If at First You Don’t Succeed…1200 N. Lake Shore Drive
We all know the old adage, “if at first you don’t succeed, try, try again.”
And so it goes with some sellers who have been trying to sell a property for not just months, but years.
Such is the case with Unit #306 at 1200 N. Lake Shore Drive in the Gold Coast.
It has been listed for sale off and on for nearly four years.
- Originally listed in August 2004 for $418,000
- Reduced in 2005 to $399,900
- Reduced in 2006 to $299,900
- Did it sell in 2006???
- On the market again in June 2007 for $299,900
- Raised
- Listed at $354,900 in July 2007
- Reduced several times
- Again listed at $299,900 in October 2007
- On the market ever since at $299,900
Here’s the listing:
FANTASTIC GOLD COAST 1BDRM IN HISTORIC BENJAMIN MARSHALL BLDG! ELEGANT MOULDINGS, SOARING 10′ CEILINGS. 24 HOUR DOORMAN!! NEW GRANITE COUNTERTOPS IN KITCHEN AND STAINLESS STEEL APPLIANCES.
THIS ONE WON’T LAST!!! GET REQUIRED CONTRACT FROM OUR WEBSITE. 2% EARNEST MONEY (CERT FUNDS) ALONG WITH PROOF OF FUNDS/FINANCING REQUIRED. SELLER TO C…
Unit #306: 1 bedroom, 1 bath
- In the records I found, it mysteriously “sold” in December 2006 for $254,500. Did it????
- Currently listed for $299,900
- Assessments of $831 a month
- Apparently no central air or window units
- No parking
- Goin Realty has the listing
(Thanks to the tipster who sent me info on this unit.)
It looks like it sold in a judicial sale.
12/20/2006
Amount: $254,500
Yes, the ad sounds like it is bank-owned. SR is right.
“This one won’t last!”
Today’s unintentional comedy award winner.
Now HERE is a one bed that I really would think would sell for $300K. So why isn’t it?
It’s in a beautiful neo-classical midrise that is one of the more prestigious buildings in the city, in the city’s finest neighborhood, with the Oak Street Beach out front, and every amenity known to the human race delivered to your door and within easy walking distance.
It’s gorgeous, with unusual details even for a vintage, and it’s fairly large.
I’ve been watching it for a while just to see how long it takes to sell.
Yet it has languished at this price since October 07.
If someone won’t pay $300K for this, then you can forget about 1 beds in Lakeview selling for anything close. But, then, $831 a month is a pretty steep assessment for a one bed.
Is the sink missing the faucet?
Laura,
From a 20-somethings perspective the history/architectural details are overshadowed by what it lacks:
1) no a/c. This is a problem in the summer. window units are loud, bulky and don’t look as attractive and you need a place to store them in the winter.
2) no parking. Self-explanatory. Street parking is not exactly available nor convenient in the GC.
3) ridiculous assessments.
All of the “historic charm” and “moldings” and “arched doorways” are easily overshadowed by the lack of amenities anybody who grew up in a house in the burbs that was built from 1975 on takes for granted. And with those assessments…you can rent a 1br for $400 more than those assessments alone. They can enjoy their pergraniteel and I will enjoy my lower rent and central a/c.
No In unit Laundry Either
“pergraniteel”
No pergo here–genuine wood floors.
I didn’t think anyone ever expected an in-unit laundry or parking space in old lakefront highrises.
Is this a desirable neighborhood? I rent on the next block and find it very inconvenient. Any play or band I want to see is far away, and the restaurants and bars cater to tourist or the 70+ crowd.
I work with 20 to 40 yr. old singles and couples with young kids. They all live in the Wicker Park to Logan Square corridor with a few rebels in Andersonville. When I tell them where I live, they sneer.
I tend to agree with condoshopper and Bob. With absolutely no disrespect to anyone (I really mean that), I do believe that there is sometimes a generational disconnect on what is and is not a desireable unit and neighborhood. But I do not think that it is surpirsing that 20 and 30-somethings would have different opinions about what is desireable than 50 or 60-somethings. You are a product of your youth, and many people form their opinions about matters such as what is a desireable unit and what is a desireable neighborhood when they are younger (from childhood to mid-twenties), and those opinions transcend opinions formed as one becomes more mature. How many people’s tastes change from traditional to contemporary when they are 40 years old? It’s like hating broccoli all your life and suddenlty loving it. No offense to all the broccoli lovers out there;)
– Valet parking is available next door for $300, much better than being on the 8th floor of high rise parking structure. They wash and wax your car and generally take very good care of you.
