Streeterville 1-Bedroom on the Lake Back Under 2012 Price: 600 N. Lake Shore Drive
This 1-bedroom on the 38th floor of 600 N. Lake Shore Drive in Streeterville has been on and off the market since July 2016.
There are 2 towers at 600 N. Lake Shore Drive that face the Lake and were completed just as the bust hit, in 2008.
The buildings have 401 units and a parking garage.
According to the listing, this large 1000 square foot 1-bedroom faces east and has some views of the lake.
The listing says it was the “original sales model” and has upgrades.
The unit has walnut hardwood floors in the living room area.
The kitchen has wood cabinets, granite counter tops, stainless steel appliances and a custom tile backsplash.
There’s a double vanity in the master bathroom.
The listing says there’s custom wallpaper in the bedroom and baths.
There’s central air, washer/dryer in the unit and parking is $50,000 extra.
There’s a lis pendens foreclosure filed on this property.
But it is listed, with the parking included, for $62,000 under the 2014 purchase price of $532,000, at $470,000.
This unit was under contract when it was listed even lower last year, at $399,000, but never closed.
If the market is so hot, why aren’t some units selling?
Cheena Chandra at Jameson Sotheby’s has the listing. See the pictures here.
Unit #3810: 1 bedroom, 1.5 baths, 1000 square feet
- Sold in June 2012 for $485,000 (doesn’t include any deeded parking listed separately)
- Sold in July 2014 for $532,000
- Originally listed in July 2016 for $490,000 (not sure if this included the parking)
- Tried to also rent it out in January 2017
- Re-listed and went pending in June 2017 at $399,000
- Lis pendens foreclosure field in August 2017
- Re-listed in January 2018 for $420,000 (parking $50,000 extra)
- Assessments of $550 a month (includes heat, A/C, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9366
- Central Air
- Washer/Dryer in the unit
- Bedroom: 14×12
- Living room: 18×15
The terrible view negates the main reason for living in this specific location – views. Terrible design.
Maybe it’s because they are asking $70,000 more than they asked in the summer. It also seems like a developer is being extra cheap when they could have easily included a second full bath, but instead only put in a half bath. It makes me wonder how else they cut corners.
Because the rumors of how hot this market are are greatly exaggerated.
It’s a decent building but way overpriced and agree about the views being less than stellar. This building also has the metal mesh for a living wall over the entry between the 2 towers and has been bare since the building was finished leaving a black, concrete podium to front LSD – WTF, how much does that really save management by not planting the vines? That’s my biggest gripe about the building.
Grey. Grey view. Grey building. Grey interior. Grey lobby. If this were a free hotel room for the night downtown in Chicago I’d be disappointed. I can’t imagine coming home to it. The question is.. what’s it really worth? I have no clue.
A similar unit has been on the market since June 2017 though it has the cherry wood finishes package.
https://www.zillow.com/homedetails/600-N-Lake-Shore-Dr-APT-3110-Chicago-IL-60611/101507429_zpid/
JAN TERRI WOULD MAKE THIS GREAT. SHE ADDS OLD STYLE TO EVERYTHING LOLZ!!!!!!!!!!!!
GO PATRIOTS!!!!!!
This building gets ‘hype’ because of the location right on the water and close to navy pier. That being said, everything about the units is so, so average. Should have been a rental. No thanks.
Because this where the Ohio St tunnel shooting occurred. Lots of unhappy residents.
I find many of these high rises to be depressing. The living areas are so tiny.
Clearly this is North facing, not East facing…if it was east facing you would have a clear view of the lake (not of the building next door) and wouldn’t have to crane your neck 90* to the east off of your balcony.
Gary, Crains just posted this today. What are your thoughts?
http://www.chicagobusiness.com/realestate/20180123/CRED0701/180129978/luxury-chicago-condos-led-boom-in-million-dollar-sales-in-2017
There are segments of the market that are really hot. High end new construction is doing very well as are certain neighborhoods. There is no doubt the West Loop is hot for instance. But you really can’t talk about “the market” being hot like it’s a monolithic entity. There are huge swaths of the metro area that are dead. And if you have an older construction place that is not updated then you’re not going to see the types of appreciation that others have.
I did this post a while back on the hottest neighborhoods, distilling information from Depaul. Pretty eye opening: http://www.chicagonow.com/getting-real/2017/10/ultimate-guide-to-chicago-areas-hottest-neighborhoods/
@Gary – I read your post. The “submarkets” are huge, in terms of real estate locations. It looks like sales in one submarket pocket could influence the price trend of the whole submarket.
It’s hard to say that the “West Loop is hot” when the “West Loop” goes all the way to Pulaski or Cicero Ave.
“I find many of these high rises to be depressing.”
First of all, it is colder and windier in this LSD location for 6-7 months of the year that a North Sea oil derrick. These locations are golden, or in this case gray, prisons. Where do you go? What do you do? Navy Pier, and seeing its obese clientele of all races, would get old very fast.
