Vintage Co-op is like a Mansion in the Sky: 2430 N. Lakeview in Lincoln Park
This 5-bedroom duplex in 2430 N. Lakeview in Lincoln Park came on the market in April 2015.
This building was constructed in 1927 and has just 17 luxury units and parking.
It’s a doorman building that faces Lincoln Park and the lake.
This 5600 square foot co-op has many of its vintage features including restored wood paneling in the living room and library.
It also has a grand interior staircase along with a foyer.
The unit has 3 gas fireplaces and a formal dining room.
The kitchen has white cabinets and stainless steel appliances.
The master suite has his and her baths along with custom closets.
The unit also has the features that buyers look for in 2020 including washer/dryer in the unit, 2-car parking and space pak cooling.
There’s no private outdoor space with the property.
Listed in April 2015 for $3.49 million it has been reduced to $2.9 million, but that reduction was in August 2018.
This is a “cash only” building.
The taxes, heat and doorman are included in monthly HOAs.
Do GenX or the Millennials have any desire to buy in the older co-op buildings?
What’s the future of co-ops?
Michael Zucker at @Properties has the listing. See the pictures here.
Unit #11-12N: 5 bedrooms, 4.5 baths, 5600 square feet, duplex, co-op
- No previous sales price as it’s a co-op
- Listed April 2015 for $3.49 million
- Reduced in August 2018 to $2.9 million
- Currently still listed at $2.9 million
- Assessments of $10,671 a month (includes heat, taxes, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are included in assessment
- Space Pak cooling
- Washer/dryer in the unit
- 2-car parking included
- 3 gas fireplaces
- Bedroom #1: 24×15 (second floor)
- Bedroom #2: 14×13 (second floor)
- Bedroom #3: 20×9 (main floor)
- Bedroom #4: 19×16 (second floor)
- Bedroom #5: 21×14 (second floor)
- Office: 10×7 (second floor)
- Living room: 31×18 (main floor)
- Dining room: 27×16 (main floor)
- Kitchen: 24×11 (main floor)
- Library: 22×14 (main floor)
There are listings for this unit under 11N going back to October 2005, starting at $5.4 MM. It was on the market for 2813 days until September 2013 when it ended at $3.99 MM.
$2.9M cash + 11K/month hoa = $277,000/year to live here. No wonder it took so long to sell last time.
Again, the all-caps listing description. Chicago should pass a law.
“the all-caps listing description. Chicago should pass a law.”
That you have to pass a test of standard grammar and usage in order to get a real estate license? That would make sense.
I think that some do it to avoid being embarrassed by random/incorrect capitalization. If it is ALLCAPS, then you can’t have an incorrect Cap.
Unit looks great just Uber expensive. Listing has more for property taxes. 2.9 plus 20k a month is a ton. The monthly nut is worth about $5 million at a 5% discount rate. So this is about $8 million all in. Not many people that can afford this. With the progressive tax coming even fewer people with that amount choosing Chicago.
That being said if you move this to Central Park it might easily sell for $30.
Looking at the listing, I was thinking “why are there so many pictures of the common areas”, then I realized that pics 2-11 are the actual unit.
Gorgeous. Outrageously expensive.
his and her baths
I wonder why you don’t see this more often.
This place is awesome
Needs a urinal for a true His bathroom
Where do the servant sleep?
“Listing has more for property taxes.”
Listing sez that the HOA includes tax.
If the tax listed ($1,101,615) were for this unit, only, that would be a really hefty nut.
Given the high monthly costs, in 23 years the purchaser will have spent a second $3 million on this unit. I don’t think that’s practical.
Its a co-op so you can’t rent it but lets pretend you could. The rent on this place would probably be in the $15-20k range. After taking out the assessments / tax that would leave $5-10k / month left over. Using a 5% cap rate (very aggressive) that equates to a $1.2mm – $2.4mm valuation so its at least $500k over valued.
The thing that should scare the sh!t out of anyone is that this place hasn’t been able to sell despite trying since 2005. Again – since you can’t rent this out you are eating all the carrying costs.
And another thing – the kitchen and most bathrooms are in need of renovation – so that could cost another $300-500k. If we knock that off the above financial value you are talking $700k – $2.1mm.
“Using a 5% cap rate (very aggressive)”
Recognizing that comparing individual v institution cap rates can cut both ways, you’d be a little appalled at what a lot of CRE (including SFR rentals held by institutions) is trading at.
Really comes down to the cost of funds for someone getting a credit line loan partly secured (directly or implicitly) by the co-op shares.
That said, especially with the trading restriction, I wouldn’t go any lower than 5-ish. And, yep, this is super overpriced on that basis.
5-6N is listed at $1,495,000. Looks to be same sf and br/ba.
Floor plan included for “design inspiration.” Not sure what that means. Is it just the floor plan or someone tampered with the floor plan to show you what could be done if you really want to tear it apart. Nonetheless, anything priced over $250K should include a floor plan, even small condos. It really helps buyers to know if and how they can live in a space.
