Luxury of the 1980s: 1418 N. Lake Shore Drive
Having just talked about 50 East Chestnut and how that building was reminiscent of the large luxury apartments constructed in the 1920s, there was actually another building that led the way in full-floor condo construction.
Built in 1984, 1418 N. Lake Shore Drive was the first condo building to be built since the 1920s with full-floor residences meant for families. It’s a small lot, only 44 feet wide. In fact, you might not even notice it as you drive by.
The building has 27 units with east and west windows. The angled glass allows owners to have north and south views. According to the book Chicago Apartments: A Century of Lakefront Luxury, the units are 3,100 square feet and originally sold for $544,000 to $678,000.
Unit #27: 3 bedrooms, 2.5 baths, 1 car parking
- Currently listed for $2.6 million
- Assessment of $2,822 a month
- Listing says it was renovated in 2001
Only 5 units have sold in the last 10 years. They were priced from $1.43 million to $2.15 million. Unit #13 was the last sale in August 2007. It closed for $2 milion.
Rubloff has the listing.
This building/unit looks nice. I am surprised they have balconies on the back side…how nice!
Thanks for pointing this one out Sabrina. By the way, the listing you mentioned, unit 27, has been on the market for about 800 days. I guess with only 28 units in the building and all of the new “luxury” buildings downtown, it is hard to sell a unit in a 1980’s building with high assessments.
Streeterville Realtor: How long did it take the unit that closed in August to sell? Unit #13?
Maybe it’s not about the competition, so much as the price.
Hi Sabrina,
Unit 13 closed in 8/2007 for 2 million after 183 days on the market. It was briefly on the market in 2006 (about 60 days) for 2.65 million.
It looks very different from the current unit for sale. It was also remodeled but with a traditional/formal look.
Unit 21 closed in 7/06 for 1.430 million after 121 days on the market.