The 1-Bedroom Resale in 600 N. Lake Shore Drive in Streeterville
We’ve chattered about 600 N. Lake Shore Drive, the rare two building new construction development in Streeterville along the lake front, several times over the years.
The buildings had a 1-year “no flip” clause in the contracts which was used to cut down on the number of investors who bought in the building.
A resale of one of the larger 1-bedrooms in the north tower recently came on the market.
The listing says it has oak hardwood floors in the living room and bedroom and custom window shades.
It also has a nice entrance foyer and granite counter tops and stainless steel appliances in the kitchen.
These buildings have been popular with suburban buyers. Would this unit make a good in-town?
Laura Anderson at Belgravia Realty Group has the listing. See more pictures and a virtual tour here.
Unit #3003: 1 bedroom, 1.5 baths, 1037 square feet
- Sold in July 2008 for $517,000 (don’t know if this included the parking- I’m assuming it did)
- Originally listed in July 2009 for $480,000 (parking extra)
- Reduced
- Currently listed for $475,000 (plus $55,000 for parking)
- Assessments of $336 a month
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
at what point when passing the dutchy to the left had side, did the person lipping the philly looking out the window at a view of another building, decide lets price above peak bubble price?
The only reason you would buy in this building is for the lakeview. The one bedrooms in this building in my opinion have some terrible views. You are basically staring at another building with a sliver of lakeview if you peer out to the left.
It would sadden me to see someone pay this for an in-town place. You probably won’t make any money on it, so it’s not a good investment — why not stay in a nice hotel every time you come into town? Hard to imagine this place being at all homey given the white walls and awful (lack of) decorating.
For those that consider the Vetro auction comparable (and from a suburban perspective desiring an “in-towner” I think they would), you could’ve got a similar 1,000sf condo with 1.75 baths for mid 200s. Or half the price.
“Currently listed for $475,000 (plus $55,000 for parking)”
Is this a typo?
Uh… no. Still just a one bedroom. IMHO, I can never see a one bedroom ever justifying more than $275k. I don’t are where it is located. I guess there are a handful of buildings that might warrant a premium, but at the end of the day, a one bedroom is just that.. a one bedroom. If all you want is an intowner, there are significantly cheaper buildings to get all the space you could ever need for that kind of coin.
Once you cross that $350k mark, you really need two professional DINKS to be able to afford the monthly nut and 99% of them aren’t going to want a 1/1 or even a 1/1.5 leaving just a handful of single and very well to do people who could afford the place.
Can we create a Cribchatter Category specifically for insanely overpriced one bedroom condos? They are by far my favorite part of the real estate bubble to make fun of. Who got this crazy idea that there are thousands of people in this city who want to buy a one bedroom apartment for the same amount of money that would get them a really nice house?
At least you get an extra half bath in this place to flush your money down the toilet
Shocking that someone got away with selling this for $517k in 2008! The buyer is going to be in a world of hurt when he/she finally gets this off his/her hands.
i am on board with pete and the category.
sabrina needs to do a yearly awards thing, that would be funny.
now if is was looking to buy a 1/1.5 (still would only ever rent a 1br) in the 500k range i would need a VIEW of something, or some great historical significance, or at least some quality details.
did you see generic square opening from the kitchen to the living room. and the generic doorway? how does that say 500k?
The ONLY good thing that I will say about this place is that the assessments seem low for a high rise. Other than that, there’s nothing else.
LOL at the 55k for parking. The building seems like a nice option for suburbanites. But 530k for a 1BD + parking?! How far does 530k in the other lakefront buildings? I’m sure 530k gets a pretty nice 2BD at the 474 N LSD developer closeout.
“I’m sure 530k gets a pretty nice 2BD at the 474 N LSD developer closeout.”
How about –
http://www.trulia.com/property/1088080509-474-N-Lake-Shore-Dr-1802-Chicago-IL-60611
Lauren, just for example:
474 N LAKE SHORE Dr #1802
CHICAGO, IL 60611
Price: $494,900
Beds: 2
Baths: 2
Northeast corner with great views. Parking $45K.
