Living With a Terrace on Lake Shore Drive Sells: 3700 N. Lake Shore Drive
We last chattered about this 2-bedroom duplex with a large terrace at 3700 N. Lake Shore Drive in Lakeview in January 2009.
At that time, it created quite the discussion about bubble pricing.
See our prior chatter here.
The unit recently sold in July 2009 for $36,000 above the 2003 purchase price.
Unit #111: 2 bedrooms, 2.5 baths, 1600 square feet
- Sold in October 1999 for $237,500
- Sold in August 2003 for $342,000
- Was listed in January 2009 for $399,000 plus $20,000 for heated garage parking
- Sold in July 2009 for $378,000
- Assessments of $488 a month
- Taxes of $3686
- Central Air
- Wine fridge
- Ellen Webber at @Properties had the listing.
Those cabinets are foul.
The cabinets I think they are quite fine and functional.
One thing to note: note the under-counter wine fridge. This is a customization for a particular taste, which means your ROI for it might be a lot less than 100%.
For someone like me who wants an under counter kegerator, I’d be willing to pay a premium for that, but definitely not for the wine fridge which I would never use. That would be a discount on the sale price from my perspective.
Just reminding everyone that upgrades, especially customized ones, don’t necessarily translate into increased resale value.
Those cabinets look like they’re from the 70’s. BRUTAL.
Hey, I nailed this one–said it would got for ~10% off and it did:
$419k – 10% = $377,100.
Yeah me!
The 60’s called – they want their cabinets back…
“One thing to note: note the under-counter wine fridge. This is a customization for a particular taste, which means your ROI for it might be a lot less than 100%.”
There are some high-end wine refrigerators, but nothing about this one (or the kitchen) suggests that this one is. You can get these things for like $300-500 so who cares about the ROI? If you tried to negotiate on the price because of that, I’d laugh if I were the seller.
Bob,
I have a feeling that an under counter wine fridge would be viewed by the general buying public as a bit less of a customization than a kegerator.
By the way, wine fridges of this size were designed to fit into the space where a trash compactor used to be.
“wine fridges of this size”
Swap out the racks for shelves and it’s a general beverage fridge, no?
of course. Very easy to do.
> but definitely not for the wine fridge which I would never use.
It holds other things!
Anon- That’s what I was thinking lol. I love how these appliance makers take a $100 dorm room fridge, replace the shelves and abra cadabra it’s a wine fridge, that happens to cost triple.
Besides the 1970s kitchen, I like this place and hope the new homeowners enjoy it.
Realistically priced places sell. Wonder if the folks trying to sell similar places in LV for $500K+ will learn anything. Oh yeah — they can’t sell for realistic prices cuz they would be underwater. Boo hoo.
“Oh yeah — they can’t sell for realistic prices cuz they would be underwater. Boo hoo.”
Thats whats so awesome about it. People finally paying an economic price for their idiotic decisions made during the mania. All the cheerleaders are quick to come out of the woodwork and decry me for being mean/evil/vindictive. Whatever. In life there cannot be winners if there aren’t losers. Its time to separate the wheat from the chaff..
Its not my fault they never properly considered the intrinsic value of something or what impact having a bloated mortgage would have on their life plans/situation.
I love watching the train wrecks during this bust for the same reason I love watching Wacked Out Sports. Train wrecks are entertaining.
What happened to trash compactors anyways?
Agree 100%. It’s not as if there weren’t any metrics available that would have told these FB’s that they were probably making unsound investments. Simple analysis of market rents for comparable units would have done the trick.
Yep, only a select few of my friends purchased homes during the frenzy… Most of us were wise enough to talk about wtf was going on, but now nobody comes to visit them at their crappy condo in humbolt park or evanston that they paid more for per sqft than my place in river north! LOL
Didn’t this place split out the parking at some point?
It seems to me when it started to be listed at 399k what they did was to separate out the garage parking for 20k so did it sell for 378k plus 20k = 398k?
I believe this sales price included the parking but if anyone else has different information, please correct me.
Those types of cabinets are rather solid and you can easily fix them in one of two ways…simply reface them or paint them using a primer like Zinnser then a top coat. Total cost for refacing would be around $500 and painting them would be around $100 since they do have some rather groovy hardware. Not a huge problem.
Overall not a bad place for the $$
Funny how Bob laughs at the wine fridge (can be a beverage or produce fridge easily) but expects others to appreciate a kegerator!
“Bob on August 11th, 2009 at 10:17 am
The cabinets I think they are quite fine and functional.”
Bwaaaaaaahahahahhahaaaaaaaaaaa!!!
*catches breath*
BWAAAAAAAAAAAAAAAAAAHAHAHAHAHAHHAHAHAAAAAAAA!!!!
“Funny how Bob laughs at the wine fridge (can be a beverage or produce fridge easily) but expects others to appreciate a kegerator!”
Everyone’s misreading Bob. He doesn’t expect ANYone else to appreciate a kegerator, but he would consider it a plus.
He is poopooing the wine fridge w/o considering it’s non-wine usefulness, but it’s not like I’d pay a premium b/c of it’s existance either.
Rory, $378k included the parking.
Does anyone know if the 3rd floor unit at 3700 Lake Shore Drive really just sold for only 150K? It was a foreclosure but that price is still rediculously low (and included parking.) I tried deparately to get a hold of my agent to put a bid on the place but she was out of town for a couple days and it immediately went under contract. I’m totally sick over osing a 1600sf townhome, 150K condo in LV. Was something seriously wrong with it, leins, etc??? Do it go for far over asking?
I don’t see any record of this whatsoever. Do any agents have any info?
It was unit #314. It was on KSGMAC for all of one a day. Zillow still has a reference to it at http://www.zillow.com/homedetails/3700-N-Lake-Shore-Dr-APT-314-Chicago-IL-60613/2136775334_zpid/. I don’t care what condition it was in, at that price you could sink 100K rehab into it and still have a good deal. It just seems like something wasn’t right….
MLS: 07314933
It was unit #314. It was on KSGMAC for all of one a day. Zillow still has a reference to it at http://www.zillow.com/homedetails/3700-N-Lake-Shore-Dr-APT-314-Chicago-IL-60613/2136775334_zpid/. I don’t care what condition it was in, at that price you could sink 100K rehab into it and still have a good deal. It just seems like something wasn’t right….
Jill: You could contact the agent and ask. They’re usually pretty open about properties.
I’ve heard stories of the agents themselves purchasing the “juicy” foreclosures before they’re ever really on the market (so they show up for only a few hours.) It’s hard to compete with that.
This won’t be the last foreclosure, obviously. You win some, you lose some.
I tried to bid cash on that unit and they took another offer which was around $200K (they couldn’t tell me the exact price until they close). They did open the unit for an hour for all those interested to see. It was in a pretty bad shape but much better than I expected. I’m convinced it was an inside deal.
Thanks for the update Julie.