Get Your Lake Views for $100K Off the 2006 Price: 474 N. Lake Shore Drive in Streeterville
This corner 2-bedroom at 474 N. Lake Shore Drive in Streeterville has been on and off the market for over 3 years.
It finally came back on the market in November as a short sale and is now listed $101,000 under the 2006 purchase price.
The high rise, built in 1991, was a very popular rental building before it was converted to condos at the peak of the housing bubble.
It is a full service building with an exercise room, doorman and pool.
This unit has diagonal hardwood floors (Sonies favorite!). The kitchen has granite counter tops and GE profile stainless steel appliances.
It also has the features buyers are looking for like central air and a side-by-side in-unit washer/dryer. Parking is not included but I believe you can still purchase it for $30k and/or rent it in the building.
The unit also has direct views of the Lake.
It is not the only short sale in the building. Unit #6002, a penthouse 2/2, is listed about $50,000 more at $449,900 but it also includes the parking. However, from the listing pictures, it looks like it doesn’t have a direct lake view but looks north instead.
Is the lower floor unit a deal?
Katrina Schmitt at Streeterville Properties has the listing. See the pictures here.
Unit #1805: 2 bedrooms, 2 baths, 1257 square feet
- Sold in December 2006 for $499,000
- Listed in September 2008 for $599,000
- Lis pendens filed in March 2009
- Withdrawn
- Re-listed in April 2011 for $499,000
- Withdrawn
- Re-listed in November 2011 as a “short sale” for $405,000
- Reduced
- Currently listed as a “short sale” at $398,000
- Assessments of $746 a month (includes heat, a/c, doorman, cable, pool)
- Taxes of $5757
- Central Air
- Washer/Dryer in the unit
- Parking not included- but probably available
- Bedroom #1: 12×15
- Bedroom #2: 11×12
Surprisingly nice considering when it was built, though I’m not a huge fan of the windows. I actually like the swimming pool a lot. Price is still way above what I’d pay, however, and I’d want to be on a higher floor. The lake view is nice, but LPT does get in the way to some extent (which would still be an issue on a higher floor, of course, since LPT is 70 floors high).
I lived here for a few years in the 90’s. This unit has obviously been heavily upgraded. The other ones I have seen in this building look very much like they were built in 91. $398k is too high with those kind of assessments and no parking.
It looks a lot nicer inside than I was expecting, although I’m sure people on here will complain that the appliances aren’t high end enough. The assessments seem OK to me since they include heat and air conditioning. I’d say this one is priced well. If a buyer could get the parking worked into the $398k, it would be great.
“However, from the listing pictures, it looks like it doesn’t have a direct lake view but looks north instead.”
My buddy lived in an 05 here a few years ago and it had east and north views. He was there in a lease from a flipper and I think the flipper wanted like 600 or something (a few floors higher than this). That was the day I realized we were in a bubble and with this price (sans parking) some folks still think we’re in a bubble.
Who did this conversion? Did they do anything non-cosmetic in the coversion of a 15 year old apartment building?
“Who did this conversion? Did they do anything non-cosmetic in the coversion of a 15 year old apartment building?”
The units I have seen for sale here recently looked exactly like the ones I rented when I was there in the 90’s. No noticeable changes at all (kitchens and baths looked the same, including white cabinets). This unit looks like it was upgraded by the owner.
$300,000
The 2008 listing price was LOL@Funny!
ha yes I do have a distaste for these craptastic looking diagonal hardwood floors… BLECH!
Such a horrible fad, sort of like when people would put that 6″ strip of wallpaper near the ceilings a few decades ago, they think its fancy at the time and costs a little more but looks like shit after a while
You can walk the huge sun deck and see the views in this video with Francesca Rose:
http://www.youtube.com/watch?v=p7FAFPdys1I
We also shot video of the elaborate fitness center and other parts of the building, and you can find it at YouTube.
“Such a horrible fad, sort of like when people would put that 6? strip of wallpaper near the ceilings a few decades ago, they think its fancy at the time and costs a little more but looks like shit after a while”
Was a welcome 80s change from the avocado colored appliances and shag carpeting of the 1970s. Seriously how high were people in the 70s?
I actually kind of like shag carpeting and avocado appliances. Beats this steel fad we’ve been enduring for some time in my book. What’s wrong with being cozy and a little green? We’ll return to that trend one of these decades. Everything comes around again.
I’m a serious buyer looking for a condo in Chicago and want a pool. But, I just can’t stomach an indoor pool.
Shag carpeting is nothing more than a pain in the ass to clean dust trapping device
How about this move-in-ready colonial in Highland Park @ the 2001 price (if redfin has the PIN right)?
http://www.redfin.com/IL/Highland-Park/576-Melody-Ln-60035/home/17616129
Would be pretty nuts during Ravinia season I guess, but nice location and schools and you can walk to the train. Only 1.5 baths.
What do you think, DanDeuce and NorthShorers?
Has anyone lived in a building with an outdoor pool in chicago? Those rooftop pools look kind of cool. But must be a bear to maintain for a condo association.
“How about this move-in-ready colonial in Highland Park @ the 2001 price (if redfin has the PIN right)?”
I’m not a NorthShorer, but I’d agree that it would be a very busy location during Ravinia season. Clavey turns into Blackstone and would be a major entrance/exit into the parking lot. I recently checked out the listing at the corner of Green Bay and Blackstone and, boy, the noise from the intersection alone during the off-season is a bit overwhelming.
I can’t get over how many North Shore homes under $750K have identical decor, it’s amazing. Moulding, rugs, wood floors, classic furniture, some built in bookshelves, a few oil paintings around, kids rooms have classic look/paint colors, sometimes a piano. I like that the “television” is never a massive focal point.
The diagonal wood floor is annoying. I’m with Sonies on that.
I like this unit, though the bedroom in the photos looks small (as does the bathroom). The main problems are the assessments and the lack of included parking, especially at this price. The building itself is an eyesore, but the lake views make up for it.
Michelle, the Imperial Towers have an outdoor pool. 4250 N. Marine Dr.
Ugly building and cheap-looking interiors and very unappealing. There are better choices for less. Roma: the HP colonial is nice but overpriced. The price would be more realistic if it was east of the tracks and not next to Ravinia Park.
Closer to this
Park Shore has outdoor pool
http://www.parkshorecondo.com/images.shtml
“Has anyone lived in a building with an outdoor pool in chicago? Those rooftop pools look kind of cool. But must be a bear to maintain for a condo association.”
It all depends on the building and how well run it is. There are plenty of buildings in Streeterville, Lakeview and Lincoln Park- all the way up through Uptown that have rooftop outdoor pools. Many of the associations have very affordable assessments.
Yeah those outdoor pools are great two or three months out of the year, except you won’t be the only one there. Serious Chicago outdoor pool afficionados, you’re about 10 degrees off base, latitudinally speaking.
If you like 6 1/2 ft ceilings and cheap materials, this building is the one for you.
Ouch, it seems these units have not even sold out.
http://specialsections.suntimes.com/homes/builder/8340278-555/474-north-lake-shore-a-winner-for-city-lifestyle.html