Lake Point Tower in Chicago – 505 N. Lake Shore Drive

Lake Point Tower, at 505 N. Lake Shore Drive is also known as “The building east of Lake Shore Drive,” “The black building  by Navy Pier,” and “Oprah’s Building” despite the fact Oprah never lived in the building!! Lake Point Tower is an icon in Chicago’s skyline. But lets learn some more about it. What do condos sell for in Lake Point Tower? How much are assessments in Lake Point Tower? Are any of the units updated in Lake Point Tower?

505 N. Lake Shore Drive

Lake Point Tower Private Residences was built as apartments in 1968 and was converted to condos some years later. There is an old law on the books that no private property can be built on the Lake front property. The developer of Lake Point Tower actually found a loophole in the law and drove the pilings of the building down into the lake waters underneath the land. This would mean that the building was technically “not built on lake front property” but instead built into the lake itself. Obviously the law has since been modified.

What Condos are Available in Lake Point Tower?

The building is made up of Studios (many converted to Jr. 1 Beds) around 700sf to large combined units well in excess of 3000sf. Over the years many units have been combined and cut up to take advantage of different views. The standard units are, however, Studios/Jr. 1 Bedrooms at 720sf, 1 Bedrooms at 1100sf, 2 Bedrooms at 1450sf and 3 Bedrooms at 1800sf.

Pricing of Condos in Lake Point Tower

Studios and Junior 1 Bedrooms typically sell for the mid to high $200’s. One Bedrooms will start around the mid $300s and two bedrooms will start around $500,000. Three Bedrooms will start around $720,000 on up.

What are the assessments in Lake Point Tower?

The assessments are not cheap. A standard 1 Bedroom will run you around $450 to 600/mo depending on view and this does not include your heat or a/c as it is electric. Two Bedrooms will see assessments just over $700/mo to $980/mo and Three Bedrooms will see assessments over $1,200/mo. I know some of you may be scratching your head as to why assessments are more for the same square footage on a higher floor with a better view. The reason is that Chicago Condo Law requires assessments to be divided based upon the initial value of the condo and not the size. Since a higher floor unit with a preferred tier view will sell for more it will also have a higher assessment.

What amenities are in Lake Point Tower?

Lake Point Tower is a small little city. It has a private park, a pond, an outdoor pool, an indoor pool,  racquetball court, expansive new fitness center, business center, 24hr door staff, dry cleaners, grocery store, building engineer….the list goes on.

Are units updated in Lake Point Tower?

Well, the building is old so there are many units that are not updated. However, there are some that have been completed rehabbed. The one thing to note about Lake Point Tower is that the floor plans are all about the view. The floor plans are wide to take advantage of window space to maximize your view. All the floor plans are fairly workable in order to upgrade. Bathrooms are typically small, however, so if you do upgrade you may end up taking some space away from your living area if you want a large master bath.

 

Paul Blackburn is an Illinois licensed Realtor and Broker with @ Properties in Chicago. For further information regarding Lake Point Tower or other buildings in the area please e-mail Paul@PKBlackburn.com  For basic information about buying a condo in the Chicago market place visit www.BuyingInChicago.com

415 and 445 East North Water Condos – River View Condominiums

River View Condominiums

415 E. North Water and 445 E. North Water are also known as the River View Condominiums located behind the River East Art Center at the Chicago River and Lake Shore Drive. The “complex” features two separate towers which share the same common amenities along with luxury town homes at the base of the building. Personally, it is one of my favorite buildings in the city given the location, amenities and of course the views of the river. Even though it is located in Chicago’s Streeterville neighborhood which is can be very touristy, East North Water is slightly tucked away. I am always amazed at how quiet it is on East North Water.

415 and 445 East North Water Amenities:

The building can expect all the amenities a luxury high rise needs to have in Chicago such as a large fitness center, sundeck, indoor pool, 24hr door staff, and party room. Even though the buildings were built in 2001 and 2005 the amenities appear only a couple years old. The building is impeccably maintained.

Floor Plans

One of my favorite things about the floor plans in this building are their width. The developer and architect wanted to take advantage of the views whether it is the boat slip and city to the north or the river and the city to the south. Therefore the floor plans are elongated to run parallel with the Chicago River. Therefore your view and light abundance is really maximized.

