Short Sale Streeterville 2/2 Listed 33% Under the 2007 Price: 474 N. Lake Shore Drive
This 2-bedroom at 474 N. Lake Shore Drive in Streeterville has been on the market as a short sale since April 2012.
In that time, it has been reduced $11,000.
It is being sold “as-is”.
The unit has hardwood floors.
The kitchen has black granite counter tops and black appliances.
It has a washer/dryer in the unit, central air and a highly coveted 2 car parking (which is included.)
It is the “skyline” model.
The property is now listed about 33% under the 2007 purchase price at $439,000.
Is this a deal with the two parking spaces included?
Matthew Ohlsen at Jameson Sotheby’s has the listing. See the pictures here.
Unit #6002: 2 bedrooms, 2 baths, 1257 square feet
- Sold in January 2007 for $660,500 (2 car parking included)
- Lis pendens foreclosure filed in February 2011
- Originally listed as a short sale in April 2012 for $450,000 (2 car parking included)
- Reduced
- Currently listed at $439,000 (2 car parking included)
- Assessments of $980 a month (includes heat, a/c, gas, cable, pool)
- Taxes of $8272
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×15
- Bedroom #2: 11×12
For this money, can’t you get a 2 BR in the Pinnacle? A nicer bldg in my opinion.
This place is an anthill with ordinary, bland, rental-grade apartments.
The assessments are way too high for a relatively new 1200 sq ft and the ceilings are too low. The parking spaces are a big plus and might help sell it. But I don’t see how a tiny $11K reduction is going to help if it’s not selling.
$399K might be more motivating.
Even if the parking was worth $100k, how did this place go for over $440 psf?
At least the dryer is vented.
I LOVED showing this building to clients when I was a worked for a rental agency in the late 1990s and this building was still apartments. Such an easy “sell” – full-service hirise near the lake and nightlife, walkable to Boul Mich and trans to the Loop, laundry in EVERY unit, even the convertible studios! Plus one of the few modern hirises with three-bed-two-bath apartments.
I was rather surprised when it went condo and even more surprised that it took so long to sell out. Only negatives that I saw were lack of balconies, possible noise from LSD and Navy Pier, and the swimming pool was set up for “laps only” – no “just for fun” swimming possible.
“more surprised that it took so long to sell out.”
Um, $450 psf, $50k for a parking spot, and ceiling heights that most here would consider unacceptable in a *basement*? Really??
I live at The Chandler, which has more of a set back from LSD than this building. There IS noise from LSD. It’s not deafening or too much not to enjoy the balcony, but it’s clearly present. If teh windows are open in this building LSD nosie is unavoidable.
luke, do you live at the chandler?
anywho, i am on the anon(ufo)bot bandwagon; very basic, very low ceilings, pricey amenities (parking is an amenity)
I would love to rent this in a heartbeat (hence CTG easy sell back then) i couldnt honestly buy this.
I lived in this building back in its rental days (negotiated 5 free months on a 53rd floor 3/2 when they were trying to fill the place!). Agree with most of the above comments–convenient location, AMAZING views–particular from the 60th floor, which is the 2nd highest floor.
But, there isn’t much “luxury” other than whatever kitchen bath upgrades were done. And the worst thing in this building is the parking configuration: 1) depending upon the location, you have to spiral around the equivalant of 3 or 4 floors just to get to the lowest level of parking, but most spots are another 4-6 floors higher– so not a very easy in/out arrangement; 2) once you park, you have to take a garage elevator to the ground, then go across to the lobby to take another elevator. Also, the front entrance has very little space for cars to pull up.
“I would love to rent this in a heartbeat (hence CTG easy sell back then) i couldnt honestly buy this.”
I thought I heard someone who lived in Lakeshore East somewhere (the Chandlar, perhaps??) suggest that noise from LSD would be an issue, too, which, without a test drive rental in a similar location, seems like a receipe for hurt if one were to buy in here.
“luke, do you live at the chandler?”
LOL!!!!!!!
“This place is an anthill with ordinary, bland, rental-grade apartments. The assessments are way too high for a relatively new 1200 sq ft and the ceilings are too low.”
Agreed.
