Vintage Beauty Completely Restored: 3500 N. Lake Shore Drive in Lakeview
Kudos to the readers who remembered this 4-bedroom vintage home in the sky at 3500 N. Lake Shore Drive in Lakeview from the prior chatter in May 2008.
See our prior chatter and pictures here.
Last spring, the 3500 square foot unit was in need of some tender loving care.
Since its purchase, it has been completely restored and is now back on the market with a new kitchen with limestone countertops, custom cabinets, SubZero, Wolf and Kitchen Aid appliances. The butler’s pantry was renovated with mahogany countertops.
The third bathroom is new but the other two were left intact with new lighting and reglazed tubs and tiles.
The entire apartment was re-wired with 150 amp electrical. A washer/dryer was installed along with the space pac cooling system.
The millwork was replaced and all the walls skim coated.
Additionally, the common foyer outside the door got new millwork and marble flooring.
Living Room Before:
Living Room After:
New Kitchen (sorry- no photos of the old one):
Butler’s Pantry:
Unit #8C, which was also renovated, sold in February 2008 for $915,000.
Steve Acoba at Keller Williams has the listing. See all the pictures here.
See the property website with floorplan here.
Unit #2C: 4 bedrooms, 3 baths, 3500 square feet
- I couldn’t find an original price
- Was listed in May 2008 for $315,000
- I can’t find a sales price for the 2008 transaction either
- Currently listed at $849,900
- Assessments of $2309 a month
- Taxes of $7896
- Co-op
- Now has space pac
- Now has in-unit washer/dryer
- Rental parking
Nice place but $2309 a month in assessments???
No way that cost them 500k.
Curious? is there even anything comparable in the building? finish or price wise?
They are entitled to make a profit. They took the risk. Don’t forget it’s an asking price, they paid the assessment,utilities and taxes since the purchase.
If they can get it, more power to them. You could have done the same thing, same risk.
I wonder what these rehabbed units do w/the vault.
Haywood – check the previous chatter about this place. There is a similarly priced unit mentioned
The size of the master bath may be a deterrent especially for a 3500sf place.
You can see the vault right there in the middle of the picture of the butlers pantry (wooden countertop pic). Looks like they painted the door on it.
Really cool place, although I typically hate vintage. The rehab looks very nice. I wonder if its noisy being on the 2nd floor. If i was in the market for a (comparable with assessments) 1.2 million dollar home, I’d certainly take a look at this.
“is there even anything comparable in the building? finish or price wise?”
Price-wise at least is referred to by Sabrina–“Unit #8C, which was also renovated, sold in February 2008 for $915,000.”
“No way that cost them 500k.”
Of course it didn’t. The re-habber needs to make some profit, no?
Anyway–$315k purchase, + interest ($20k) + assessments ($28k) + taxes ($8k) = $371k before a dime of work. Subtract the sales transaction costs of ~$50k, they’re asking for ~$425k (gross) for the re-hab.
I’d guess about 1/2 profit, 1/2 costs, so ~$215k for the work (which is close to the 30% of sale price folks say the big developers seek). Anyone care to refine my guess?
what’s with the $50 dollar tv in the kitchen? also- the staging is horrific, anyone here about using rugs lol? also, the building still has oooold windows. not goood.
363k (371k – 8k taxes already in assessments).
Second floor is way too low; no view and lots of traffic noise.
I’d guess about 1/2 profit, 1/2 costs, so ~$215k for the work (which is close to the 30% of sale price folks say the big developers seek). Anyone care to refine my guess?
No idea what the space pack runs but I’d put the renovation at the $60-70/sf range. The W/D add could have gotten pretty expensive.
As for this property, they did a very nice job with the rehab. The floor plan is perfect for a UMC/UC family w/ an Au-Pere. All positive comments aside, unless this is a special building, I don’t see anyone forking over that kind of coin for a 2nd floor unit.
“I’d put the renovation at the $60-70/sf range”
So I was in teh ballpark!
“a UMC/UC family”
?? UMC? UC?
Upper Middle Class? Upper Class? But then again, au-pairs are so 80s/90s, everyone has a nanny these days.
I was looking at Lake Forest listings and was stunned by the number of $1 million plus homes for sale. Appears the “UC” (upper class?) apparently is taking an economic tumble with the rest of us. Here unit consumes $28,000 in annual assessments, plus mortgage. This unit will be a difficult sale; too many equally expensive properties on market in likewise move-in condition that will have the parking, the higher floor, the better view/neighborhood (who wants Lake View when you can have Lincoln Park?), and ever present lushly landscaped lawns and good public schools beckoning in the North Shore…
It’ll go to a congregant of the shul across the street.
I’m still troubled by what an au-pere is? Is it something to do with from a father or something priestly?