Modern architecture is nothing great. The United States blew it when we embraced the Judaic Weimar modernism of Bauhaus, Gropius, Mies, and all those other degenerates booted out of Germany. We turned our back on our own people and talent, like Frank Lloyd Wright, Louis Sullivan, etc. This is the result, even 80 years later. Blah.
Please clarify precisely what made these architects degenerates. I would think that if you believe ideas like these and expect others to agree with you that you would be able to articulate them in detail.
“It’s hard to say that the “West Loop is hot” when the “West Loop” goes all the way to Pulaski or Cicero Ave.”
Agreed that these submarkets are huge. But that suggests that there is probably even greater variation within those submarkets since some of them clearly contain widely different income levels.
I know that the real West Loop is hot, not from this data, but from looking at what’s happening there.
“Modern architecture is nothing great. The United States blew it when we embraced the Judaic Weimar modernism of Bauhaus, Gropius, Mies, and all those other degenerates booted out of Germany. We turned our back on our own people and talent, like Frank Lloyd Wright, Louis Sullivan, etc. This is the result, even 80 years later. Blah.”
Let’s just keep HH in the dark about “our people” at Adler & Sullivan.
Gary: Use your head. The stuff is ugly. Common sense. The best and most simple analysis is Tom Wolfe’s book: From Bauhaus to Our House. https://www.amazon.com/Bauhaus-Our-House-Tom-Wolfe/dp/0312429142
Modern Architecture: Wolfe butchers another sacred cow
“The emperor’s got no clothes.”
Good sense; intelligibly and engagingly set forth.
This is a great read from a great writer who methodically takes down the International School more than a few notches.
Excellent summary critique of modernist architecture and applies to all types of modernist design.
A very funny criticism of modern and postmodern architecture.
Wolfe is particularly excellent when speculating about the social, psychological, and cultural motivations of the various factions of modern architecture.
If you want to know all about the real workings of the “Art World” this is the book.
Did you ever walk around the city (any city) and wonder where all those ugly new buildings came from?
I just realized that helmethofer is Ignatius J. Reilly.
https://en.wikipedia.org/wiki/A_Confederacy_of_Dunces
Helmethofer,
OK…you were using the term degenerate figuratively. With you it is so hard to tell. See, that’s what happens.
I actually am not a fan of that stuff either. It all looks like government buildings.
“First of all, it is colder and windier in this LSD location for 6-7 months of the year that a North Sea oil derrick. These locations are golden, or in this case gray, prisons. Where do you go? What do you do? Navy Pier, and seeing its obese clientele of all races, would get old very fast.”
Yet again- I remind people that HH doesn’t live in Chicago.
There are plenty of buildings all up and down the lake front that sell condominiums, including several next door to this building. Somehow thousands of people live in them and buy and sell condos in them.
What you describe isn’t exclusive to the location of only this building.
“I find many of these high rises to be depressing. The living areas are so tiny.”
The new construction units have two things that the older styles don’t have:
1. huge walk-in closets in the master bedroom that take up a ton of square footage
2. huge kitchens with islands that are open to the living room and which are never found in older construction
I was watching House Hunters International a few years ago and the buyer was looking at 2/2 apartments in central Paris. They went and looked at one that was just 800 square feet. It had the 2 bedrooms, 2 baths but also a dining room.
And I was like, “how do they fit all of that in 800 square feet?” And it felt spacious.
It’s because:
1. no walk in closets. Sometimes no closets at all (or built in armoire type closets)
2. kitchen is like 8×6 and not open to the rest of the apartment
3. almost no hallways
4. bathrooms have showers only and no double vanities etc. They are small, for sure
But it seemed so much more freeing than our huge kitchens (which most don’t even use) and huge bathrooms and closets.
I’ve seen some bathrooms so large that you could fit a chair in the space that is wasted next to the shower and the tub (and how many people need both a shower AND a tub???)
In the American units, you therefore get a really small living room and no dining room because the square footage is in the closet.
Thank Chicago’s version of ADA regulations for those stupidly oversized bathrooms.
“how do they fit all of that in 800 square feet?”
I’ve wondered the same. Sabrina’s answer makes so much sense. Her description of how they do that fits my condo. I’m glad I made the closet/kitchen/bathroom trade off for more living space.
Another factor for Americans units is a home office. Since the example is Paris, I happen to know that (as of a few years ago) people there were not supposed to work from home. There was something to enforce this, such as a business license would not be issued to a home address. There were tiny offices for rent nearby most neighborhoods as “business” locations. In any case, don’t think many units in Paris will have a home office.
I am out of state. Is it possible to keep these units warm in the winter? I like to have my home at 72 degrees. Does it depend on the type of heat? I would think that a North facing unit would be cold.