A 2/2 with a View Now $85,000 Under the 2006 Price in Streeterville: 474 N. Lake Shore Drive
This 2-bedroom at 474 N. Lake Shore Drive in Streeterville came on the market in February 2019.
This building was constructed in 1991 but wasn’t converted to condos until 2005-2006 during the housing boom.
It has 505 units and an attached parking garage with deeded parking. It’s a full amenity building with an indoor pool, exercise room, barbeque area and a steam room.
This unit has north and east views from the 33rd floor and has lake views.
The kitchen has cherry cabinets and granite counter tops along with stainless steel appliances.
There’s a master suite with an en suite bath and walk-in closet.
The listing says that there is new carpeting in the living room and bedrooms.
This unit has the features that buyers look for including central air, washer/dryer in the unit and indoor parking is available for $30,000 extra.
Originally listed in February 2019 at $535,000 it has been reduced $75,000 to $460,000.
That’s $85,000 under the 2006 selling price of $545,000, which didn’t appear to include the parking.
What will it take to sell this unit in 2020?
Joseph Guli at Coldwell Banker has the listing. See the pictures here.
Unit #3305: 2 bedrooms, 2 baths, 1275 square feet
- Sold in April 2006 for $545,000
- Originally listed in February 2019 at $535,000
- Reduced several times
- Currently listed at $460,000 (parking is $30,000 extra)
- Assessments of $970 a month (includes heat, a/c, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $8159
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 12×15
- Bedroom #2: 11×12
- Living room: 19×16
- Dining room: 14×9
- Kitchen: 13×8
- Laundry room: 7×4
Those photoshops are rough, damn. But ya, low ceilings, small second bedroom, and nearly $1k in HOA is rough. What sucker paid $545K for this (assuming that includes parking)? Building looks dated too. One must REALLY like fireworks and the touristy stuff to pay anywhere near this. I would take a decent 1200sqft 2 Bed in River North for this price any day.
lol. I mean, with a thorough renovation this place could look decent – I’ve seen some units in the building that are updated and not this grotesque. Probably needs what, 50-100k in upgrades? Bringing Real cost over 500k. Throw in that monster HOA fee, and I’m certain for around a similar price point there are definitely better options out there.
This feels like something that should be a rental. Commodity product. Some of the maintainance issues look like these related to be owned versus apartment. It takes 6-7 years of ownership to just pay enough in principle to cover selling costs and most people don’t stay that low. So buying and then trading up when you have a family doesn’t build any equity over that time.
assessor thinks its worth $432k
Thats probably closer to reality if you knock off another 75k on the price… This place literally has finishes from 15 years ago!
Taxes are $8400 a year now, putting 2017 taxes (of only slightly less) should be a fine for the dumbass realtor using misleading information
If you’re going to virtually stage a unit, you may as well put some decent furniture in it. Thats got to be one of the worst digitally staged units I’ve seen. A teal couch?
“the 2006 selling price of $545,000, which didn’t appear to include the parking”
It included two parking spaces. The owner sold one in 2009 for (apparently) $46k.
Even if I got this place free, I cant fathom paying $1,700/mo just for the pleasure of living here.
It included two parking spaces. The owner sold one in 2009 for (apparently) $46k.
LOFL – Maybe Sabrina can hire you to proof her posts
That kinda changes the dynamics.
“assessor thinks its worth $432k
…
Taxes are $8400 a year now”
Parking spot is separately assessed, with MV of $35,170. So that’s another $694.75 in taxes ($676.61 in 2017).
And Sonies understated the taxes on the unit: $8,549.48.
Actual 2018 taxes for unit + parking = $9,244.23. 13.3% higher than the listing sez.
I just can’t think of a worse location in the “green zone.”
“Actual 2018 taxes for unit + parking = $9,244.23. 13.3% higher than the listing sez.”
even worse! like why even waste time putting old false lies on there? like seriously what is the benefit
“even worse! like why even waste time putting old false lies on there? like seriously what is the benefit”
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I agree! Southeast Bucktown deserves better!!!
Has anyone tried to park in this building before? You have to circle up like 7+ floors just to get to the condo parking levels.
“Southeast Bucktown”
?? Isn’t that more like Cal City? This is more East Central Bucktown.
“?? Isn’t that more like Cal City? This is more East Central Bucktown.”
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The neighborhood changed so the borders changed. Ask Sabrina to explain it to you.
I’ve never been a fan of this building, inside or out. It didn’t look good in the first place when they built it (I remember it being under construction) and it still looks bad today. Just a massive red monolith. I’ve also never seen photos of a unit there that appealed to me, even though I love views. There’s something about those dull square windows that seems to lessen the vista. It looks like you can glimpse the lake between walls of other buildings from this unit, which is nice. I suppose the price is low for a 2/2 in this location with these amenities, but it just doesn’t do it for me.
“The neighborhood changed so the borders changed.”
I think of Bucktown being most of Cook County. Except for wherever HD grew up, and Ford Heights.
“It looks like you can glimpse the lake between walls of other buildings”
You looking at the right unit? Lake Point Tower is in the view, but otherwise the east facing windows (LR and both bedrooms) look directly at the lake.
The crappy “energy efficient” window sizes of yesteryear are a bummer, tho. Imagine if it had floor to ceiling windows, and 2/3s less wall between them. At least double the glass.
I will note that the lower panel of every one of those windows will open. For what that is worth.
“It included two parking spaces. The owner sold one in 2009 for (apparently) $46k.”
It doesn’t list this in the CCRD. Were they under other PINS? I’m assuming they were if they sold one.
As I said, I go off the public listing. There’s only one PIN there. Usually, the parking spaces are listed under the main property, even if separate pins, but they aren’t here so it looks like parking wasn’t included (or was purchased separately.)
“What sucker paid $545K for this”
How old are you Rob? It was 2006. The housing bubble was raging.
EVERYONE was suckers. EVERYONE.
Per anon “ Actual 2018 taxes for unit + parking = $9,244.23.“
Then factor in that there will be an assessment on the parking since it isn’t included in the listing (probably around $75 a month for heated indoor parking). Add that to the $970 assessment (if that’s even accurate or if it’s from 2017 as well) and your looking at $1815 a month for taxes and assessments before you even start paying off your mortgage. Why put in “new carpet”? Just go straight to the best looking hardwoood floor for the price.
“it looks like parking wasn’t included (or was purchased separately.)”
It was included, and it wasn’t purchased separately. I used only publicly available information to find that.
If you look at the deed, the unit and two parking spaces are what was sold.
“I used only publicly available information to find that.”
All my sales data is from the CCRD unless I say otherwise in the post. And it didn’t list any separate parking spaces there. They’re always listed under the unit and here, there is nothing.
I looked up a unit we chattered about in 2016, #4908, where I said the parking was included to see what it looked like in the CCRD, and the parking is listed there.
I also looked up #3002 which just came on the market and the parking is available separately there as well. Yet, it’s not listed on the CCRD either as the one I just cribbed about. That has always told me that it is a separate PIN which was sold separately. If they are sold together, as one price, they are always listed under one listing.
It’s possible whomever entered the original sales data from the condo conversion put it into the system incorrectly and therefore it has never shown up on the CCRD the correct way throughout all of the sales since 2006.
As you can see on the CCRD, the second parking space you said was sold several years ago, doesn’t show up as a sale anywhere in the public record.
But, like I said, a huge building like this might have had mistakes in the initial reporting of the sales.
But from my 13 years of using the data, if the parking was included in the sales price, it is always included on the CCRD under the property sale.