We Love Authentic Lofts: Huge 1-Bedroom at 540 N. Lake Shore Drive
We’ve chattered before about the lofts at 540 N. Lake Shore Drive, one of the few authentic loft buildings in Streeterville and the only loft building right on North Lake Shore Drive.
Given the sales prices of 875 square foot 1-bedrooms in some nearby new construction high rises, is this 1470 square foot 1-bedroom a bargain?
Here’s the listing:
Lake front loft in vintage brick and timber building with 24 hour doorman. Recently renovated Northeast corner unit with floor to ceiling windows showing stunning panoramic views of the beach, park, lake and Navy Pier.
Steps from the bike path and 3 blocks to the famous Magnificent mile and award winning restaurants. Recent upgrades to the property include total redesign of the lobby and work out facilities.
Berg Properties has the listing. See more pictures and a virtual tour here.
Unit #322: 1 bedroom, 1 bath, 1470 square feet
- Sold in June 1999 for $267,000
- Sold in October 2005 for $338,000
- Currently listed for $515,000
- Assessments of $783 a month
- Taxes are $5,738
- Central Air
- Rental parking in the building
- It doesn’t appear to have in-unit w/d (although the building does allow it)
I believe there are very strict limitations on W/D installs. I think they can only be in the kitchen but not sure…
I dont think a 1 BR would rent well if it were rented at a price to match the purchase price. I also dont believe there are many people out there that can afford half a million and looking for just one bedroom.
Hard sell.
Hey all I had to share thios with you, I kinda made me laugh. We are “officially” in a recession.
http://biz.yahoo.com/cnnm/081201/120108_recession.html
hmm. almost $1300/month in taxes and assessments. brutal. Price is on the high side, but I would def. take this over Trump Tower.
I LOLed at this price. Is this a serious listing? They should be happy to get anywhere around 350K.
Just too many negatives: No Parking, Very high assessments, 1BR, Loud street, Bubble pricing in ’05.
What a joke…I cannot believe people think they can get over $300K for a one bedroom.
I would definitely prefer Trump.
I have a co-worker who rents a 1bd in this building for around 1,700 a month. Is this price serious?
These sellers are living in denial. This place is worth $200,000.
Just because they jacked up the asking price doesnt mean it will affect the fair value, more child games that only worked during the bubble.
Nice unit.. probably overpriced by about $100K.
what a joke? it’s not a bargain, and those condo’s that are half the size close by going for the same price are even more of a ripoff. The days of the builder thinking he can get uber rich off a building are over.
And why the hell are the assessments almost $800????
I looked at a one bedrm here about 3 years ago. The price then was $525K. The current asking price of $515K is most definitely NOT a bargain, especially after the RE market has tanked.
Frankly, this building has been ruined by more than one owner over-spending to customize their lame suburban tastes into “soft-lofts.”
This place here is a case on point. Pathetic wall-to-wall carpeting and the ubiquitous oak cabinets with granite counter tops equals BORING PSEUDO-LOFT.
As for the assessments, they may be high because this is an OLD building; it needs extra care and is hard to keep warm in the winter. Plus, I wonder if they ever fully resolved the sound-proofing issues. And, maybe, just maybe, the building FINALLY updated the crappy 1980s lobby. Maybe that, in part, is why the assessments are too high.
BTW: I have lived in Streeterville for 7 years. This building has not gone through any major tuck-pointing or similar upkeep. Future assessments are on the way. Could the present $800 also be hiding some past hidden costs/ fomrer or future troubles?
It seems pretty obvious that the assessment is high because it includes heat. Why is everyone always shocked that 1) heating bills are expensive, in any building, and 2) doubly more so in an old loft with high ceilings?
This asking price is absurd. Start at the Oct 2005 price and roll it back a couple years. Maybe something around $315K – maybe a bit higher if the unit happens to really speak to someone willing to pay a premium (the view, location, etc.).
Or maybe a bit lower… the high holding costs of tax+assessments will significantly depress the sales price.
I saw a different unit in this building on the weekend. The lobby (past the doorman) is redone – hope the immediate lobby will be too, unless the doorman is fated to sit beside that little lonely table :O)
A poster on a different string (different unit, same building) who lives in the building said the tuck-pointing was up to date.
Who to believe?
Is there an independant source for that info?