Chandler 3-Bedroom Still on the Market 10 Months Later: 450 E. Waterside Drive in Lakeshore East
We last chattered about this 3-bedroom unit at The Chandler, at 450 E. Waterside Drive, in Lakeshore East, in December 2008.
It had come back on the market only 10 months after it was purchased.
See our prior chatter and pictures here.
But 10 months later, it is still for sale and has been reduced about $100,000.
The listing says it has the highest ceiling heights in the building. It also has river and Navy Pier views.
Back in December 2008, it had a “very motivated seller.” And now?
Kim Hamburg at Coldwell Banker now has the listing. See the pictures here.
Unit #2902: 3 bedrooms, 2.5 baths, 2131 square feet
- Sold in February 2008 for $1,141,551
- Was listed in December 2008 for $1.3 million (plus $50k each for 2 parking spaces)
- Reduced
- Currently listed for $1,199,900 (2 parking spaces available for extra)
- Assessments of $996 a month
- Taxes are “new”
the kitchen and baths are a joke for a million+ property. the views are great though.
The kitchen and bathroom finishes are G_H_E_T_T_O for a $1MM condo. I don’t understand why people try to save $50M at this level and end up with 36″ contractor grade cabinets, Frigidaire appliances, ceramic bathroom tile, etc. It just doesn’t work at $1MM+.
this bldg is only average. some of the views will disappear when a building is built to the east….currently it’s a vacant lot. plus the location isn’t even good….there’s nothing around there.
I agree w/ other comments….it has the great view, but you could find those quality finishes in many of the new construction apartments. definitely not “designer” or uique finishes one would expect w/ this type of property.
LOL that kitchen and bath has almost the exact same finishes as my condo… and mine is nowhere near a million bucks, that view though… WOW can you imagine the fireworks at navy pier from that?
Even in Feb of 2008, it was VERY CLEAR that the real estate market was horrible &the economy was crashing. Yet, this person STILL paid $1.1M for a property & then tries to sell it for $1.4M (w/ pkg extra) only 10 mos later. Amazing.
I do not think views of the water treatment facility and Navy Pier views are all that fantastic with just open water beyond. Longer views of the shoreline with the skyline are far more interesting both day and nighttime. As to the finishes: nothing “upscale” there. Given new construction at $400.00 per square foot (and this is too generous) would put this well below 1 million.
“I do not think views of the water treatment facility and Navy Pier views are all that fantastic with just open water beyond.”
If you look away from the lake you can certainly see a huge portion of the skyline as well. The view from this place is pretty top notch. The condo… well… that’s TBD.
The assessments are nearly $1000 a month, which is about what I pay for rent.
And why do people buy a place only to sell 10 moths later?
“And why do people buy a place only to sell 10 moths later?”
There are many reasons why this could happen but most likely, they are financial distress.
“The view from this place is pretty top notch.”
Again, I do see the near north views but it is the water views that are uninspiring at this price level. I think some of the best views of water and skyline look north (and south if possible) from the south end of Lincoln Park: water, park and skyline.
The view is pretty, especially with the floor to ceiling windows, but the place as a whole is rather ho-hum. For an alleged million dollar property, I want some kind of “wow” factor. Is that too much to ask? I mean, carpet in the bedrooms, no millwork, average appliances, hollywood lights in the bathroom? C’mon.
“Nice. Not *thrilling*, but nice.” -Caesar a la Dom DeLuise.
Where’s Nicole? Bob, did you two work things out?
it said in the 10mo ago previous listing that it can be rented for $6500/mo. I’m renting a sfh listed at $1.25mil for $4000 as of May. I did my research and while, yes, mine’s a sfh, I also looked at plenty of condos etc. I’d say the rent is about 60% over market clearing.
Nice view, but I agree, going north or south with a bit of the skyline is the real millionaire dollar view.
This definitely is not a million dollar unit from a finishes standpoint. It is no better than most $400k condos imho or high end apartments. The developer needs to get real. I have seen nicer kitchens in $325k places.
It is not the developer who is to blame for such lackluster units Russ, it is the individual who bought the place without any regard to who would be buying his place in a year.
Sort of reminds me of people who buy above their means and sit in an unfurnished house just to say they live in the prestigious _________________ neighborhood.
That said, with an ‘basic’ investment of $100-150k, this place could be beautiful.
“Sort of reminds me of people who buy above their means and sit in an unfurnished house just to say they live in the prestigious _________________ neighborhood.”
SOPO?
lol
lol Sopo. I’m headed to a housewarming in “Sopo”. I will most def ask the neighbors if they call their hood Sopo (so poor).
As far as the property: don’t check the pimp, check the hoe. Considering how many jackasses were willing to spend -finance- 7 figures for a condo with college apt finishes, we are lucky to even see that grade of finishes.
…ain’t no mo’ sopo ho’….
Clearly when a unit has been on the market for 10 months, there is a problem with the asking price. If they really are motivated and want to sell, they should take a page out of the recent 2bdrm unit over at 160 E. Illinois and drop the price 20%.
True jon, a 20% reduction would give the new owner an opportunity to be able to upgrade and customize to fit their needs. I doubt though that this seller would be able to financially do so. If you go with the base finishes in a luxury building in this area, it is obvious to everyone that you did so because you had to.
I showed this unit, the owner has spent lots of money upgrading it, however, the east view is going to be blocked when the new building comes. Therefore, I still think is a little over priced.
I recently bought a condo in the building next door on Harbor Drive with the exact same view, better upgrades, for 450k. Ok it is smaller, it is a 2/2, 1300 sq feet, but I really don’t think the sq ft difference justifes paying 700k more.
Which brings me to my main point, I saw a lot of units at Lakeshore east, what struck me the most is that the newer buildings, 2005 and newer, are charging at least 200k more for the exact same square feet and views as the older buildings. Also, you are getting more for your money in the older buildings as they are not as likely to cheat on sq feet and they do not do things like combine the dining room with the living room. This pisses me off, because the newer buildings are charging more and offering less, AND, in 10 years time they will not be the new kids on the block anymore, so the premium you paid for the ‘new’ building is lost.
That’s my two cents worth….
“Chicago Realtor on September 27th, 2009 at 7:59 pm
I showed this unit, the owner has spent lots of money upgrading it, however, the east view is going to be blocked when the new building comes. Therefore, I still think is a little over priced.”
Upgraded it with what, drywall?!