In The Gold Coast But With Lincoln Park At Your Doorstep: A 3-Bedroom at 1550 N. Lake Shore Drive
This 3-bedroom at 1550 N. Lake Shore Drive in the Gold Coast has been on the market since June 2012.
Many of you would recognize this building because it’s at the end of the wall of buildings up Lake Shore Drive in the Gold Coast. It’s where the Gold Coast ends and Lincoln Park begins.
You have the best of all worlds with the park and the lake and the exclusivity of the Gold Coast.
This unit has views north, which is of the park, south, west and some of the lake (though it doesn’t appear to have east dead-on lake views.)
It has been renovated and has new cherry floors and crown molding.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
There are new marble and granite baths.
The building was built in 1960. It has valet leased parking.
The unit doesn’t have central air (wall units only) and doesn’t have in-unit washer/dryer.
The unit, #29G, is listed $100,000 under the 2007 price at $775,000.
Unit #23G is also on the market. It appears to have gotten a similar 2007 renovation as the kitchen looks similar to the one in this property.
It is listed as a short sale for $595,000.
Will the short sale property set the comp for this unit?
Cindy Wilson at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #29G: 3 bedrooms, 2 baths, 1900 square feet
- Sold in October 2006 for $570,000
- Sold in April 2007 for $875,000
- Originally listed in June 2012 for $799,000
- Reduced
- Currently listed at $775,000
- Assessments of $1196 a month (includes heat, doorman, cable)
- Taxes of $8959
- No central air- wall units only
- No in-unit washer/dryer
- Parking is valet- and leased
- Bedroom #1: 18×14
- Bedroom #2: 15×13
- Bedroom #3: 15×14
The views they show are beautiful, but they try their best to hide that the entire west side of the unit stares directly into another building. It’s like being in a fishbowl.
It is hard to see how 23G won’t set a comp for this unit, although we don’t know at what price it will actually sell for. Just because it is listed at $595 as a short sale doesn’t mean the bank will take it. If 23G goes for list or less though, 29 is going to have major issues unless the extra 6 floors gets you better views, but I doubt it.
the view south is a major view in 29G. It clears 1540 N LSD. 23G does not clear 1540 LSD. What is that view worth??? I have seen both units and if you are all concerned abou the view then 23G fails by comparison.
Short sale. I’m sure it was purchased for $150K more than it was worth at the time because it has “granite counter tops and stainless steel appliances”. In Chicago “granite counter tops and stainless steel appliances” would be reason for me to bid 20% under asking price right there. Do you people have anything – anything at all – in your architecture/style to boast other than “granite counter tops and stainless steel appliances” in every, every, every, every home listing in the price range of $95K to 4.5 mill.? I mean, “granite counter tops and stainless steel appliances” are now a given here. Stainless steel appliances could be purchased at Sears in the mid 90’s in Detroit. Something more interesting to generate interest please.
“Do you people have anything – anything at all – in your architecture/style to boast other than “granite counter tops and stainless steel appliances” in every, every, every, every home listing in the price range of $95K to 4.5 mill.?”
Unfortunately- no. Chicagoans are not risk takers with their home interiors. Even in the upper bracket it is rare to see concrete or even some other stone other than granite in the kitchen and baths (occassionally marble, however.) Most homeowners also don’t deviate from the cherry cabinet scenario- even though that has been “out” for quite some time now.
At the lower price point, you all might decry IKEA kitchens but I yearn for someone, anyone, to install one of their sleek modern kitchens in a cool loft instead of putting in vintage cherry cabinets.