Want Vintage Grandeur AND Deeded Parking? 3740 N. Lake Shore Drive in Lakeview
This 3-bedroom at 3740 N. Lake Shore Drive in Lakeview came on the market in June 2017.
This building was constructed in 1924 and has 58 units.
This unit has 60 foot of lakefront views.
The listing says that it has new Marvin windows, new doors, hardware and millwork, new lighting, plumbing and electrical.
There are new quarter-sawn oak floors.
It also has a 23 foot grand gallery with herringbone oak and walnut inlaid floors.
The kitchen has a coved ceiling along with maple cabinets and built-in Subzero, Dacor and Miele appliances.
There’s a butler’s bar with a wine cooler.
Two bedrooms are en suite and the maid’s room, which is just 13×7, is being used as an office.
It doesn’t have central air, but it has Space Pak.
There’s also an in-unit Bosch washer/dryer and deeded parking is included, with a second space available for $40,000, a rarity for many vintage buildings of this era.
Originally listed at $660,000 in 2017, it has been reduced as low as $560,000, before it went under contract in March 2018.
It has since been relisted at $575,000 with one parking space included.
Does deeded parking give this building an advantage over most of the other Lake Shore Drive vintage condo and co-op buildings?
Paul Yambrovich at Dream Town has the listing. See the pictures here.
Unit #3A: 3 bedrooms, 2.5 baths, 2400 square feet
- Sold in April 1996 for $225,000 (per Zillow- as the CCRD was “down” again. Ugh.)
- Sold in January 2003 for $425,000 (per Zillow)
- Originally listed in June 2017 for $660,000
- Reduced
- Under Contract in March 2017 at $560,000
- Re-listed at $575,000 (includes 1 car deeded parking with a second space available for $40,000)
- Assessments of $1809 a month (includes heat, doorman, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $9,003
- No central air- but it has Space Pak cooling
- Washer/dryer in the unit
- Pets allowed
- Bedroom #1: 17×17
- Bedroom #2: 17×13
- Bedroom #3: 17×15
- Office: 13×7
- Gallery: 23×9
- Dining room: 18×18
NOPE. GO CUBBIES!!!!!!!!!
I’m surprised you don’t like this place Jan, its full of OLD STYLE!
It’s very difficult for people looking in the 500k-600k price range to want to be stuck paying $2600 a month for assessments and taxes before they even cover their mortgage. If the building has that high of carrying and maintenance costs, the condo association may be better off selling to a developer / landlord and converting the building to apartments.
The assessments are precisely why it’s priced below $600k. If the assessments were, say, $800/mo, the price would be more like $800k, no? (This doesn’t address the downsides of assessments not being tax deductible and there not being any equity or appreciation on them, only that high assessments can push prices down.)
“high assessments can push prices down”
Or high taxes. Looked at a GREAT lakefront house on the Chain of Lakes recently. It’s a good property, solid layout, no deferred maintenance, and has a great sunset view. Sale price is $629K and we would have put in an offer but the Lake County taxes are $25K per year. That is insane.
https://www.redfin.com/IL/Antioch/25581-W-North-Ave-60002/home/17771757
Anyone know what fraction of the time owners end up leaving the grand piano or roll it in as part of the real estate transaction?
“If the building has that high of carrying and maintenance costs, the condo association may be better off selling to a developer / landlord and converting the building to apartments.”
It’s only 58 units.
As I keep saying. ANY building that is “boutique” is going to have big costs. You’re paying the salary of the doorman and probably a full time engineer with just 58 units. Impossible to keep them “low.”
Nice looking vintage place with lots of things that are hard to find in a vintage unit like W/D and parking. But the low floor hurts it for me. If I’m on Lake Shore Drive, i want to see the lake, not just hear the buses go by on the Inner Drive.
“Anyone know what fraction of the time owners end up leaving the grand piano or roll it in as part of the real estate transaction?”
Why would they leave it?
It’s pretty easy to move a grand or baby grand. The legs come off. They put it on a straight board and just carry it out. It helps if there’s an elevator, obviously. They can wheel it in.
The vintage units certainly have the space for them.
But pianos are obviously out of favor. Many people inherited them from the Greatest Generation. Schools don’t even want them anymore because so many have tried to donate them there. Some store them. Some sell for cheap on Craigslist. Depends on if you have one that’s worth anything, like a Steinway.
