“Just Remodeled” Mid-Century 2-Bedroom at 3180 N. Lake Shore Drive in Lakeview
This 2-bedroom at 3180 N. Lake Shore Drive in Lakeview came on the market in October 2021.
3180 N. Lake Shore Drive was built in 1958 and has 176 units.
It has 2 fitness rooms, a large deck, a parking garage and doorstaff.
Ten years ago, in 2011, we chattered about a 5-bedroom unit in this building.
The poster known as “Architect” said the following:
I like this building; it’s a well-built mid-century modern structure w/spacious units and large room sizes. The two-bedrooms have a separate diningroom, bedrooms that can easily accommodate king-size beds, true foyers, house-size livingrooms, etc. It’s laid out like an old-fashioned coop building; two units per elevator bank is a luxury rarely seen in new construction. Assessments are high because the building is more expensive to operate, but purchase price is low.
This building looks like it’s transitioning from “dowager” to renovating professionals. Without that beautiful lakeview, I’d think these units are relatively good buys for long-term owner-occupants looking for spacious living quarters. Compare this building’s two-bedroom units to those puny new-construction dorm-like condo units.
You can see that chatter here.
The listing for this unit says it has been “just remodeled.”
It has east facing views from the living/dining room of Belmont Harbor and Lake Michigan as well as west facing views from the bedrooms.
The unit has an open concept kitchen, living and dining room.
The kitchen has white Shaker cabinets, black stainless steel appliances, and gold finishes along with an oversized quartz island with waterfall edge.
It has engineered hardwood floors throughout the main living areas.
The unit has a custom built electric fireplace in the living room and a walk-in-closet along with a new, separate laundry room with a new GE washer/dryer.
The bathrooms have marble floor tiles and the primary bath has a soaking tub while the second bathroom has a walk-in-shower.
It doesn’t have central air, but has window air conditioning units. There’s also garage parking available.
Listed at $409,000, it has been reduced $4,100 to $404,900.
Are the mid-century buildings turning over to a new generation of buyers?
Michael Dukes at Kale Realty has the listing. See the pictures, video and floor plan here.
Unit #20F: 2 bedrooms, 2 baths, 1450 square feet
- Sold in July 1980 for $115,000 (according to Redfin)
- Sold in May 2021 for $222,000
- Originally listed in October 2021 for $409,000
- Reduced
- Currently listed at $404,900
- Assessments of $1202 a month (includes heat, a/c, electricity, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $6252
- Window a/c
- Washer/dryer in the unit
- Garage parking available
- Electric fireplace
- Bedroom #1: 17×12
- Bedroom #2: 12×15
- Living room: 25×15
- Dining room: 12×15
- Kitchen: 10×9
- Laundry: 8×6
I wonder if those window units have “Sophisticated Chips”
Nice space, view and layout
Electric FP is comically hideous.
An exercise closet would be a more apt description
Whomever staged this did a good job not including a TV.
All that being said, compared to the other 2Br units for sale, this is asking for an unrealistic premium. Don’t think the comps would support the ask
Seems very nice except for the window AC and ugly fake fireplace
Those assessments are pretty brutal as well, this doesn’t appear to be a full amenity building at all
Those AC units are such an eyesore. I think I’d rather spend 3 weeks each summer sitting under a fan and absolutely miserable than look at those things 365 days per year.
I’ve seen sleek, low profile looking air purifiers, so why do window AC units always have to look terrible? Cut out the doorman and save 400/mo on the assessment – this isn’t a luxury building. That’s a gym for ants.
I can’t find it right this minute, but there’s a wall AC unit which is from Italy (no, not one of those penguino’s or DeLonghi’s) which is sleek and only needs two 6″ round wall penetrations. The problem here is you’d have to hang it on the convector enclosure – you could probably penetrate it to get outside, but whether they’d allow that….
(it’s also somewhat low btu output as well)
jealous. I want a unit like that. For the $222,000 price and fix it up also.
Yikes, AC units looks terrible. No TV? Fireplace actually looks decent imo. The gym is a joke. $1200 HOA kills this.
$1200 HOA kills this.
Does it?
Literally everything except parking included. Heat, electricity, cable, Internet plus building staff and amenities.
Exercise rooms are always going to be smaller in these older buildings because, obviously, they didn’t build them with that amenity so the condo board has to stick it in some extra space somewhere.
Listing says there are two exercise room, maybe due to space reasons.
“Cut out the doorman and save 400/mo on the assessment”
Who wants to do that?
Packages have to come into the building and have to be dealt with. Delivery people in and out.
“Heat, electricity, cable, Internet”
Maybe in the $200 range for those?
“Does it?”
Yes – Look at the comps
“Who wants to do that?”
Someone that wants to save $400/mo
“Someone that wants to save $400/mo”
then you move into a building without a doorman. simple. why move in somewhere knowing something exists, then try and remove it.
“Maybe in the $200 range for those?”
