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.
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