Do You Have Vision to Renovate a Million Dollar Condo? 1040 N. Lake Shore Drive
This 1-bedroom condo in The Carlyle at 1040 N. Lake Shore Drive in the Gold Coast recently came on the market.
Remarkably, in the nearly 10 years I’ve been running this site we have never chattered about this building and I don’t have a picture of it in my photo archive.
Built in 1964, it has 130 units and a parking garage.
From public records, it looks like it was converted to condos in 1995.
It has long been considered one of the Gold Coast’s most coveted buildings as it overlooks Lake Michigan and Oak Street Beach, is steps from shopping and restaurants, and has the amenities the buyers look for including washer/dryer in the unit, parking and central air.
This 1-bedroom unit has 2230 square feet and 2.5 baths.
I thought maybe they had removed a wall at some point and that’s how it ended up being such a large 1-bedroom but there is another “B” unit on the market with the same layout with 1 bedroom and 2.5 baths.
The listing says the master suite has 2 full baths (perfect for Jenny!).
There are also 2 balconies and views of the Drake and Palmolive buildings.
The elevator lobby on the floor is shared with just 1 other unit.
The listing also says there are 3 uniformed staff members to greet owners and guests in the lobby every day and get packages.
The kitchen appears to have the original cabinets and appliances along with dark (orange?) carpeting.
There is carpeting throughout the unit.
The listing says:
“22B awaits your own imprimatur whether it be conversion into a 2 bedroom or installation of hardwood floors, bring your imagination.”
This unit is listed for $1.3 million. For some ideas on what you can do with these units, check out this $3 million 3-bedroom that has been updated. See those pictures here.
Interestingly, the only time The Carlyle has been mentioned on CribChatter was in this 2008 Wall Street Journal article outlining that Chicago housing prices weren’t declining as fast as others. A record high price in the Carlyle was mentioned.
It’s a mixed picture in Chicago’s downtown area. A flurry of condominium building has kept prices down on much new construction. At the same time, some established apartment buildings are still seeing buoyant prices, even as properties spend more time on the market. The Carlyle, a 1960s-era glass-and-concrete tower along the city’s prized Gold Coast neighborhood, recorded the highest price ever — $2.4 million — for one of its “C”-tier units earlier this year, for example.
Currently, there are 5 units listed above that 2008 record high price of $2.4 million including one 5,000 square foot combined B and C unit that is listed at $3.86 million.
Are the new record high prices a sign that Chicago’s economy has diversified since the Great Recession and has gotten richer?
And will there be any renovators willing to restore this 1-bedroom to a new glory?
William Trammel at Re/Max Premier has the listing. See the pictures here.
Unit #22B: 1 bedroom, 2.5 baths, 2230 square feet
- No prior sales price listed in the CCRD
- Currently listed for $1.3 million (the cheapest unit currently on the market in the building)
- Assessments of $1690 a month (includes doorman, exercise, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $17,000
- Central Air
- Washer/Dryer in the unit
- Parking available
- Bedroom: 20×15
you’ve got the worlds laziest owner and agent
Owner should spend $5k on demo of the flooring and kitchen, having a blank canvas would help this move Vs its current shape
The Agent is just lazy. Taking a photo of the remodel plans and taking the worst pictures. Maybe they’re not lazy but hoping to pick this up cheap
“Owner should spend $5k on demo of the flooring and kitchen, having a blank canvas would help this move Vs its current shape”
anyone buying this unit is already picturing what it could be, not what it is.
“Owner should spend $5k on demo of the flooring and kitchen”
Easier to finance when it’s habitable, maybe?
yeahyeahyeah, anyone buying this is either cash, using a non-mortgage loan, or getting a bona fide construction loan, so it doesn’t matter. But it’s still a valid thought.
Also: possible that the association bylaws make “demo then wait” somehow undesirable.
22B awaits your own imprimatur
Pretty sure that “imprimatur” does not mean what this listing agent thinks it means.
That view, though.
Fab, but I’m not sure it’s literally a million-dollar view.
Madeline….LOL.
