WHAT BUILDINGS ARE IN LAKE SHORE EAST?

Lake Shore East, also known as the New East Side is located on the south side of the River at Lake Shore Drive. This neighborhood used to be home to a 9 hole golf course / driving range many years ago. Now the neighborhood has been completely transformed but I’ve noticed many of my clients who are interested in the area and not overly familiar with the new buildings that exist in the neighborhood. Here is an explanation of the newer buildings recently completed in the area along with detailed descriptions of each so you can figure out which building may be right for you.

THE REGATTA      420 E. WATERSIDE

420 E. Waterside

The Regatta, located at 420 E. Waterside was completed in 2007. It is located on East Waterside which is the street that appears to be one with Wacker Drive…the street seems to drop off before Lake Shore Drive. It is south of Wacker and runs parallel with Wacker. The Regatta is a full amenity building with the following amenities: 24hr Door Person, Fitness Center, Sundeck, Party Room, Lounge and Media Room. 

Just like the other new buildings in Lake Shore East your assessments covers everything including Internet and Basic Cable. All you pay is electric. The most prized view in the building is facing North which gives you a view of the River, Navy Pier and the City (looking West, viewing Trump Tower, Wrigley Building, etc.).

I would consider this the most economical of the new buildings as it has a variety of floor plans. In the building are studios, convertibles, smaller 1 Bedrooms as well as smaller 2 Bedrooms. If you’re in the area on a budget and want newer construction this is the best building to focus on.

The Regatta also has a more intimate feel than others in the area, despite the fact it has a whopping 321 units. The intimate feel comes from standard ceiling height in the lobby and a square design for the building itself which allow the hallways to feel more intimate.

THE CHANDLER      450 E. WATERSIDE

450 E. Waterside

The Chandler is directly to the east of The Regatta, located at 450 E. Waterside this building is the furthest east building of the newer buildings in Lake Shore East. Its glass windows that curve the corner of Lake Shore Drive and the River definitely help the building stand out as a premier building. The chandler was finished in 2008 and is slightly newer and more expensive than the Regatta.

The Chandler is also a full amenity building and features: 24hr Door Person, Party Room / Lounge, Sun Deck (Roof), Pool, Fitness Center and Media Room. Just like its sister buildings the Chandler has all inclusive assessments which the exception of electricity.

The Chandler has a more modern feeling than the Regatta with soaring ceilings in the lobby and a long elevator bank (all elevators on one side versus a square design where 2 elevators are across from 2 elevators in the Regatta). Therefore in the Chandler you have a less intimate feel and a feeling of modern grand. Overall, the Chandler is more expensive than the Regatta mainly because it does not have as many of the smaller square footage units as the Regatta does. We also saw higher upgrades throughout in the Chandler (think Snaidero Cabinetry) whereas only a limited number of owners upgraded to Snaidero in the Regatta.

THE LANCASTER      201 N. WESTSHORE

201 N. Westshore

The Lancaster is located at 201 N. Westshore which is a small street at the base of Lake Shore East Park. This building literally sits 6 stories lower than Waterside street. The Lancaster is the first of the newer construction buildings being built in 2004. It is also the smallest at only 207 total units (Regatta has 321 and Chandler has 304). The building, however, does not feature a pool but does have an expansive fitness center, party room and amazing sundeck as well as 24hr door staff. The largest attraction of the building is the fact that it sits on the park itself. Many people like being able to walk right out their front door into green space.

The most prized views in this building are actually the west views. Some might think the East views would garnish a higher selling price, however, the east views are not protected. The Lancaster does not sit on Lake Shore Drive and the developer, Magellan, owns the land between 201 N. Westshore and Lake Shore Drive. Originally 4 buildings were planned for that land, however, the crash in the market has halted these plans for the time being. The land, however, will most definitely be built on in their future. While the east facing units will not face complete view obstruction it will definitely be hindered and the “dead on” lake view that they currently have will be no longer.

The Lancaster has very functional floor plans. When you walk into a unit in the Lancaster you are doing just that, walking into the unit, versus walking into a hallway area that eats up square footage.

340 ON THE PARK – 340 E. RANDOLPH

340 E. Randolph

340 On the Park, located at 340 E. Randolph is the premier building in Lake Shore East, at least in my opinion. The quality and the ambiance blows The Aqua out of the water. The location in the area is prime offering spectacular south views (you’re catching not only Millennium Park, but the lake and the city as well). The north views catch Lake Shore East park in their line of site as well as the lake if you are on a high enough floor.

