Live in Streeterville for Less: A 1-Bedroom Loft at 540 N. Lake Shore Drive
This 950 square foot 1-bedroom loft in 540 N. Lake Shore Drive in Streeterville just came on the market.
It has the authentic loft features that loft lovers look for including exposed brick walls and 12-foot timber ceilings with south facing windows.
The kitchen has white cabinets and stainless steel appliances.
It has central air but there’s no in-unit washer/dryer or parking. There is laundry in the building and rental parking, however.
It’s a full amenity building with a doorman, exercise room and rooftop deck.
Chicago is one of the few remaining big American cities where you don’t have to be a millionaire to live in the city center.
At $259,000, is this loft a good starter condo for someone who really wants to live in Streeterville?
Michael Kelly at Dream Town has the listing. See the pictures here.
Unit #413: 1 bedroom, 1 bath, 950 square feet
- Sold in June 1992 for $100,000
- Sold in December 1998 for $134,000
- Sold in March 2012 for $186,500
- Currently listed for $259,000
- Assessments of $460 a month (includes A/C, water, gas, cable, doorman, exercise room)
- Taxes of $3054
- Central Air
- Laundry in the building
- Rental parking available in the building
- Bedroom: 20×14
…So what has been done to this unit to justify the (desired) $70k+ price increase??
Bought at the bottom? Maybe refinished the floors? Beats me
Bought at bottom. I’ve done nothing to the place I bought in 2011. My neighbors’ units have been going for $80k more than I paid (dreading the tax hike that is going to come from this).
Same here. Less desirable units (lower floors, blocked views, etc) in our building are selling for 60-80K more that what we paid for our unit in 2012.
BTW, this is some ugly unit IMHO. Lack of washer and dryer only even makes it uncomfortable on top of being ugly.
Are those baseboard heaters? If yes, they might be electric which would mean this place will be expensive to heat. But it says central air, so it might be GFA for heat.
How do people live without washer/dryers in unit? It’s like living in a third world country : )
“So what has been done to this unit to justify the (desired) $70k+ price increase??”
Maybe the seller needs the money to finally spring for some bindings.
“…So what has been done to this unit to justify the (desired) $70k+ price increase?”
What did the people who bought in 2008 do to their units to justify the (undesired) $70k+ price decrease?
Really cute place and I’m sure it will go quickly. Streeterville is a great neighborhood, I lived there full-time for a number of years and still maintain a weekend condo there.
“So what has been done to this unit to justify the (desired) $70k+ price increase??”
This is the market now. As I’ve been saying, many properties in the GZ are well above bubble prices of 10 years ago- even if nothing has been done to them.
I lived in the unit above this (513) for 2 years. The views are of a high rise residential. It can get pretty dark in there. The association does allow for washer/dryer hook-ups.
Contingent
The lower priced properties are moving!
“The lower priced properties are moving!”
And they have been since 2012. I pretty much only look on the low end, and it has been extremely difficult to get any deals for the last 3 years. Anything decent is snapped up before I can get to see it. My market is is the south loop 1/1’s that used to go for $99k. I’ve seen them go from $99k to $149k to 179k to 199k to 199k + parking to 229k+ now. There has been zero dip in price, and they continue to get bought quickly.