Steals and Deals: 530 N. Lake Shore Drive in Streeterville

With all the rush to buy “new” construction, what about a building that has been around for four years?

I’ve chattered about 530 N. Lake Shore Drive in Streeterville before but I thought it was time to revisit it.  Many of the units have lake views.

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Some stats for the building:

  • 12 units sold in 2006
  • 13 units sold in 2007
  • 18 units currently on the market

I chattered about two units last October.  Neither one has sold.

For Unit #1801, it’s interesting to note that the furniture has been moved around a bit (with the diningroom table now in a different location) from last fall.

Then:

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And now:

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Unit #1801: 3 bedroom, 3 baths,  2772 square feet, two terraces

  • Originally listed for $1.397 million
  • Reduced to $1.249 million in October 2007
  • Just re-listed for $1.199 million (includes one parking space)
  • Originally sold for $1.044 million in December 2003
  • Assessments of $1,264 a month
  • Jennifer Ames at Coldwell Banker has the listing

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Unit #2003: 2 bedroom, 2 baths, about 1300 square feet, parking included

  • Listed for $649,000 in October 2007
  • Reduced and now listed at $629,000
  • Originally sold for $513,500 in January 2004
  • Assessments of $608 a month
  • Classic Realty Group, Inc. has the listing

There are some large one bedroom units in the building- some with very nice city and lake views.

But many of the units don’t have hardwood floors and they have outdated white appliances.

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Unit #2906: 1 bedroom, 1.5 baths,  1045 square feet, penthouse unit

  • Sold in June 2004 for $469,500
  • Currently listed for $549,000 plus $50k for parking
  • Assessments of $489 a month
  • @Properties has the listing

The cheapest unit in the building is this:

Unit #902: 1 bedroom, 1.5 baths, 1100 square feet

  • Sold in April 2004 for $288,500
  • Currently listed for $459,900 (parking included)
  • Assessments are $401 a month
  • Urban Real Estate has the listing

The listing states:

PROFESSIONALLY FINISHED LIKE BRAND NEW 1 BEDRM 1 1/2 BATH 1100 SQ.FT CONDO ON BEAUTIFUL LAKE SHORE DRIVE. KITCHEN HAS STAINLESS STEEL APPLIANCES. LIVING RM HAS FIREPLACE/MANTEL SLIDING DOORS LEADING ONTO BALCONY WHICH OFFERS FANTASTIC CITY VIEWS.

CURRENTLY RENTED AT $1700.00 FOR PERFECT ARM CHAIR INVESTMENT. INVESTOR MAKE OFFER WON’T LAST. PARKING INCLUDED & TENANT IN PLACE.

Perfect arm chair investment at $1700 a month?

There are no pictures of the interior of the unit, sorry.

4 Responses to “Steals and Deals: 530 N. Lake Shore Drive in Streeterville”

  1. With 20% down and taxes and insurance, that’s going to cost about $3000 a month for something that rents for $1700 a month. Yeah, that’s the perfect armchair investment!

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  2. Sorry, I meant taxes and assessment. I assumed insurance was free.

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  3. What is the breakdown of 1, 2 and 3 bedrooms? I’m also looking to get this info on other buildings. Know of any websites where this is easily available? Thanks.,

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