What are condo prices in 415 E. North Water and 445 E. North Water?

Views will influence prices throughout the building. The prime view is the South View in this building as you get a view of the River. It is also important to note that there are several different floor plans and unit square footages within 1, 2, 3 and 4 bedroom tiers.

One Bedrooms typically sell in the upper $400’s to low $500’s depending on view. Two Bedrooms will sell in the very high $500’s on the very very low end, but you should plan on paying at least in the $600’s for a 2 Bedroom and upwards to over $800,000 depending on size and of course view. Three Bedrooms in the building will sell for over $1,100,000 up to $3,000,000 +. Again obviously view and of course square footage plays a role here. Smaller three beds start around 2200sf and larger ones upwards to 5200sf.

Town Homes at the base of the building

If you have ever walked along the river walk near Navy Pier or been on a boat down the river you have seen these beautiful red brick town homes that line the base of 415 and 445 East North Water. These town homes are large, 4000sf and larger and the sales price reflects this. Currently there is only one large corner unit on the market for 2.9mil. When the town homes were first sold here, however, sales prices started around 1.3/1.4 for the smaller town homes. These town homes get to enjoy all the amenities of the River View Condominium Building and have direct access from their garage. Each town home has a wonderful private roof deck as well which I think is one of the most appealing aspects of these units.

Finishes

With one of the towers built in 2001 some of the finishes can be dated. Think light oak trim, floors and cabinets. However, the real wood floors can easily be sanded down and the cabinets or appliances replaced if needed. The newer building built in 05 has some newer modern style finishes in the units but each unit will vary. Many unit owners have kept their units updated and have done upgrades since the building was built.

 

Paul Blackburn is an Illinios Licensed Realtor and Broker with @ Properties in Chicago. For further information regarding condos for sale at 415 or 445 East North Water please e-mail Paul at Paul@PKBlackburn.com  For general information about buying a condo in the Chicago marketplace please visit his informational website at www.BuyingInChicago.com

 

 

505 N. McClurg – The Park View Condos in Streeterville

The Parkview 505 N. McClurg

The Parkview located at 505 N. McClurg is in Streeterville. It is easy to spot as it is the only new building in Streeterville with yellow balconies. For those of you who still cannot place it, the Parkview is located across the street from Fox & Obel and just east of River East AMC Theaters. The building was built in 2008 so it is relatively new. 505 N. McClurg features One Bedrooms, Two Bedrooms, Three Bedrooms as well as a couple Penthouse units. It also features duplex “townhome style” units at the base of the building which over look the park that runs between Illinois and Grand streets.

What do condos sell for at The Parkview 505 N. McClurg?

One Bedrooms have recently been selling from the high $300’s (some of these short sales and foreclosures) on up. There are two different style One Bedrooms. The higher floor One Beds definitely achieve higher selling prices into the low to mid $400’s. One Bedroom units are great size, 921sf and larger.

Two Bedrooms have recently been selling from the very high $500’s to low/mid $600’s on up depending on the specific tier, floor height, etc. Two Bedroom condos at the Parkview are 1370sf or larger.

Three Bedroom condos have been selling from the low $700’s for very low floor units on up to the high $800’s. Three Bedrooms are 1803sf.

I’d like to add that while the square footages are not “huge” the architect made great use of the space. Therefore 921sf for a 1 Bedroom does feel much larger. There is very little wasted space in this building.

The Parkview 505 N. McClurg Amenities

The Parkview features 24hr door staff along with an on-site building manger, fitness center, outdoor pool, party room and theater room.

Other Building Details

The building has weathered the real estate crash of 08/09 fairly well in comparison to other buildings. Currently there are only a couple units available for sale in the building. Assessments are average for a new construction building and include all amenities plus heat/ac, water and basic cable. There is a total of 268units in the building.

Paul Blackburn is an Illinois licensed Realtor and Broker with @ Properties in Chicago. For more information about the Parkview (505 N. McClurg) or other buildings in the area please do not hesitate to contact Paul at Paul@PKBlackburn.com  For basic information about buying condos in Chicago you can visit Paul’s educational website www.BuyingInChicago.com