Saturday, May 10, 2008

Hey Chicago, Live on Lake Michigan for $200,000

I have a new condo lisitng in a highrise on Marine drive. It 's another good reason to bring attention to this type of lifestyle in Chicago for a modest budget.

When I have clients who want to live in Lakeview or on the lakefront for $200,000, I usually suggest several highrise buildings. I particularly like 3550 N Lake Shore Drive, 3660 N Lake Shore Drive and 4250 N Marine Drive. You can pick up a 900 sq/ft one bedroom condo in these full amenity buildings for $160,000 to $199,000 easily.

I suggest clients buy one of the cheapest in original condition they can find. Hire my contractor with a budget of 20K and you can get a new kitchen, bath, closets paint and air conditioners. A nicely updated, great looking unit can go for $175K on average (I'd rather pay $10-15K less and put in my own stuff). However, this is not for everyone. A finished home creates less worries and hassels.

So, have a budget of $200,000? The lakefront in a full amenity building on lake Michigan is hard to beat. With the lower entry price, you'll be able to afford the assessments of $350-$400 (which includes your heat, cable, fitness room, doorman, pool etc...). Garage parking generally rents for $150 bucks a month.

1 comment:

Anonymous said...

Hey Eric,

Stumbled upon your blog and your entry about living on Lake Michigan for under 200,000.

I think you're right - I've been watching The New York for years now and it seems like there are some great deals to be found there. I lived in the building for a couple years when it was a rental and loved it - now I'm considering buying a condo there, perhaps as a second home (I own a bungalow in Mayfair with my girlfriend) or as my eventual primary residence.

Here's the question: What's going on with the building that was supposed to be built in front of it, 3650 LSD? I know the zoning was all approved, but I heard funding fell through with the original builder. When there's a building between 3660 and the lake, will 3660 no longer be a "waterfront" property? I'm curious if you have an opinion about how this new construction will affect the valuation of the condos at this very cool, and still somewhat affordable address.

Cool blog, btw - I've bookmarked it.