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
“It sucks that an extremely large % of folks in Chicago have no taste or sense of style. 100% cookie cutter everything.”
Most people play it safe when renovating. They know they are going to sell. Why wouldn’t you put in flipper finishes? You put in what will sell. White cabinets have been “in” for over a decade. Waterfall edge for almost as long. Stainless steel appliances. Quartz countertops.
Same with the bathrooms.
Although, even 4 years later, some of the finishes are starting to look dated. Yet, we see many condos on this site which still have the kitchens and counter tops from 2005.
“How are you losing money on a decent property in this market?”
I’d imagine there’s a pretty small market of people that want to live in this exact location.
^^^^^^^^^^^
THIS
What Marco said.
So while there was more neighborhood stuff closer to NW hospital north of Ohio,
South of Ohio and East of Fairbanks was pretty lacking for a long while. Only got some additional groceries when McClurg Ct buildings came up.
and in the Chicago winter you get that wind off the lake which makes for a brutal long walk
There is much more infill now between LPT to Michigan ave but it’s still a looooong walk.
Upper Drive East is a bit like this too to a lesser extent
“and in the Chicago winter you get that wind off the lake which makes for a brutal long walk”
Why walk? That’s what uber is for.
“Why walk?”
Why live in the city if you don’t want to walk places?
“Why live in the city if you don’t want to walk places?”
Some aren’t mobile anon (tfo). They are older. But love living in the city. Just wait until there is waymo in Chicago. It will really be revolutionary for the elderly.
So now the market for certain properties is reliant on the elderly?
No, it’s not reliant on the elderly.
You can’t honestly be arguing anon(tfo) that this building isn’t popular and in demand for the last 50+ years, are you? Sure seems like it.
There IS a reason it has so many amenities though. I can’t think of any other building except the Pink Lady, that has a 2 acre park and all the amenities. When it was built, imagine how isolated it was? Today, much less so.
But yes, uber has changed the dynamics for many. Retired Baby Boomers don’t really have to deal with walking in the winter winds to the Mag Mile as they can just take a car there.
The building can’t be beat for the views though. City and Lake. Unparalleled.
I saw this one on Zillow and loved it. Definitely the best tier. Too bad LPT is so close to the ugliness and noise of Navy Pier and so isolated from the rest of town.
“You can’t honestly be arguing anon(tfo) that this building isn’t popular and in demand for the last 50+ years, are you? Sure seems like it.”
You can’t honestly be building that strawman out of what I wrote, can you Sabrina?
Marco and Chichow did the questioning on this building’s appeal.
“Too bad LPT is so close to the ugliness and noise of Navy Pier and so isolated from the rest of town.”
Just take an Uber Dan!
Best part of city living!!
“ I’d imagine there’s a pretty small market of people that want to live in this exact location.”
Could be, but low inventory should be attracting those that “just want to live” (or so I was told)
“ the Chicago winter you get that wind off the lake which makes for a brutal long walk”
When did the city turn into a bunch of sissies?
Dec 2008 (NYT
heated air will descend from the roofs of 10 bus shelters in Chicago, courtesy of the Stove Top brand of stuffing sold by Kraft Foods.
From Tuesday through the end of this month, Kraft is arranging for the company that builds and maintains the bus shelters, JCDecaux North America, to heat them, trying to bring to life the warm feeling that consumers get when they eat stuffing, according to Kraft.
…
The 10 heated shelters, primarily in downtown Chicago locations like Michigan Avenue and State Street, will have posters that read: “Cold, provided by winter. Warmth, provided by Stove Top.”
= = = =
CTA then continued to organically expand heating
https://lede-admin.chi.streetsblog.org/wp-content/uploads/sites/51/2020/11/IMG_6654.jpeg
2024 – 2008
so 16 years ago JU
https://www.redfin.com/IL/Chicago/505-N-Lake-Shore-Dr-60611/unit-1317/home/14095606#property-history
I wonder if this unit was also a 2018 play it safe re model
211 e ohio has been blogged about a few times here
https://www.redfin.com/IL/Chicago/211-E-Ohio-St-60611/unit-2606/home/12765369
just west of N. Fairbanks
Redfin has a walk ability score of 98/100
LPT is 85/100
On the subject of sissies, I understand some suburban school districts canceled school last Tuesday when it was -8. In my day (I’m old), only massive blizzards caused school to close. We went to school (including waiting for the CTA on Sheridan Road) on the day of Chicago’s all-time record low of -27 in 1985 when I was in 8th grade. Kids today are too coddled.
I like this building with a 95/100 walkability score
more than LPT although LPT does have a lot more amenities
https://www.redfin.com/IL/Chicago/345-W-Fullerton-Pkwy-60614/unit-2401/home/13350189
if I was looking for a 1 or 2 bedroom, I would also rather be in this location and this is from someone who has lived in Streeterville before and has been in LPT units.
“ Dec 2008 (NYT
heated air will descend from the roofs of 10 bus shelters in Chicago, courtesy of the Stove Top brand of stuffing sold by Kraft Foods.
From Tuesday through the end of this month, Kraft is arranging for the company that builds and maintains the bus shelters, JCDecaux North America, to heat them, trying to bring to life the warm feeling that consumers get when they eat stuffing, according to Kraft.
…
The 10 heated shelters, primarily in downtown Chicago locations like Michigan Avenue and State Street, will have posters that read: “Cold, provided by winter. Warmth, provided by Stove Top.”
Not gonna lie, those heaters are pretty plush
It’s my understanding that they have sophisticated chips
“Most people play it safe when renovating. They know they are going to sell. Why wouldn’t you put in flipper finishes? You put in what will sell. White cabinets have been “in” for over a decade. Waterfall edge for almost as long. Stainless steel appliances. Quartz countertops.”
This goes completely against your narrative that people buy because they “want to live”. What you describe is more akin to an investment, not living
Glad to see that you agree that most Chicagoians (and people in general) have no sense of style. The “look” you describe can be done well, but 99 times out of out of 100 it looks terrible because it’s done on the cheap
Those finishes have been “in” for over 20 years. Might be time to freshen it up
“Those finishes have been “in” for over 20 years.”
20 years ago was 2005.
Wasn’t cherry and uba tuba still the thing in Chicago in 2005?
Like the kitchen in the Cornelia feature:
https://cribchatter.com/rare-and-unique-1-bedroom-duplex-up-for-359000-at-1130-w-cornelia-in-lakeview/