Get Lake Views for Under $175,000: 3900 N. Lake Shore Drive in Lakeview
This 2-bedroom unit at 3900 N. Lake Shore Drive in Lakeview has lake views.
Yet it is listed for only $169,000.
It’s a short sale.
There are hardwood floors throughout.
It also has, according to the listing, “newer” white kitchen appliances and granite counter tops.
There is no central air or in-unit washer/dryer but you have a northeast view and, yes, that means the lake.
Are lake front units suddenly becoming cheap?
Daniel Lipton at @Properties has the listing. See the pictures here.
Unit #7K: 2 bedrooms, 2 baths, 1160 square feet
- Sold in May 2004 for $200,000
- Sold in June 2005 for $268,000
- Originally listed in June 2010 for $219,000
- Reduced
- Currently listed as a “short sale” for $169,000
- Assessments of $790 a month (includes heat, cable, doorman)
- Taxes of $3482
- No Central Air- wall units
- No in-unit washer/dryer
- Valet parking available for $135 a month
- Bedroom #1: 17×11
- Bedroom #2: 14×13
$790 assessments a month. That is just a little less than my mortgage payment currently. These small buildings need to get rid of doormen.
I’ve heard many not so good things about the condition of this building
“These small buildings need to get rid of doormen.”
234 units is small? Really?
These older high rises are cheap because they don’t offer the basic functional amenities that people want – w/d, central air. They are also lacking in any exterior architectural appeal. The maintenance also takes away from teh value of these buildings imho.
Doormen are nice, but a huge drag on the budget of these buildings. I don’t think they are worth the money except in really high end buildings.
All in with two parking spots this is $2206 a month.
The mortgage is only $856 of that.
All the risks of ownership with all the economic limitations of renting.
Any suckers left out there?
I’m curious what other people think of @properties. I’m just a consumer, not a realtor. My experience with real estate is limited. But whenever I have toured their properties, the spaces just seem to be really crappy – cheap appliances, flimsy flips, always spaces that seem like they would appeal to a dumb frat guy who just got his JD from a bad school and thinks “Dude, cool space.” My instinct is to not even see places that are listed by them, though I still do. Again, my perspective is very limited and I don’t mean to insult anyone who works for this company. I’m just curious about other people’s perspectives.
“I’m curious what other people think of @properties.”
I think that they market/sell WAY too many properties to really make any sort of broad generalization. I saw a place in University Village that they were listing that I REALLY liked, but then I realized I had no desire to live in that neighborhood (mostly lack of transit and none of my friends lived anywhere near it).
The property that I’m purchasing (closing Tuesday!) is from @properties as well, and it’s a beautiful, well maintained vintage co-op with all the details (including a wall safe!) still intact.
Generally, their reputation is ok, but you what you have to realize is that the real estate company is not what is important, but the skill and knowledge of the INDIVIDUAL AGENT.
It really doesn’t matter if they work for one of the huge brokerages or is a single guy working out of his home office. What matters is their skill as an agent. You aren’t hiring the company, you are hiring the independent agent.
“They are also lacking in any exterior architectural appeal.”
Have you ever seen this building?
the price doesnt seem bad but then chicagobull has to break it down and all of a sudden it isn’t as appealing.
oh, but he did add 2 spots. so around 1936/mo sans parking. wonder at what price you could rent it.
“Have you ever seen this building?”
ooops. my bad – confused this thread with the Brewster one on Diversey, sorry.
Thanks Barry and Russ for your comments. They’re helpful.
I lived in this building in a 2 bedroom in a high a tier. I sold it just before the bottom busted. got a good price but my assement was around $900.00 and I ahd to pay a special assesment of $30 K…It still hurts. The problem with these building they need to run mean and clean. LABOR will kill them and until they figure this out they will continue to decline. The on going tuck pointing the city pressures these building on will kill them too. STAY AWAY FROM THIS AND OTHER HIGH RISES!!! trust me the next thign they will have to do in install sprinklers in their apartment….need I say more??
As a veteran renter, I personally, would not pay more than $1500/mo w/one parking spot for this unit and would negotiate for two.
“….but you what you have to realize is that the real estate company is not what is important, but the skill and knowledge of the INDIVIDUAL AGENT.
It really doesn’t matter if they work for one of the huge brokerages or is a single guy working out of his home office. What matters is their skill as an agent. You aren’t hiring the company, you are hiring the independent agent.”
I don’t entirely agree. While one’s skillset is important, the larger companies do have more at stake as their reputations are based not on the individual agent, but on the whole of the agency. Also with larger agencies you have the advantage of years of combined experience and those with lesser can be assisted by those with a greater base of knowledge.
I would much rather deal with a nationally recognized company such as Sotheby’s or Coldwell Banker than with @ Properties. When I was searching for distressed units to renovate, @ Properties had more of that sort of listings than others which leads me to believe they take most everything that comes across their desks. To me the quality of the properties they represent was lacking.
In attempting to deal with several different listing agents, I was not at all impressed with them as a group. One would repeatedly promise to remain in touch and after the fourth time of refusing to obtain information I requested, I had it with them as a company. A few weeks after repeated calls, she finally returned my calls only to have the wrong listing…with incorrect information.
I stopped all dealings with them at that point yet still receive email updates from one aggressive yet unknowledgablein particular. and when I go to his site, I cannot access any viable information….all I get are pictures of him and some fancy words that mean nothing.
I know for a fact that Sothebys is a bit more discriminating in what properties they take, calls are returned in record time and the confidence and professionalism levels are very high. Same holds true for CB.
I lived in this building and managed to sell in 09. Felt very grateful to be free and clear. It was a very expensive place to live for what one got due to the special assessment and the monthly assessment. Now I see units being advertised in the building at very low prices (110k, 118k for one bedrooms). These appear to be short sales. No doubt a lot of people living there have taken a hit from the special assessment, the ever increasing monthly assessment, and loss of value. I agree with rob that a city ordinance requiring mandatory installation of sprinker systems is only a matter of time. It’s just not a smart buy, no matter how low the price.
The lobby shot looks like a scene from Mad Men.