A 1-Bedroom Vintage Beauty Built for the Rich: 3314 N. Lake Shore Drive in Lakeview
This large 1-bedroom in the Beaux Arts building at 3314 N. Lake Shore Drive in Lakeview came on the market in April 2015.
If you’re a fan of Parisian architecture, this is the building for you.
Built in 1916, it was the first shoreline high rise apartment building constructed north of North Avenue.
It was, of course, meant for the rich.
According to “Chicago Apartments: A Century of Lakefront Luxury” when it opened, each floor contained a single unit 18-room, 5 bath apartment that rented for about $10,000 a year. Residents included all the ritzy families of Chicago at the time, including those with the names of Spiegel, Ward, Peacock and Goldblatt.
Over the years, the units were reconfigured and when the building was sold to a new owner in 1951 for under $400,000 it contained 49 apartments. Since then, units have been reconfigured so that there are now 29.
The building was converted to condominiums in 1983.
This unit is a 1500-square foot 1-bedroom with lake views.
It has a double living room and a dining room with a bay window and the original tile floor.
The unit has 10-foot ceilings and restored moldings.
There’s a wood burning fireplace in the living room as well as built-in bookcases.
The bathroom is marble.
The kitchen has white cabinets and some stainless appliances.
The unit has all the features buyers look for including central air, washer/dryer in the unit and 1 covered parking spot included.
With most properties selling quickly, why isn’t this under contract?
Emily Sachs Wong at @Properties has the listing. See the pictures here.
Unit #3A: 1 bedroom, 1 bath, 1500 square feet
- Sold in June 1998 for $311,000
- Sold in December 2010 for $404,000
- Originally listed in April 2015 for $475,000
- Currently still listed at $475,000
- Assessments of $1305 a month (includes heat, a/c, water)
- Taxes of $6698
- Central Air
- Washer/Dryer in the unit
- Covered parking included
- Bedroom: 18×13
- Dining room: 15×14
- Living room: 19×30
very nice
“It was, of course, meant for the rich.”
It’s still meant for the rich….
“It’s still meant for the rich….”
really? the rich are living here?
speaking of finances, sonies, should i be holding bonds? why? can you explain?
Great apartment.
I hate parquet flooring, but it works here
Only quibble is the bathroom fixtures, wish they would have stuck to period correct
One bathroom.
Why in the world would a 1500 square foot condo only have one bathroom? Is it possible to add a second bathroom in this type of building? I really think this place would sell almost instantly if it had a second bathroom. It’s really pretty.
I don’t get paid to provide free advice!
But its not a bad time to buy bonds if you want to diversify some of your holdings.
“I don’t get paid to provide free advice!”
it’s biz dev, aka how to pass the time on slow afternoon.
“But its not a bad time to buy bonds if you want to diversify some of your holdings.”
thanks, that’s v helpful. is there a bad time to buy bonds? how would I figure out when a bad time is?
is there a bad time to buy bonds?
thats what we call “most of the time”
“I don’t get paid to provide free advice!”
literally correct
“thats what we call “most of the time””
why is that? please explain.
and are your clients rich or just umc?
This is surprisingly pretty reasonably priced for a vintage unit.
This is one of the prettiest units in the building, though with steep HOA fees.
Love this building, but the cost of ownership might be a deal-breaker for many people buying in this price range.
Laura, did you have any thoughts on whether it makes sense to hold bonds now? Thank you.
“really? the rich are living here?”
$500,000 for a 1-bedroom apartment? Yeah- I’d say that’s the rich.
There are million dollar apartments available in this building.
Sabrina something is going on in the real estate market. Home prices of more than half a million dollar is flying off the shelf. In the prior real estate boom people were putting down 3% or 0% but now they have stricter lending guidelines and yet people are paying very high prices. Plus this time around it will be more difficult to walk away from the house. So yes with all of the above said people/investors think real estate is a good vehicle to make money. Bonds don’t pay squat and stocks are over valued. But in the eyes of many buyers they don’t feel real estate is over valued and many think values will only keep going up.
DZ, I personally would not hold bonds… or much of anything else.
Our policy wizards have fostered so much financial perversion and distortion with ZIRP forever, that the only thing I really feel like holding are things like blankets, warm clothes, and a lot of non-perishable food, aside from cash.
Laura I’m going to guess you watch/read lots of financial media? The doom is strong in you! Or maybe just a large shareholder of Hormal, Guns, and gold stocks? 8)
Gold stocks and guns, no. I’d rather own the physical gold, and I’m not trained to use a weapon, nor do I believe it would make me any safer in the city.
And I’m not a real doomer- I do not believe that we will see a “mad max” style collapse, but I DO believe that we are confronted with a trifecta of misery, comprised of resource depletion, overpopulation, and permanent loss of evermore classes of jobs to advancing technology.
Here are the people I read and listen to: David Stockman, Hussman, Chris Martenson, and Mish Shedlock, to name a few.
And while I’m not thinking of heading for a doom-shelter stocked with weaponry and 3 years’ worth of non-perishables, I would, if I were a young person in my reproductive years, sure as hell think a long,long time before I reproduced… and make sure I had a house at least half paid off, and massive cash reserves, before I did.
“’i’d rather own the physical gold,”
Assay costs when things are fine kill you, unless it’s coins, which are generally overpriced, and when it’s bad:
” and I’m not trained to use a weapon”
Someone with a gun just takes it from you.
I’d rather own a gun than a lump of gold. Not like i can eat the gold. Gun I could I guess I could eat to put myself out of my misery if things were that bad lol…
I (used to) read some of the people on your list there, the newsletter guys are pretty much the ‘blind squirrel finds a nut, or broken clock is right twice a day’ sort of thing some of them get lucky and basically rake in subscribers via confirmation bias. Most of the newsletter guys returs are fucking terrible!
Stockman seems like one of the article writers you see on the yahoo finance popup ads, like ‘stansbury research’ lol
John Hussman is a good example of that his returns over the last 15 years or so suck ass. (3% I think?) Dennis Gartman too, omg his returns are real bad, but quite the doomsday writer!
Hussman’s a good example of thinking too hard and trying to outsmart the market. Sometimes you just have to keep it simple stupid.
Chris martenson seems interesting, I’ll check him out. I like to read new stuff, I recently “fired” John Mauldin from my list as he’s just a spammer at this point, he gets me signed up to these really annoying letters from the far corners of the internet and he hasn’t been right on anything in about a decade.
I never watch the financial media, they are almost as bad as the MSM/political/sports with the fear mongering nonsense and spinning every little thing into the biggest deal ever. Total noise! Makes you lose focus!
Anyhoo
Beautiful apartment and you actually get a lot of space for your money. Sure, it’s only 1 BR, but it’s well sized from an SF standpoint.
The lake view part is nice, but you’re only on the third floor, so not sure how much lake you’d actually see. The parking space is a nice perk in this neighborhood.
This 1-bedroom unit has been reduced to $445,000 from $475,000.