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

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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

 

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

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