Loft Studio at 540 N. Lake Shore Drive No Longer “Super Rare”
When we last chattered about this studio loft at 540 N. Lake Shore Drive in Streeterville in February 2009, it had just come on the market.
The listing said it had sold in only one day in 2005 and that it was “super rare” and “priced to sell.”
Some of you thought it might make a good “starter” condo for someone right out of college.
See our prior chatter here.
The studio is still listed and has been reduced $8900. It is now listed under the 2005 purchase price.
The listing now also takes a different marketing approach. It is no longer “super rare” but, instead, is in a “solid estab. bldg”. It’s also a “great in-town too”.
And it’s, apparently, “FHA Ok”.
Curt Ratcliff at @Properties has the listing. See all the pictures here.
Unit #714: studio, no square footage listed
- Sold in December 1993 for $74,000
- Sold in January 2003 for $139,000
- Sold in November 2005 for $200,000
- Was listed in February 2009 for $203,900
- Reduced
- Currently listed for $195,000
- Assessments of $240 a month
- Taxes of $1810
- Central Air
- Lofted sleeping area that is 5×9
- Parking available as rental in the building
- No washer/dryer in the unit (but can be added)
- Living space: 20×18
- Kitchen: 8×8
Normally I don’t think the verbage in the MLS listing adds too much value. This is one instance where I think the changes definitely did improve its chances of being sold.
The 1993 price would be a good place for it to be “super” and “priced to sell”
The lofted bed area still cracks me up though, its like paying through the nose to bring back your college frat house days!
If the sleeping area weren’t lofted, I think this place would’ve maybe been off the market by now just bc of the deck, location to universities, etc… But I agree with Sonies, that sleeping area is too dorm style.
I’m not a fan of lofts or studios, but I really like this unit. The bunk style bed is a funny touch, but I like it more than the bed just being there. I think if you want a studio downtown this is a great option, you would just need to work on the price a little.
They need a Murphy bed.
These types of studios are way more common in NYC.
I don’t see why anyone would buy one here.
And by a little I mean 25-35% less.
If this had tracked the CS Condo index from the 03 sale to the 05 sale, the 05 price would have been $167k. And it’s Feb 09 price would have been $150k. I think Nate nails it.
Not that it wasn’t a bit overpriced in ’03, too.
I don’t see this appealing to anyone over 21. God help you if you miss that ladder when climbing out of bed to take a piss in the middle of the night.
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a on February 23rd, 2009 at 3:33 pm
3k over the bubble price.
Studio’s should be around 100-150k. Take a hike.
I would never want to live here! Who wants to sleep in that loft.
If I was rich I might buy it as an in-town office space or something like that.
the ad didnt mention the view and in this bldg that means the view is facing into an enclosed courtyard(might also be a loading zone iirc). notice the overexposed photo of the living room that obscures the fact you look out onto another wall of a bldg about 20ft away. the only good thing is that being on the top floor the unit will still get light, tho the tower to the south creates some big shadows. the courtyard facing units usually sell pretty cheap/sf and are a deal for poeple who never open their blinds anyway. the only other issue i have with this is the height of the lofted area – i cant tell from the photo where that sprinkler line runs – it might make the loft area less usable
I really like the space, but where does that ladder lead?
I suppose you could put in a Murphy bed and then just use the loft for storage. Overall I think this place would be a lot more appealing as a $1200 a month rental than a condo at any price.
That’s where the bed is.
“I really like the space, but where does that ladder lead?”
For a studio, I like this place a lot. I still think it’s over priced, but it’s more unique than most of the other studios I have seen.
This unit is ridiculous! The only (and I mean ONLY) way to justify purchasing this ‘closet’ would be for a neighboring owner to purchase it (for no more than $100k), do some creative renovation and turn it into an awesome master suite. I am very surprised that such a nice building in that location was stung with the loft conversion bug that erupted here a couple of decades ago. One would expect a ‘finished’ and elegant apartment instead of this disaster.
One of my first projects in NYC was a 2 bedroom unit that was centered on the top floor of a prewar building. On each side of it were identical studios that seemed to be added as an after thought to use the space. I purchased all three units, converting one into a formal dining room and butler’s pantry and the other into an additional master suite. Since the two bedroom had ownership of the roof top deck above that unit, the deck was then enlarged with two levels (the 2 bdrm deck was elevated) and made for a fantastic deck with exposures in all directions. It sold quickly at nearly three times the purchase price and cost of the renovation.
I advise the neighbors to do the same…no other way is this unit going to sell, ‘beefed up’ ad or not.