Get an In-Town Right Off the Mag Mile: 1000 N. Lake Shore Drive
This 1-bedroom condo at 1000 N. Lake Shore Drive is in a choice location for those who want to be near the action of the Mag Mile, Oak Street Beach and Rush Street.
It’s also a short sale and is listed $16,100 under the 2006 purchase price.
But you won’t find any hardwood floors, stainless steel or granite in this unit.
Regina Micaletti at Field Street Properties, LLC has the listing. See the pictures here.
Unit #1007: 1 bedroom, 1 bath, 800 square feet
- Sold November 2006 for $176,000
- Short sale
- Originally listed in March 2009 for $179,900
- Reduced twice
- Currently listed for $159,900
- Assessments of $650 a month (includes Air Conditioning, Heat, Cable)
- Taxes of $2800
- No Central Air
- No in-unit Washer/Dryer
- Parking available in the building
$120K. Sold.
No w/d
Assessments that would cost as much as your mortgage
High taxes
Lower it another 20% from the 2006 price and you might have a buyer!
“another 20% from the 2006 price”
So, you think $125k (160 – .2*176), or $140k (176-20%)?
~$900/month for taxes + Assess + $652 for a $125k mortgage at 4.75% = $1550 w/o tax benefits. Seems pretty fair, w/o much downside capital risk (ignoring special assessments).
What’s the rental comp?
What does everyone think assessments and taxes are downtown? Do people live in a mythical world where all one bedrooms have $100 a month assessments and 2,000 taxes? Many older buildings have higher assessments…and these taxes are quite low.
“What’s the rental comp?”
Probably around $1500 or less since this place doesn’t have a view, and has old rental quality finishes.
“What does everyone think assessments and taxes are downtown? Do people live in a mythical world where all one bedrooms have $100 a month assessments and 2,000 taxes?”
Are you talking about new construction in the South Loop? Because it seems to me that the developers have sure tried to make people believe that, at least in the non-“luxury” buildings.
This is a well run building in a fantastic location. This unit is a great price for someone looking for a 1/1 and makes the perfect intown.
Yes, it needs work but you can make it your own. Assessments are a bit high but not bad for location and age of building
Tax benefit calc
4.75% on a 30 year for a single person
Monthly interest on $652 pmt is ~$492 * 12 = $5900 + prop tax of $2,800 = $8,700 of deductions. Less the Std deduction of $5,700 * 28% = $840 tax benefit
Off topic…
Does anyone have knowledge about Hermosa? Is it a good neighborhood? Would a family want to live in that area?
Thanks
Building may be “well-run”, but building still has its original windows and likely faces a full replacement program in near future. Close look at the window-wall reveals its poor exterior wall condition. Look for a special assessment soon to cover cost. This is a cheaply constructed 60s high-rise apartment building that will never transcend its origin. Location is convenient but congested, and unless rentals are restricted likely to be overrun with tenants not owner-occupants. Inexpensive, easy to buy in but far harder to sell.
Hermosa is not a great area.
Here is a quintessential example why condos are a bad investment.
I hate to invoke the West of Kedzie rule, but it kind of applies here.
Hermosa is a tiny community area.
Hermosa is about 84% hispanic.
Median income, $38,159 as per 2000 census.
Served by the 25th Police District.
Go to http://www.everyblock.com and the Police ClearMAP site that shows crime stats.
Anon, you’re absolutely right. To take it a step further, from my experience, developers of new construction typically low ball the assessments when they take their buildings to market. Once the board is in place, the assessments tend to get jacked up — this has to happen in order to maintain the property. It’s happened to me at plenty of buildings.
Look, assessments in so called full service, older buildings (buildings that are 30-40 years old) are going to be in the 500-650 range, regardless of where they’re at. It’s unfortunate, but that’s the way it is.
I personally never cared for 1000 LSD. Great location, but funky windows that will cost a ton to replace, if I’m not mistaken it has window AC units, etc. However, at this price, I think it’s an opportunity for someone.
Jason, I’d doubt 120 will happen, but if it does, hell, I’ll buy the place.
I don’t understand…how can the assessments include air conditioning if there isn’t any central air? What does it cover then? The window unit?
Commercial blower A/C probably. Pretty typical in older high rises.
Thanks for the information on Hermosa.
Architect has this one nailed.
I just can’t pile on due to fond (yet fading) memories of 15¢ happy hour oysters and 1/2 price cocktails at the long-gone Nantucket Cove.
It was the perfect solution for a broke, hungry and sober college student. OK, it only solved two of the problems, but it did it with style.
I guess I don’t understand all the negativity (oh wait this is cribchatter…) I don’t think you will find many buildings with a better location than this. You are right across from the Drake Hotel after all!. Oak St beach is right across the street, you have Mag Mile to the south, the lakefront to your north, and the Gold Coast to the west. You also have 2 red line stops within a 5 minute. This will definitely sell. Assessments seem high compared to other 1 bedrooms in the Gold Coast – compare to units on Cedar, Oak street, etc that are in the $400-$500 range. However this unit will absolutely benefit from location, location, location.
I still think $650 is high for an 800 sq. ft. one bedroom — old building or not. 10-20 year old loft projects in River North and West Loop have assessments of $300-600 for 2 bedroom 1000-1200 sq. ft. units. If it’s costing that much money just to maintain the building, maybe they need a special assessment to rehab and then lower the monthlies to a more reasonable amount.
Hey what’s, with the leaning buildings around Barry, Bernard, Spaulding (3300 W, 3100 N) in Avondale? Anyone know the story?