Under The 2001 Price For This Little Piece of Paris in Lakeview: 3314 N. Lake Shore Drive
This 2-bedroom in the 1920 Beaux Arts style building at 3314 N. Lake Shore Drive in Lakeview came on the market in May 2012.
It is a corner unit with south and west exposures.
The unit has 10 foot ceilings and hardwood floors throughout.
The kitchen has cork floors, stainless steel appliances, granite counter tops and white cabinets.
The master bathroom is carrera marble.
It has central air but no in-unit washer/dryer. There also is no deeded parking.
Since May, it has been reduced $27,600 to $239,900.
It is also now listed $10,100 under the 2001 purchase price.
How low will this go?
(Yes- there is a large monthly assessment with this unit.)
Ron Ehlers at Jameson Sotheby’s has the listing. See the pictures here.
Unit #7D: 2 bedrooms, 2 baths, no square footage listed
- Sold in September 1994 for $148,500
- Sold in September 1997 for $162,000
- Sold in May 2001 for $250,000
- Sold in January 2003 for $280,000
- Sold in April 2005 for $310,000
- Sold in January 2008 for $320,000
- Lis pendens foreclosure filed in July 2010
- Originally listed in May 2012 for $267,500
- Reduced
- Currently listed at $239,900
- Assessments of $1025 a month (includes heat, cable)
- Taxes of $4842
- Central Air
- No washer/dryer in the unit
- No parking
- Bedroom #1: 17×14
- Bedroom #2: 12×12
- Living room: 19×17
- Kitchen: 14×6
- Foyer: 8×6
Listing says 5 bedrooms LOL
I’ve been in one of these units before and wasn’t impressed. It’s obvious in a number of ways that the apartment was cut out of a larger apartment. It feels like a fragment. Also, the views tend to be disappointing, though at least this unit is high enough to get some light. I think it’s interesting that the first view you see in the photos was taken from the roof deck. You get the actual view at the end.
Also, no parking, and fees are high considering this building has little to offer beyond the doorman.
Here’s a comparison of the assessments/taxes for the current list and prior sales.
Date Price Assmt Tax
2012 List $239,900 $1,025 $4,842
1/30/2008 $320,000 $824 $3,640
6/9/2005 $310,000 $740 $3,996
5/31/2001 $250,000 $660 $3,745
9/1/1994 $147,500 $449 $3,368
Scary how those assessments have creeped up.
I’m not normally a fan of highrises but I think this place is absolutely gorgeous. It seems like a good price to me.
One reason for the assessment creep in Chicago was that about 6 or so years ago, the City’s building department changed the criteria for facade repairs. It used to be reasonable; however, after an accident where a piece of trim fell from a vintage high-rise and killed someone, the City made the criteria much more strict. The result was that buildings had to start saving more b/c there facades were going to need to be repaired sooner than the reserve planned called for. This occurred with my building. The Association was diligent and had saved based on the reserve plan which called for major facade repairs within 15 years, the timeline got adjusted forward by 10 years however with the City’s changes. This caused assessments to rise more in the short term. After a full tuck pointing however the assessments should not rise farther for may years to come. Also, a ridiculous expenses are the union requirements for doorman pay and superintendent/custodial engineer pay. The head custodian (not even really an engineer) of a a big building gets a living allowance in addition to pay. He gets 67K in our building on top of his salary which is ridiculous and as much as some doctors and lawyers I know.
Maybe I should have been a custodian.
That makes sense re. the facades. I think I remember that incident. It was in the Loop.