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Normally, it seems like pretty good news to learn that a development is nearly 80 percent sold, but when there are 391 units in the building, there’s still a long way to go. According to the price sheet I received this afternoon, there are still 85 available homes in 1400 Lake Shore Drive, RDM Development’s 22-story Gold Coast high-rise at 1400 N Lake Shore Drive. The remaining homes range from 520 square-foot studios to 1,540 square-foot condos with three bedroom and two baths
Bob Kohler from Coldwell Banker Residential Brokerage says the prices for two studios and four one-bedrooms have been discounted by about 10 percent. The six units that are currently included in the sale range from a 360 square-foot studio (yes, you read that correctly) that’s priced in the $120s to a 718 square-foot one-bedroom / one-bath that’s priced in the $210s.
Looking at the price sheet, one-bedrooms are the most abundant, and they appear also to have been the most popular units in this building. Several of the smaller floor plans have sold out, but there’s still a wide variety of available condos in the building. Prices on the homes that haven’t been discounted range from the $140s to the $590s.
- Rate and review 1400 Lake Shore Drive at NewHomeNotebook.com.
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I’m not all all surprised that this project is in trouble. It was ill-conceived from the get-go, IMHO formed after seeing the initial broker’s tour several years ago. The basic design of the building and the apartments within would pose a challenge to any condo-converter. The lack of on-site parking in a crowded neighborhood was a potential turn-off to many buyers. And the deal they offered to the tenants (cheap and as-is or expensive and rehabbed) was not the most attractive. Even in good times this was going to be a tough sell; now that so much downtown real estate, including condos that are so much more attractive, is stagnant, it’s going to be even tougher.
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