474 N. Lake Shore Drive Condos in Chicago

474 N. Lake Shore Drive is a condo building located at Illinois and Lake Shore Drive by Navy Pier and Lake Point Tower. The Condos for sale at 474 N. Lake Shore Drive vary from Studios to large Three Bedroom units. 474 N. Lake Shore was originally built as apartments but converted to condos in the early 2000’s. 474 Lake Shore is located in the Streeterville neighborhood and specifically in the area of “River East” within Streeterville.

474 N. Lake Shore Drive

Condos For Sale in 474 N. Lake Shore Drive

474 N. Lake Shore Drive has a handful of different floor plans and therefore different pricing. It is important to note that due to the relatively high amount of investors and poor timing of the building’s delivery there have been a handful of short sales and foreclosures in 474 N. Lake Shore Drive.

Studios: One of my favorite floor plans in the building is actually the studio floor plan. The reason is because it is just a big wide open space that feels bigger than it actually is. Some studios have sold in foreclosure and short sale for around $140,000 to $165,000. Right now there are a couple on the market in the $189,000 range.

Convertibles:  474 Lake Shore has convertible units which are my least favorite. They feature a separate sleeping area but the living area is not very large and feels cramped even though the overall square footage is larger than the studio. The convertibles sell for around $180,000 to $200,000.

One Bedrooms: The One Bedroom units at 474 N. Lake Shore are 741 square feet. The floor plans are basic and typical of a smaller 1 Bedroom in Chicago. These sell for between $220,000 on the low end for something that is basic and not updated to just over $300,000 on the high end for an upgraded unit, best view and with parking included.

Two Bedrooms: The Two Bedroom floor plan is my second favorite plan in the building. The 2 Bedrooms are all corner units which will give you the best view. The square footage is 1250sf and the use of the space is well thought out. It is how 1250sf should be used. Plain and simple Pricing on the Two Beds will run in the $400s though a couple have sold in the high 300’s in foreclosure / short sale.

Three Bedrooms: Three Bedrooms are available on the higher floors and from my experience have been highly upgraded. Some have been a combination of units but you’re typically looking around 1600sf with a price tag in the $500s at a minimum to over $600,000 for the larger 3 Bedrooms which can run around 1900+ square feet.

 

Building Amenities for 474 N. Lake Shore Drive

474 N. Lake Shore Drive does have an expansive fitness center that actually used to be a health club that you could join. It is a large lap pool and a nice sundeck as well. 24hr Doorstaff, well appointed lobby and a few vending machines round things out at 474 Lake Shore.

My Thoughts on 474 Lake Shore Drive

From the outside, I’ll be honest, the building is an eye sore. I’m surprised that the building actually got approval to be built int he 90s. But hey, this is Chicago. The amenities of the building are great, particularly the fitness center. It is a “real fitness center” in the respect that you can give up your gym membership and be fully satisfied no matter how much you work out.

The views from the units are great. My favorite views are the West views as you get the entire city skyline and of course the Chicago River. It is a not high end building by any means but it is well updated, fairly priced and in a high profile location near Navy Pier and most importantly on Lake Shore Drive.

 

Paul Blackburn is an Illinois Licensed Realtor and Broker with @ Properties in Streeterville Chicago. For more information about 474 N. Lake Shore Drive or other buildings in the area please contact Paul at anytime via e-mail at Paul@PKBlackburn.com  For general information about buying a condo in Chicago visit www.BuyingInChicago.com

600 N. LAKE SHORE DRIVE CONDOS IN CHICAGO

600 N. Lake Shore Drive, built by Belgravia Group in 2008, is the newest building built on Lake Shore Drive (at least until the rental building at 500 North is finished). 600 N. Lake Shore is split into two towers featuring 401 condos. 600 Lake Shore Drive is located just south of the W Hotel in Streeterville and is at the corner of Ohio and Lake Shore Drive.

The Condos at 600 N. Lake Shore Drive

Hardwood Floors, Open Floor Plans, Granite, Stainless Steel appliances are all standard at 600 N. Lake Shore Drive. The largest upgrade differences you’ll notice between some units are the appliance packages. Some of the higher end units have the “Professional” appliances installed. Outside of that most of the units have very similar finishes throughout which are tasteful and current.

Some of the 1 Bedrooms in the South Tower have rather unfortunate views as they are staring directly at the North tower. If you are in the market for a 1 Bedroom, your best bet is the larger 1 Bedroom plan in the South Tower that faces South.

What do Condos Sell for in 600 N. Lake Shore Drive?

One Bedrooms: One Bedrooms will typically sell for the low to mid $400’s; some a bit higher depending on size and view. The smallest is the 10′ tier at 1000sf. Still it is a great size for a 1 Bedroom!

Two Bedrooms: Two Bedrooms will typically start in the low $600’s and move up from there depending on view. I have seen some sell in the $500’s. Most Two Bedrooms are around 1300 to 1400sf. The higher priced two bedrooms are over 1600sf. These will sell for around 775 to 825 but can sell higher depending on the view.

Three Bedrooms: Three Bedrooms will sell for around 1.2mil and will move up from there to almost $2 million depending on floor plan and view. The 12 and the 05 tiers are the most impressive of the 3 Bedrooms. Currently two are on the market in the $1,750,000 range.

