Sales team expects 1400 Lake Shore Drive to sell out by year's end

1400 Lake Shore Drive, Gold Coast, Chicago Model unit in 1400 Lake Shore Drive, Gold Coast, Chicago

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available in the building, and although there are no official price reductions at present, Garrison says that there are unpublished deals to be had.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.

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Related posts:
Deal of the day: Price cuts on studios and one-bedrooms at 1400 Lake Shore Drive (Nov. 3)

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