The Cheapest 2/2 in the Regatta: 420 E. Waterside in Lakeshore East
Someone commented that we haven’t chattered much about The Regatta, at 420 E. Waterside, in Lakeshore East, so I will wrap up the recent chatters we’ve been having about Lakeshore East with this building (until Aqua flips pick up steam, that is.)
Unit #2701, a 1546-square foot 2 bedroom, is the cheapest 2-bedroom for sale in the building (another 2/2 priced less is under contract.)
It has a split floor plan and views of the lake and Navy Pier.
The listing also says it has hardwood floors, granite countertops and stainless steel appliances in the kitchen.
The unit is now listed $67,500 under its 2007 purchase price. The listing says “motivated seller says sell!”
Is this unit a deal at this price?
Robin Depeder at Coldwell Banker has the listing. See the pictures here.
Unit #2701: 2 bedrooms, 2 baths, 1546 square feet
- Sold in January 2007 for $616,500 (looks like parking was included)
- Listed in July 2009 for $584,000
- Reduced
- Currently listed at $549,000 (parking included)
- Assessments of $553 a month (includes cable, pool, heat, AC)
- Taxes of $4457
- Bedroom #1: 14×11
- Bedroom #2: 12×11
Now that the price is dropping it’s getting closer to the prices of the older buildings in the neighborhood, which is good. I don’t like the lack of floor to ceiling windows in the living room though, especially since many other buildings in the neighborhood seem to have them. There’s a potential for sweeping views here which is wasted because of the small window and cave like feel in the living room. If the asking price comes down to 500K it will be a better deal.
always makes me wonder what they’re hiding when only 1/3 of the photos show the actual unit.
“always makes me wonder what they’re hiding when only 1/3 of the photos show the actual unit.”
It’s boring and bland, therefore nothing else to show. Very uninspiring.
Living room is cave like and depressing. Low ceilings. Views don’t seem to be from the unit itself. Basically you have a very expensive, glorified apartment here.
I thought I would apply the B&W mortgage calulator to this place in the same way Homedelete did earlier today on another post. If you compare the 30 year fixed (only type of mortgage I would touch), the question of rent vs buy becomes very simple. I actually think the mortgage calculator does a disservice to B&W because it definitely makes me not way to buy again for a long time. On a positive note, I think this helps the buyer make a more informed decision.
http://www.rateplug.com/member/lender_more_info.asp?GUID=da38dcbe-d8a5-476b-8e4e-d229551dea49&PropertyType=AT&MLS=07264677&MAP=0&ReferringID=0&BWID=0&BWOID=0&ViewOrigin=Detail2&Type=BW&OfferPrice=&DownPayment=&DownPaymentPercentage=20
“the question of rent vs buy becomes very simple”
Yes, yes, it is.
On the plus side, these folks might actually take $521,250, and with a conformong loan (and $104,250 dp), you can be the proud owner of this depreciating asset.
for under $3300/month!
location location location…
because its definitely not the unit itself
I know someone who lives in this building and it is quite nice, the North views are beautiful – seeing down wacker, trump, the river, and the lake. The fitness room is nice too and overall IMO, this is nicer than 450 E Waterside. Still would go for 340 OTP though.