Steals and Deals: 530 N. Lake Shore Drive in Streeterville

With all the rush to buy “new” construction, what about a building that has been around for four years?

I’ve chattered about 530 N. Lake Shore Drive in Streeterville before but I thought it was time to revisit it.  Many of the units have lake views.

 530-n-lake-shore-_3.jpg

Some stats for the building:

  • 12 units sold in 2006
  • 13 units sold in 2007
  • 18 units currently on the market

I chattered about two units last October.  Neither one has sold.

For Unit #1801, it’s interesting to note that the furniture has been moved around a bit (with the diningroom table now in a different location) from last fall.

Then:

530-n-lake-shore-dr-_1801-livingroom.jpg

And now:

530-n-lake-shore-drive-_1801-livingroom-_2.jpg

Unit #1801: 3 bedroom, 3 baths,  2772 square feet, two terraces

  • Originally listed for $1.397 million
  • Reduced to $1.249 million in October 2007
  • Just re-listed for $1.199 million (includes one parking space)
  • Originally sold for $1.044 million in December 2003
  • Assessments of $1,264 a month
  • Jennifer Ames at Coldwell Banker has the listing

530-n-lake-shore-_2003-livingroom.jpg

530-n-lake-shore-_2003-view.jpg

Unit #2003: 2 bedroom, 2 baths, about 1300 square feet, parking included

  • Listed for $649,000 in October 2007
  • Reduced and now listed at $629,000
  • Originally sold for $513,500 in January 2004
  • Assessments of $608 a month
  • Classic Realty Group, Inc. has the listing

There are some large one bedroom units in the building- some with very nice city and lake views.

But many of the units don’t have hardwood floors and they have outdated white appliances.

530-n-lake-shore-_2906-livingroom.jpg

530-n-lake-shore-_2906-kitchen.jpg

530-n-lake-shore-_2906-bedroom.jpg

530-n-lake-shore-_2906-terrace.jpg

Unit #2906: 1 bedroom, 1.5 baths,  1045 square feet, penthouse unit

  • Sold in June 2004 for $469,500
  • Currently listed for $549,000 plus $50k for parking
  • Assessments of $489 a month
  • @Properties has the listing

The cheapest unit in the building is this:

Unit #902: 1 bedroom, 1.5 baths, 1100 square feet

  • Sold in April 2004 for $288,500
  • Currently listed for $459,900 (parking included)
  • Assessments are $401 a month
  • Urban Real Estate has the listing

The listing states:

PROFESSIONALLY FINISHED LIKE BRAND NEW 1 BEDRM 1 1/2 BATH 1100 SQ.FT CONDO ON BEAUTIFUL LAKE SHORE DRIVE. KITCHEN HAS STAINLESS STEEL APPLIANCES. LIVING RM HAS FIREPLACE/MANTEL SLIDING DOORS LEADING ONTO BALCONY WHICH OFFERS FANTASTIC CITY VIEWS.

CURRENTLY RENTED AT $1700.00 FOR PERFECT ARM CHAIR INVESTMENT. INVESTOR MAKE OFFER WON’T LAST. PARKING INCLUDED & TENANT IN PLACE.

Perfect arm chair investment at $1700 a month?

There are no pictures of the interior of the unit, sorry.

Own the Whole Church: 2242 N. Leavitt in Bucktown

 2242-n-leavitt.jpg

Finally, I close the tour of church homes with this church in Bucktown at 2242 N. Leavitt which is now an apartment building. The church has three units.

2242-n-leavitt-livingroom.jpg

2242-n-leavitt-livingroom-_2.jpg

2242-n-leavitt-bedroom.jpg

2242-n-leavitt-bathroom.jpg

2242 N. Leavitt: 10 bedrooms, 6 baths, 2 car garage

  • Currently listed for $1.2 million

The listing states:

CORNER LOT BRICK CHURCH CONVERTED TO APARTMENTS IN 2000. TOTAL RENTS $6585/MONTH. #1 IS DRAMATIC DUPLEX DOWN 3BD/2BTH W/NEW BTHS & NEWER KTCH & 2 STORY LR. #2F IS 4BD/2BTH DUPLEX UP. #2R IS 3BD/2BTH DUPLEX UP.

