2-Bedroom Townhouse (Duplex?) on the Drive Now Just $290K: 3700 N. Lake Shore Drive in Lakeview
We last chattered about this 2-bedroom at 3700 N. Lake Shore Drive in Lakeview all the way back in December 2010.
See our prior chatter here.
The listing calls this a townhouse (as do all the listings for the other units in the complex) but some of you complained last time that it was nothing more than a duplex up condo.
Back in 2010, when it was listed at $350,000, a few of you thought that was a deal for the location even though the kitchen and most likely the baths were not updated.
But one person thought it would sell around $275,000.
After a $60,000 reduction, the unit is still available and now listed at $290,000.
If you recall, this is a southeast end unit which is on the top two floors. The listing says the balcony has tree top views.
Both bedrooms are on the top floor.
It has central air and the parking space is included.
As you can see from the pictures, the kitchen has not been updated. There are still no pictures of the baths.
How low will this go before it finally finds a buyer?
Could it go all the way back to the 1991 price?
Lydia Rudolph at Baird & Warner still has the listing. See the pictures here.
Unit #309: 2 bedrooms, 2.5 baths, 1 car parking, no square footage listed
- Sold in September 1991 for $212,000
- Originally listed in September 2010 for $350,000
- Reduced
- Currently listed at $290,000
- Assessments of $500 a month
- Taxes of $4722
- Central Air
- Washer/Dryer in the property
- Parking included
- Bedroom #1: 15×17 (4th floor)
- Bedroom #2: 17×12 (4th floor)
Wow. I never expected to see one of these townhouses drop under $350K. This really is a surprise. I can only think that the assessment, which is a little high for a modern townhouse, is an obstacle.
Sabrina:
This unit isnt in the townhouse portion of the complex; its in the 6 story building behind, which is at the far left of your second pic.
ceiling height? 8′ ?
$206,750.
“Could it go all the way back to the 1991 price?”
Well, since $212k in 91 adjusted for inflation would be ~ $350k today, I’d say this has already gone well thru the 1991 price. If only the price of beer had kept pace, sigh.
You need to drink where Bob drinks
Here isone of the actual townhouse units:
http://www.redfin.com/IL/Chicago/3700-N-Lake-Shore-Dr-60613/home/13378515
A $495k shortsale. Note the 4th pic that shows the condo building the featured unit is in on the right. Three tiers of very short duplex units.
Also, in the TH listing, the reference to the east location is to differentiate from the other THs north of the six floor building, tucked away on the back of the lot.
From the assessor, there are 11 THs and 21 apartments in the association.
Not “association” that goes too far.
If assessment includes heat/AC like many condominiums, then assessment charge would be ok. But it’s unlikely that a townhouse shares a centralized heating/cooling plant w/other units, so assessment is actually quite high. I’ve noticed this same issue w/several Lincoln Park area townhouses, where the assessments are very high though common area/amenities are insignificant compared to the substantial common area of a high-rise building.
Friends own a unit in a small towhouse development with a common entry gate, outdoor walkway, and a small 15′ x 15′ shared patio, with literally no landscape to maintain. Their assessments were quite high, because condo association’s liability policy was purchased from a conventional homeowner insurance company. By purchasing policy through a commercial broker, association saved $20,000/year. Many self-managed associations don’t have any board member experienced in commercial property management, and consequently assessments can be higher than need be.
I don’t mind dated interiors because I like a “clean-slate”, but I suspect that some buyers can’t get past the 70s decorating. Might be original owner occupant, which allows the low pricing.
“This unit isnt in the townhouse portion of the complex; its in the 6 story building behind, which is at the far left of your second pic.”
Thanks for the explanation. The listing continues to call it a “townhouse” which it doesn’t appear to be. Maybe that’s why it’s having problems selling as well.
…or maybe it’s too close to all the pollution from LSD?
Yikes. I am scheduled to close on a place at its 1991 (nominal) price, so it’s possible that many more units will be doing the same. It would certainly be nice to see a bottom soon, as I’m already a bit nervous.
Someone really should have thought to update at least the appliances in this place. I could see it sell at 275k but it’s no better than http://www.redfin.com/IL/Chicago/429-W-Wellington-Ave-60657/unit-1C/home/13373961 which sold at 245k, perhaps worse all things considered.
It is duplexed condo on the 3rd and 4th floors of this 6-storey building, so there are neighbors above and below. I saw this condo, about 5 months ago, – good space, but everything needs to be redone – all interiors are at least 30 years old. Very old kitchen with old wallpaper, old bathrooms – this will be a good deal for a buyer, who would consider full rehab. Has good garage parking. Very nice spacious South East corner unit with good lake views from master bedroom and living room. It would sell around $220,000, not higher – needs A LOT of work.