A 37% Price Reduction on a Benjamin Marshall 2/2 at 1200 N. Lake Shore Drive in the Gold Coast
This 2-bedroom at 1200 N. Lake Shore Drive in the Gold Coast originally came on the market in October 2015.
This Benjamin Marshall building was constructed in 1912 and has just 34 units.
This unit has direct lake views and has the curved wall of windows in the living room.
It has dark hardwood floors and crown molding along with tall ceilings.
The kitchen has new cabinets, quartz counter tops and stainless steel appliances.
It also has the large bedrooms that were common in units from this era.
It doesn’t have in-unit washer/dryer although it is allowed by the building. It also doesn’t have central air.
There’s no parking with the building but rental is available next door at 1212 N. Lake Shore drive for $375 a month.
Originally listed for $1,199,900 in October 2015, it has been reduced 37% and is now listed at just $755,000.
Is it a deal at this price?
Billie Diamond at @Properties has the listing. See the pictures here.
Unit #701: 2 bedrooms, 2 baths, 1754 square feet
- I couldn’t find a prior sales price
- Originally listed in October 2015 for $1,199,900
- Reduced several times
- Currently listed for $755,000
- Assessments of $1762 a month (includes heat, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9510
- Parking available next door for $375 a month
- No in-unit washer/dryer
- No central air- window units
- Bedroom #1: 22×12
- Bedroom #2: 18×11
+ for providing a floor plan
Would greatly benefit having one of the bathrooms accessible from a room other than the bedrooms
Foyer has a lot of wasted space
Not sure what the door out of the elevator is
Getting closer but still not a good deal. No W/D, no central air, problematic layout, and especially, no parking. 755k is a lot for a 2 bed in Chicago with no parking.
elevator opens into the kitchen according to the floorplan… interesting…
@JohnnyU – Elevator off the kitchen is a service elevator for garbage collection. Likely the garbage cans are in the area next to the elevator. The door is for access from the kitchen to the garbage cans.
Agree that there doesn’t seem to be easy bathroom use for guests. Guests have to walk through a bedroom to use a bathroom.
+ for providing a floor plan, but it shows how bad this place needs an eat-in kitchen. Tiny table in the living room, is the only eating space. No dinner parties here.
+ for showing the lake view from the interior. Probably photoshopped, but it’s still nice to see.
So your guest have to go through one of the rooms to use the bathrooms?
How do you misprice by 37%? This must have been the delusional price demand from the seller rather than a price based off comparable market research suggested by the agent.
Suzanne researched it!
Insane initial pricing. No parking, 2 br, doesn’t look spacious, 34 units … GL with special assessments. Updated, but not luxurious looking. I guess if you are older and don’t need a car and assuming its a safe building 600k, others GTFO. oh and save $ for laundry delivery, so $575,000.
Beautiful apartment in an ideal location, and is fairly spacious at 1,754 square feet, but might not feel that way for lack of a defined dining room.
Agree that the price is a little high- $600k is more like it, especially since there is a large number of units for sale right now at nearby 1448 N Lake Shore, that compare favorably with this unit in appearance and amenity , and have more space.
The listing notes that even though the unit has no in-unit laundry hook-ups, they are allowed.
It looks like they could easily be installed in the large hall closet that is back-to-back with the kitchen sink wall, where there is already plumbing. You would need only a portion of that closet for stackable machines. Based on the estimate of doing this in my own unit, where I would have to have extra lines run (and so wrote off the project), this could cost no more than a few thousand dollars, plus the cost of running a 240v cable or a gas line for the dryer. That is a very small expense relative to the price of this price, or the sheer nuisance of dealing with the laundry otherwise. You would not have to use the precious bedroom closet or bathroom space.
Wish I could edit my posts- meant to say the “price of this place”.
“this could cost no more than a few thousand dollars, plus the cost of running a 240v cable or a gas line for the dryer. That is a very small expense relative to the price of this price, or the sheer nuisance of dealing with the laundry otherwise. You would not have to use the precious bedroom closet or bathroom space.”
I’ve never heard of it costing that little to put in the w/d (no matter what the building.) I’ve been in some of the older co-ops on LSD where it was “allowed” and the real estate agents always gave me estimates of anywhere from $5,000 to $10,000.
If it was easy and cheap, it would have been done already.
But yes- the listing says the building allows it to be added.
Sabrina, I was given estimates, by reputable contractors (not “guys I know who do this stuff”) of $5,000 for my place, where it would have been much more difficult. Now, that did not include the cost of running a 240v for the dryer, and a gas line would have been out of the question, because the only location possible in my unit is not close to a gas line.
I can’t think it would cost any more than that for the plumbing in this place, and, in any case, even $10,000 is small relative to the price of the apartment, and for such a major improvement in convenience and comfort. I’m surprised it hasn’t been done, but I suppose some people with high incomes would just as soon have their wash picked up and dropped off.
I actually think this will sell. Its price per square foot is about $100 less per than other luxury 2/2s. The place looks really nice and has a decent amount of square footage. It also has a great view.
Closed for 735K