THAT CARPET! IN THE KITCHEN!!!! Oh my!
im·pri·ma·tur
?impr??mäd?r,im?prim??t(y)o?or/
noun
noun: imprimatur; plural noun: imprimaturs
an official license by the Roman Catholic Church to print an ecclesiastical or religious book.
a person’s acceptance or guarantee that something is of a good standard.
don’t forget that the other amenity is that “Da Mayor” Daley now lives in this building.
I gots the vision, but I don’t gots the cash
Cool article about the building and notable residents. Looks like Daley has a similar unit he bought quite a bit cheaper.
http://chicago.suntimes.com/news/kapos-richard-daley-moves-in-with-the-carlyles-whos-who/
” Daley has a similar unit he bought quite a bit cheaper”
And that is *ridiculously* under-assessed:
Jun-15 purchase for $865k,
Assessor’s market value = $192,060
Tax bill year before he bought it = $13,657.39
Tax bill for year he bought it = $3,428.56
“Easier to finance when it’s habitable, maybe?
yeahyeahyeah, anyone buying this is either cash, using a non-mortgage loan, or getting a bona fide construction loan, so it doesn’t matter. But it’s still a valid thought.
Also: possible that the association bylaws make “demo then wait” somehow undesirable.”
I would think that anyone looking to buy this place has a personal banker
The association theory seems more plausible
Either way, i think it ends up hurting the deal
This place deserves far better photos.
I went to a new year’s eve party a few years ago held in the top floor party room. The whole building is really nice. And the views are awesome.
The listing should note that the pool on the top floor is indoors.
One downside: no pets allowed.
The reduction in Daley’s taxes probably relates to the unit being uninhabitable while being gutted.
“The reduction in Daley’s taxes probably relates to the unit being uninhabitable while being gutted.”
It was a 75% reduction. He owned the place for ~55% of the year.
Not that I’m surprised, but it’s still corrupt.
Ah, the guy who left the city fiscally ruined pays only $3K on a fancy downtown condo.
speaking of *ridiculously* under-assessed:
“An unprecedented analysis by the Tribune reveals that for years the county’s property tax system created an unequal burden on residents, handing huge financial breaks to homeowners who are well-off while punishing those who have the least, particularly people living in minority communities.”
http://apps.chicagotribune.com/news/watchdog/cook-county-property-tax-divide/index.html
I like that there are two full bathrooms even for a 1 bedroom unit. I wish the realtor had included a floor plan. I wonder if it would be feasible to do his and hers bathrooms off of the master.
With so many other beautiful buildings in the area, this building never really intrigued me. It’s so boring from the outside, even though the interior common areas look nice.
If I was wealthy, I think it would be fun to re-do a blank slate condo. I would need to have enough money that cost was no object and so that I could live elsewhere during the renovation though.
No micro over the stove, so it’s got that going for it, which is good.
I absolutely adore this building. That being said – i don’t think 1 mil is THAT unreasonable in the current market for this building, in this location, and with this square footage. I think with a couple hundred grand of reno this could be a stellar 2 bedroom.
So maybe, for around 1.4-1.5 you get a pretty incredible 2 bed in a prime location, in a great building. Is that a steal? Absolutely not. But probably in line with other high end gold coast properties.
When was carpeting in the kitchen de riguer? I thought it was linoleum. In any case, I hope whoever tears the kitchen out donates it to the Chicago History Museum. I don’t know what all the fuss is about the Carlyle, it’s nice, but there are so many nice places in that area. East Lake Shore, Ann Luries maisonette, 1200 LSD, water tower, Bloomingdales, all with great views, the list goes on. I always thought it odd that Daley bought a one bedroom. You think he would want a home office or even a guest room for his kids.
I have only ever seen one other situation of carpet in the kitchen…and it was an older couple for whom slip and fall was a real issue. Still bizzarro to me.
Agree on the kitchen. I adore that hood vent. I wouldn’t want it anywhere near my personal residence, but I adore it. If a museum won’t take it, surely a theater group would be interested? It really is a great little bit of Americana.
“From public records, it looks like it was converted to condos in 1995.”
Incorrect, the building has been condos since it was first built. In fact, the building allows no rentals at all, ever.