bad option at a similar price. Agree that the sink decision was dumb then and dumb now. I’ve got a $1.1m closing end of the month with the same sink. Interesting – BUYERS DON’T CARE. Hmmmmm. Public school coming in a few years, and Wanda area improvements include more Wacker accessibility to downtown as well as pedway connections. It’s only getting buyer. “Buy now before you’re priced out completely” (couldn’t resist a little Realtor-speak. Sorry).

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  13. “Hmmmmm. Public school coming in a few years”

    I thought CPS dropped out of building there and thats why Gems academy took their spot?

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  14. “Public school coming in a few years, and Wanda area improvements include more Wacker accessibility to downtown as well as pedway connections. It’s only getting buyer. “Buy now before you’re priced out completely” (couldn’t resist a little Realtor-speak. Sorry).”

    Thats just a flat out lie, actually 3 lies in a row

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  15. ” thought CPS dropped out of building there”

    See:

    http://www.chicagojournal.com/blogs/07-30-2012/Lakeshore_East_developers_still_on_hook_for_public_school

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  16. “Wanda area improvements include more Wacker accessibility to downtown as well as pedway connections.”

    ‘3 lies in a row’

    I quoted the middle two of 5 ‘statements’. The first is true–the Wanda plan, as presented, included a roadway connection to Upper Wacker that ties to Harbor Drive, and the upper road south of the Regatta.

    The second is at least spelled out in the PD revision that came with approval of Wanda. So, the pedway is *supposed to* tie together the Magellan buildings, but remains a ‘show me’ proposition.

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  17. Groove77, basing a decision solely on internet chatter as the end all be all….fair enough. But not using social media to gather as much information as you can on a building/neighborhood/etc. before you make an investment is certainly a missed opportunity. Obviously you need to sift through the muck to find the credible information but that’s beside the point.

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  18. “But not using social media to gather as much information as you can on a building/neighborhood/etc.”

    My personal view of the social media/review stuff is i don’t care for it.

    One, only the most angry or slighted will be the loudest. the ones that are happy with the widget wont even spend the time to turn to the internet to talk up its awesomeness.

    Two, I got a buddy who is partner in a PR company. The majority of his biz is the “5 dollar review” type of stuff. so how legit is anything type on the interwebz?

    Three, the people with the time are mostly 12-15 year old kids from the burbs and boonies with nothing to do but pretend they are a 65 master technician at whatever widget and know everything there is about what you should do with said widget.

    Also there is more and more and more and more muck now to sift through to find the one take with a “grain of salt” but even then its always one persons anecdote that truly doesn’t pertain to my situation as my results will always be different.

    I think we are in an age were we “research” things to ad nauseum. then by the time we are ready to purchase the widget we are already bored with it before we get it. I have seen the overresearch thang totally take a person in a circle back to where they first started and then do the research circle again only to end up with anxiety and no widget yet.

    what happened to the good ol days when you just bought something if it was a lemon, oh well. If turned out to be great then a pat on your own back and move on.

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  19. full disclosure:

    we did get a new washing machine based on consumer reports. its a year old and Wifey says its working out real good.

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  20. Groovy — are you saying your buddy is paying people to write reviews?

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  21. “Groovy — are you saying your buddy is paying people to write reviews?”

    from what i understand its the other way around. Companies pay his firm to write positive (maybe negative) reviews. They also also are hired to recruit you tuber people to do positive video reviews.

    there is more to it, but as a good friend i am i rarely pay attention and dont really care to remember all the ins and outs.

    I have come to the conclusion everything is designed to part you from your money while giving less and less for the same monetary amount.

    also take into account that i am some random internet yokel and my anecdotal account of anything really means nothing but a good story to pass the time.

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  22. “also take into account that i am”

    probably being paid to mislead us on this point.

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  23. so anon(tfo) also is posting as Sara McMurray?

    “‘3 lies in a row’”

    “I quoted the middle two of 5 ‘statements’. The first is true–the Wanda plan, as presented, included a roadway connection to Upper Wacker that ties to Harbor Drive, and the upper road south of the Regatta.
    The second is at least spelled out in the PD revision that came with approval of Wanda. So, the pedway is *supposed to* tie together the Magellan buildings, but remains a ‘show me’ proposition.”

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  24. “probably being paid to mislead us on this point.”

    Actually the was a crib chatter that was paid to defend the “honor” of his clients here. it was the man that we cannot say his name thrice or he shall be summoned.

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  25. “so anon(tfo) also is posting as Sara McMurray?”

    It’s more likely that you are actually Dan-o-Hof, southbound, and trolling the hell out of this place.

    Are you saying that those two statements are *false*? Or just that you think they are likely to be reneged on? If the latter, I can’t disagree, but you shouldn’t act like an 8th grader it implying it.

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  26. @bobbydigi I recall the thread you mentioned and was seeking a condo around the same time. Whilst some internet chatter would never influence a buying decision I do recall putting 2550 at the end of my unit tours after reading commentary. Congrats on the purchase – there were a lot of great deals in that building and the rapid sellout when the market heated up is clear evidence of that.

    – Regarding Wanda, it certainly is being connected to upper wacker. I know its common to have low expectations for developers but Wanda group is really is in a league of its own, totally in a different tier compared to local developers. I would buy a 1-2br here no question if they ever readjust pricing but it doesn’t seem like they are having any issues with pre-sales.

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