January is not a warm month in Chicago – whether you’re talking about temperatures or real estate – but tell that to Teri Lind, of Inland Great Lakes. The Oak Brook-based developer closed nearly 40 units and had another 20 under contract by early February at Lakefront Place Condominiums, 6730 South Shore Drive.
“Sales are going very well, surprisingly,” Lind said. “You expect January to be a slow season, but we just closed our 39th unit and we have another 20 under contract. We’re gearing up to sell out before the end of March.”
What’s the appeal? Well, the only thing between the 91-unit development and the lake is South Shore Golf Club, a nine-hole Chicago Park District course that was formerly part of the South Shore Country Club.
“We look right down on the South Shore Cultural center, and a lot of our units have lake views, five out of six on each floor,” Lind said.
But the prices are still affordable compared to condos with lake views farther north: one-bedrooms from $79,900 up to $189,900 for the largest two-bedroom two-bath condo.
“We’ve got pricing for a lakefront exposure that simply is not available anywhere else,” Helmer said. “We’re in the city and priced well under $200,000 for our largest unit, with a large balcony and lake views. Try that closer to downtown and you’re in the $600,000 to $800,000 range. There really is nothing else like it.”
The 16-story building was constructed 28 years ago and has six units per floor, two one-bedrooms and four two-bedroom two-bath condos. IGL is installing new cabinets, counters, appliances and carpeting as well as painting units as part of the standard package. Upgrades, such as granite, hardwood floors, ceramic tile and microwaves, also are available.
Windows in the building were replaced two years ago, Helmer said, but IGL is putting in a new roof, rehabbing elevators and making façade improvements. The building includes a fitness center, meeting rooms and a laundry facility.
Floor-to-ceiling windows and open space around the building make for stunning skyline and lake views, Helmer said, and a perfect perch to watch the rebirth of South Shore.
“South Shore has been going through a tremendous resurgence in the last few years, as the place is rediscovered,” Helmer said. “It was there all the time because of the lakefront, where there are very few buildings. Seventy-first is a nice thoroughfare, with the IC line and Dominick’s, great transportation into the city that’s within walking distance.”