600 N. Lake Shore Drive Building Information

Belgravia Group was the developer of the building and they still own some units in 600 LSD. Belgravia always wants to keep assessments low and their buildings stable. They survived the real estate crash by doing this and 600 LSD actually weathered the storm (financial crisis) better than any building in the city, at least in my opinion. With this being said they are strict on renters and strict on the amenities they put into their building.

Lets start with renting. If you want to rent out your condo in 600 Lake Shore you can, don’t worry, but you have to live there for a year first. Secondly there is a $1,000 move in fee and a $1,000 move out fee as well as a complete background check required. What this does is keep people from moving in for a year and then moving out. It also keeps people out who can barely afford the rent.

Amenities in 600 N. Lake Shore Drive

Since Belgravia wanted to keep the assessments low there is no pool. There is however, a stunning lobby and great doorstaff (always two on duty it seems). In addition there is a building engineer that lives in the building. The building features a nice business center, fitness center and a great sundeck perfect for viewing fireworks or the air and water show.

My thoughts on 600 N. Lake Shore Drive

Nice, clean and modern! The lobby has a wow factor and the floor plans are functional. It doesn’t have the wow factor in the units that a building like Trump might have but the price points are definitely lower and some of the views definitely compete as well. The biggest complaint I’ve heard about the building, from my clients, is the location. While you are on Lake Shore Drive you are slightly removed from the heart of Streeterville. It is only a block and to most people it won’t make a difference but to those who want very short walks to the train for instance or to visit clubs and restaurants in River North it is a bit of a walk and you’ll probably end up taking a cab on a cold winter day.

Paul Blackburn is an Illinois Licsened Realtor and Broker with @ Properties in Chicago’s Streeterville Neighborhood. For further information about 600 N. Lake Shore Drive or other buildings in the area please do not hesitate to contact Paul Blackburn via e-mail at Paul@PKBlackburn.com  For basic information about buying condos in Chicago (such as what is standard practice in the city) visit Paul’s informational website at www.BuyingInChicago.com

530 N. LAKE SHORE DRIVE CONDOS

530 N. Lake Shore Drive is located in the heart of the Streeterville neighborhood at Grand and Lake Shore Drive. When the building was first built there was actually some contention about the address and it was almost changed to an “East Ohio” address which had many resident furious. Clearly 530 N. Lake Shore Drive is a much more prestigious address than one on “east Ohio.” 530 N. Lake Shore Drive features luxury condos built by Belgravia Group in 2003.

530 N. Lake Shore Drive

What do Condos sell for in 530 N. Lake Shore Drive?

First lets discuss the finishes of the condos. 530 N. Lake Shore Drive is a high end building in Chicago. The finishes are of excellent quality but the “upgrades” may not be found in all units. For instance some units will have white appliances and carpet throughout. Clearly this is a very easy change as you can always install new appliances and hardwood floors but as you’re browsing photos online it is something to keep in the back of your mind.

One Bedroom Condos for Sale at 530 N. Lake Shore Drive
One Bedroom Condos in 530 N. Lake Shore Drive typically sell in the mid $400’s give or take, depending on height and view. There are a couple different 1 Bedroom floor plans in the building.

Two Bedroom Condos for Sale at 530 N. Lake Shore Drive
The smaller Two Bedrooms can sell in the low $500’s but as the market has been rebounding we are seeing prices slowly start to climb. Currently the cheapest two bedroom in the building is listed at $598,000 and is 1500sf. Larger two beds can sell in the high $600’s.

Three Bedroom Condos for Sale at 530 N. Lake Shore Drive
While a couple Three bedrooms have sold cheap in the building (in the $800’s and a large floor plan for just over $1,000,000) if you are currently in the market to purchase a 3 Bedroom you will be spending around $1,500,000 in 530 N. Lake Shore.

Penthouse Condos at 530 N. Lake Shore Drive
The building does have some penthouse condos which will sell just under $2 Million and will have around 3400sf.

 

530 N. Lake Shore Drive Basic Building Info

530 N. Lake Shore Drive is considered a boutique high rise since it only has 195 condos and is only 30 floors. The lobby and hallways have a nice intimate feeling. The developer, Belgravia Group, wanted to keep assessments low for the owners so while it does have a nice business center and fitness center it lacks an indoor or outdoor swimming pool. The building does however, have a couple unique amenities such as concierge service and even a dog run.

My Thoughts on 530 N. Lake Shore Drive

The building is well run and very stable. Right now inventory levels are extremely low in the building. 530 N. Lake Shore is strict on rentals. All leases must be a 2 minimum which keeps out transient style renters who move every year and may give unneeded wear and tear to a building. Condos that had a south facing view in the building had the unfortunate luck of 500 N. Lake Shore drive breaking ground this past year. Views will be blocked in some units, but they will still have angle views of the lake and of the city. It is mostly the 1 Bedrooms have been effected by this. Belgravia, the developer of the building, has an excellent reputation in Chicago for quality. This building matches that reputation.

 

Paul Blackburn is an Illinois licensed Realtor and Broker with @ Properties in Chicago. For further information regarding 530 N. Lake Shore Drive or other buildings in the area please do not hesitate to contact Paul. He can be reached via e-mail at Paul@PKBlackburn.com  For general information about buying a condo in Chicago’s market place including local customs, understanding condo associations in Chicago, etc. visit www.BuyingInChicago.com