Under Contract in 1 Day in 2005- What About 2009? 540 N. Lake Shore Drive
A studio just came on the market in the brick and timber loft building at 540 N. Lake Shore Drive in Streeterville.
The listing states that it sold in 1 day back in 2005. It also states that it is “super rare” and “priced to sell.”
The unit is on the top floor, has 12 foot timber ceilings and, the listing says, a “new” kitchen. There is no in-unit washer/dryer but one is allowed.
It has a 5 x 9 lofted sleeping area you access through a ladder.
Will this unit repeat the success of the 2005 sale? It has already been listed for 3 days and from what I can tell, is still available.
Curt Ratcliff at @Properties has the listing. See all the pictures here.
Unit #714: studio, no square footage listed
- Sold in December 1993 for $74,000
- Sold in January 2003 for $139,000
- Sold in November 2005 for $200,000
- Currently listed for $203,900
- Assessments of $240 a month
- Taxes of $1810
- Central Air
- Lofted sleeping area that is 5×9
- Parking available as rental in the building
- No washer/dryer in the unit
- Living space: 20×18
- Kitchen: 8×8
200k for a nice shoebox, a nice price-inflated shoebox.
5×9 sleeping area? Dayum, i’d rather sleep on the couch!
Wow – can they even open the kitchen appliances fully?
3k over the bubble price.
Studio’s should be around 100-150k. Take a hike.
BARF again. Perhaps for 60K
a,
But its not a “studio” its a “Jr 1 bedroom”. LOL! Realtorspeak is going the way of the dodo bird now that this bubble has popped.
204k for a studio, ha! They bought in 2005: do not pass go, do not collect $200. They are stuck.
but but but …. it’s “SUPER RARE!!” **and** “PRICED TO SELL”. How can you pass that up?
It was overpriced (slightly, to my eye) in ’03.
Timber loft…..is that what you yell when you roll off that bunk? TIMBERRRRRRRRRRRRRRRRRR
I’m going to go out on a limb here. I think the digits on Listing Market Time are going to start accumulating. With all due respect, I coulda sold my dog’s house in one day back in 2005.
I think I’ll spoil myself with some more good news and look at the closing numbers from Wall Street.
Reminds me of the college dorms, when we built lofts and had to use ladders to get up into them!
I bet they don’t sleep up the ladder but rather on the futon that’s stuffed behind the couch in the pics.
12 foot ceilings means you probably can’t even stand up fully while on the “loft”. It would make a great place for a college student though or a rental. Definitely over priced though.
it’s not thattttt bad. i think a 1 bed unit with a good amount more space was going for 250 or so not too long ago though? that building’s location is unbeatable….i think that studios in that neighborhood normally fetch 200k …but in this market…i’d say 140-150k.
Well the day is almost over. Is it under contract yet?
Clearly the market time is going to be longer than in 2005. I’ll keep an eye on it.
Come on guys, just because it isn’t for those more ‘fabulous’ Gold Coast or Lincoln Park lovers, doesn’t mean it will sit on the market for long. Considering you really can’t find a true loft for under $400-600k, this would be a perfect ‘starter home’ for a single person just starting out in this wonderful city! Once estabilished, it could easily be used as a rental. Looking out from the roofdeck, you get a fantastic view of the lake and perhaps from the single window in the LR a glimpse of the city? It IS in Streeterville, it does have AC & WD in unit availability and (drum roll) leased parking!! If I were in my early twenties, just out of school, single with no monster dog……aaahhhhh the days…..I would have snapped it up no questions asked! Is everyone here a bit jaded regarding availabilities in the city? Asked, of course, with the utmost respect and admiration of the forums RE pros….
“you really can’t find a true loft for under $400-600k”
Sure you can, especially now.
westloopelo, in your post above, replace the phrase ‘starter home’ with ‘first post-college big city apartment’ and maybe you’ll be on to something. It’s the type of place you live in for a few years before moving on. Which is exactly what this seller is doing. How much easier her life would have been had she rented. She will be losing after after owning for over 3 years. (but isn’t renting just flushing money down the toilet?) Personally I don’t see any benefit to owning this unit over renting a similar one. No benefit whatsoever, just a burdensome PITA to own.
The “loft” fad is gonna flame out big time now that this bubble is over.
At the end of the day there isn’t a huge market for arty people to have a lot of ceiling space to act like Maude Lebowski. Also the energy bills will preclude a lot of art people from ownership as well. It is my prediction more practical units targeted to practical living will become the norm again and eventually have a premium to this small segment.
If you’re targeting a small segment of the market your unit should sell at a discount as there are fewer potential buyers. Econ 101 for clueless RE specvestors.
JPS – Just from reading here about the ‘toxic’ lofts doesn’t there come the danger of buying in a building that has a number of foreclosures that allows your assessments to skyrocket? Sure maybe you can find a loft for under $400k, but in this area?
LOL HD, duly noted regarding the ‘title’ of the person who will be interested in owning this unit! Still though, I think it would rent easily after a few years of being established? No?
Bob, as much as I like the ‘loft lifestylye’ I too think it will be fading fast in favor of more ‘normal’ condos…hopefully. I agree about the energy bill for such high ceilings. In NY I occupied an apartment in a magnifically redesigned and restored 1880’s schoolhouse. I was on the top floor and the ceilings ranged from 11′ to 22’…while breathtakingly beautiful, the heat and AC bills were astronomical. Combined, they were nearly at the same level of the rent! CRAZY! As ‘cute’ as it is, I am sure it will drop in price over the next 6-9 mos. to sell. Still, if I were a college grad wishing to live in that area……
“Once estabilished, it could easily be used as a rental.”
What do you think this would rent for, WLelo? $1200? $1400? If it’s $1400, then it’s probably a decent rental (although that tax amount seems to include the homeowner exemption–which would have a substantial impact on teh numbers) investment at something near asking price. But if the real rental value is only ~$1200, you have a hard time justifying much more than $150k, even before dealing with the (likely) higher taxes applicable to non-homestead property.
No way would a studio rent for 1200.
1000, tops.
It’s a cute place with a nice view, but $203K worth of cute? I doubt it. Especially without washer/dryer. $150k is about all you could hope for here… and I wouldn’t be surprised if these people took $150k if someone offered $150k.
I agree that this is a good post-college loft. Thinking back to my early 20s, living in a loft sounded awesome… until I actually lived in one… whew… glad I only rented that place…
This looks like a great place for someone who wants to be in the streeterville area. i had a friend who lived in the building and loved it. Even at 200k, with the first time buyer credit, and free cable, heat and air, the price make good sense; considering the buyer could also deduct the mtg insurance. It won’t last long.
Good loft building. if a buyer pays 185-190k they will be getting a good deal for that address. There isn’t anything in that area with any character at all for that money and i live there.
“No way would a studio rent for 1200.
1000, tops.”
Okay, so $1000 in gross rent. Fixed monthly expense of $400 (minimum; possibly quite a bit more). $600/month in net rent–$7200/year, 7% cap rate = ~$100k.
even in the streeter they charge 1300 for their crappy studios. this would get 1100 to 1350 easy.
unit was already reduced. It also appears to be agent owned.