ALL 3 UNITS ARE CURRENTLY RENTED. EACH W/OWN CENTRAL HEAT/AIR & W/D. 2C GARAGE. GREAT INVESTMENT IN GREAT BUCKTOWN LOCATION CLOSE TO BLUE LINE! CONVERT TO CONDOS NOW OR LATER (ALREADY SET UP FOR CONVER…

@Properties has the listing.

Flipper Alert: First “Real” Flips Appear in Trump Tower

We’ve already seen some buyers in Trump Tower Chicago at 401 N. Wabash in River North put their units “on the market” when they haven’t yet closed.

trump-tower-_2.jpg

But now we’re starting to see the first of the CLOSED units come back on the market. This is, of course, in the hotel/condo portion of the building, the only part of the building to have closings.

Unit #1814: 1 hotel room that is 15 x 23

  • Currently listed for $800,000
  • Assessments of $1,099 a month
  • Furniture included for $45k
  • Koenig & Strey has the listing

Unit #1912: 1 hotel room that is 15 x 23

  • Currently listed for $755,900
  • Assessments of $1,100 a month
  • Furniture included for $45k
  • Dream Town Realty has the listing

I don’t have the original closing prices (no shock there that they haven’t yet appeared in public records.)  Does anyone else?

Also, there aren’t any interior pictures yet.

A second listing has also appeared on Craigslist (don’t know the floor) with the following title:

$775000 Trump Tower Chicago – 20% Below Developer Pricing – Hurry Won’t Last!

Apparently, some investors are closing and hoping to flip. Too bad they’re all competing against each other and, of course, Trump.

Stay tuned.

Chicago Spire Listings Appear on the MLS: 400 N. Lake Shore Drive

 spire-_3.jpg

The Spire, at 400 N. Lake Shore Drive, in Streeterville, is now on the MLS.

Apparently The Spire sales team feels it is in their best interest to list some of their units – just in case a possible buyer is looking around and hadn’t heard of the building yet.

Right now, I count 12 units.

Here’s one of the floorplans.  Sorry it’s so light and hard to read.

spire-floorplan-_8801.jpg

Unit #8801: 3 bedrooms, 3.5 baths, 3,801 square feet, 1 car parking

  • Currently listed for $7,160,000
  • Assessments of $3,300 a month

Here’s the listing:

THE CHICAGO SPIRE DESIGNED BY SANTIAGO CALATRAVA. ARTISTIC BUILDING FEATURES 3 FLOORS OF AMENITY SPACE EXCLUSIVE FOR RESIDENTS. PANORAMIC NORTH VIEWS OF LAKE AND CITY FROM THIS SPACIOUS 3801 SQ. FT PLAN. ALL HOMES FEATURE FLOOR TO CEILING WINDOWS W/10’CEILINGS, MAPLE OR WALNUT HERRINGBONE FLOORS, MIELE, GAGGENAU, SUB ZERO, SLAB STONE BATHS… DELIVERIES BEGIN 2012

@Properties has the listings.

No word yet how sales are proceeding.

spire-_4.jpg

The Chicago Spire [website]

All Churches Created Equal? 1021 W. Barry

We continue our church-to-home tour with another church conversion- this time in Lakeview.

1021 W. Barry looks to be a smaller church than the one in West Town.  1021-w-barry.jpg

It also seems to be one of those conversions where not as many of the original elements were kept.  Or maybe the pictures just don’t do it justice.

The listing states it has 25 foot ceilings and a gourmet Tuscan kitchen- but neither can be seen in the pictures.

