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As Joe pointed out last week, options are pretty limited for new condo buyers in the Gold Coast. With just three Gold Coast developments listed in NewHomeNotebook.com, RDM’s 391-unit conversion at 1400 N Lake Shore Dr accounts for about 90 percent of the new homes in the neighborhood, which should be good news for that development.
According to Matt Garrison from Coldwell Banker, 1400 Lake Shore Drive has been pretty resilient, despite the sluggish downtown market. “We have been selling several units/month, even in the 4th quarter,” Garrison writes in an email. “We have sold over 320 units in this building and expect to close it out in 2009.”
One- to three-bedroom condos are still available in the building, and although there are no official price reductions at present, Garrison says that there are unpublished deals to be had. Some one-bedrooms are currently selling for less than $200,000, according to Garrison, and that three-bedrooms with lake views are selling for under $300 per square foot.
According to the price sheet I received in November, studios start in the $140s, one-bedrooms start in the $180s, two-bedroom / two-baths are priced from the $290s to the $570s, and three-bedroom / two-baths are priced from the $320s to the $590s.
NewHomeNotebook
• Rate and review 1400 Lake Shore Drive
• View our list of new Gold Coast condos and townhouses
Related posts:
• Deal of the day: Price cuts on studios and one-bedrooms at 1400 Lake Shore Drive (Nov. 3)
Related posts:
- Renovated penthouse homes at 1400 Lake Shore Drive available at discount
- Jameson touts “prices we haven’t seen since 1988″ at 1400 Lake Shore Drive
- Sales update: Slim pickings for one-bedrooms with lake views at 1400 Museum Park
- Streeterville smackdown: 474 North Lake Shore Drive vs. Pearson on the Park
- CondoShark sighted off Lake Shore Drive!
{ 3 comments }
I’d live there! It’s a unique project for the city. These large old pre-war apartmente houses don’t get full rehabs very often.
To put things in perspective, units in 1400 N Lake Shore have been for sale since 2005. They’ve been slow-selling even before the market turned, so I doubt they’re suddenly going to sell out. Having seen some of the units, I also know that the kitchens are appallingly small. It’s a good price if you really must own in the Gold Coast and don’t have a lot of money to spend, but the prices are low for a reason.
Jon,
I have a different twist on your perspective.
In the super-heated market of most of this decade many Chicago buyers at the lower end of the lakefront market decided that the combination of in-unit amenities and perceived appreciation potential made living in a marginal neighborhood worthwhile.
The pool of buyers who valued location over in-unit amenities and appreciation potential was smaller, and developers were aware of that.
From that perspective, I don’t see absorption of 100 units a year at 1400 as being “slow.” Perhaps the developer did, perhaps not.
Demand for the outlying / emerging neighborhoods has contracted sharply in the current market. II think we’ll see a renewed focus on real estate basics, i.e. location, location …
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