Flipper Alert: Update on Re-Sales at 600 N. Lake Shore Drive
Closings began on 600 N. Lake Shore Drive, Belgravia’s new towers on the lake in Streeterville, last fall.
One of the three units I chattered about in late January has sold.
Unit #1704: 3 bedrooms, 2 baths, 2149 square feet
- I’m not sure if this unit sold previously as I couldn’t find an original sales price
- Was listed for $1.2 million in January 2008 (including two parking spaces)
- Sold for $1,113,000 (including two parking spaces)
Below are the closing prices for some other 04 tier units:
- #1304: 1,115,000
- #1504: 1,136,500
- #1604: 1,135,500
- #1804: 1,164,500
The listing said it was under developer’s pricing. Apparently, that turned out to be true.
Unit #1905, a 3 bedrooms, 3.5 baths, 2500 square feet unit, was available for rent at $8900 a month (including two parking spaces.)
It rented for $7,000.
The last unit, a two bedroom, is still on the market. They have put some furniture in the unit and painted it. It was empty two months ago.
Unit #2201: 2 bedrooms, 2.5 baths, 1621 square feet
- Sold for $768,500 in December 2007
- Was listed for $850,000 in January 2008 (parking extra)
- Currently listed for $850,000 (parking $60,000 extra)
- Assessments of $492 a month
- Baird & Warner has the listing
I am curious why 600 nLSD does not get the same buzz as 340 otp? I think the location is as good, the views are different depending on your orientation, and I still prefer being north of the river since that is where most of the places I go are located. Of course, I see yet ANOTHER ceiling fan is put into what was designed to be a modern air conditioned space, but at least 600 did not fall for the exposed concrete ceiling fad.
Everyone seems to be against ceiling fans. However, even in modern air conditioned building running a ceiling fan will increase your energy efficiency. Even at maximum speed, a ceiling fan uses 50 to 75 watts (as much as one incandescent lightbulb), less than one-tenth as much as a medium-size air conditioner.
Also, air conditioning dries out your sinuses, and many find it very unpleasant. Just opening windows is not enough, if the breeze is still, or if you want to avoid outside noise. If you don’t have a ceiling fan, you have to drag out an ugly, inconvenient box fan or rotating fan, and even if you only want to forgo air conditioning a few times a year, it’s awesome to have a ceiling fan, which does a better job, is more attractive, and is more convenient.
I don’t get the anti-ceiling fan, either. I put them into my own unit.
I don’t mind these units. I think the building has a great location and nice views in some units. I too think the finishes are a bit more timeless than some of the more modern trends making the rounds.
340 otp has the millennium park but this doesn’t. I think millennium park will become the “central park” of Chicago. If my assumptions are true, then properties around it will hold value better and have a good upside (way out in the future, post housing slump).
Also, these buildings are built right on Lake Shore Drive. Literally- it is about 10 feet away.
Don’t underestimate the noise and pollution associated with probably 100,000 to 200,000 cars a day driving by your home.
Additionally, at that particular location, during rush hour, the cars get backed up so that its a parking lot on the Drive in front of the building. So you’ll have honking and everything associated with that for a few hours everyday as well.
340 OTP is removed from the traffic and pollution from Lake Shore Drive yet still has views.
I forgot about the traffic noise of Lake Shore Drive. I am seriously thinking of moving and leasing for another year or two until the dust in this market settles. My top two choices right now are 340 OTP and 600nLSD as it would be fun to give these towers a “test drive”. I was big on lofts for a while but have decided I like the idea of an in building pool and indoor parking. I am not sure if anyone else is looking, but many of the lease units currently available are VERY willing to negotiate. The unit owner that I lease currently from is willing to reduce my rent from 2750 to 2250 when he found out I was thinking of moving, and my unit was originally listed at 3500 a month on Craigslist when I was looking. There is a huge inventory out there both to buy and lease.