1021-w-barry-_2w-livingroom.jpg

 1021-w-barry-_2w-bedroom.jpg

1021-w-barry-_2w-kitchen-_2.jpg

1021-w-barry-_2w-bathroom.jpg

1021-w-barry-_2w-deck.jpg

Unit #2W: 3 bedrooms, 2 baths, triplex, 2000 square feet

  • Sold in September 2003 for $610,000
  • Currently listed for $739,000 (two car tandem parking included)
  • Assessments of $340 a month
  • Private deck

Mary Bowler of @Properties has the listing.

Shhh…Mies Preferred Vintage at 200 East Pearson

200 East Pearson in Streeterville/Gold Coast is that rare building that you might walk by a million times before realizing that people actually live there.

Just east of Michigan Avenue, across from the Museum of Contemporary Art, 200 East Pearson was built in 1916. It has only 10 units.

From Chicago Apartments: A Century of Lakefront Luxury:

The ten-apartment residence bears Renaissance-inspired details that have variously been linked to the Palazzo Strozzi in Florence and the Palazzo Farnese in Rome.

The brown brick building, with cast concrete and metal trim, is locally celebrated as the home of Mies van der Rohe, who continued living there after completing and apparently briefly contemplating moving to his Lake Shore Drive Glass Houses a few blocks away.

There is no parking with the building, but there are washer/dryers. The building allows 70% financing.

200-e-pearson.jpg

There are only 2 units per floor.

200-e-pearson-_3e-livingroom.jpg

200-e-pearson-_3e-diningroom.jpg

200-e-pearson-_3e-entryway.jpg

200-e-pearson-_3e-kitchen.jpg

200-e-pearson-_3e-bedroom.jpg

Unit #3E: 3 bedrooms, 3 baths, dining room

  • Sold in February 1998 for $415,000
  • Currently listed for $729,000
  • Assessments of $2,034 a month (includes heat, taxes, live-in engineer)
  • South facing

Koenig & Strey has the listing.

Unit #5E sold for $650,900 in May 2007.

Flipper Alert: Seller to entertain “all offers” in The Columbian

A lot of people have been wondering how long it will take before some of the flippers feel the stress of the slowing market.

It is already happening at The Columbian at 1160 S. Michigan in the South Loop.

columbian-_2.jpg

The building was only 70% sold when closings began.  The developer has been cutting prices and giving away free parking (and probably other incentives) to move remaining units.  That’s a flippers worst nightmare.

Unit #1301: 2 bedrooms, 2.5 baths, 1571 square feet

  • Sold in August 2007 for $675,900
  • Currently listed for $665,900 (parking negotiable)
  • Assessments of $432 a month
  • Sudler Sotheby’s has the listing

The listing states:

PRICED TO SELL NOW (COMPARE DEVELOPER’S PRICES IN THIS NEW BLDG–THE COLUMBIAN!)EXCEPTIONAL LAKE VIEWS OVER GRANT PARK NAVY PIER, MUSEUMS ETC!) THAT WILL NEVER BE OBSTRUCTED!!! COVETED SE CORNER UNIT–HUGE BALCONY-EXQUISITE FIN,HARDWD, MARBLE,GRANITE,GE APPL, LG WALKIN CLOSETS.TOP AMENITIES, DRMAN,PARTY RM,FITNESS CENTER,SUN DECK,DOG RUN,GARAGE PARKING AVAILABLE TO NEGOTIATE…SELLER WILL ENTERTAIN AL…

This is a Southeast corner unit that faces the lake.  As the listing states, the developer is trying to sell several of these at prices ranging from: $699,900 to $790,000.

I don’t have pictures of the interior of the unit but here are some of #4201:

columbian-_4201-livingroom.jpg

columbian-_4201-kitchen.jpg

Similar views- different layout.  But you get the idea.

Another Church Experience: 1658 W. Superior in West Town

Some of the church conversions are better than others.  I never understand it when a developer takes such a cool structure and strips out all of the unique elements.

1658-w-superior.jpg

This church conversion at 1658 W. Superior in West Town was one of the conversions where many of the original elements were kept- from  the brick to the stained glass.

