Bank Owned 2-Bedroom Reduces $14,100: 3534 N. Lake Shore Drive in Lakeview
We last chattered about this 2-bedroom vintage unit at 3534 N. Lake Shore Drive in Lakeview in August 2013.
See our prior chatter here.
If you recall, it is bank owned.
This is the unit where some of the hardwood floors and moldings have been painted.
The building was built in 1924 so this unit has the pre-war features like tall ceilings, hardwood floors, crown molding, generous room sizes and a big entry foyer.
The kitchen has white cabinets and stainless steel appliances.
There are no pictures of the bathrooms.
It has washer/dryer in the unit but no central air and there’s no mention of parking.
With no sale in the last month, the unit was recently reduced $14,100.
Will this reduction be enough to tempt a buyer in a rising interest rate environment?
Ron Ehlers at Jameson Sotheby’s still has the listing. See the pictures here.
Unit #12D: 2 bedrooms, 2 baths, 1500 square feet
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- Sold in June 1993 for $150,000
- Sold in December 1995 for $160,000
- Sold in September 2006 for $430,000
- Lis pendens foreclosure filed in August 2010
- Bank owned in April 2013
- Was listed in August 2013 for $299,000
- Reduced
- Currently listed for $284,900
- Assessments of $894 a month (includes water, cable)
- Taxes of $5036
- No central air
- Washer/Dryer hook-ups in the unit
- No mention of parking
- Bedroom #1: 14×14
- Bedroom #2: 14×13
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Oh gosh the new format is definitely different. The old version was sooooo good. What happened? Please don’t “Subway” “Circuit City” or “Yahoo!” your logo or page.
Somebody will get a VERY good deal on this apartment, thanks to its appearance. I mean, it’s only paint and wall paper but the ugliness of it will so overwhelm most buyers that they turn on the heels and walk out the minute they see it, and don’t realize that this is a HUGE, intact vintage with the original details and floor plan still intact, and with a perfectly decent kitchen. This building has always been a very good deal for the money. The apartments are gigantic, with huge kitchens and generous baths, and most of them have intact vintage details. The units in the 3534 tier are the largest, while the 3530 tier apts, though still large, are a little smaller, but with better configurations and better views.
The place really is worth the ask price, but most buyers are so spooked by “decor” like this, that if you have cash or a large down payment, you could probably knock another $50,000 off the price, especially this late in the selling season.