– AC, add a space pack in the unit for about $25,000.
– Laundry, add a euro washer dryer. For bigger loads, use the laundry room or better, the maid can do it once a week.
– 50′ to Oak Street Beach.
-Assessments are high in historically significant buildings. Plenty of moderately priced walk-ups have low assessments, but they may not be as interesting to live in. Walk in the spectacular lobby of this building and the assesment does not seem too high.
I suspect this unit has no views and looks into other buildings. These were once full floor 9,000 (approx.) SF apartments chopped up into smaller units. Can’t fix this problem.
The generational disconnect talk is nonsense. We live in the gold coast near 1200 N. Lakeshore and on my floor there is a 26 yo single woman, a couple in their 20’s and we are in our late 30’s.
I suspect that younger generations are discovering the gold coast, recognizing the significance of the history and architecture. It is the anti-dote to all of the McNeighborhoods and McCondos available today around the city. The beach, Oak street, a quick jump on to Lakeshore. A quick drive to Cybourn Avenue. Plenty of good restaurants.
I lived in Bucktown for many years and loved it as well. But I recall Bucktown, Wicker Park and Uke and East Village being heavily populated with old folks as well. Oh my god, they are EVERYWHERE! Run Condoshopper, RUN!
Paulj:
You have to admit that the average age for the Gold Coast skews higher than other neighborhoods- mainly because of the age of the homes there.
Nothing wrong with that. And even these older buildings will see “turnover” as the baby boomers age etc.
I DO think the gold coast is in the midst of a change- but they don’t call it the “viagra triangle” for nothing. ha! ha! (If you don’t believe me- google it.)
Thanks for the info about this being bank-owned. It has an interesting selling history- that’s for sure. The bank actually had it off the market, then, for several months in 2007.
Laura, I agree with you, that if the units in the more “prime” areas aren’t selling for $300,000 then how are one bedrooms in places like Lakeview, Uptown etc. all hoping to get those same prices? You’d think there would be a premium to the better neighborhoods.
But the bubble seemed to skew that.
Have to disagree quite strongly with Paul J. The Gold Coast in general is just too old fashioned for 20-somethings who grew up in Chicago. Like the previous posters said, not too many people are willing to give up parking, W/D, and A/C just to say they have a “sweet” lobby and an “interesting” building with lots of character.
Point by point:
• Valet parking is not like having your own spot. You can’t compare them. Not to mention the additional $3600/yr for the service is on top of an already overpriced property.
• Maybe $25k for A/C is nothing to you, but to most that’s a huge expense to install. Another reason why this will never sell.
• A beach you can use 3 months out of the year. Great.
• No lobby is worth that kind of money when the apartment itself is so average.
$300k price + $3600/yr parking + $9972 assessments + property tax? Wow. You’d have to be literally -insane- to buy this when you can rent a unit that blows the doors off this for half.
Agreed, Sabrina – Unfortunately no one told me that name before I moved in!
Funny note – I have been asked to leave two different pubs in Old Town/Gold Coast because “us young folks have no respect” and I sat on someone’s regular barstool. No move over – leave because couldn’t I tell it wasn’t one of those college bars.
I’m 40.
40 is the new 20! ha! ha!
Maybe the homos are once again leading the way to gentrification of an area. You heteros will all owe us once again after the gold coast is hip again. you will all be clammering to get in. ha ha ha.
And who needs the 20 something Chicagoans who grew up in Chicago anyway. TO many dems and dos belong in da south loop near da bears. I’ll take the internationals and non-natives any day. 🙂
Installing central air would entail ductwork, which would destroy the aesthetic of this apartment. If there is a c/a system that doesn’t need air ducts but can work with the radiators, i surely haven’t heard of it. This building has, I believe, a hot water or steam system with radiators.
There’s nothing I hate like seeing a lovely vintage home or condo savaged by de-habbers who ruin the lines and proportions of beautifully designed rooms by running ducts, and even gutting the place and re-arranging floorplans to pack more rooms into the same footprint, so that a bathroom window ends up in a shrimpy bedroom, and the living and dining room look off-kilter from the duct boxing running down one side of it. About a dozen extremely beautiful Rogers Park and Edgewater courtyards have been utterly destroyed this way.
Think Spacepak, Laura. Mini duct central air. Lots of the high end vintage homes have these installed. Check out their website. A lot of work, but you have to stay cool.
