New Peak Prices at 1400 N. Lake Shore Drive: A Gold Coast 3-Bedroom
This 3-bedroom in 1400 N. Lake Shore Drive in the Gold Coast recently came on the market.
Built in 1927, this building has 398 units.
It was apartments which were converted into condominium units right at the peak of the boom in 2006.
The building was marketed to investors given it’s location in the Gold Coast neighborhood overlooking the Lake.
By 2010, after the bust, the developer was auctioning off 30 of its remaining 80 units. See our chatter about the auction here.
This is one of the larger units in the building at 1600 square feet.
It is a corner unit with lake views.
The kitchen has been opened up to the rest of the unit and has stone counter tops and stainless steel appliances.
The listing says it has “remodeled baths.”
There is a washer/dryer hook-up in the unit. Most of the smaller units do not have w/d in the unit.
There is no central air but this unit has window a/c.
There’s no parking in the building but there’s a landscaped sundeck on the roof.
This unit is leased until the end of August 2015.
This property came on the market at $550,000, or $94,000 above the 2006 purchase price.
Will it get the premium now that the market is hot again?
Laura Meier at @Properties has the listing. See the pictures here.
Unit #5N: 3 bedrooms, 2 baths, 1600 square feet
- Sold in January 2006 for $456,000
- Currently listed at $550,000
- Assessments of $680 a month (includes doorman, sundeck)
- Taxes of $3818
- No central air- window a/c units only
- Washer/Dryer hook-up in the unit
- No parking
- Bedroom #1: 13×11
- Bedroom #2: 12×14
- Bedroom #3: 10×12
I doubt this place will get the price demanded, but if it does, that means that this market is truly overheated.
This is not a good building. The market has to be very hot for units in this building to sell. This building does not have the beauty that most buildings of this vintage has, but most of all is stuffed with investor owned rentals that would sell for much less money that this unit.
It is rather like buying a nice house on a really bad block. And it’s a rather dull house- a boring apt that feels smaller and closer than it really is, and lacks the amenities that most buyers in this price range expect, like a place to park.
The building was originally intended to be a hotel until Mrs. Palmer threw a fit. It was built with the hotel room layouts, but changed to apartments.
Horrible
What a sad, soulless rehab. Sigh.
Today is “depressing” property day on CC.
Fuck, my 2br is 1600sqft!
Lived in an alcove studio in this building for a summer For the money (fully furnished, paid maybe $600/mo.), it was pretty much impossible to beat, given the location. But as Laura notes, the building (and many residents/visitors) leaves much to be desired.
I know a janitor who works in this building. Nothing but problems.
Dull, dull, dull.
Talk about a shark-jump! I loved showing this building to rental clients when I was a rental agent many moons ago. It was a charming “Old Gold Coast” atmosphere with dark-wood trim in the hallways, stuccoed walls, metal kitchen cabinets, and wonderful lake views from most units. Vintage at its finest!
Then the big-money men with dollar signs for eyes showed up and thought it would make a great condo conversion. Everything that made that building so in-demand as a rental was removed, with generic upscale condo embellishments added. Plus a ridiculous in-house financing plan that I won’t even try to describe here. Suffice to say I did NOT recommend it to my buyer clients!
No wonder it became one of the first “mortgage meltdown” victims!
Gayle, so many beautiful vintage buildings in all neighborhoods were wrecked by tasteless rehabs that stripped out all the charm of these old places, and by condo conversions that failed in the bust. The result of many of these badly done conversions was that a formerly good, well-run, stable rental building became a tragically mismanaged condo stuffed with absentee investor owners, foreclosures in progress for years, and non-existent maintenance and oversight.