The size of the units in 340 are large. One bedrooms are in excess of 1100sf and 2 bedrooms are in excess of 1400/1500sf. The finishes are high end (think wolf, subzero, snaidero, etc) and the building is LEED certified. The building features all the amenities you would expect including: 24hr door staff, indoor pool, party room, lounge, fitness center, and winter garden. I find most of the floorplans to be extremely functional in the building. Have you caught on yet that this is my favorite? It is not only my favorite, but the favorite of a lot of people hence the higher pricing. One Bedrooms are starting on the low end in the $500’s and two bedrooms will garnish a sales price of at least $700/750+.

One of the nice things about the location of 340 E. Randolph, outside of the views, is its location directly on Randolph which cuts down in your walking time for a couple of minutes. Now a couple of minutes doesn’t seem like much but when you’re walking home from work in 10 degree weather with 30mph winds off the lake, a couple minutes means a great deal.

THE AQUA     225 N. COLUMBUS

225 N. Columbus

The Aqua, located at 225 N. Columbus cannot be missed. The exterior styling of the building is incredible and each unit is a little different whether it is the floor plan or the balcony. The building is comprised of three parts: Hotel, Apartments and Condos. The condos make up the upper floors of the building and therefore take advantage of the best views. The building features both indoor and outdoor pools, along with running tracks, fitness center, game room, lounge…the list goes on. Basically you name it, it has it!

The other benefit of living in a building with a hotel is the ability to walk down to the hotel bar or restaurant without leaving the complex. Also in the building is a new CVS.

The wavy balconies in the building are cool, I will give it that, but the size of some of them are too narrow to use. The other aspect of the balconies I do not like is the fact that you can view other peoples’ living rooms from your balcony (your neighbors) and vice versa. The finishes in the building are higher end (snaidero cabinetry, upgraded wood flooring, quartz countertops, etc). however they are not as luxurious as 340 E. Randolph.

Some people may be concerned about living in a building with a rental portion and a hotel portion. The hotel does have its own entrance and the rental portion does have its own bank of elevators on the other side of the lobby. Condo owners will enjoy the privacy of their own elevator bank and secured access.

The Aqua has a wide range of floorplans from studios to junior one bedrooms to large 3 bedroom units. This allows for multiple price points in the building starting as low as $300,000 for a studio.

Paul Blackburn is a licensed Illinois Realtor and Associate Broker with @ Properties in Chicago. He can be reached via e-mail at Paul@PKBlackburn.com   To learn more about buying condos in Chicago please visit www.BuyingInChicago.com

BUYING A CONDO IN LAKE SHORE EAST “NEW EAST SIDE”

Condos in Lake Shore East can be broken down into two categories: The new and the old. The new buildings are easy to spot in person; they are The Lancaster (201 N. Westshore), The Regatta (420 E. Waterside), The Chandler (450 E. Waterside), 340 On the Park (340 E Randolph) and of course The Aqua (225 N Columbus). The first building and the only condo building actually located directly on Lake Shore East Park is the Lancaster. It also, however, the only building NOT to have an indoor pool.

The other buildings of Lake Shore East are the older buildings such as: Harbor Point (155 N. Harbor), Park Shore (195 N. Harbor), 400 E. Randolph and The Buckingham (360 E. Randolph). My favorite of the older buildings is The Buckingham due to its views, updated yet intimate lobby and updated common area space.

So if you are looking in Lake Shore East what should you know when you first start looking?

Special Tax: For starters you should know that the newer buildings have an additional tax similar to an SSA. This is a special tax which came about to pay for the initial improvement of the land. This tax is minimal and will vary depending on the unit but it is something to keep in mind when shopping in the newer buildings.

Understand your view: Understanding your view is very important, but most important for those looking at East Facing units in the Lancaster. If you are in an East Facing unit in the Lancaster and you look down you will see a vacant piece of land. Originally this was going to house roughly 4 buildings. Since the real estate crash however these plans have been scrapped and no new plans have come to fruition. It is highly doubtful that any development will start on this land for at least 5 years, but you should know that it eventually will.

Also note that there are two very prized views in Lake Shore East. The MOST expensive is the view of Millennium Park which can be had from 340 E. Randolph, 360 E. Randolph, 400 E. Randolph, and 155 N. Harbor. The views of the park are not only of the park but also capture the lake as well as the city view along Michigan avenue.

The next award winning view are the views of the River which, while they can be had from The Aqua are most popular in The Chandler and The Regatta.

Possible Rental Restrictions: Due to the timing of the new buildings in Lake Shore East some buildings have rental restrictions in place such as The Regatta and 340 On the Park. The Chandler is also in the process of implementing limitations on rentals which will require you to live in your unit for a couple of years before renting out. These are not necessarily negatives but are simply things to keep in mind when looking at the units.

WHAT ABOUT PRICING?

Newer Buildings: In your newer buildings One Bedrooms will typically start in the low $300’s with the exception of The Aqua and 340 On the Park which will be higher. Two Bedrooms will typically start in the high $400’s and Three Bedrooms from the mid to high $600’s. Of course prices will always vary depending on availability, building, view and square footage as well as upgrades.

