Looking for a Streeterville 2/2 With Some Lake Views? 530 N. Lake Shore Drive
This 2-bedroom at 530 N. Lake Shore Drive in Streeterville has been on the market since April 2011.
In that time it has been reduced $124,000.
It is now listed $35,000 under the 2009 purchase price.
This is no typical downtown 1200 square foot 2/2.
At 1490 square feet, it is much larger with a master bedroom measuring 18×13.
The southeast facing unit also has a balcony that has both city and some lake views (although- don’t forget- the new high rise that was to be the Peshtigo condominiums but is now going to be a luxury rental high rise is going up at 500 N. Lake Shore Drive across the street.)
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
There is new carpet in the bedrooms.
The listing says the unit can be purchased with the furniture.
It also has washer/dryer in the unit, central air and parking is $50,000 extra.
Is this a deal?
Susan Miner at Premier Relocation Inc. has the listing. See the pictures here.
Unit #2408: 2 bedrooms, 2 baths, 1490 square feet
- Sold in August 2005 for $663,000
- Sold in November 2009 for $560,000
- Originally listed in April 2011 for $599,000
- Reduced several times
- Currently listed for $475,000 (plus $50,000 for parking)
- Assessments of $767 a month (includes doorman)
- Taxes of $7884
- Central Air
- In-unit washer/dryer
- Bedroom #1: 18×13
- Bedroom #2: 14×11
The fact that the Realtor mentions “perfect for corporate exec” suggests, to me at least, that this was a corporate purchase back in Nov 2009. Can anyone confirm? Because the monthly living cost for the Nov 2009 sucker, factoring in the losses on the current asking price, are astronomical for the area. I can’t imagine anyone buying this with their own money in Nov 2009 – a half million dollars for an above-average 2/2.
If your employer hasn’t been paying for this place, I am truly sorry for you.
places like these just seem to be in a relentless slide.
can’t see how $525K (including parking) is anywhere near market value.
i can’t see any Chicago resident in their right mind paying this price given the alternative 2/2s one could find for $200K less. with those lake/city views? nope. but with decent views and similar convenience when it comes to location.
this place seems to be largely dependent on the in-town buyer/corp exec they mention in the add…the person who buys into the cache of the location. and that is a bad segment to be dependent on.
on a relative value basis i just don’t see it for a place like this until you get to roughly $400K all in.
They’re certainly priced competitively against other 2/2s in the building, and I think it will be a comp killer for the other sellers if it ever sells.
But what’s interesting is that while we’re always told to de-personalize a property when selling, this looks so staged its actually gone too far – it’s like a person has never even lived there. Bizarre.
I don’t think the place is too impersonal looking. It looks good to me. What astonishes me is the 2009 purchase price. The current asking price is probably on the high side too, but not too much.
Is that new apartment building going up right outside the balcony?
The fact that the Realtor mentions “perfect for corporate exec” suggests, to me at least, that this was a corporate purchase back in Nov 2009. Can anyone confirm?
Maybe this tells you something…
Listing Provided Courtesy of: Susan Miner, Premier Relocation, Inc.
I wonder if the relocated exec even works for the company anymore. I’m sure their employer isn’t happy at having paid so much to buy it from them.
“The fact that the Realtor mentions “perfect for corporate exec” suggests”
I was thinking middle aged guy who is either divorced or any empty nester looking to downsize.
I saw a post suggesting $325k and with my limited knowledge of this particular, that seems low. But who knows.
525K – not with that Le Meridien fire sale furniture
I never understood the logic of buying on LSD if you don’t have a view. If they just wanted a jumbo Streetverville 2bd/2ba, they could’ve gone to 445 E Ohio and kept 150k in the company’s pockets.
“I saw a post suggesting $325k and with my limited knowledge of this particular, that seems low. But who knows.”
$325k for a 1500 square foot 2/2 in a newer building in this neighborhood? Not going to happen at that price. Not even in a foreclosure.
Not yet anyway.
“Not yet anyway.”
Not yet indeed.
Newer buildings have this funny thing where they get older as the years go on. Haha. Today’s new hotness is tomorrow’s old and busted. 440 N Wabash had a 1,650sf sell for $310.
This building is getting older and its views are getting blocked. Owners, like this one, are screwed.
663
550
475
It’s like you can actually feel your ass bouncing painfully off hard concrete stairs as you descend…
This building’s appearance reminds me of that unfinished building on wacker on the river
These views are a joke. Why would I want to just look at other buildings?
“This building’s appearance reminds me of that unfinished building on wacker on the river”
That building will be finished. Related bought the building and will finish it as luxury rental.
Speaking of luxury rentals, it sure is a good time to be a renter. I can’t wait for the “Great Chicago Apartment Bubble” to hit in a couple of years as all these newly built luxury highrises are trying to rent out all these units. This is the easiest financial bubble to ever see coming.