A Renovated 4-Bedroom “Single-Family Condo” in Streeterville: 840 N. Lake Shore Dr.
This 4-bedroom in 840 N. Lake Shore Drive in Streeterville came on the market in February 2022.
Built in 2004 by star architect Lucien Lagrange, 840 N. Lake Shore Drive has 66 units and an attached parking garage.
It has 24-hour door staff, an exercise room, wine storage and on-site management.
The listing says it’s been renovated and calls it, at 3900 square feet, a “single-family condo.”
The living and entertainment space wraps around the kitchen, which has white cabinets, a full slab marble backsplash, a marble topped island, Wolf, Subzero and Miele appliances and a walk-in-pantry.
There’s a family room with built-ins and a WFH study.
The bedrooms are in two separate wings of the apartment, with the primary suite in the east wing. It has a walk-in-closet and a “spa-like” primary bathroom with a dual Robern interior lit vanity, floor-to-ceiling marble tile and a soaking tub.
The other 3 bedrooms are in the other wing and have en suite bathrooms. The third bedroom has a Murphy bed and the listing says it could be used as a den.
It has a “designer laundry room” with a full size washer/dryer and a mudroom.
The listing says the home is wired for Sonos throughout via “discreet” ceiling speakers.
The unit has an outdoor terrace that overlooks Lake Shore Park and Lake Michigan.
2 parking space, either self-park or valet, are available.
Originally listed in February 2022 for $2.95 million, it has been reduced to $2.795 million.
Is this condo really a single family home alternative for those who want to live downtown?
Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.
Unit #303: 4 bedrooms, 4.5 baths. 3900 square feet
- Sold in October 2009 for $2.175 million
- Originally listed in February 2022 for $2.95 million
- Reduced
- Currently listed at $2.795 million
- Assessments of $3142 a month (includes doorman, exterior maintenance, snow removal, exercise room, scavenger)
- Taxes of $20,380
- Central Air
- Washer/dryer in the unit
- 2 parking spaces, either self-park or valet, are available (extra or included in price?)
- Fireplace
- Bedroom #1: 16×14
- Bedroom #2: 14×21
- Bedroom #3: 13×12
- Bedroom #4: 13×12
- Living/dining room combo: 41×17
- Kitchen: 16×15
- Library: 14×12
- Family room: 16×15
- Foyer: 13×6
- Laundry: 6×5
- Storage: 4×6
- Balcony: 15×5
Really Meh for nearly $3MM
Seems like a lot of 03 units for sale, owners are priced in no mans land
Does anyone know why the taxes in this building are so low? $20,380 for a $2.8 million condo are less than 1/2 of market. The uber rich owners in this building should be paying their fair share.
“Does anyone know why the taxes in this building are so low?”
Prior tax appeals were handled by Klafter & Burke, so I would have to go with “corruption”.
Assessor’s market value (under appeal, of course) for 2021 = $2,016,320, up from $785,720.
“a lot of 03 units for sale”
If the carry costs are going from $5k/month, to $8k/month, it changes the economics a bit.
oh, and FTR, Klafter & Burke does not appear to be involved in this year’s appeal.
Single-family condo? I don’t get it. Are there multi-family condos?
“Sold in October 2009 for $2.175 million”
First sold in Sep-05 for $1.585m.
what am I missing here, this place seems about 75% overpriced? Also this building is ugly as hell, never liked it, and I have to laugh at those taxes… what a scam the system is as currently set up
I like it. About as cool an urban Manhattan-like setting and unit you could find in Chicago. Even Woody Allen wouldn’t judge it negatively.
Shame to be in that location for $3ML and have zero view of the lake. No rooftop/amenities area shown with lake views either.
https://www.wsj.com/articles/boeing-plans-to-move-headquarters-to-washington-d-c-area-from-chicago-11651767599?mod=e2tw
HUUUUGE
In 10 more years they’ll be in Texas
“The uber rich owners in this building should be paying their fair share.”
I agree but the huge landlords also need to pay more as do the commercial property owners. Things are much better under Kaegi but still have a long way to go. His office was overruled on commercial valuations and today Alby Gallun pointed out that Nema is only valued at 191 MM when it’s carrying 345 MM debt.
Nothing pisses me off more than this kind of bullshit.
“Nema is only valued at 191 MM”
There are about 800 units, or $238,750 per unit on average. If it converts to condos, do any units, even studios, actually sell for this?
“this kind of bullshit”
Sears Tower got a $1.3 Billion mortgage in 2018, and appealed an AMV of $587m in the ’18 re-ass.
This year, the first pass was $1.24b, reduced by the Assessor on appeal to $1.011b. I suspect they are carrying forward to board of appeal, too.
Still think that if you appeal the assessment (limit to commercial properties? fine.), there should be an opportunity for a forced sale mechanism at the “too high” valuation.
“I agree but the huge landlords also need to pay more as do the commercial property owners. Things are much better under Kaegi but still have a long way to go. His office was overruled on commercial valuations and today Alby Gallun pointed out that Nema is only valued at 191 MM when it’s carrying 345 MM debt.”
Maybe there’s a couple of toilets out of commission?
“This unit Sold in October 2009 for $2.175 million” and the “Assessor’s market value (under appeal, of course) for 2021 = $2,016,320, up from $785,720”
So for 12 years (2009 – 2020) this unit was assessed at ~ $785,750 vs. $2.1MM.
Does anyone know how to file a complaint against the city assessor? This is utter BS! The story should be on the front page of the Tribune for tax evasion.
“Does anyone know how to file a complaint against the city assessor? This is utter BS! The story should be on the front page of the Tribune for tax evasion.”
Joe Berrios was a total disaster. There were examples like this all over the place. The Tribune did do an expose on how out of whack the valuations were. They clearly over assessed the low end and way under assessed the high end. I remember when 340 On The Park units were at half their real value.
Getting back to the unit itself, I’m not overly impressed. If you live in this building, especially paying over $2 million, at least have a lake view.
“I remember when 340 On The Park units were at half their real value.”
You mean, you’re sentient right now, Gary?
I picked a random unit–1601:
last sold for $2,250,000 on Jul 16, 2015
AMV in 2021 (pending BOR) = $1,385,000
Checked one that’s on teh market for $2.75m (4503)
last sold Dec 29, 2017 for $2,730,000
AMV in 2021 (pending BOR) = $1,654,300
That’s ever so slightly better, but is still only 60% of FMV.
“You mean, you’re sentient right now, Gary?”
Not sure what you are asking or why but let me clarify what I was referring to. Going back into the appeal history it looks like the assessed values doubled around 2012.
As for current values…I picked a random unit that closed in the last year – Unit 5202 sold for 890K with parking. It’s currently assessed at 929K and that is without parking. I found another one around 75% of the sale price, also without parking.
“In Chicago, sometimes luxury is a matter of the right address.” Wow that comes of as pretentious af. Very underwhelming for $3M.
Suzanne, err…Sabrina, is it “different this time”?
https://www.longtermtrends.net/home-price-median-annual-income-ratio/
“Sabrina researched this!”
I think it’s strange that they are comparing an average to a median. I’d like to see median to median.
“Not sure what you are asking”
As evidenced by the couple of units I picked out, many (most?) of the larger units in 340 are still assessed at ~half of FMV.
“I’d like to see median to median.”
That chart has more problems than that:
the “Average Sale Price” is an amalgam of Case Shiller, and Census *new* home prices in 2000, and then using the fixed ratio from 2000 (apparently, the average new home price in 2000 was $180,000) for all periods before and after.
Bobbo–I expect better data than that from you.