According to some its like $800/mo…
LOL
“then you move into a building without a doorman. simple. why move in somewhere knowing something exists, then try and remove it.”
Change can be your friend.
Do you think the assessments Vs what you receive in return are a net economic benefit?
I grew up a few blocks away and have always thought of this as an “old peoples’ building.” Fairly or not, that’s the reputation it has, and I’ve never known anyone under 50 who lives here (though I assume many younger people now do). Maybe it’s changing. But I’d feel like to buy here, I’d have to get over my feelings about it (especially because now I’m 50 and don’t want to feel “old.”)
Looking at listing it’s a very nice unit with a good floor plan and great views. Priced about right, I’d say. But that’s a very puny exercise room for such a large building.
“Change can be your friend.”
Seriously, what are the odds of this ever happening. You have 176 units that all moved here knowing what they were getting. If you can’t afford the 400/mo in assessment for a doorman then you move. Are there many buildings without a doorman with this many units?
“Seriously, what are the odds of this ever happening. You have 176 units that all moved here knowing what they were getting. If you can’t afford the 400/mo in assessment for a doorman then you move. Are there many buildings without a doorman with this many units?”
I dont think there’s a lot of difference between adding/deleting a doorman and a neighborhood transforming from SFH to a substantial portion multifamily. Like I said, thing change. Maybe there’s enough people that arent concerned with seeing any appreciation?
Price point/demand for return is going to drive the decision.
Do you think the HOA fee coupled with the lack of amenities has anything to do with the lack of appreciation?
I think about window ac units when I’m trying to last longer during sex
“anything to do with the lack of appreciation”
Think that the primary driver of the ‘lack of appreciation’ was the lack of renovation or maintenance of the unit.
Oct-80 price + CPI = $384k
In other words, the current ask is close to bang on long-term RE appreciation in Chicago.
The window units are a major detriment that I failed to mention in my previous comments. Can’t units in a building like this install a space pack? I saw one installed in a much older building, 3300 N. LSD. They had to sacrifice a closet, however.
“ In other words, the current ask is close to bang on long-term RE appreciation in Chicago.”
Timing wise yes. If this was remodeled 10 years ago it would go out n the low $3’s
Look at the other 2Brs – think they’re more applicable to the norm
“Seriously, what are the odds of this ever happening. You have 176 units that all moved here knowing what they were getting. If you can’t afford the 400/mo in assessment for a doorman then you move. Are there many buildings without a doorman with this many units?”
Lots of chaos with packages, deliveries, etc if you have a building this large where you’re just buzzing in people. Many security risks.
Also, I agree Marco, that NO ONE is looking to buy this unit if they do NOT want a doorman, and want to pay what it costs to have one.
Someone who wants “low” assessments doesn’t even have this on their real estate search.
“Fairly or not, that’s the reputation it has, and I’ve never known anyone under 50 who lives here (though I assume many younger people now do).”
Sorry to be blunt, but the old people eventually die Dan #2. Or retire and move.
This is happening all over Chicago as the Silent Generation and the Baby Boomers make other choices.
There have been several renovations similar to this one in this building. Seems like it’s turning over. And that’s good, right? We have been seeing this in the Gold Coast for several years now. The pandemic is accelerating the changeover. But will Millennials and GenZ want to live in these buildings? Maybe if you renovate the units with a waterfall edge they will.
I like the finishes on this remodel. It has all the trendy colors, tiles, fixtures. I like the big laundry room. You could put storage in there.
Architect was right in 2011 that this building has big units that feel spacious. Imagine getting a foyer in new construction? Or even a laundry room?
“Imagine getting a foyer in new construction?”
One can find several newish 2/2 units with foyers.
Laundry/in-unit storage rooms are basically unicorns in newish 2/2s, certainly under $400 psf.
“Cut out the doorman and save 400/mo on the assessment”
Who wants to do that?
Packages have to come into the building and have to be dealt with. Delivery people in and out.
——
Package lockers are common in new buildings without doormen. Doormen never managed packages in my buildings, always was the dry cleaners, but again this isn’t a luxury building so not comparable.
It’s not about not being able to afford a doorman, it’s about pissing away money. I can afford a home 10x greater than the value of my current home but I don’t because that’s dumb and a waste.
Only use I’ve ever had for a doorman was to hand some papers to a courier when I was busy and to press the taxi flasher. And their pay went up greater than inflation ensuring a nice ballooning HOA.
“Package lockers are common in new buildings without doormen. Doormen never managed packages in my buildings, always was the dry cleaners, but again this isn’t a luxury building so not comparable.”
but this isn’t a new building either. good luck finding space for storage lockers. new buildings were designed with these things in mind. there’s barely any room for all the packages. what about food and grocery delivery. who’s managing all the delivery people coming in and out of the building. people will pay up for some sense of security. this may be fine for a 50 unit building but it’s more difficult to manage for 175+ units.
“If this was remodeled 10 years ago it would go out n the low $3’s”
Well, yes, because 10 years ago was post-crash bottom.
