A Studio Loft Returns to the Market in 540 N. Lake Shore Drive in Streeterville
We last chattered about this studio loft at 540 N. Lake Shore Drive a year ago, in April 2009.
See our prior chatter here.
In our prior chatters, the listing had said that it had sold in only one day in 2005.
That was then and this is now.
This time around, the loft has been on and off the market for over 15 months.
It is now listed for $10,001 under the 2005 purchase price.
This top floor loft has 12 foot timber ceilings and exposed brick.
It has carpet and a “lofted” sleeping area which the pictures indicate you go up a ladder to access.
There is central air but no washer/dryer in the unit but the listing says it can be added.
The kitchen has stainless appliances and granite countertops.
Curt Ratcliff at @Properties still has the listing. See all the pictures here.
Unit #714: studio, no square footage listed
- Sold in December 1993 for $74,000
- Sold in January 2003 for $139,000
- Sold in November 2005 for $200,000
- Was listed in February 2009 for $203,900
- Reduced
- Was listed in April 2009 for $195,000
- Withdrawn
- Re-listed for $189,999
- Assessments of $240 a month (includes cable, doorman)
- Taxes of $1810
- Central Air
- Lofted sleeping area that is 5×9
- Parking available as rental in the building
- No washer/dryer in the unit (but can be added)
- Living space: 20×18
- Kitchen: 8×8
The pool of buyers that want to climb a ladder to reach their 9×5 sleeping pad is fairly limited. I don’t know that for certain – it’s a guess based on everything I have learned about people and where they want to live and where they don’t want to live over the course of my entire lifetime. So I say that with some confidence.
100% snaps to the Realtor on the pictures, he/she went up that ladder to turn on the lamp to show more light.
He/She also felt it was necessary to put a lamp… in the kitchen.
“100% snaps to the Realtor on the pictures, he/she went up that ladder to turn on the lamp to show more light.”
“The pool of buyers that want to climb a ladder to reach their 9×5 sleeping pad [while paying about $1200 a month for the privilege] is fairly limited.”
Fixed that for you.
For the price of assessments + taxes, you’d find a *lot* of people interested in “buying” the place.
That “lofted sleeping area” should be used for nothing other than storing boxes. Noone should be sleeping up there.
I wonder how much it would cost to build out that loft bed so it bridges over the hallway so it doesn’t have that childhood, narrow bunkbed feel.
This is the kind of place that is going to get hosed valuation-wise once the 8k of FREE MONEY expires at the end of the month. Also if the seller is really interested in selling it and a washer and dryer is allowed in the unit, it would make common sense to go out and buy them.
Oh wait..theres no place to put a washer and dryer without it looking completely out of place because this place doesn’t have the closet for it and is essentially a large dorm room.
I reiterate what I said 14 months ago, only changing one number (the ask):
190k for a studio, ha! They bought in 2005: do not pass go, do not collect $200. They are stuck.
Bob, what do you mean, “they are stuck”? As in, can’t sell have to live there forever? What is a reasonable price for this studio?
(knock knock) . . . oh, @$#%, it’s the RA! Hide the keg!
lol @chi_dad
I think it is agent owned
This place would be perfect for emmanuel lewis aka webster.
did this sell, i can’t find the listing?