LAKE SHORE EAST CONDOS FOR SALE – The Regatta & The Chandler

Condos for Sale in Lake Shore East remain hard to come by as inventory continues to remain low, at least in the newer construction buildings. There have been a great deal of units to sell this summer. While a couple were bank owned and a few were short sales the majority were regular sales. Pricing in this area never took a huge hit like other areas of Chicago, but it definitely did see a dip in 2009 and 2010. Pricing has definitely increased from 2009 and 2010 levels but still remains below the peak sales prices of 2007 depending on the floor plan. So lets talk about what is currently available as of the middle of September, 2013.

420 E. Waterside – The Regatta

The Regatta currently has several 1 Bedroom units under contract. There is a small junior 1 Bedroom available for $200,000 that just hit the market. I assume this will be under contract very quickly. The only other 1 Bedroom unit on the market is a 14′ tier unit which is 825sf and is priced at $340,000.

There are a few Two Bedroom units available, specifically there are three 01′ tier units available priced at $585,000, $619,000 and $649,900. These units are 1530sf but some of the square footage is eaten up in a long hallway and in the master bedroom so the living space feels smaller than 1530sf. Just under a year ago one of these units sold as a foreclosure for $495,000. How the market has changed!

Lastly in this building there is a 2500+sf penthouse for sale that is a 3 Bedroom / 2.5 Bathroom listed at $2,195,000.

450 E. Waterside – The Chandler

Well if you want large One Bedrooms you are in luck there are actually a few available which is rare to see. These three large 1 Bedroom units are priced at $405,000, $430,000 and $455,000. The one priced at $430,000 is an approved short sale and the 430k price is the approved short sale price. These units are 1136, 1040, and 1136sf respectively. If you can make do with a small 1 Bedroom there is a 904sf unit priced at $355,000….it is on a low floor though!

Currently there are not any 2 Bedroom units for sale in The Chandler. There are however two Three Bedroom condos available priced just over $1.2mil and offer amazing North East views.

What are the prime views in The Regatta and The Chandler?

In Chicago many people prefer south views as you will have a much brighter unit than a unit facing north. However, in the Regatta and the Chandler the preferred view is facing North! The north view allows you to capture the Chicago River, an amazing north skyline as well as Navy Pier!

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

The Regatta 420 E. Waterside Condo – LAKE SHORE EAST

420 E. Waterside also known as The Regatta is located in the Lake Shore East neighborhood. Lake Shore East is on the south side of the river where the river meets Lake Shore Drive. 420 E. Waterside was built in 2007 and has a total of 322 units. The Regatta has a combination of units from Studios to large penthouses and north facing units enjoy sweeping views of the River and the north city skyline.

The Regatta 420 E. Waterside

What Amenities Does The Regatta, 420 E. Waterside, Have?

The Regatta is a full amenity building as it has a full fitness center, party room, lounge/library, indoor pool, media room and outdoor sundeck equipped with grills. There are proposed plans in place for the expansion of the fitness center but unfortunately this would only happen with a special assessment which would require a 2/3 vote by the condo association. Therefore it would be safe to say that the current fitness center is going to stay as-is. In all reality the size of the current fitness center and the equipment inside is perfectly fine for the building.

What do condos sell for in The Regatta, 420 E. Waterside?

Condos in the Regatta start low and can quickly get expensive. First, thing to note is that the most expensive view is the North View. This is because facing North you see the River, Navy Pier as well as the skyline to the north and west (think Trump Tower, Wrigley Building, Tribune, etc). The South views in the building, while not bad, are partially obstructed by The Lancaster (201 N. Westshore) and The Shoreham (rental building).

STUDIOS: There are not many studios in the Regatta and therefore not many change hands. One recently sold for $193,000. Going forward you can expect to see any studio coming on the market priced similarly.

ONE BEDROOMS: There are different sized One Bedrooms in the Regatta starting at around 647sf and moving up to over 1,000sf. The 647sf One Beds will actually sell in the high $200’s because they are facing North. The much larger 778sf and 825sf One Bedrooms will sell for roughly the same (high $200’s) because they face north. If we move up the scale to the South Facing 994 and 1000sf units you will notice that the sales prices are in the low to mid $300’s depending on floor height. Lastly there are a couple tiers (the 10 tier and 13 tier on certain floors) which face North. These North facing units which will be just under 900sf will sell in the high $300’s and low $400s (with Parking) because of the view.

