3-Bedroom with Sunrises and Sunsets in Lake Point Tower for $899,998: 505 N. Lake Shore Drive
This 3-bedroom in Lake Point Tower at 505 N. Lake Shore Drive in Streeterville came on the market in January 2025.
Lake Point Tower was built in 1968 and is an iconic building in Chicago with its prominent position along the Lake front.
It’s a full amenity building with 24/7 door staff and leased garage parking. Here are the amenities the listing describes:
“Lake Point Tower is superbly maintained and offers exceptional amenities, including a state-of-the-art health club, racquetball court, steam/sauna rooms, indoor & outdoor pools, business center, community room, library, bike room, playroom, dry cleaners, market, restaurant, and a private 2.5-acre park with a playground, lagoon, and BBQ area.”
This unit has lake and city views from the “preferred 02 tier.”
The listings says it has both sunrises and sunsets with views up the shore to the northern suburbs.
It was “completely renovated” in 2021 and has an open concept living/dining and kitchen with hardwood floors.
There are motorized blinds throughout and an electric fireplace in the living room.
The kitchen has two-toned cabinetry with white and dark wood, an island with a white quartz countertops, and stainless steel appliances.
The primary suite has a walk-in-closet with custom organizers.
All bedrooms are carpeted.
The listing says all bathrooms have custom vanities, modern fixtures and heated flooring.
The unit has the features buyers look for including washer/dryer in the unit, leased parking in the building and there is wall unit air conditioning.
505 N Lake Shore Drive is near Navy Pier, the shops and restaurants of Streeterville, Ohio Street Beach and several bus lines are nearby.
Listed at $899,998, that’s actually just under the 2022 sales price of $900,000 when it was first sold following the renovation.
There are only 5 units on the market in the building, which has 875 units.
Is this unit under priced or is it just priced for a quick sale?
Jerry Brown at Redfin has the listing. See the pictures and floor plan here.
Unit #6102: 3 bedrooms, 2.5 baths, 1800 square feet
- Sold in June 1994 for $395,000
- Sold in September 2020 for $685,000 (per Redfin)
- Sold in May 2022 for $900,000
- Currently listed at $899,998
- Assessments of $1766 a month (includes doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, snow removal, Internet)
- Taxes of $16,035
- No central air but wall units
- Washer/dryer in the unit
- Parking is leased in the building
- Electric fireplace
- Bedroom #1: 12×20
- Bedroom #2: 11×17
- Bedroom #3: 12×16
- Living/dining/kitchen: 32×33
- Walk-in-closet
RF sez the averagfe psf price for 3 bed over the past 12 is $439. Which indicates $790k for this one–using the listing SF. Actual SF is 1,687, per the floorplan–$740k.
Yes, half of those were somewhere between seriously and tragically dated. But this still has to be basically exactly what you want to justify the price.
June 1994 for $395,000 + CPI = $840k.
Why doesn’t the dishwasher fit under the countertop?
AC doesn’t look like they have sophisticated chips
How are you losing money on a decent property in this market? Special coming up?
It sucks that an extremely large % of folks in Chicago have no taste or sense of style. 100% cookie cutter everything. It’s a shame because the view is one of the best in the city (assuming you’re not one of those creepers that like to look into others units)
Damn shame