Vintage Penthouse With 2 Private Terraces Has Reduced $100K: 3750 N. Lake Shore Drive in Lakeview
We last chattered about this 2-bedroom duplex penthouse at 3750 N. Lake Shore Drive in Lakeview in February 2012.
See our prior chatter here.
In February, while many of you thought the unit and 2 private terraces were cool, the discussion inevitably turned to the $2823 per month assessment and the no pets policy.
Apparently the pets issue has been changed because the listing now says: “Pet friendly, 1 dog or cat per unit.”
The assessment also apparently does NOT include the taxes (as some co-ops do and some don’t.)
If you recall, this penthouse has not just one, but two, private 25×12 terraces on the main level.
Enclosed with brick, these are the kinds of terraces you see in apartments in the movies.
The kitchen has an atrium along with maple cabinets, stainless steel appliances and granite counter tops.
There is a wine cellar and two fireplaces.
The unit also has central air and a washer/dryer in the unit. Parking, however, is not in the building but is available next door.
This is a full service building with a doorman and a pool.
The unit has been reduced $100,000 to $795,000 since last February.
Is it now priced to sell for the location and square footage?
Or will the assessment still come into play?
Janet Owen at Prudential Rubloff has the listing. See the pictures here.
Unit #17PH: 2 bedrooms, 2.5 baths, 3350 square feet
- It’s a co-op so I don’t have a prior purchase price
- Was listed in February 2012 at $895,000
- Reduced
- Currently listed at $795,000
- Assessments of $2823 a month (includes heat, cable, doorman, pool)
- Taxes of $8140
- Building accepts 80% financing
- Central Air
- Washer/Dryer in the unit
- No parking – available next door
- 2 fireplaces
- Wine cellar
- 2 private terraces:25×12 each
- Bedroom #1: 18×18 (lower level)
- Bedroom #2: 15×12 (main level)
- Gym: 12×11 (lower level)
- Kitchen: 19×14 (main level)
I can see why the place hasn’t sold:
– Only two bedrooms;
– A huge assessment that doesn’t include taxes;
– No parking (Walking in the snow with my groceries from the garage next door to my $800K condo when I’m paying $3,500 a month on top of my mortgage doesn’t seem like an attractive selling point).
The swimming pool and terraces are nice, and I like this building in general, but for this unit, the negatives outweigh the positives.
I do salute the building, however, for now allowing pets. I never could understand why a building would prohibit cats.
The board here is reputedly difficult, so I suspect they will be exacting and strict with applications and financial requirements being met. It also means they’ll be prickly about changes and stuff like that. It could also mean they maintain the building properly and keep the assessments high to prevent special assessments and keep reserves up (or the building could be overstaffed).
Lovely unit. I couldn’t move to a building that doesn’t allow pets. I’m looking into a teacup pig but I believe my current place only allows cats, dogs, 1 bird per unit, and/or fish. 2 pets per unit max. I would probably have to move to a townhouse….
Perfect for a couple with no kids, and there are more and more of them these days. I really like this place – the assessment covers a lot, I don’t think it’s that unreasonable for this building and the amenities. Schlepping the groceries would stink, but it is really the only negative here. Have Peapod deliver, problem solved.
lol I can’t wait till i see one day someone walking their pig down the street
Did anybody notice the painting of the lady with boobs (in the den)? Is is Hugh Hefner’s place??
About the strict board: I would never move into a place where I needed approval from a bunch of strangers to be allowed to buy. That’s an odd concept when you think about it. Besides my finances, what else would they be prying into that’s none of their business?
If the taxes aren’t in the assessment, they’re be collected by the building separately. The PIN in the listing is the entire building, it is *not* separated by unit like a condo would be
Dan, when you buy a Co-op you are essentially buying into a business. The other unit owners are basically your business partners. Since their financial futures are also at stake, co-ops reserve the right to qualify/approve their potential business partners – requiring certain incomes levels, assets, and down payments. Co-ops can basically discriminate to some degree whereas condo owners are stuck with whoever can get a mortgage to buy a unit. This is why some co-ops in NYC turn down rich celebs as the other owners don’t want to put up with the paparazzi or any other shenanigans that could come from celebrity neighbors.
I love this place, especially the terraces – especially the fountain. I can’t imagine anything except happiness for anyone who gets to live here – well, except for having to park next door. And thank you to the realtor for the floor plan – I’m not sure how this place would work for a couple with even one kid. The second bedroom is right off the living room!!! The entire lower floor suite for the master is pretty awesome. However, for some wealthy grandparents, this place is pretty awesome. To whoever buys this place, congrats in advance!
On the wine closet – I wonder if the powder room previously had a bath and it was converted into a wine closet. In a unit we looked at in Lakeview, the bachelor guy had turned the second bathroom bath into a closet – the tub was still there but he put a sliding door in front.
Russ,
I understand that, of course, but that’s why I’ll probably never own in a co-op. I definitely understand that income levels/assets/downpayment ability are important for the board to know. But I think they look at other stuff as well, which means less privacy for the applicant.
” Co-ops can basically discriminate to some degree whereas condo owners are stuck with whoever can get a mortgage to buy a unit.”
Some older condo associations also have similar language in their declarations. When we bought our in-town, we had to provide financials and personal references to the condo board. I don’t believe that FHA will back a mortgage in a building that’s structured like this.
I know that in NYC some very tony condos are now requiring financial info and approval. Legally cooperatives cannot ask all that many questions and the decision is to be upon financial means, however references not checking out, for instance, is a red flag for most boards. If you are so concerned about the information asked then you don’t want to apply for a loan, credit card or job these days, it’s usually much less invasive for “normal” buildings in Chicago, usually just who will live in the unit and pay, job history for a couple years, previous residence(s) and maybe a credit report. It really is just to see if you will be responsible and be able to pay on time. Now some people do get turned down, but very few in Chicago, usually for admitting they will have pet snakes or that the unit will be for their kids or something of that nature. Obama’s former neighbors reputedly were turned down in the Powhattan, which is very strict, probably because of rumors of their neglect of their home (and maybe the Mrs’s need to be on every board under the sun), but they bought in another cooperative in the area.
*disclaimer, I am on a co-op board, so I’m biased in their favor*
FG,
Powhattan is an amazing building and therefore not surprising how strict they are. My guess is the person turned down has the initials JG.
‘…whereas condo owners are stuck with whoever can get a mortgage to buy a unit’
Banks used to act as a type of mortgage policing unit especially for condo buildings; if you could pass the test and get a loan through them, chances were you’re a good financial risk for the building. I don’t blame condos/co-ops boards one bit today for being picking on who gets in and who doesn’t. Buying a home is the biggest financial purchase most will make in their entire lives, and who could of guessed that so ‘few’ neighbors whose only qualification was the ability to hold a pen, could ruin it for so many. The government was dead wrong… not everyone deserves to own.
“Sonies (August 31, 2012, 11:59 am)
lol I can’t wait till i see one day someone walking their pig down the street”
I bought a leash for my guinea pig years ago. He didn’t take. So went my dreams of becoming the ultimate “guppie.”