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540 N. Lake Shore Loft: Price Nearly Doubled in Two Years

• September 13, 2007
• 1 Comment

 

540 N. Lake Shore Drive is the only loft building that faces the lake in Streeterville, the Gold Coast or the South Loop (that is directly lake facing.)

Built in 1912, it was originally the home of Borg-Warner Company.  In 1983, it was renovated into apartments and in 1992 became a condo conversion.  There is a leased parking garage attached where you can rent a space for $195.  Washer/Dryers were not in the original conversion but many of the units have now added them (only allowed in the kitchen apparently.)  The ceilings are 13 foot high timber.  The units do not, for the most part, have outdoor space.

The building has seen a sharp increase in price appreciation in the recent years because new development has encroached out to its location (it used to be considered the boonies out there near the lake).  For instance, Unit #321 sold in 1998 for $167,000 and is now listed for $399,000.  Unit #405 sold in 2004 for $241,000 and is now listed for $339,000.

You used to be able to get a one bedroom in the building for the upper $200,000s only two years ago but that has apparently changed.

Some of the units on the market:

• #321: 1 bedroom, 1 bath, 1100 square feet, new kitchen and baths, stainless, granite: listed for $399,000
• #324: 2 bedroom, 1 bath, 1052 square feet,  stainless, granite: listed for $369,000
• #221: 1 bedroom, 1 bath, 1110 square feet, granite in the kitchen: listed for $350,000
• #716: 1 bedroom, 1 bath, 1000 square feet, top floor with skylights, new kitchen: listed for $350,000
• #405: 1 bedroom, 1 bath, 1000 square feet,  new kitchen: listed for $339,000 (just reduced the price)

But nothing compares to the newly listed #625.

Unit #625: 1 bedroom, 1 bath, 1200 square feet, remodeled kitchen and bath

• Sold in August 2005 for $280,000
• Currently listed for $535,000

Yep, nearly double what it went for only two years ago (remodeled kitchen or not.)

I know what you’re thinking that the square footage is comparable to other buildings in the area where the two bedrooms are going for $550,000 to $600,000.  Therefore, these units should also be selling for that amount.

In two years time???

Reality check!  There is a lot of competition in that building.  The other units on the market are quite nice for nearly $200,000 less (and some people would argue the other slightly smaller units are also overpriced.)

When will sellers (and their agents) start to understand that the market has changed?

And on a side note- who is now able to afford a $350,000 one bedroom?  That’s a discussion for another post.

I will be watching this unit to see how long it stays on the market.