Older Buildings: One Bedrooms can start as low $200k with Two Bedrooms in the high $300’s to low $400’s and Three Bedrooms, while much more rare in the older buildings, can be found in the 700 to 800 price range.

Paul Blackburn is an Illinois Licensed Realtor and Broker with @ Properties. He can always be reached via e-mail at Paul@PKBlackburn.com For more information about buying condos in Chicago and what you should know about the Chicago market visit www.BuyingInChicago.com

LAKE SHORE EAST RENTALS – The Chandler, The Regatta, The Lancaster, 340 On the Park

Lake Shore East Rentals are always in high demand but as the rental season is heating up units are being rented just as quickly as they’re coming on the market. Here is a full list of Rental Prices and Rental Inventory available in the following buildings in Lake Shore East: The Regatta, The Chandler, The Lancaster, 340 On the Park, The Aqua, The Buckingham

420 E. Waterside, The Regatta – Condos For Rent

JR. ONE BEDROOMS

#612 – $1,850

TWO BEDROOMS

#1103 – $2,800

#801 – $3,400

#3110 – $3,500

#3812 – $4,000

THREE BEDROOMS

#3910 – $12,500 (Furnished)

450 E. Water – The Chandler – Condos for Rent

ONE BEDROOMS

#1504 – $2,100

#2506 – $2,100

ONE BEDROOM + DEN

#910 – $2,500

#806 – $2,600

TWO BEDROOMS

#401 – $3,100

#2211 – $3,850

THREE BEDROOMS

#3009 – $6,250

201 N. Westshore – The Lancaster – Condos for Rent

ONE BEDROOMS

#2603 – $2,000

TWO BEDROOMS

#1007 – $3,300

THREE BEDROOMS

#2602 – $3,600

225 N. Columbus – The Aqua – Condos For Rent

STUDIO

#5604 – $2,075

340 E. Randolph – 340 On the Park – Condos for Rent

THREE BEDROOMS

#4601 – $7,450

360 E. Randolph – The Buckingham – Condos for Rent

ONE BEDROOMS

#3105 – $2,150

#3506 – $2,200

TWO BEDROOMS

#305 – $3,800
PAUL BLACKBURN IS A LICENSED ILLINOIS REALTOR AND ASSOCIATE BROKER WITH @ PROPERTIES. HE CAN ALWAYS BE REACHED VIA E-MAIL: PAUL@PKBLACKBURN.COM 

LAKE SHORE EAST RENTAL UPDATE – CONDOS FOR RENT IN REGATTA, CHANDLER, LANCASTER, 340

Here is an updated list of units on the market for rent in Lake Shore East in The Regatta, The Chandler, The Lancaster and 340 On the Park!

 

420 E. WATERSIDE – THE REGATTA

ONE BEDROOMS

Unit 1202: $2,000

Unit 507: $2,000

TWO BEDROOMS

Unit 1903: $2,500

Unit 703: $2,500

Unit 2612: $3,150

Unit 1612: $3,800

THREE BEDROOMS

Unit 2314: $4,100

Unit 2714: $4,500

Unit 2414: $4,500

Unit 3614: $4,800

Unit 3501: $,5800

Unit 3201: $6,500

Unit 3910: $10,000

450 E. WATERSIDE – THE CHANDLER

ONE BEDROOMS

Unit 1405: $2,000

THREE BEDROOMS

Unit 2902: $5,800

340 E. RANDOLPH – 340 ON THE PARK

THREE BEDROOMS

Unit 4601: $7,450

 

Right now there is nothing available in The Lancaster, 201 N. Westshore

 

Paul Blackburn is an Illinois Licensed Realtor and Associate Broker with @ Properties. He can be reached via e-mail at Paul@PKBlackburn.com

LAKE SHORE EAST UPDATED – RECENT CLOSINGS IN REGATTA, CHANDLER, LANCSTER, 340

With the 2011 at a close lets talk about the recent closings in Lake Shore East over the past month when we saw good activity in all newer buildings in the area: The Chandler, The Regatta, The Lancaster and 340 On the Park.

Best Deal in Lake Shore East:

While I have a few favorites over recent months what I believe is the BEST Deal to close was at 420 E. Waterside “The Regatta.” The unit was 3010, listed as a ONE BEDROOM with TWO AND A HALF BATHS. You’re thinking…what? The Unit closed for $405,000 without parking. This unit was originally a 2 Bedroom / 2.1 Bath unit that was converted to a 1 Bedroom. The total square footage of the unit is 1365sf meaning unit 3010 sold for only $296/ft….a true steal for a unit with a North West View in The Regatta.

