A 3-Bedroom Vintage Beauty with Lake and Wrigley Views: 3500 N. Lake Shore Drive in Lakeview
This 3-bedroom co-op in 3500 N. Lake Shore Drive in Lakeview came on the market in September 2018.
This building was designed by Robert DeGolyer in 1927 and has 64 units.
It has a doorman and exercise room as well as a common deck.
This 13th floor unit has 3 exposures, South, East and West, which includes Wrigley Field and the Lake.
The listing says this unit has new electric, plumbing and air conditioning, which is space pac.
Two of the bedrooms are en suite.
The kitchen has white cabinets, stainless steel appliances and what looks like stone counter tops.
The unit has a full-sized washer/dryer, which can be rare in the older vintage buildings.
However, there doesn’t appear to be any parking, which is quite normal given the construction date. How could they know that everyone would be owners of automobiles?
This property last sold in 2014. The listing described it as a “diamond in the rough” and said to bring your architect and designer.
Apparently, that’s what happened.
At 2500 square feet, is this a single family home alternative for those who want to live up in the sky?
Kelly Mead at Baird & Warner has the listing. See the pictures here.
Unit #13A: 3 bedrooms, 3 baths, 2500 square feet
- Co-op
- Sold in September 2014 for $376,000
- Originally listed in September 2018 for $649,900
- Currently still listed at $649,900
- Assessments of $2079 a month (includes heat, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $6168 (is this included in the assessments? It doesn’t appear to be)
- Space pac cooling
- Washer/dryer in the unit
- No parking
- Bedroom #1: 18×13
- Bedroom #2: 16×13
- Bedroom #3: 10×11
- Foyer: 20×7
I’ve eyed this one for weeks, as it’s one of my favorite buildings and one my wife and I have in mind for when the kids are out of the house and we move to the North Side.
The problems with this building include lack of parking and high assessments. At least taxes (for this unit) are relatively low. As for views, this wing of 3500 isn’t my favorite, as I’d rather directly face the lake, but it’s not bad either and it’s on a high enough floor to get over the synagogue across the street.
I’ve toured units in 3500 and the C and D wings are my favorites. Both have direct lake views and also feature some vintage touches that the other units don’t have. For instance, unit 15D is available now for $400,000, but appears to need lots of work.
Despite the high costs and lack of parking, I still consider this one of my favorite buildings and wouldn’t rule out living there. The cost for this one seems about right considering the work that’s been done.
Here’s a unit one floor higher – same wing of the building. A lot cheaper. Looks pretty nice.
https://www.zillow.com/homes/for_sale/condo,townhouse_type/2137732996_zpid/2-_beds/400000-_price/1579-_mp/41.953012,-87.610087,41.914445,-87.671885_rect/13_zm/
Looks like anywhere else done, or re-done, in the past few years. Vintage lovers can do much better.
I know the owner of and something about the planned remodel (unfinished, of course) in 15D. Quirky guy. Great building overall for a vintage lover, although I’d personally not live in a co-op.
“although I’d personally not live in a co-op.”
Why not Stephanie? I’ve never lived in one. Are they “worse” than condo living in terms of the board and regulation?
Stephanie,
I’d love to learn more about 15D.
Coop’s are a tremendous pain to buy in as the board has ultimate say over approving buyers. This means submitting many letters of reference, interviews and a financial colonoscopy. You may need to prove serious liquid assets well beyond your ability to afford the monthly expenses. This may be in the ballpark of 5X the purchase price. Many do not allow or at least limit the percentage you can finance. Most prohibit renting altogether. Of course these factors vary by building but they seem to substantially limit the buyer pool, hurt prices and result in very long market times.
That said, as an owner of a coop, the selective nature of approving buyers is nice because you can ensure you only allow buyers who want and can afford to maintain the building’s standard of service, condition and convenience. In condos, there always seems to be a pull to cut expenses to the bone because some squeaky wheel is now on a fixed income or in financial turmoil. Boards need to balance that and it leads to compromise for everyone else.
Living in condos, I really disliked the competing interests of owner investors and occupying owners, not to mention having apartments that turn over every year to new, young, transient renters who treat the building more like a dorm than a home they are invested in (i.e. spill a full cup of coffee on the new hall carpeting we shelled out for and says nothing, hoping someone else notices it and cleans it up.) Because most coops prohibit renting and all units are owner occupied, residents tend to stay a while…but also because it’s so hard to find a buyer.
Other than that and in my limited experience, coops seems to have more accomplished residents, who are very capable of managing a building. Maybe it’s the liquid asset requirement, but owners tend to be older and have many have experience running successful businesses/practices. Condo boards seem to draw at least a few who are less useful, whether they are self interested, busybodies, attention seekers or just plain lunatics.
In terms of rules and regulations, condos and coops seem similar in that it’s up to the board to define and enforce rules. How they do that varies tremendously by buidling.
Basically that — I wouldn’t want to have to be approved, and they have more say in general about sales and so on. 15D had a potential buyer that got nixed by the co-op board.
Dan, I’d be happy to tell you more or even get you in touch with the owner if you have questions, but can’t think of a way that doesn’t involve posting my email which I don’t want to do (although apparently if you try to sign in at the right time you might get lucky!).
Re co-op owners being older, I think in Chicago most co-ops are the LSD buildings/Lakeview high rise buildings, and that stretch tends to be older in general.
Thanks for the thorough analysis of what it means to own in a co-op building ACC. We don’t often get first hand accounts on this site.
No problem, glad to share my coop experience. I should thank you Sabrina, because I may have bought a one featured on this site : )