Foreclosure Alert: 3-Bedroom Pre-War: 3300 N. Lake Shore Drive in Lakeview
We’ve chattered about this pre-war building at 3300 N. Lake Shore Drive in Lakeview before.
This 3-bedroom unit just came on the market well below the same tier units currently on the market in the building.
It is bank owned.
There are no interior pictures so we don’t know the condition of the unit other than that the listing says it is in “need of significant renovation and is priced accordingly.”
It has the bones of a 1920 building with a separate dining room and the large room sizes.
However, there is no in-unit washer/dryer, no central air (only window units) and no parking. It is leased nearby.
Some configurations of this floorplan call this a 2-bedroom with den.
There are two other “C” units currently available where you can see what the interiors look like:
- Unit #3C: on the market for 12 days and listed at $449,000. Brian Loomis at Coldwell Banker has the listing. See the interior pictures here.
- Unit #5C: on the market for 376 days and listed at $459,000. Mike Liska at Prudential Rubloff has the listing. See the interior pictures here.
Is this a deal at this price for the space on Lake Shore Drive?
Matt Garrison at Coldwell Banker has the listing. See the listing here.
Unit #15C: 3 bedrooms, 2.5 baths, 1800 square feet
- Sold in July 1996 (I can’t find an original sales price)
- Lis pendens in August 2008
- Bank owned in March 2010
- Currently listed for $259,900
- Assessments of $950 a month (includes heat)
- Taxes of $6620
- No central air- window units
- No parking
- No in-unit washer/dryer
I was amused that an actual baby crib showed up in google ads on this post.
I can’t really comment on this particular property, but I really like the looks of 5C. Beautiful property.
I wonder what the catch is-Lakefront property with guaranteed views for only 259k? Even if the people that lived there completely trashed the place, isn’t that low for the location/size?
Not given the associated assessments and taxes.
Yeah your monthly nut is already ~$1500 before the mortgage, so even at $259k (if it sells that low), it’s not exactly “cheap”.
Seems like a deal to me.
A similar co-op unit at 3750 N Lake Shore just went under contract. Needed a lot of rehab work, and the tax+assess are more like $2K, but the list price was $150K:
http://www.redfin.com/IL/Chicago/3750-N-Lake-Shore-Dr-60613/unit-7C/home/13122209
if this nit is a co-op does anyone know if the taxes are included in the HOA fee?
If so then the remaining $4000/month isnt bad with heat..factoring doorman, elevator and fascade maintenance, and co-op mortgage
there isn’t doorman at 3300….
Assessments of less than $1000/month for a vintage building on Lake Shore would actually be “low” if there were a doorman. Don’t forget that you’re paying for the privilege of not having to lift a finger, unlike in a self-managed building or SFH. The bigger problem is road noise (I’ve seen 4 apartments up the street in 3500 LSD, and the traffic noise was a problem) and the lack of parking. Two-bedroom plus den is more accurate, as there are tons of “three-bedrooms” where the maid’s room off the kitchen, next to the fire escape, wouldn’t be big enough for a dog.
If it is a co-op, then taxes should be included in the monthly assessment because the Cook County Assessor has no way to individually bill each unit. Co-ops do not have individual PINs for each unit.
this is a great deal and will be snatched up immediately.
it’s a condo. taxes are in addition to the monthly assessment.
i viewed this condo. the catch: it is not habitable, no longer has 3 baths or kitchen (won’t qualify for mortgage), and the creepy junk left behind will fill 2 dumpsters. 3rd bedroom is maid’s quarters only big enough for a twin bed. it’s a great opportunity for someone willing to start from scratch, but not for someone wanting the charm of original tile, etc.
Apparently someone thought this was a deal as it has already closed for $216,000.