My next favorite deal to sell in Lake Shore East was at 201 N. Westshore “The Lancaster” and was unit 1502. This unit appeared to sell with 2 Parking spaces and is a Three Bedroom Two Bath. Sales price WITH PARKING $569,500.

LIST OF RECENT CLOSINGS & PENDINGS IN LAKE SHORE EAST

ONE BEDROOMS:

420 E. Waterside (The Regatta) Unit  504: $199,900 – PENDING SHORT SALE. My assumption the price will close out HIGHER.

450 E. Waterside (The Chandler) Unit 1806: $320,000 – CLOSED

420 E. Waterside (The Regatta) Unit 3010:  $405,000 – CLOSED

340 E. Randolph (On the Park) Unit 2406: $500,000 – PENDING

TWO BEDROOMS

201 N. Westshore (The Lancaster) Unit 2208: $459,000 – PENDING

420 E. Waterside (The Regatta) Unit 1401: $537,500 – CLOSED

420 E. Waterside (The Regatta) Unit 508: $599,000 CLOSED

420 E. Waterside (The Regatta) Unit 2610: $642,500 – CLOSED

420 E. Waterside (The Regatta) Unit 3412: $730,000 – CLOSED

450 E. Waterside (The Chandler) Unit 2409: $780,000 – CLOSED

340 E. Randolph (340 On the Park) Unit 2104: $800,000 – PENDING

340 E. Randolph (340 On the Park) Unit 3104: $862,500 – CLOSED

THREE BEDROOMS

201 N. Westshore (The Lancaster) Unit 1502: $569,500 – CLOSED

420 E. Waterside (The Regatta) Unit 4114: $815,000 – CLOSED

201 N. Westshore (The Lancaster) Unit 2906: $1,145,000 – CLOSED

340 E. Randolph (340 On the Park) Unit 2405: $1,795,000 – PENDING

340 E. Randolph (340 On the Park) Unit 4101: $1,899,000 – PENDING

 

 

Paul Blackburn is a Licensed Illinois Realtor & Associate Broker with @ Properties. He can be reached at Paul@PKBlackburn.com

LAKE SHORE EAST – FINALLY A NEIGHBORHOOD! GROCERY STORE AND RESTAURANTS!

Many of my clients ask me my thoughts on “Lake Shore East.” Anyone who drives on Lake Shore Drive is at least vaguely familiar with the area due to many of the “glass buildings” that border the drive and the river. However, the question that is always asked is “What is over there?” Up until recently I really didn’t have much to say. All I could tell my clients is that you could walk to a coffee shop, a couple ATMs, the Lake Front and Millennium Park. Outside of that, you had to drive, cab it or go for a long walk. The age old question of “Where is the nearest grocery store” always left me explaining the free shuttle service that was offered to Dominick’s on the other side of the river. For the average busy professional, relying on a shuttle bus seemed less than ideal.

 

Finally, all the promises that have been made by area Realtors are coming true! Mariano’s a “higher end” style grocery store has finally opened up in Lake Shore East! It is everything you’d expect from a newly built Dominick’s or Jewel but slightly better. A wide range of specialty foods, imported cheeses and of course the typical freshly prepared foods you’d expect from a Whole Foods competitor.

Not only has a grocery store opened but so have two restaurants. III Forks Steakhouse and Filini have recently opened their doors. Obviously III Forks (known as “Three Forks”) is a Steakhouse and Filini, located in the Aqua Radisson Blue Hotel is an Italian concept open for Breakfast, Lunch and Dinner.

It is nice to see one of my absolute favorite areas of the city finally turn into the neighborhood is should have become years ago. From a real estate perspective it will be interesting to see how this affects real estate prices and rental prices. I believe it will have a greater affect on rental prices than sales prices, if it has any affect at all. The reason I say this is I find renters to be a bit more concerned about location over anything else (ironically since real estate prices are always based on location, location, location!). What I always found to be the biggest detraction from Lake Shore East was its remote location. The need to have to take a cab or a car to get your groceries or to quickly run out to a restaurant was a bit of a hassle. However, the remote location of the neighborhood was also one of the most amazing things about it. Here you are, in the heart of downtown Chicago and you’re away from everything and there is true peace and quiet. Now, it is nice to see that Lake Shore East has the best of both worlds.

Ironically, 90% of the units available for LEASE in 340 E. Randolph, 340 On the Park rented last month and supply has also slightly decreased in 420 E. Waterside and 450 E. Waterside known as The Regatta and The Chandler respectively. Only one unit is available for rent in 201 N. Westshore, The Lancaster.

 

Paul Blackburn is a licensed Illinois Realtor and Associate Broker with @ Properties. Paul specializes in sales and leasing of condos throughout Chicago’s Loop and Near North Side Neighborhoods. For any questions regarding this Blog Post or the leasing or sale of property please do not hesitate to contact him at Paul@PKBlackburn.com