The place is vanilla, no doubt, and is right on a vicious windtunnel. However, the build is rock solid, and not having a building full of renters/flippers is worth a TON in this market. I’m not saying this 1-BR is worth what is being asked for it… just that contrary to some posts on this thread, this isn’t anything close to a disastrous building.
During all 4 of my years in high school, my neighbor had his house for sale. He swore up and down that he was seriously committed to selling it. Sometime while I was away in college, the house sold.
I think I know where he moved.
yeah another category would help because insults, jokes an discussions would rule rather than it being about the property.
Pete on October 12th, 2009 at 11:13 am
Who got this crazy idea that there are thousands of people in this city who want to buy a one bedroom apartment for the same amount of money that would get them a really nice house?
“Its the same people that thought you could sell $750,000.00 studios at the Spire.”
Places like this only deserve insults and jokes. How can you have a serious discussion about the merits of buying a property that is listed for almost double what anyone would realistically be willing and able to pay?
Pete: These 2 buildings are popular with buyers. I don’t know the exact stats (perhaps the listing agent can update us) but I know, at least in the north tower, the 1-bedroom units sold pretty quickly.
These two buildings are the only new buildings on Lake Shore Drive in the Streeterville/Gold Coast area. They appeal to a lot of buyers for that reason (even if- like this 1-bedroom- they don’t have lake views.)
There are several buildings in the area with similarly priced 1-bedrooms (which we’ve discussed before.) The $500k 1-bedroom has NOT gone away (nor the $700k 1-bedrooms, which is what some of them are selling for in Trump.)
Sabrina on October 12th, 2009 at 7:24 pm
“There are several buildings in the area with similarly priced 1-bedrooms (which we’ve discussed before.) The $500k 1-bedroom has NOT gone away (nor the $700k 1-bedrooms, which is what some of them are selling for in Trump.)”
Sabrina, thanks for being the voice of reason with facts and data. The rest of the windbags on this blog have no logical arguments whatsoever.
And Pete “the all knowing” what kind of special powers do you have which allow you to spout junk like:
“….. a property that is listed for almost double what anyone would realistically be willing and able to pay?” Pure nonsense. And while your at it find me a house in Streeterville on Lakeshore Dr for this price. Great comp Pete!!
An even dumber comment by:
“mconway on October 12th, 2009 at 10:23 am
The only reason you would buy in this building is for the lakeview.” It must be wonderful to know what motivates every buyer on the planet, really special talent as well.
And Lauren of course is an expert on what suburbanites want! now THAT is LOL.
“Jon on October 12th, 2009 at 12:37 pm
Lauren, just for example:
474 N LAKE SHORE Dr #1802”
Jon, 474 is a hideous carbuncle of a building built in the 80’s as apartments and converted in the last 5 years to condos. Another really great comp.
and Groove77, huh? I never took you for a day drinker.
Back to the 474 LSD closeout mentioned above: have any of you visited that building? After you muscle through the drunken Navy Pier throngs to get near the building, you run the risk of likewise inebriated 474 residents deciding to open their windows and drop bottles or other debris out same. The building management is going nuts trying to get a handle on such antics (not to mention the incredible liability if someone gets hurt). A real value compared to 600 LSD if you can survive…..
“nor the $700k 1-bedrooms, which is what some of them are selling for in Trump”
but sabrina in fair comparison the trump is a FULL amenity building. an extravagant over the top full amenity building.
“and Groove77, huh? I never took you for a day drinker”
paulj it was one of those occasions where it was to hard to pass. me, the owner of this property and the agent were slamming shots of mad dog 20/20 kiwi strawberry and doing 40oz old english chasers we got so wasted that we thought it was completely appropriate to list a 1br with now view for 500k. the hangover today was horrible 🙁
“After you muscle through the drunken Navy Pier throngs” thats the one thing i always hate when i visit a former co worker over there (he lives on mclurg by navy pier) is the tourist crowd and drunken idiots all the time.
The general location of this building is built for the lakeview. Where there are many other buildings that are 1-2 blocks away that are brand new with better pricing for 1 bedrooms as well as more conveniently located to groceries/resturants.. etc
Let us bow down to the superior and all-knowing paulj, who is clearly the only smart commenter on this site. One might wonder why, since he is so smart, he spends his day trolling Cribchatter as opposed to getting paid for his real estate insight but that is neither here nor there.