So I’m casually browsing Gold Coast over a morning coffee, and I start to detect an unnaturally wild spread in pricing at one location: 1000 North Lake Shore, near Lake Shore Drive’s big bend. Three bedrooms from the $350s to almost $2 million? That can’t be right…right?
It’s not, because I was looking at listings from two different buildings: 1000 Lake Shore Drive, a relatively stumpy high-rise dating back to 1953, and 1000 Lake Shore Plaza, a much taller tower built one decade later. Once I was able to separate the listings out by building, everything made sense. Drive‘s homes are significantly less expensive than Plaza‘s, and, lately, at least, more likely to be short sales.
The median list price at 1000 Lake Shore Drive is in the $220s; the median at 1000 Lake Shore Plaza is in the $970s. At least three homes at 1000 Lake Shore Drive are priced below their 2002 and 2003 sale prices; all of the homes at 1000 Lake Shore Plaza (or all the ones whose sales histories are available) are listed above their last sale prices, considerably so in most cases. The average time on market at 1000 Lake Shore Drive is 183 days; at 1000 Lake Shore Plaza, it’s 176 days, skewed heavily by one 653-day listing — The average without it is 97 days.
The current low, median, and high prices for both buildings are as follows:
1000 Lake Shore Drive
- Low: $128,980 for unit #803, a one-bedroom / one-bath. Listed 190 days ago for $135,000. Last sold in 2002 for $150,000.
- Median: $248,986 for unit #301, a two-bedroom / two-bath with 1,200 square feet. Listed 190 days ago for $349,000. Last sold in 2000 for $248,000.
- High: $424,900 for unit #905, a three-bedroom / three-bath with 1,740 square feet. Last sold in 2003 for $354,000.
1000 Lake Shore Plaza
- Low: $649,000 for unit #44D, a two-bedroom / 2.5-bath with 2,100 square feet. Listed 133 days ago for 720,000.
- Median: $975,000 for unit #12A, a three-bedroom / 3.5-bath with 2,400 square feet. On the market a whopping 653 days.
- High: $1.99 million for unit #35B, a three-bedroom / 4.5-bath with 4,200 square feet. Last sold in 2006 for $1.32 million.