1658-w-superior-_10-livingroom-_2.jpg

1658-w-superior-_10-kitchen.jpg

1658-w-superior-_10-stained-glass.jpg

1658-w-superior-_10-bedroom.jpg

 Unit #10: 2 bedrooms, 1.5 baths

  • Sold in June 2000 for $319,000
  • Sold in March 2003 for $430,000
  • Sold in December 2006 for $474,000
  • Currently listed for $549,000
  • Parking appears to be included
  • Assessments of $350 a month
  • Nick Tufano at @Properties has the listing

The stained glass is 19 feet.  There are 25 foot ceilings and turrets on either end of the unit.

What a terrace is really worth: 200 W. Grand in River North

Perhaps you’ve seen this amusing Craigslist post about a one bedroom unit at 200 W. Grand in River North.

200-w-grand-_2.jpg

The headline reads:

$439000 1800sf with 900sf private terrace! Must Sell!

Basically, the unit is only 900 square feet but the terrace is also 900 square feet- so that’s how you get 1800 square feet.

Brilliant.

But it gets better.

This is the only condo with a private terrace (900sf) in the building. The view is north and unobstructed. Neighbors on both sides had their terrace down by “While you were out” and HGTV’s “Landscapers Design”.

Sorry- buy YOUR terrace will be a boring slab of concrete, but your neighbors’ will be lovely!

Here are some pictures of your concrete terrace from the ad:

200-w-grand-patio.jpg

This unit isn’t listed on the MLS. It also doesn’t have a unit number. Asking price is $439,000 plus $30k for parking.

$439,000 for 900 square feet in that building is quite pricey.

Currently, a one bedroom without the terrace is over $100k cheaper.

200-w-grand-_1605-livingroom.jpg

200-w-grand-_1605-kitchen.jpg

200-w-grand-_1605-bedroom.jpg

Unit #1605: 1 bedroom, 1 bath

  • Currently listed for $305,000 plus $35k extra for parking
  • Assessments of $511 a month
  • Options R Us Realty and Management has the listing

Flipper Alert: Flippers Trying to Make Big Bucks in 240 E. Illinois

The Fairbanks at Cityfront Plaza,  at 240 E. Illinois in Streeterville, has been closing for the past few months.

240-e-illinois.jpg

Flips have started appearing in the building, but not as many as you might think for a building of that size. It has 31 stories.

Current stats:

  • 12 units for sale
  • 4 units for rent

The “loft” units on the lower floors (the big base of the building), closed many months ago and many of those have already been rented out. Those were floors 3 through 8.

The flippers, so far, seem to be trying for the big bucks.

240-e-illinois-_1408-livingroom.jpg

240-e-illinois-_1408-kitchen.jpg

240-e-illinois-_1408-bedroom.jpg

 240-e-illinois-_1408-bathroom.jpg

Unit #1408: 2 bedrooms, 2 baths,  1293 square feet

  • Closed in November 2007 for $550,000
  • Currently listed for $639,900 plus $55k-65k for the parking
  • Assessments of $576 a month
  • Centrum Properties has the listing

240-e-illinois-_1105-livingroom.jpg

240-e-illinois-_1105-kitchen.jpg

240-e-illinois-_1105-bathroom.jpg

Unit #1105: 2 bedrooms, 2 baths, 1473 square feet

  • Sold in November 2007 for $618,000
  • Currently listed for $759,000 plus parking extra ($55k to $65k)
  • Assessments of $590 a month
  • Baird & Warner has the listing

240-e-illinois-_801-livingroom.jpg

240-e-illinois-_801-bedroom.jpg

240-e-illinois-_801-bathroom.jpg

Unit #801: 2 bedrooms, 2.5 baths, 1595 square feet

  • Sold in October 2007 for $628,000
  • Currently listed for $799,000 (not sure if that includes the parking)
  • Assessments of $715 a month
  • Centrum Properties has the listing

Fairbanks at Cityfront Plaza [website]