TWO BEDROOMS: There are several different Two Bedroom options in the Regatta and again just like the One Beds, view makes a big difference. The smallest 2 Bedroom in the Regatta is the 03 tier which is 1182sf. These typically sell in the low $400’s and yes they face South. The next cheapest is the 01 tier which is significantly larger at 1530sf however it is important to note that much of this square footage is in the hallway and master bath. These will sell in the very high $400’s to the low $500’s. Though a couple owners currently have them listed in the low $600’s (06 pricing), they will not achieve such a price.

The North and East facing 2 Bedrooms in the building will sell from the mid $600’s to the low/mid $700’s. They range from 1350 to just over 1500sf.

THREE BEDROOMS: Three Bedrooms in the Regatta sell for anywhere from the mid $800s upward to well over $1 million

 

My Thoughts on The Regatta 420 E. waterside

I like the building. The lobby has the most intimate feeling of any building in Lake Shore East. The North Facing units are of course my favorite. There is a high percentage of rentals in the building but some rental restrictions have recently been passed which will lesson investors buying into the building. The overall build quality of the building is solid. The builder was Magellan which does build great quality and had the master plan for Lake Shore East. The best value in the building are the assessments. The assessments include EVERYTHING with the exception of electric. They include Cable (decent package too), High Speed Internet, Heat, A/C, Water, Cooking Gas and then of course all the amenities. You only have an electric bill which is very minimal.

Lake Shore East Tax

There is a special property tax associated with condos in Lake Shore East. Long story short the developer (really the city/county) sold bonds to pay for all the land improvement work (think parks, sewer system, etc). Therefore you’re looking at an additional tax paid twice a year. The price will vary depending on the unit but a basic 1 Bed can run you around $800 PER YEAR and a basic Two Bed may run you around $1200/1300 per Year. Again it is minimal but just something you should know!!

 

Paul Blackburn is an Illinois Licensed Realtor and Broker with @ Properties in Chicago. For further information about the Regatta, other buildings in Lake Shore East or other areas of the city please e-mail Paul at Paul@PKBlackburn.com  For general information about buying condos in Chicago visit www.BuyingInChicago.com

 

Lake Shore East – What has recently Sold in the Chandler, Regatta, Lancaster & 340 On the Park

Amidst all the rentals hitting the market and quickly getting snapped up in Lake Shore East are some great sales that have happened over the past couple of months. For those of you who are not familiar with Lake Shore East or the “New East Side” as some call it; it is the area on the south side of the river where the river meets Lake Shore Drive. The new buildings are comprised of 225 N Columbus, The Aqua; 340 E. Randolph, 340 On the Park; 420 E. Waterside, The Regatta; 450 E. Waterside, The Chandler; and 201 N. Westshore, The Lancaster.

In the past 2 months 14 condos have sold in these buildings. Here are some of the most notable:

The Chandler: Unit 2101 sold in the Chandler for $405,000. This included the parking space. The 01′ tier at this level in the building faces North which is the preferred view from this building as you see Navy Pier, the River and the city. 2101 is a 1 Bed / 1.1 Bath and is considered a “Jumbo” One Bedroom for the building at 961 square feet. According to my research the previous owner paid $497,000 in 2007.

The Lancaster: Unit 2102 sold for $546,000 including a parking space. It is a 3 Bedroom / 2 Bathroom unit however the 3rd bedroom is more “den like” given its location off the living room and its size. The unit faces South East which gives it great lake views at the current time. However, there is currently an empty lot between the Lancaster and LSD which will eventually be built on. Some have asked if it will be built on soon given the building craze of rental buildings. I don’t believe so. This is prime Lake Shore Drive property and the developer would rather use it for condos than a rental building. At least that is my opinion.

340 On the Park: 340 saw a couple notable sales the other month. Unit 2101 sold for $1,600,000 including parking of course. The unit is 2368sf and the 01′ tier at this level has both North East and South East views.

