Vintage Beauty on the Drive Reduces $67K: 3400 N. Lake Shore Drive
We last chattered about this vintage 3-bedroom in 3400 N. Lake Shore Drive in October 2008.
See our prior chatter and pictures here.
Originally part of the lobby, the unit has 13-foot high ceilings, extensive woodwork, including a gorgeous fireplace, in-unit washer/dryer and deeded parking.
It has also been reduced by $67,000 since October 2008.
Beth Wexner at @Properties has the listing. See more the pictures here.
Unit #GB: 3 bedrooms, 3 baths, 2000 square feet
- Sold in March 1999 for $302,000
- Sold in May 2001 for $459,000
- Sold in September 2006 for $585,000
- Was listed in October 2008 for $696,000 (parking included)
- Reduced a few times
- Currently listed at $629,000
- Assessments of $1542 a month
- Taxes of $11,116
- Central Air
- Laundry in the unit
“If I were a rich man”…I’d consider this unit, even though it’s a ground floor apartment and looks like it was a building entry foyer prior to condo conversion. But, $30,000/year for taxes and condo fees alone, plus another $30,000/year in mortgage costs, means my income will need to be a steady $250,000 for the next few years. That said, this unit will sell only around $500,000 at most, given other comps and carrying costs, marked down from 2006 price, and certainly not at current list price.
I hope those assessments include the Taxes, wow those seem high. Cool place but I really wouldn’t want to live on the first floor of a LSD co-op. I used to walk my dogs by this place all the time and I would hate having people stare into my living room all the damn time as they walked by.
This place is over-taxed, and the building ought to appeal- I believe that if your place is a condo, the whole association must appeal and these people should.
Compare the taxes with the house in Ravenswood, which are half as much money on a rather more valuable property, and a SF home no less. You have no parcel of land with your condo.
Beautiful apartment, by the way, and not a bad deal for the money even with those taxes. But this is a high maintenance unit. That assessment includes heat, which is a real bear in a place with ceilings like this.