Not sure on pianos but I’ve known some Pool tables that stayed. Not an heirloom piece. Was likely more of an impulse purchase for the kids or by a bachelor they only got limited usage. And it is much more of a pita to move. Not something that the wife wants in the new home. And empty nesters moving out of the family house and into a smaller place won’t need it in their new condo.
We got the foosball and “king all” table with the summerhouse contrast. Does anyone actually know what a king ball table is? We have no idea. It’s outside and appears to be similar to a bar type shuffleboard table. Except that it has indoor outdoor carpet as the surface. Very odd….
I don’t think the assessments are that bad for what you get…heat, cable, internet, doorman, all the maintenance on the green space. Assessments aren’t tax deductible but either is a lawnmower for your sfh, or your electric bill for your sfh. Anyway, I’m not sure why people don’t get rid of their clutter when taking photos. Chairs everywhere. You don’t even have to get rid of them, just move them out of the photo.
with 20% down you’re pretty close to rental parity aren’t you? A place like this would probably rent for $5125 a month right?
Anyway, Lake county and McHenry county taxes are fucking insane, like 300k house, 7k+ in taxes… lol fuck that shit, why anyone would buy out there is beyond my comprehension
I have a friend who lives just next door in the 3800 N Lake Shore Dr building. That building has 95 units and does not have a doorman. I looked up the assessments for comparison. There is a unit for sale that is 3,000 s.f. and the assessment is $1,700 plus $225 for parking. (Parking is not deeded in that building.) The asking price is lower if you factor in difference in square footage – $223/sf rather than the $240/sf for this 3740 LSD unit. Tax is almost identical – $9794 as opposed to $9003.
https://www.zillow.com/homedetails/3800-N-Lake-Shore-Dr-7C-Chicago-IL-60613/3714285_zpid/
If the assessment for the unit in 3740 LSD were the same (per square foot) as the one in 3800 LDS, it would be $269 lower. So that seems to be the difference in cost factor of running the smaller building with doorman. The difference is actually not has much as I would have thought!
Btw, I find it curious that there are no direct shots of the view for this unit given that it is boasting “60 ft of lakefront views”. Of course, that may have to do with the fact that it is on the 3rd floor, and any lakefront view would also have cars and buses whizzing by in front of it! All in all, the larger unit for sale in 3800 LSD seems to be a much better value. For only about $100 more in assessments, you get 600 more sf of better renovated unit on higher floor with much better views, and the purchase price is lower per square footage.
But given the theory that condos are priced higher when the assessments are lower, this seems to be evidence of the contrary. If the assessments for the 3800 LSD unit were the same (per square footage) as the one on the 3740 LSD building, it would be $2, 261 (instead of $1,700 +$225). So in this case, the lower-priced unit also has lower assessments and lower property tax.
Not much of an upside buying into this building. High assessments, outdated apartment, meaning you have to pump in a lot of money into this crib. $$ you won’t see back for a very long time w.o. much upside.
@sonies – I don’t think this place would rent for $5125 a month. That seems too high to me. I think $2/sq ft is closer. Puts it at $4,800 a month.
Also, the Lake county home is $25K in taxes with a Homeowner Exemption. That means the actual assessed taxes are even higher.
VB – good point. Makes it even worse deal. Although in fairness someone could live in that place year round. Really nice house that happens to be lake front.
Why do people in Lake County live in $650,000 homes with $13,000 in taxes (our situation)? It’s simple. Good schools and good public services. We’ve lived in Highland Park for nearly 16 years and have two teens, one of whom is a senior and the other entering HS next year. We think the property taxes (which have nearly doubled since we moved here) were well worth the price of the kids’ education.
We’d have paid taxes of maybe 2/3 as much in the city but for a much smaller place. And there would have been no guarantee of as good a school. Friends of ours who stayed in the city recently were worried that their kid might not get into the “right” high school – she did, luckily. We didn’t want the headaches.
Dan – your scenario makes sense. We have a similar situation on Park Ridge at a great school. But this property was 600l with 25k in Antioch schools. Last I checked they are not terrible but a long way from the Highland Park HS or Lake Forest Schools.