‘Upper Middle Class? Upper Class?”
Makes sense. Thx.
Don’t think this is really an “Upper Class family” w/ nanny apartment (notwithstanding the price), as there is only one BR suitable for a child. The 3d “bedroom” is clearly meant to be an office, with the bookcases (are these built-ins? j/k) and the glass doors. And the 4th is for maid/nanny/smelly guests, not a kid.
“I was looking at Lake Forest listings and was stunned by the number of $1 million plus homes for sale.”
I was curious and this is what I found: Currently 211 houses active and pending over $1M. 9 contracts in the past month.
only 2 years of supply right? ouch!
“who wants Lake View when you can have Lincoln Park?”
Hey now! Actually a lot of people. I could rent in LP for the same price I pay now in LV more than likely. I choose not to because I like my area nad to me I can still walk to LP if I want and the neighborhoods are barely distinguishable.
But it won’t sell at or near ask for the other reasons you mentioned.
“Don’t think this is really an “Upper Class family” w/ nanny apartment (notwithstanding the price), as there is only one BR suitable for a child. The 3d “bedroom” is clearly meant to be an office, with the bookcases (are these built-ins? j/k) and the glass doors. And the 4th is for maid/nanny/smelly guests, not a kid.”
I missed the glass door but the room/den ties into the bathroom. Swap the doors and you are good to go.
One thing odd with the layout is there is no “public” bathroom. Guest have to go through one of the bedrooms for access. Probably not ideal for the DINK’s that like to entertain.
assessments of $2300+ a month? what the hell comes with that, erotic massage services???
“who wants Lake View when you can have Lincoln Park?”
dude, Lincoln Park is so overhyped. I’ll take Lake View any day.
$415, in rehab costs and all I got was a freakin’ Space Pak unit? Cost breakdowns are correct anon. No I will pass…can’t believe those assessments, were they that costly before the rehab?
“can’t believe those assessments, were they that costly before the rehab?”
Based on the prior post (from last year), they were actually about $50 HIGHER before the re-hab. After they sell it, during the next tax reassessment, the taxes will go up, so the assessment will, too.
this buidling is a co-op and taxes are assessed on the entire building as opposed to the individual unit. Unit owners then pay a pro-rata share of the building taxes based on the percentage of shares they own in the building corporation. The condition of the individual unit won’t impact taxes. This building also just had it taxes reduced (or so i was told by a friend who lives there) and unit owners received a big chunk in pre-paid taxes back from the association.
I have space pak and it works beautifully.
I have been in this unit. i thought i would hate the view/noise cuz of the low floor, but it’s actually a charming view, fun, bright and private.
the windows are not 1920’s – they are more like 1980’s, double-glazed, and sort of cheap looking. but they are not original to the building.
i’m guessing rehad cost about $300k. they did a nice job.
“i’m guessing rehad cost about $300k. they did a nice job.”
So you think that they undertook that risk for max $125k, or you think they misjudged what the market would be when the re-hab was done?
I don’t know what their motive was. they will be lucky to profit $125K. maybe they wanted to live there? or love old places? who knows.
This is a phenomenal building. Second floor is quieter than upper floors. You feel like you are in a home, able to walk up stairs without waiting on an elevator. I renovate all the time, and this is 1st class. The BDRM with glass doors can easily be a kid’s room. Back bedroom has great new marble bath. Reno costs at this level are more like $100-$120/sq ft. All new millwork, new floors, custom cabinets, limestone counters.
ahopgirl – r u the owner? come on!
it’s really a nice job.
She has to be the listing agent… no normal person would abbreviate bedroom as capital BDRM.
“Reno costs at this level are more like $100-$120/sq ft.”
Wow, then this really is a deal! The re-habber is giving their work away for no profit!
[sarcasm off]
If ShopGirl is right, the re-habber is screwed on his profit.
ShopGirlLP definitely sounds like the listing agent. Hey ShopGirlLP if its such a fantastic deal why don’t you jump on it?
Oh wait with commissions these days, those crazy taxes and assesments and an 850k price is a bit out of league?
You’re going to have to sell a lot of 850k properties to afford this place, ShopGirlLP. First class!
If my source is correct, and he’s never been wrong :p, this building has leveled an 8 year (no, not a misprint) monthly special assessment. The average increase per unit is $800/month for the next 8 years.
Not sure if the current owner has paid that down.
This is the first time on this blog and I have never met a bigger bunch of retards than on here! Usual developer profit is between 15-20%, but right now most developers are lucky to get out whole. As for spacepac it works just fine. You heard it here first, this unit will not trade above $500k.
Looking at older features of 3500 LSD, found this one.
Note Howie’s call on the price: “this unit will not trade above $500k”
Actual close, Feb-12 (ie, ~22 months later) = $499k.