Maybe you’ve seen this Craigslist ad too. It’s been posted for what seems to be months now.
It has a title that reads: $399900 Lake Shore Drive 3 Bed / 2.5 Bath Priced $191K Under Market
Who wouldn’t at least click on the post, right?
Here is more:
Lake Shore Drive 3 Bed / 2.5 Bath Priced $191K Under Market
Unbelievable Price! 3 Bed / 2.5 bath LSD Below Recent 2 Bed Sale Recently Showcased on WGN as Deal of the Week! Lake Shore Drive!
This unit was originally priced at $570,000 has now been reduced to $399,900!
3180 N Lake Shore, Unit 4A was recently showcased by Dennis Rodkin from Chicago Magazine as being one of Chicago’s deal of the week. Dennis spoke about this property this morning at 8:40am on WGN.
Check it out!
THIS IS A NO BRAINER! My client has just authorized another price reduction which prices this unit $191,000 LESS THAN THE LAST COMPARABLE 3 bed / 2.5 unit at 3180 N Lake Shore. Now priced less than a 2 bedroom / 2 bath unit which sold this year for $405,000!
My client’s significant price reduction has created an unprecedented opportunity to purchase this knock out 3 bedroom, 2.5 bath 1,800 square foot Lake Shore Drive condo substantially under market.
The last 3 bedroom, 2.5 bath condo at 3180 N Lake Shore Drive, Unit 13H was listed for $599,000 and sold for $590,000!
Are the claims in the Craigslist ad true?
First of all, 3180 N. Lake Shore Drive was built in 1952 as an apartment building and converted in 1974 into condos. It is 23 stories and has 175 units.
1. Was it originally listed at $570,000?
The unit was originally listed in January 2005 for $519,900. It was withdrawn after about 6 months and then re-listed in January 2006 for $515,000 (if at first you don’t succeed, try, try again.)
That listing was also withdrawn after several months, and after several price reductions, which took the price down to $459,000.
In April 2007, the listing re-appeared at $570,000. The price was lowered numerous times throughout 2007 until it was listed at $419,900 in January 2008.
Finally, that listing was withdrawn and it was re-listed for $419,900 and then recently lowered to $399,000.
The owner has been trying to sell this condo for three years.
At one point, this unit WAS listed at $570,000- but not “originally.” (thanks to the tipster who sent me this information.)
2. Is it priced less than a 2/2 that sold for $405,000 in 2007?
Unit 5E sold in February 2007 for $405,000. It was the second most expensive unit to sell in the building out of 9 sales in 2007. However, Unit 5E was also among the most expensive units to sell in 2006.
- Sold in February 2005 for $570,000
- Sold in June 2006 for $598,500
- Sold in February 2007 for $405,000
And no- I don’t understand what was going on with that unit (Foreclosure? Short sale? Or just the market changing?)
3. The last 3 bedroom, 2.5 bath condo at 3180 N Lake Shore Drive, Unit 13H was listed for $599,000 and sold for $590,000
Unit #13H: 3 bedrooms, 2.5 baths
- Sold in April 2007 for $590,000
- Sold in February 2004 for $327,500
The last three bedroom to sell before #13H was in 2006. Unit #21H sold in November 2006 for $610,000. Previously, it sold in May 2001 for $340,000.
As for Unit #4A that is in the Craigslist ad: 3 bedrooms, 2.5 baths, 1800 square feet
- Sold in November 2004 for $283,000
- Listed in January 2005 for $519,900
- Listed in January 2006 for $515,000
- Listed in April 2007 for $570,000
- Currently listed at $399,900
- Assessments of $917 a month
Is this a deal? Is this truly “$191K under market”?
Even the listing says: “Market Conditions Dictate New Price.” Thomas Hall at Rubloff has the listing.