For the price difference, better to go with smaller one, if you don’t mind the floor height difference, and put in your own, on trend finishes v. buying 11-12N and having to replace all the baths and kitchen. This one has 1 garage and 2 outdoor spaces.
https://www.oasischicago.com/2430-north-lakeview-unit-5-6n-chicago-il/MLS-10310769/
Something is weird with listing of 10,600 assessment with prop taxes listed at 90k. That’s 8,500 a month. There’s now way the rest of the assessments only 2100 a month on a building this size with 13 units. That would be 26k total to cover a lot of things. Maybe if all maintenance is special assessments and no doorman?
” No wonder it took so long to sell last time.”
It did not sell last time.
I’ve said this before, but even among rich people in Chicago, who wants to pay those assessments and taxes?
Who owns this freakin place that they can just eat the cost?
I can understand this kind of insanity in NYC but didn’t think there were this many people with truly ‘F -U’ money in Chicago.
Can someone explain the appeal of buying a unit in a co-op and carrying these costs as opposed to buying in that other luxury building in LP ( 2520 or something?), or that fancy building with all the rich people on Walton?
I’ve spent a lot of time in this building because a good friend of mine lived here when we were children.
Even then, I was in awe of his family’s apartment. The elevator attendant. The huge marble private elevator lobby, the floor to ceiling windows in the wood-paneled living room, the winding stairway up to the second floor, the live-in maid in the maid’s room, and the fact that my 10-year old friend’s bedroom was bigger than my family’s living room (we lived in a Lakeview courtyard condo building).
Oh yeah, his apartment also had a room simply for watching movies.
I’ve always thought if I ever really made it, this would be where I’d live. Not that I need so much space now that my kids are in college and high school.
“I’ve spent a lot of time in this building because a good friend of mine lived here when we were children.
Even then, I was in awe of his family’s apartment. The elevator attendant. The huge marble private elevator lobby, the floor to ceiling windows in the wood-paneled living room, the winding stairway up to the second floor, the live-in maid in the maid’s room, and the fact that my 10-year old friend’s bedroom was bigger than my family’s living room (we lived in a Lakeview courtyard condo building).
Oh yeah, his apartment also had a room simply for watching movies.
I’ve always thought if I ever really made it, this would be where I’d live. Not that I need so much space now that my kids are in college and high school.”
Yeah, but you can have all that, and more , in a lot of luxury buildings in Chicago without just pissing money away in taxes and assessments…Minus the live in maid maybe (and tbh, who the heck wants a live in maid these days?) –
So why buy this place?
“I can understand this kind of insanity in NYC but didn’t think there were this many people with truly ‘F -U’ money in Chicago.”
There’s plenty but not that many. Chicago has much more money than you think. Think of all the publicly traded companies here. Think of all the wealth created just by those who have stock in the CME after its IPO?
Those CEOs used to live in the suburbs but many are now deciding they want the city, especially if they move here from another major city like NY or SF.
Lots have been buying in the new buildings though like One Bennett in Streeterville.
Calm down, Riz. I didn’t say anything about this place being practical to buy or own. But the kind of style you have here is not easily attainable elsewhere. Especially not in most newer construction.
Of course it makes no sense financially to buy this unit unless you have about $500 million in net worth. But some people do, and to them “pissing away” a few million in unnecessary costs like huge HOA or property taxes over the decades means nothing.
I, too, wonder what sort of person will buy a unit like this. Mainly because I don’t think most of those “CME” new wealth people Sabrina mentions have much interest in the old world look and feel of 2430.
This place has been for sale since 2005. We’ve had booms, busts then booms again. We’ve had more wealthy move to Chicago over that time and seen more tech companies open offices here. We’ve seen suburban juggernauts relocate to the city from the burbs. We’ve seen long term rates go from 5% to 2%. And over that time we’ve seen the price of this unit go from $5.4mm to $2.9mm. Rich people aren’t stupid – they are rich for a reason. The market for CPW or 5th Ave in NYC is liquid – places can sell there within a year or two even in the $30mm+ range. That isn’t the case here. And the competition from other luxury high rises isn’t helping this listing. Even that condo unit in 2344 NLPW never sold. This is WAY over priced.
And lets talk about that other unit in the building – 5-6N offered at $1.5mm. Somehow the assessments on that one are higher than this one at $11,400 / month. Lets use same assumptions for rent as 11-12N of $15-20k post renovation. At 5600 sqft and $200 per sqft reno cost = $1.12mm. The the value of the rental stream less the assessments = $864k – $2.06mm. Since that is post renovation this place is worth zero – $944k. Literally if you got this for free its going to cost you a PV $2.7mm in assessments + $1mm in renovations for a total of $3.7mm. And that is using a 5% rate – if you use current long term rates those assessments are a PV of $6.4mm!
“it makes no sense financially to buy this unit unless you have about $500 million in net worth”
Nah. As yoss points out, this place (at ask) is ~$10m in NPV. As a primary residence, you’d only have to have about $100m in real (not phony baloney pre-IPO shares or other illiquid interests generating no present year income) assets or a $4-5m annual income (pre-bonus) with at least a 10 year reasonable job security for it to “make sense”.
At $500m in net assets, this could be your Chicago base, while you spend 8 months a year in Palm Beach or St Barts or whatever. $500m is a *lot* of money, but not so much than anyone knows who you are.