Selling a Penthouse in The Lancaster: 201 N. Westshore in Lakeshore East
This 3-bedroom penthouse in The Lancaster at 201 N. Westshore in Lakeshore East came on the market in December 2010.
It’s apparently a short sale, even though the current list price is $579,500 more than the 2005 purchase price.
The living/dining area has marble floors with hardwood in the bedrooms.
The unit has 10 foot ceilings, a “chef’s kitchen” and 9 foot custom cherry doors throughout.
It has lake and park views.
(But there is an empty lot between The Lancaster and Lake Shore Drive and an agent once told me that the developer was keeping that lot for the most prestigious building in the development- given the lake views. But then the recession intervened.)
Will this unit sell for more than the 2005 purchase price?
Ginger Menne at Baird & Warner has the listing. See the pictures here.
Unit #2906: 3 bedrooms, 3.5 baths, 3500 square feet
- Sold in September 2005 for $1,270,500 (included 2 parking spaces)
- Originally listed in December 2010 for $1.85 million
- Currently still listed as a “short sale” for $1.85 million (includes 2-car parking)
- Assessments of $1745 a month (includes heat, gas, doorman, cable)
- Taxes of $18,623
- Bedroom #1: 25×20
- Bedroom #2: 13×5 (?- probably should be 13×15)
- Bedroom #3: 15×12
Wow, so for 1.85 million, you get to walk the water from your faucet six feet across the room to the stove? Thank god I don’t cook. The kitchen is nice but that seems impractical.
I would kind of expect a better floor plan for this price point. And the marble would feel great on your feet in January.
needs new furniture/staging but they probably no longer care
This Laskeshore east area has the feeling that it’s home to alot of ex-pats working in Chicago. What Chicagoan who has friends/family across the metro area would live here???? This area is even more inaccessible for visitors to reach than is 1300 N. LSD!
I love the bidet in the bathroom that must be the reason this short sale is listed above the 05 price ; )
It looks pretty nice though. The assessment is quite high but I guess makes sense for a 3BR penthouse?!
I thought the first picture–with marble floors, orange sofa, etc. was the building lobby; then realized it was the huge living room.
And, not sure if it’s the perspective, but the kitchen counter chairs appear to barely give someone room to move back to sit down without falling through the windows!
That said, unit finishes in kitchen & baths are gorgeous, views are great. Not sure about price, but assessment isn’t out of line w/ a 3500 sq. ft. unit in a newer high rise building (i.e., about 3x what they’d be for a 1200 sq. ft unit!).
“the current list price is $579,500 more than the 2005 purchase price”
Was the 2005 price for a finished unit?
i was playing count the Tv’s until i ran into a conundrum, CC’ers help a brother out. do i count the 70in dlp as three or two tv’s?
*man i dont think i type one useful sentence this week, my bad
Amazing unit. That TV looks like it could swallow me whole.
Total real estate N00B question here…but how can it be a short sale if the asking price is over the purchase price? Loan taken out for renovations??
Whoa, I thought the 4th interior picture was that of a side wet-bar, but that’s the main kitchen. Very tiny for $1.85 million.
Whenever someone says they live their my next question is “where are you from originally?” Usually an interesting story about how they moved to Chicago from somewhereelse (not a chicago suburb).
“This Laskeshore east area has the feeling that it’s home to alot of ex-pats working in Chicago. What Chicagoan who has friends/family across the metro area would live here???? This area is even more inaccessible for visitors to reach than is 1300 N. LSD!”
I would never touch a unit in this building since the east views will eventually be completely blocked.
“Total real estate N00B question here…but how can it be a short sale if the asking price is over the purchase price? Loan taken out for renovations??”
There is a $1.92mm mortgage on the place.
DZ on March 24th, 2011 at 1:55 pm
“the current list price is $579,500 more than the 2005 purchase price”
Was the 2005 price for a finished unit?
Yes, it was an unfinished unit. I remember looking at floorplans of unfinished units. Problem with this unit is the kitchen (normally the most expensive space in a home is small…) and the view will eventually be blocked…
the island would have probably been a lot more functional if they had keep the hight at counter level and bought counter stools instead of chopping just that little bit to counter height…
“I would never touch a unit in this building since the east views will eventually be completely blocked.”
and thats one reason why 340 is doing so well!!!
sorry 340 units not looking at someone working on a medical claim are doing well
Go visit the tot lot across the street in the park, it’s like a mini United Nations.
