One of a Kind Lake Shore Drive Penthouse Sells Under the 2001 Price: 3400 N. Lake Shore Drive in Lakeview
We last chattered about this 2-bedroom penthouse in 3400 N. Lake Shore Drive in Lakeview in December 2012.
See our prior chatter here.
At 2100 square feet, many of you will remember it from the very dark grey/black walls.
It was the home of a well known Chicago interior designer and the unit had been featured in coffee table books and magazines.
It had wide plank dark wood floors and vintage trim and moldings.
The kitchen had Boffi cabinets with professional appliances.
It also had a 1000 square foot “fabulous private rooftop deck.”
The listing said there was a separate office with built-ins but it was not listed as a room on the listing.
It had central air, washer/dryer in the unit and 2-car parking.
Originally listed at $1.275 million, it recently sold for $930,000, which is well under the 2001 purchase price.
Did someone get a deal because a lis pendens foreclosure had been filed back in 2010?
Emily Sachs Wong at Koenig & Strey Real Living had the listing. You can still see the pictures here.
Unit #9C: 2 bedrooms, 2 baths, office, 2100 square feet, 2 car parking
- Sold in September 1997 for $320,000
- Sold in July 1999 for $474,500
- Sold in December 2001 for $1.065 million
- Lis pendens foreclosure filed in August 2010
- Was listed in December 2012 for $1.275 million
- Sold in May 2013 for $930,000
- Assessments of $1312 a month (includes heat, a/c, doorman, cable)
- Taxes of $10,673
- Central Air
- Washer/Dryer in the unit
- 1000 square foot private terrace with city views
- Bedroom #1: 15×14
- Bedroom #2: 16×14
- Office??? (no listing of room size)
2013 buyer didn’t get a deal, and in fact may have overpaid; 2001 buyer definitely overpaid.
I was on the money with my Dec 2012 comment.
“Like the space but think it comes in under $1m. Also i agree with Sonies on the look but showers with no doors are not meant for cooler climates.”
My kid opened the door to the bathroom today while I was taking a shower. We have a glass door but it does not go to the ceiling. I could feel the chill enter the room. No curtain, no glass wall, no good!
So pay 4000K for a nice glass shower enclosure….its far better looking than the other options at this price point.
I love this place.
Also, we sold for full asking price in 2 days! Now where are we going to live??? I’m really really hoping people see the market picking up and listing their homes soon, or we’ll be homeless:(
Mario has a listing in Old Irving on a lovely street that came on the market today but it’s a major fixer… wondering if it’s worth it. http://www.redfin.com/IL/Chicago/4322-N-Lowell-Ave-60641/home/13481462
“wondering if it’s worth it.”
++++: double lot
+: liveable as is; won’t be paying for ‘upgrades’ you hate; basement open for easier updating, 144′ deep lot; Belding a-a.
-: *everything* needs updating; prob brick/rubble foundation; no alley (imo bad); in the HD-zone for freeway proximity.
Ugh, I know! I need a good contractor to come with me to see it so I can get an idea of cost… if it’s under $75 or $100K I think we would jump on it. But I’ve never tackled anything near this big so I have no idea if that’s do-able or not nearly enough. So yeah, any recommendations for general contractors- I would love to hear them…
I feel the buyer did not half bad here- vintage penthouses on LSD are rather rare.
I love the place and MOSTLY love the dark, stark decor. However, I would have done the kitchens and baths rather differently. The trendy, deep tubs with their sharp, steep,deep walls with no ledge to perch on look uncomfortable, and awkward and rather dangerous to get in and out of, even if you are young and have long legs.
Congrats T.S.! Good luck finding your next place – necessity is the mother of invention (so is Frank Zappa)!
“so I can get an idea of cost… if it’s under $75 or $100K I think we would jump on it”
What do you want to do? Permits? You can do a *lot* for $75k, but *fully* updating this place won’t happen for that, and you *could* spend that just updating plumbing, electric, HVAC. And the basement is a hugehugehuge wildcard.
Congrats T.S.! I like the bones of the place you linked to, and if the location is as good as the listing says, then that with the double lot could be worth the reno. Entirely depends on how much work needs to be done beyond the cosmetics.
“I’m really really hoping people see the market picking up and listing their homes soon, or we’ll be homeless.”
You’ll find something T.S. Congrats on selling so quickly. That’s great news.
The problem is, unfortunately, too many people are still underwater. They can’t sell. And yeah- some prices are moving higher but not THAT much higher.
Just the other day, someone I know who is an accidental landlord in a building in the Gold Coast, looked into putting their unit on the market. They’ve been renting it for 2 years. They got a list of the comps and, well, the other units are not selling for anything more than 2 years ago (even though the units are selling quicker.) So- no- they’re not going to list. They’re going to keep renting it.
I suspect many people are in the same boat. Those in SFHs who bought in the last 7 to 10 years (possibly even longer) are still too far under to move up or out.
Interesting carrying cost was not discussed. This building has had brutal specials due to the façade. The all in cost is much more like 1.5m from a carrying perspective.
If I were in the income bracket that could afford this place at all, the carrying costs would not seem out of line. You know that when you buy into a building like this, that the costs are going to be higher.
The taxes strike me as reasonable, especially when compared to those on much smaller, cheaper condos further north where the yearly taxes are sometimes 5% of the current market price. These are slightly more than 1%. The monthly assessment is very reasonable for the size of the space here.
To avoid big “surprises” in the form of huge specials, the association should perhaps budget them in and raise the monthly HOA to build a larger reserve.
“To avoid big “surprises” in the form of huge specials, the association should perhaps budget them in and raise the monthly HOA to build a larger reserve.”
Ze always had mixed feelings about the necessity for large reserves in a building where everyone has significant means.
So from this “It was the home of a well known Chicago interior designer and the unit had been featured in coffee table books and magazines” from your post and this “Designed by Kara Mann” from the MLS listing, Kara Mana filed lis pendens foreclosure had been filed back in 2010?
Good idea to maintain a big reserve because this society is so debt-addicted that even people “of means” tend to spend beyond their incomes and live up to every dime they make, as evidenced by the fair number of foreclosures in upper bracket homes. Unless you’re a co-op that knows what everyone has because you make people submit to a financial examination before they buy into your building, you might want to assume that a big special of $25K a unit or more is going to be a nasty surprise that most of your presumably well-off owners aren’t ready for.
For example, the previous owner of THIS place was clearly in over her head. You can figure there are other people here who are close to drowning, who would be pushed clear under by a big special. Additionally, it is best for prospective buyers to know upfront what the true cost of ownership is, and super low assessments that don’t allow for a reserve, tend to disguise that cost.
“Good idea to maintain a big reserve because this society is so debt-addicted that even people “of means” tend to spend beyond their incomes and live up to every dime they make, as evidenced by the fair number of foreclosures in upper bracket homes. Unless you’re a co-op that knows what everyone has because you make people submit to a financial examination before they buy into your building, you might want to assume that a big special of $25K a unit or more is going to be a nasty surprise that most of your presumably well-off owners aren’t ready for.”
I agree with you Laura.. It is why I included “where everyone has significant means”, nowhere did I say “assumed” .Now Ze is very late for his lunch and gym time…
I heard the inspection of this place did not go very well, it was basically held together with duct tape. Lots of electrical and hvac issues, indicating the entire unit was going to require rework.