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

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