If they’d done it 15 years ago…
question is: is it $70-80k nicer than 22G or 20G
“It’s not about not being able to afford a doorman, it’s about pissing away money. I can afford a home 10x greater than the value of my current home but I don’t because that’s dumb and a waste.”
Again, if you are looking at building with doormen, you CAN afford it. You don’t go look at a condo with $1000+ assessments and say, “gee, if only they got rid of the door staff and we saved $400 I might want to buy here.”
Lol.
Clearly, AnonIDGAF, having door staff isn’t for you. But for many, it is a necessity and a great amenity.
As Marco said, putting in “package lockers” isn’t really easy in an older building. If people thought the gym was small, I wonder how small the package room is? And, yes, the doormen, back in the day, DID used to handle all the packages that came in from FedEx and UPS etc. Believe it or not. Many buildings had a closet or delivery area behind their desk area. But now, some buildings are getting 1,000 packages a day during the holiday season. Good luck with the “lockers” in those.
Additionally, “delivery” has changed since the pandemic. People are getting everything delivered now: groceries, restaurant delivery, bottled water etc. With over 170 units, there could literally be dozens of delivery people that have to be buzzed in every day. How is that secure?
Lots of security issues if you get rid of door staff in a building this big.
But it’s a dumb argument because this building is NEVER going to get rid of it.
It will attract buyers who want the amenity.
It hasn’t been difficult to sell the renovated units in this building.
“One can find several newish 2/2 units with foyers.”
Where?
Tribune Tower Residences has them. The Vista has them. But that’s at the luxury price point. Where else?
Neither 22G or 20G have in-unit washer/dryer.
Also, neither one has new bathrooms. Looks like they could be the original baths. It’s always interesting to me that people decide to put in the new kitchen but leave the old bathrooms. I know bathrooms can be expensive to re-do too, and there are two of them, but it’s such a selling point to have renovated baths.
Both of these things are certainly worth a considerable premium to most buyers who won’t have to do it themselves. And, let’s be honest, who wants to buy and then you still have to have the money to fix it up immediately? Most don’t. So you’re just going to buy the renovated one with the w/d and the marble baths.
Unit 12E is their comp.
Sold in July for $400,000.
What a lovely renovation. Everything is perfect. Perfect kitchen finishes with massive island with waterfall edge, great finishes in the bathrooms (on trend). Love the wainscotting throughout the living/dining rooms. They put in the laundry room as well.
Good job renovators. Sold for $230,000 in February. Came on at $399,000 and sold almost immediately for $400,000.
https://www.redfin.com/IL/Chicago/3180-N-Lake-Shore-Dr-60657/unit-12E/home/13371577
This building is turning over. And it’s great to see all the renovations.
What a deal this top floor penthouse unit was.
Look at that den with the beamed ceiling and built-in bookcases. Love it. I hope they keep those on the renovation.
So unique.
Just $340,000 for 1984 square feet. Wow. Will be amazing after they renovate it.
https://www.redfin.com/IL/Chicago/3180-N-Lake-Shore-Dr-60657/unit-23A/home/13371637
“Unit 12E is their comp.
Sold in July for $400,000.”
12E is nicer/better than the subject property
So yes – the comps dont support the ask
I would be very happy to live in a building without a doorman and ample package lockers. I would, however, like to still have maintenance on site.
In my building, the receiving room does packages and they have the worst hours. So bad that evening and Sunday deliveries are handled by the doormen. It ends up being a pain to locate your package.
“In my building, the receiving room does packages and they have the worst hours. So bad that evening and Sunday deliveries are handled by the doormen. It ends up being a pain to locate your package.”
It’s expensive to have someone sitting 10 to 8 in a package room. It’s like another door person. But this is what all bigger buildings are dealing with now.
As usual, the complaints about the HOA. The HOA here, at a little under $1 per sq ft, is about in line for an old high rise building with heat, cable, electricity, and AC included, as well as a doorman and the usual common utilities.
In fact, it’s really rather cheap. Older high rises of course demand a lot more maintenance and have higher operating costs that either much newer ones, or low rise buildings.
The only thing I would have against this building is it’s dowdy, boring appearance- I have just never loved post WW2 buildings, for the most part.
As for installing Space Pak, the previous owner of my unit in my 1928-vintage West Ridge building installed it, and while it takes up the top part of the closet, most of the closet is still available for storage. The air handler is attached to the ceiling, with the 10 tubes, 5 on either side, that convey cold air to the rooms through the ceiling. The AC unit itself is mounted on a rack outside my large kitchen window. In some buildings in Lakeview, the AC units are located on the roof, and in others, on the ground behind the building. Space Pak is great and takes up far less space than any other AC system, including either forced air systems with their boxed in ducts that destroy the interior architecture of pre-war buildings, or the mini-split systems with their ugly air handlers mounted on interior walls, that have to have drain lines running outside to drain condensation- I hate those.