I have lived blocks away from this unit (on lakeshore, while in my 20s), and in many of the neighborhoods referenced in this forum. Some areas cater or appeal, purposefully or not, to different demographics. I absolutely love the area bounded by north ave, division, dearborn and LSD, and it is one of my favorite residential areas in the United States. The fact is that people of different generations, as a general proposition, tend to view things differently, including neighborhoods and the desireability of particular living units. This area does not cater to youth, although some young people undoubtedly live here. That may change. But look around the neighborhood, then go to bucktown or wicker park or lincoln park or lakeview…they are younger. I am not saying it is a good thing or a bad thing, it is just a thing. The units that appeal to those of an older generation often are not appealing to those of a younger generation, and vice versa. There isnt anything wrong with that.
Everyone is trying very hard not to step on others toes in the age debate. Let me oblige:
Old people like amenities they were used to. Likely when they were young this building and location and buildings like it was the place to be. Who needs any fancy schmancy technology like central air conditioning when we have fans; electric washers and dryers when we have buckets, ringers and clotheslines or parking–I mean whats the use of those radical automobiles anyway? Nothing but noise and trouble if you ask me. Back in my day we used to walk 12 miles to school in the snow.
High assessments? Ahh who cares, thats what social security’s for. This building is state of the art! I mean did you see the spaceboxes sticking out of the windows just to the left of the main entrance?
If it makes the seniors feel younger or more like they’re closer to their prime then more power to them. You wouldn’t catch me living here for much more than $700/month given the amenities, or rather lack thereof. Let them party like its 1929..
Some people value location over amenities. I am one of them, and over 40 years remain until I am eligible for social security. My apartment lacks all of the amenities you mention above and suits my needs perfectly.
I wouldn’t pay for a place with $800 assessments under any circumstances, but for a location that good it’s easy to see the rationale regardless of what decade you were born in.
I have owned and lived in the Gold Coast for the last 12 years and have greatly enjoyed it. I must admit I was the youngest person in the building. When I moved to the area there were a large number of seniors in the area but it is becoming quite common that seniors are moving out of the Gold Coast due to cost of owning. They can not afford the assessment increases and taxes.
The problem with this unit is the assessments. $ 800 for a one bedroom is pretty high. Does that include a special assessment or taxes?
I’ll trade amenities for location AND architecture, any time. I figure I can install the amenities or offset their lack in some way, but there’s no getting around a cookie-cutter oblong box with an “open” kitchen shoved into the end of it, that looks like about 3,500 other boxes wedged into the sides of one or another of all the glassy 50-story buildings that sprouted like weeds in summer allover the South Loop and River North and the rest of downtown.
And I’ll trade location for architecture- a mistake, I know, but I’m willing to put up with a lot for something with beauty and charm, especially if I can get it at a price where I can pay it off in 8 years.
I agree with Laura on the cookie-cutter home depot specials out there. We looked at them all and bought a Gold Coast 1917 beaux arts apartment with a huge living room with an original wood burning/gas fireplace you can park a Smart car in.
We have a (gasp) washer/dryer, central air, and installed a whole house sound system, concealed wiring for the LCD’s in High Def.
Not sure I understand all of the age discrimination above… Easy folks, we can do better than that.
Why would I buy a 1 BR for almost 300k just so I can pay more rent? $800? Those people are nuts.
I assume the assessments include heat, which makes it high, but not out of the ball park for the area and building’s amenities.
paulj – You are totally right about the age discrimination comment, and I harbor no such animus. I certainly hope my comments were not taken that way, but if they were, I apologize, and I retract them.
paulj may have been right about that particular discrimination, but appears hypocritical with his discrimination against some Chicagoans:
“And who needs the 20 something Chicagoans who grew up in Chicago anyway. TO many dems and dos belong in da south loop near da bears.”
$800/month assessments. I’d be curious to see some historical condo budgets, particularly a history of any special assessments. If they use the high assessments to keep a nice reserve and avoid special assessments, its not a bad deal if it includes all utilities .
$300/month assessments are tempting until you get nailed with several repeated multi-thousand dollar specials, making your effective monthly pretty awful. Or, $0 assessments in a house seems tempting until the furnace and hot water heater break, the roof needs to be replaced, the foundation needs work, the brick needs to be tuckworked, the sump pump breaks and floods the basement, etc. Again, if $800/month means a very reliable $800/month, its not a bad deal, but it definitely would depress the selling price of the unit which would be a function of overall monthly cost of ownership rather than straight neighborhood comps and such.
This is of course assuming it’s a condo, if it’s a co-op then that assessment is a steal.
Didn’t mean to set off the age firestorm – was simply saying that the people I work with (20-40 in the ad industry) don’t find it the most desirable neighborhood. For others it will be.
But to defend them, they don’t like cookie-cutter River North either.