Shark bites: Landmark luxury on Lake Shore

1258 N Lake Shore Dr, ChicagoA Lake Shore Drive address in the Gold Coast rarely comes cheap (unless you’re buying at auction this weekend, perhaps), but it’s especially pricey when you’re looking for one of the Drive’s rare single-family homes. The 115-year-old home at 1258 N Lake Shore Dr has been on the market since July 2008, when it was listed for a cool $5.8 million. It’s seen two reductions since then, one in November ’08 and another in March of this year, bringing the price down almost 16 percent to $4.4 million.

According to Mary Prendergast’s listing, the 5,162 square-foot home was designed by Holabird & Roche and, along with its three neighbors on the 1200 block of Lake Shore and another three in the 1500s, has been a Chicago landmark since 1989. Spread throughout its four stories (all serviced by an elevator) are four bedrooms, 5.5 baths, and four fireplaces. It’s topped with a rooftop deck — perfect for scoping out all the beautiful people lounging at Oak Street Beach, located immediately across the drive — and has a parking space in back.

Along with the $4.4 million price tag, this home’s buyer needs to expect annual tax bills in excess of $17,000.

Matt Garrison’s tracks price reductions on listings in select Chicago neighborhoods and North Shore suburbs.

1258 N Lake Shore Dr, Chicago 1258 N Lake Shore Dr, Chicago

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