“Also, these buildings are built right on Lake Shore Drive. Literally- it is about 10 feet away. Additionally, at that particular location, during rush hour, the cars get backed up so that its a parking lot on the Drive in front of the building. So you’ll have honking and everything associated with that for a few hours everyday as well.”
Sabrina, dont underestimate that some people enjoy this sort of urban feeling. If you’ve ever been on one of these balconies in a number of these buildings very close to LSD it is very impressive.
If you get a chance to get into these you can hear a pin drop when the doors & windows are closed. You have jaw-dropping Lake Views & some units even have both Lake and City Views. To me and many more people this location is A+++ Fantastic. This building will do extremely well. Its the last parcel of Land built in Chicago with a North Lake Shore Drive Address besides the Spire.
I would rather be able to hear the sounds of Lake Shore Drive than have no balcony like some of the other buildings up and down LSD that are similiar distance away from the drive.
City Agent, I know more than one person who wouldn’t even step foot into the building to look at the units because of it’s proximity to LSD.
Not to say that many people will get over the issue, but it definitely does give 340OTP the upper hand in that respect.
Thanks for the info about the rental market Morgan. I think that’s right on anything over $2000. There are simply way too many condos that owners are trying to rent out in that price range. You’re not exactly right out of college and in your first $30k a year job and paying that much on rent.
Many owners simply want some money coming in.
By the way- you might want to look at rentals at The Heritage at 130 N. Garland. It’s a nice building and has a wonderful indoor pool.
Definitely test-drive. That’s just my opinion. You may find out you don’t like living in some of these buildings (like I said- about the noise on LSD.)
Yes, City Agent, I’ve been in some of these buildings. How many right on the Drive actually have balconies?
Not many- if any.
Why is that?
Hmmm…because when you’re sitting out on your balcony you’ll be breathing in car fumes!
I’ve had friends live right near the Drive (not even this close) and when they cleaned their place they wiped the car soot off of their furniture.
At least there are no trucks on the Drive, which helps.
Also- the noise pollution can be constant. People who live on East Lake Shore Drive report hearing car crashes pretty regularly on the curve right there.
The traffic noise is a steady humming noise. Not awful- but it’s noise pollution nevertheless. If your windows are closed you don’t hear it much. Just don’t open the windows.
Also, I’m not sure why the views would be stunning from 600 N. Lake Shore Drive (if you face east.) At night, you’re looking into nothing. Just black. There are other buildings where you get both the lake and the city views.
Regarding views and auto pollution. I have a co-worker who owns in the Meis designed 910-900 north Lake Shore Drive buildings. She loves the east view as she gets up early and has emailed many amazing sunrise pictures around the office. I asked her about auto soot and she agrees with Sabrina about it being a problem that needs cleaning regularly if you enjoy open windows. BTW, I think Cribchatter should do a story on the four Meis buildings on north Lake Shore Drive. There is a lot of inventory in those buildings right now.
Morgan: Thanks for the update. Those buildings don’t have balconies either. So imagine sitting out on your balcony in the summertime and dealing with the soot.
I’ve done one or two posts on the Mies buildings in the past. I’ll take a look again.
Ceiling fans are nice but remember everyone in the household must be a fan of them. My cat is scared to death of the ceiling fan when it rotates.
Also this building is beautiful and the finishes are indeed nice. No silliness like exposed ductwork or concrete ceilings that I’m not a fan of.
Can anyone give insight on where 600 lsd is on closings? The last I heard was that they started on the north tower but haven’t received an occupancy permit for the south tower.
Also, does anyone know someone who might have already moved in and what they would say about the issues raised above? Thanks in advance.
I thought they were still building the south tower.
So much bunk in this thread. I know 2 people who live in this building and neither unit suffers from any ill effects of being on LSD. To the contrary, it’s close to everything including navy pier, the beach, the flyover, etc. I’ve even considered buying a unit there myself. Obviously someone here is just trying to pump and dump units at 340 OTP – a nice building but less desirable location for my money.
“So much bunk in this thread.”
You know you’re arguing about a post from 2008, right?
Lol!