A Streeterville Studio With Lake Views: 900 N. Lake Shore Drive
Direct views of the lake, even in Streeterville, are cheaper than you may think.
This 500-square foot studio recently came on the market in 900 N. Lake Shore Drive, one of Mies Van Der Rohe’s classic 1955 modern high-rises along the lake in Streeterville.
The listing says it has the original kitchen cabinets, gray countertop and gray bathroom.
Check out the black floors.
The listing also says it “shows like a boutique hotel suite.”
Tracy Dillard at Koenig & Strey has the listing. See the pictures here.
Unit #1614: studio, 500 square feet
- Sold in February 2005 for $180,000
- Currently listed for $245,000 (parking available for rent)
- Assessments of $267 a month
- Taxes of $1932
- Central Air
- No Washer/Dryer in the unit
- Direct lake views
Those nice looking finishes are such a waste in a tiny little shoebox. Who buys a studio anyway? You’d think you’d want to move up in life from a studio within a year because it sucks so bad. Buying a place these days isn’t exactly a smart short term investment.
Nearly $500 per sq ft and no parking or W/D in unit? That is definitely not “cheaper than [I] may think.” $325 per sq ft (and even then, only because it’s Mies V D R), and that puts it at $162,500. That sounds more like it to me.
Uhhh I could buy a 1 bedroom with a direct view of the lake for 50k less.
“shows like a boutique hotel suite”
Hmm, are suites in boutique hotels different from suites in regular hotels? Are they somehow not really “suites”, as in having a separate bedroom? Which every hotel suite I’ve been in has, altho I admit to not having been in a suite in a boutique hotel.
“Seller will provide credit for stainless steel range.”
Does the buyer get to pick the range? If so, I’d go for the $10,000+ credit (viking, ilve, etc., all in sizes too large for the kitchen, but that’s not the point). Oh, you meant the $699 special? No, thanks.
i hate to be a broken record, but who has $50k for a downpayment that is willing to live in 500 sq feet?
This unit is a shoebox, but I’ve always admired these buildings and wondered about the larger view units. Is this a well-run complex?
$162k sounds about right
If that price were a little more reasonable, it would actually move pretty fast. My friends parents bought her a studio in Streeterville the summer before she started med school and she stayed there throughout her residency. Studio at $245 is a different story though.
The price is about right… for Manhattan.
Surely you jest.
“The price is about right… for Manhattan.”
Well thats where studios are headed in Manhattan. Something about Wall Street being gone and the stock market being half off…NYC RE’s gonna crumble next.
“Is this a well-run complex?”
It is a VERY well run complex. The homeowners, a large share of which are architects and/or modern design lovers, care very much for the legacy of these towers. The art collection in the hallways, as well as the refurbishing of lobby, courtyard and mechanical systems have all been done in the past. My only turn off to this building was that you have to valet park your car. I may be mistaken, but I dont think there are deeded spaces, but this could have changed. At the time I had looked into these units (late 2007), they were still mostly not allowing units to install washer-dryer hookups, but this may have changed.
This price for this studio is insane indeed. I have a friend who bought a very nice 2bd/2ba corner unit with great views in this tower for 365K (not sure if it was 2005 or 2006).
The sellers are insane, asking above 2005. The economy died today. No one is going to buy a thing.
there appears to be a 1br for sale in this building for 279 – on a low floor and looks quite dated. the valet parking is a deal breaker for me. i can park my own car, and i want to park my own car.
Surprisingly, unit 1414 closed in october for exactly (iirc) what they are asking . I think it was a little spiffier. there is a wait list for non valet spots, peeps near the top of the list signed on in the 1980s.
Ouch to the small space haters!!! 500 square feet is plenty for one person. I have always chosen location over space. I would rather have a small space filled with nice things I can afford (and live debt free other than a mortgage), than a huge space filled with mediocre crap from the big box stores that I can’t really afford.
Too each his own…
i have a friend who recently bought and renovated a studio (550 SF) with great views/great location. I questioned why she didn’t go for at least a 1 bedroom, but she said she had no interest. for some people, it’s plenty of space.
She makes about $85K per year at her day job and waitresses at night a couple three times a week for extra money, but also cuz she (strangely) likes it.
less is more!
