Get a 2/2 in a Classic Beaux Arts Building at 3314 N. Lake Shore Drive for Under $200K
This 2-bedroom in 3314 N. Lake Shore Drive in Lakeview has been on and off the market since 2013.
It most recently came back on the market in February of this year.
If you’re a fan of Parisian architecture, this is the building for you.
Built in 1916, it was the first shoreline high rise apartment building constructed north of North Avenue.
It was, of course, meant for the rich.
According to “Chicago Apartments: A Century of Lakefront Luxury” when it opened, each floor contained a single unit 18-room, 5 bath apartment that rented for about $10,000 a year. Residents included all the ritzy families of Chicago at the time, including those with the names of Spiegel, Ward, Peacock and Goldblatt.
Over the years, the units were reconfigured and when the building was sold to a new owner in 1951 for under $400,000 it contained 49 apartments. Since then, units have been reconfigured so that there are now 29.
The building was converted to condominiums in 1983.
This unit, however, is not one of those that looks out over Lake Shore Drive.
On the second floor, it doesn’t have the vintage features of the building.
It does, however, have a rare small terrace.
The kitchen has granite counter tops, stainless steel appliances and the white cabinets with wood trim that were once popular.
This unit has features buyers look for including central air and washer/dryer in the unit.
There’s no parking but it is available in the neighborhood for between $150 and $250 a month.
This unit has recently been reduced to $199,000.
Given the exploding rents in the neighborhood, is this a deal?
Brad Lippitz at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #2D: 2 bedrooms, 2 baths, 1315 square feet
- Sold in June 1989 for $140,500
- Sold in March 2000 for $165,000
- Was listed in 2013, 2014 and 2015
- Re-listed in February 2016 for $219,000
- Reduced
- Currently listed at $199,000
- Assessments of $1202 a month (includes heat, a/c, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $5795
- Central Air
- Washer/Dryer in the unit
- No parking- but available in the neighborhood for $150 to $250 a month
- Bedroom #1: 16×15
- Bedroom #2: 13×11
Beautiful building. I can’t believe someone put granite on those 80s cabinets; if only they’d done a proper upgrade it probably would have sold by now. If you have a car, even a cash buyer is looking at nearly 2K per month in HOAs, taxes and parking, so despite the cheap price this is no bargain. Big red flag is no pic of the terrace view, such a rarity in a vintage building you’d think they’d show it unless it just sucks. If by some miracle it’s actually a pleasant view then this will work for someone like me who loves vintage but has to have their private outdoor space. I can’t see more than one person living here long-term unless they’re minimalists.
“someone like me who loves vintage ” – such a person want’s crown molding and other vintage features that this unit doesn’t have.
This was an attempt to modernize a vintage unit. The market time and falling prices indicate that it was not successful. But that could also be explained by the high taxes and HOA fee. Those taxes are brutal.
Nicely staged and I appreciate the shot of the jogger…
I imagine the taxes can be successfully appealed given the price point. However, that view can’t be changed and it appears to be abysmal. I’m not sure what value to even put on this place given the lack of parking, the need to update the kitchen, the poor view, and the slightly too high assessments.
“I imagine the taxes can be successfully appealed given the price point.”
That’s not how it works in Cook County, and especially not in condo buildings. The assessment is based on the sale prices of a pool of comparable properties over teh past 3 years; in larger condo buildings, it is largely, but not entirely, based on sales in the same building.
The owner appealed in both ’14 and ’15, and those taxes are based on the post-appeal assessed value.
Re taxes- you must appeal the taxes for the whole building if your place is a condo, not just your unit. We have appealed, but with no results. The city is in no mood or place to lower taxes right now.
The featured unit seems to be a gift at first blush, but the HOA is a killer, which is no doubt why this place has been on the market for over a year. I have had it on my watch list at least that long. Even 421 W Melrose has more reasonable HOA costs for what is included, and the level of service in the building.
If I am not mistaken, here is a more recently updated 2 bed 2 bath rental in the same building for $2500/mo.
https://chicago.craigslist.org/chc/apa/5601622496.html
If you put 20% down on the Subject, and didn’t have that down-payment working for you, after taxes, assessments and insurance you would literally break even on a monthly basis if you rented this place out…you would have zero profit (actually you would be losing since your down-payment wouldn’t be earning you anything and you would be paying interest on the mortgage). Now, the depreciation you would be able to take since you would be holding this as investment property, and the tax deductions for mortgage interest and property taxes could make your return positive but you would have to live with the fact that it simply isn’t going to cash flow on a monthly basis. So not a good investment. The taxes on this unit are simply brutal and out of whack.
You might actually do a successful tax appeal if you had an appraisal in hand that could over-ride the fact that otherwise your comps would be a basket of nearby condos that are much nicer than this one…..but that’s a gamble.
“you must appeal the taxes for the whole building if your place is a condo, not just your unit”
You don’t *have to*, it just is that you are less likely to win if you do not, unless you have unusual circumstances.
“The city is in no mood or place to lower taxes right now.”
A reduction in AV results in a redistribution of the tax burden, not an outright reduction in the total tax paid. In Cook County, the taxing authorities submit to the Clerk a *dollar amount* (NOT a mill rate), and that ‘levy’ amount is divided over the aggregate assessed value in the taxing jurisdiction to determine the tax rate.
I am *CONSTANTLY* surprised at how few people have even a rudimentary understanding of how property tax is assessed in Chicago and Cook County.
My building just appealed and our AV was reduced by 25% from the proposed new valuation.
“Re taxes- you must appeal the taxes for the whole building if your place is a condo, not just your unit. We have appealed, but with no results. The city is in no mood or place to lower taxes right now. ”
No that’s not so. I tried to get my entire condo building to appeal but the Pres wasn’t interested, so I simply appealed myself. Got a reduction just in time to help when I sold the place.
I am *CONSTANTLY* surprised at how few people have even a rudimentary understanding of how property taxes are corrupt and manipulated in Chicago and Cook County.
… fixed for me