“Whenever someone says they live there my next question is “where are you from originally?” Usually an interesting story about how they moved to Chicago from somewhereelse (not a chicago suburb).”
finally a nicely finished bathroom with marble SLABS and not cheap home depot 1’x1′ marble tile
Love the layout, that lake view is sick, but i would never be able to afford such a place and there’s a lot to choose from at this price point.
still very nice though
You can live down the hall for $549k:
http://www.redfin.com/IL/Chicago/201-N-Westshore-Dr-60601/unit-2905/home/12638375
Also, on the view, I don’t think anyone need worry for over 10 years, so it’s resale risk, not enjoyment risk.
anon “You can live down the hall for $549k: http://www.redfin.com/IL/Chicago/201-N-Westshore-Dr-60601/unit-2905/home/12638375
This unit is half the size……not a comp.
^^
So one is going to pay $530 per square foot and hope for a bigger fool?
Not saying asking is correct. Just saying that you can’t compare these two units. One is much larger and has nicer finishings (slabs of marble). These will attract different buyers…different price range. Regardless of what you think this unit should go for…it will definately go for much more than the one anon posts.
“This unit is half the size……not a comp.”
Who compared? Only you.
Or are you disputing that it’s down the hall?
Or that one could live there?
Or that the asking price is $549k?
ps:
I think it’s well less than half the size; the featured unit is a combo of units in *3* tiers–6, 7 and 8.
A similar unit went under contract in the building next door.
http://www.redfin.com/IL/Chicago/420-E-Waterside-Dr-60601/unit-4401/home/18917951
I like the second penthouse better. Except that weird fireplace thing attached to the pillar.
I was thinking ‘wait a minute, I used to live in the Loop and my kid used to play in that playground’. Doh, we were expats back then (and still technically are until 2014)!
hollywood lights in a penthouse in 420 e waterside? oh epic fail
“Also, on the view, I don’t think anyone need worry for over 10 years, so it’s resale risk, not enjoyment risk.”
How can you say that when luxury apartment buildings are sprouting like weeds everywhere? Look at the land along LSD where they were going to build the Peshtigo in Streeterville. Have they shelved construction for 10 years? Heck no. They’re going to build a massive rental building there instead.
There’s nothing stopping developers from doing the same with that land east of The Lancaster (and then converting it to condos 10 years from now when the market is much improved.)
Thanks for posting Sabrina. I hope to have new spring photos as soon as the sun starts to shine. This condo was purchased as raw space pre construction in 2003. The buyers then hired their own architect to design the 3 unit combination as a single floor residence. Most of the finishes were imported from Italy and it took two years after closing to complete.
I submitted an offer to the bank prior to listing and the BPO came back at $1,850,000 which is the reason for the listing price. Unit #2905 is a 1214 s.f. 2 bedroom/2 bath. It is one third of the size and all developer finishes (nice unit though). #4401 at 420 Waterside that just went under contract is also all developer finishes (except the Hollywood lighting) and is 1200 s.f smaller.
LakeShore East is a great place to live for many people (home to alot of ex-pats). It may not be for everyone but offers the convenience to downtown, access to lake, parks and shopping. There is also a sense of community among the current residents.
As for the land east of the Lancaster, it is owned by Magellan Development. They have the zoning to potentially build 4 high rises and I have no doubt that they will complete this project at some point. I am not aware of any current projects but encourage all prospective buyers (and agents) to do their homework. The condo is not priced for a protected view. A south facing 2/2 (1564 s.f.) at 340 E. Randolph consistently sells for $1,180,000-$1,250,000. They are paying an average of $767 a s.f. for the view. Currently, the asking price for #2906 is $528 a s.f. including two parking spaces.
Cheers everyone and happy crib chatter. I will do my best to answer any questions.
Someone please give the seller some Clearasil for the ceiling acne in the living room. I don’t think that I’ve EVER seen so many can lights in one room.
And the dining room, too! Wow….
“As for the land east of the Lancaster, it is owned by Magellan Development. They have the zoning to potentially build 4 high rises and I have no doubt that they will complete this project at some point.”
Thanks for chiming in Ginger with info about this unit (and the nearby open lots.) I know everyone appreciates hearing what was done to the unit and what is going on in the immediate area.
“How can you say that when luxury apartment buildings are sprouting like weeds everywhere? Look at the land along LSD where they were going to build the Peshtigo in Streeterville. Have they shelved construction for 10 years? Heck no. They’re going to build a massive rental building there instead.”
Well, Magellan’s announced next project is one of the building sites along Wacker, and I question the sense of going forward with the rest in the near term. Also, think the one building that will most block the view from here will be about the last one built.
This is pending at $1.145 million. So I guess it’s NOT going to sell for more than the 2005 price. Stay tuned.
The majority of lakeshore east is stupidly overpriced compared to Streeterville, east loop, river north, etc. Why?
It’s by the lake
It’s close to downtown.
It’s new.