I don’t think anybody expressed “hate” of small spaces. What we’re dissing is paying $245K for a studio, even in a fancy building — it’s not generally a sound economic decision for the demographic that would typically consider it — certainly not in this market. If someone plans on living there for 10+ years, fine, but most people who buy these things don’t have that in mind.
“Ouch to the small space haters!!!”
I suspect that original kitchen and bath are a big plus for the potential buyers of this unit too, especially if well maintained and in good shape.
JPS,
While not a true MvdR building, you may want to look into LPT. 2nd Chicago school style w/ lake views, history, and washer/dryer allowed in unit. If I remember correctly, I think there is valet parking as well as the option to park your car yourself there as well.
Downsides are that its pretty empty there after 7pm and navy pier being your neighbor (esp. during the summers. ugh.)
Great website on these buildings with loads of details on their history, design and features:
http://www.900910.com
Too expensive for a studio-I don’t care where it is! You should get at least one bedroom if you are going to pay 245K.
Re parking the building website says “Garage parking available for residents, valet parking available for guests.”
great building and a very good deal in the area. well managed, great staff, good reserves, major projects done, including iirc,the riser replacements. your parking will be valet there but the rates are pretty good and the staff is quick to have your car ready when you call down. many of the buyers of these building and 860/880 don’t mind and some even want the original kitchens and baths. its amazing how well thick bed tile jobs hold up compared to newer units with cement board or greenboard backed baths. the kitchen cabinets in all the mies buildings -860/880 900/910- were steel and many have held up well, still in service looking great with new granite counters and ss appliance. and if i havent mentioned it before, this part of streeterville is Couger central gggrrrooww! love doing showings down here.
true. parking is 160/mnth. relatively low for that spot. can’t verify the cougar population.
Here’s a listing for a big nicely done 2/2 (converted from a 3/3) in this building for $650K — $448 per square foot. $6100 taxes and $853 assessment. I love it, but wow.
http://www.redfin.com/IL/Chicago/900-N-Lake-Shore-Dr-60611/unit-809/home/14119467
There appears to currently be around 15 units for sale in 900/910….seems like a lot for such a prestigious complex?
I love these buildings for their high quality and design excellence. I don’t like the two pipe system, low ceilings, high assessments, ugly heat/ac units in the rooms, and lack of w/d in unit. The laundry room is nice though. Many of the units have excellent remodelings/renovations. Well run, great reserves and cheap parking (for the area) are hard to find.
Hahahah, that suburban kitchen is going to hurt the sale of that unit.
Thanks JPS for the link…very interesting to read the details about these amazing buildings! Also, if you don;t mind, where are the other 15 units listed? Although it is a great idea, I am very surprised that the association would allow residents to combine apartments as it would ‘take away’ from the buildings original design. I saw one such apartment on an ‘HGTV sales show’ (can’t recall the name right now) and it was spectacular. I believe that unit had three apts. combined and the price was not that high. I would LOVE to take three two bedroom units and combine them, two corner units of course…heck, as long as I am dreaming I’ll take 4 units…
JPS–do you really think that 2/2 is really well done? because I looked at it and thought it really ignored the fact that the unit is in one of Mies’s best buildings. The reno is *not* consistent with the building’s aesthetic. (Second the thank you for the link to the 900910 website, by the way.)
most of the listings are on redfin
There are plenty of combination units in both of these complexes, I think even from day one there were combo’s and customizations. I met a women years ago who had done a lot of work on her unit when she moved in when new; can’t remember if the building was a rental or built as co-op (the 900 portion) – tenants used to do up rentals in the olden days.
I found the most 900/910 listings on urbanrealestate.com
Kenworthey — I agree that #809, while a nice reno, is not consistent with the building’s aesthetic. I guess that would turn off some potential buyers but I don’t have a problem with it myself. I love the buildings but probably wouldn’t adhere strictly to the mid century modern interior aesthetic if I owned there. Ownership after all is about getting to do what you want with your space. OK, call me a Philistine.
“I am very surprised that the association would allow residents to combine apartments as it would ‘take away’ from the buildings original design.”
These buildings do not have bearing walls and so the floor plan is limited by plumbing stacks, etc. and not walls Combining units would not take away from the original ideas or design, as Mies often eschewed walls and dealt with spaces.
see those dark cabinets in pic #6?
Does anyone here think that changing 42″ maple cab doors to the dark ones is a good investment?