Another notable in 340 On the Park is penthouse unit 5702 which sold for $2,600,000 which appears to have included 3 parking spaces. Total square footage on this unit is 2748 and it is a Three Bed, Three and a Half bath. This unit faces South East and has extra tall ceilings because it is on a “penthouse” floor.

Paul Blackburn is a Licensed Illinois Realtor and Broker with @ Properties in Chicago. He can always be reached via e-mail at Paul@PKBlackburn.com

LAKE SHORE EAST RENTAL UPDATE – Chandler, Regatta, Lancaster, Aqua, 340

Here is your monthly update for rentals available in Lake Shore East “New East Side!”

THE LANCASTER – 201 N. WESTSHORE

TWO BEDROOMS:

Unit 1807:  $3,000

THREE BEDROOMS:

Unit 2301:  $3,950

THE AQUA – 225 N. COLUMBUS

STUDIOS:

Unit 5402: $1,850

THREE BEDROOMS

Unit 7901: $5,600

Unit 7005: $7,500

Unit 6505:  $7,500

340 ON THE PARK – 340 E. RANDOLPH

THREE BEDROOMS:

Unit 4601:  $7,450

Unit 4603:  $9,500

THE REGATTA – 420 E. WATERSIDE

ONE BEDROOMS:

Unit 1202:  $2,000

Unit 411:   $2,200

TWO BEDROOMS:

Unit 703:   $2,500

Unit 2703:  $2,500

Unit 903:   $2,550

THREE BEDROOMS:

Unit 2714:  $4,200

Unit 2414:  $4,500

Unit 3614:  $4,800

Unit 3501: $5,500

Unit 3201:  $6,500

Unit 3910:  $10,000

THE CHANDLER 450 E. WATERSIDE

STUDIOS:

Unit 807:  $1,400

For additional information about condos for lease or for sale in Lake Shore East please e-mail me at Paul@PKBlackburn.com

Paul Blackburn is a licensed Illinois Realtor and Broker with @ Properties Chicago.

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 RENTALS – UPDATED INVENTORY LIST

Lake Shore East, one of my favorite areas of the city, is comprised of a handful of buildings. The newer and most desirable, however, are: “The Chandler” 450 E. Waterside, “The Regatta” 420 E. Waterside, “The Lancaster” 201 N. Westshore, “340 On the Park” 340 E. Randolph and “The Aqua” at 225 N. Columbus. Unit inventory has changed dramatically over the past few months. With the exception of The Aqua the majority of units on the market in these Lake Shore East buildings are larger 3 Bedroom units. Here is an up to date list of what is available. I have only included the buildings mentioned above and as it pertains to The Aqua I have only included “Condo Units available for Rent” and not any units from the ‘rental’ portion of the building.

THE AQUA  – 225 N. Columbus

One Bedrooms

#6909    $2,000

#6409    $2,061

#7109    $2,061

#6609    $2,061

#5311     $2,200

#5511    $2,220

#6107    $2,643

#6303    $3,528

Three Bedrooms

#7901      $5,600

 

THE CHANDLER – 450 E. Waterside

One Bedrooms

#409    $2,200

#303    $2,600

Two Bedrooms

#1311     $3,200

Three Bedrooms

#2902    $5,800

#3009   $6,250

#2002    $6,500

 

THE REGATTA –  420 E. Waterside

One Bedrooms

#1112     $1,795

#702      $2,000

#411       $2,200

#3002    $2,200

Two Bedrooms

#1612     $3,800

Three Bedrooms

#2314      $4,150

#2714      $4,200

#3910     $10,000

 

340 ON THE PARK – 340 E. Randolph

One Bedrooms

#1906     $2,975

#1405     $3,100

Three Bedrooms

#2906    $6,300

#4601     $7,450

#4403     $7,500

 

 

Paul Blackburn is a licensed Realtor & Associate Broker with @ Properties. To contact Paul regarding this post, to obtain more information about the units above or for any general questions please e-mail: Paul@PKBlackburn.com or visit http://www.PKBlackburn.com