This neighborhood is becoming less desirable in my opinion. With NU law, med, and hospitals and the new Children’s its a really oisey, transient neighborhood. I would think it would be tough to get to know your neighbors and its really congested. I would rather buy in GC, LP, or west RN (away from Orleans tourist crap but in a nice, quiet area by the river.)
“without a test drive rental in a similar location, seems like a receipe for hurt if one were to buy in here.”
in the same theory, cant really test SFH but people seem to jump both feet in the water. Espcially on ashland which to me is noisier and with no good view.
“cant really test SFH …. Espcially on ashland”
Where are these SFHs on Ashland?
With the Yolk now open in Streeterville, this place should command a premium to the 2007 price (pre-Yolk) because another brunch spot is now in the neighborhood.
“With the Yolk now open in Streeterville, this place should command a premium to the 2007 price (pre-Yolk) because another brunch spot is now in the neighborhood.”
Or…people with your opinions and priorities, are currently financially devastated for being narrow minded and short sighted, which seems to be the case.
I lived here for a few years in the 90’s. Good rental. Wouldn’t want to own here.
Used to park here and work out at the health club when I bartended on the boat at Navy Pier. The parking lot was fine, health club nice, and the rental units were decent. No thanks on condos.
“The assessments are way too high for a relatively new 1200 sq ft and the ceilings are too low.”
The building was built in 1991. So why would you call this “relatively new”? Sure, they rehabbed some of the units when converting it to condos but that doesn’t speak to the frame of the building or the elevators, electrical, the doorman, the pool repairs etc.
Those assessments aren’t high for a building with all these amenities and maintenance issues that is 20 years old. People are WAY too spoiled by 5 year old new construction buildlings. Wait until they are 20 years old. The 1200 square foot 2/2 will also be $1000 a month in assessments.
“For this money, can’t you get a 2 BR in the Pinnacle? A nicer bldg in my opinion.”
The Pinnacle is considered a “luxury” building.
And no- you can’t get a 2/2 for this price. Maybe in the $500,000s. Maybe. Current 2/2s are listed in the $600,000s.
$980.00 assessment for a 60th floor, full-amenity, 20 year old condo in Streeterville with fantastic views and two parking spaces is too high? Consider that this was converted from condos, so reserves weren’t being built up.
Also, “NU law, med and hospitals and the new Children’s” make this noisey & transient? Seems to me they bring in many more jobs to the immediate area, (professional jobs, by the way), wouldn’t that be a plus rather than a diasadvantage? Creates demand, if nothing else.
I don’t get the criticisms here. $439,000 seems reasonable. Where are there 60th floor Streeterville condos with great lake views, two parking spaces and full amenities below $400K? I’d like to see the comps.
“Where are these SFHs on Ashland?”
http://www.redfin.com/IL/Chicago/4547-N-Ashland-Ave-60640/home/13394191
also mls;
08061590
07886292
07989656
08010884
Groove: “[Ashland SFHs]”
Very comparable house, 2 blocks away, 30% more:
http://www.redfin.com/IL/Chicago/4703-N-Paulina-St-60640/home/13391511
Seems a pretty reasonable discount. I still wouldn’t do it–if my only viable, affordable SFH option in the city were on Ashland, I’d be moving in nextdoor to HD.
“I’d be moving in nextdoor to HD.”
they dont make enough zoloft.
I really like that home you linked, i dont know if i like the surrounding building and no garage.
Hard to assess this unit because the photos are so horrible. Couldn’t they have taken the view photos on a sunny day? And even the interior photos offer no feeling for what this unit is like.
I agree with others here that $1,000 in assessments is a lot to spend per month on such a small place, in a relatively new building. I say “relatively new” because it was built in the past 20 years. To me, an “older” building was built between the 1950s and 1980s, and an “old” building is pre-war, The high assessment could be what keeps this place from getting sold quickly.
“The high assessment ”
So, now $0.77 psf, inclusive of heat AND a/c, in a building with a doorman AND a pool, and covering *TWO* parking spaces as well is “high”.
New buildings, with similar (tho perhaps somwhat higher) included costs (Trump, 340, Aqua are just three quick examples), have HOA fo $0.50 psf. What happens to those when they *must* start reserving for elevator overhauls, new hall carpets, window repalcements and the like? Do you really see them not going up 40-50%?