Friday, January 08, 2016

Sales: Mies icon status at 900-910 N Lake Shore Drive still attracts buyers

Photo 900 N Lake Shore Drive taken yesterday. Our client is returning to Chicago for work and is excited to view a recent listing in this Mies building.
We have a buyer client transferring back to Chicago after many years in NYC. Tops on her list is an "architecturally significant or high character building".  900 North Lake Shore Drive is our first stop this weekend. Make a statement at an iconic building with fantastic Streeterville and Gold Coast living outside your door. Historical status is important to some buyers and I feel it gives a time and place to where you live. It's easily identifiable and if it feels a little better than living in some obscure condo building than great!

Let's check out sales over the past few years in the world famous Esplanade Condos at 900 and 910 North Lake Shore Drive designed by Mies van der Rohe.

2015 sales at 900-910 North Lake Shore Drive

22 units were recorded as sold in the MLS over 2015 in the two buildings. 16 of the sales were at the 900 North building while the remaining 6 sales were at 910 North. The prices range from $214,500 for a 18th floor studio with lake views and (dated but new carpet and paint) to $712,000 cash deal on Unit 619; a renovated 3 beds, 3 baths over 1,600 sq/ft.  

The median sale price for a condo in 2015 is about $350,000 with an estimated $800.00 /month assessment. 

2014 sales
24 units sold with a median price of about $360,000 

2013 sales
25 units sold with a median price about $325,000 

2012 sales 
Only 13 units sold over 2012 with a median price of about $230,000 (the $230,000 unit was a good sized updated one bedroom). In 2015, $214,000 got you a dated studio. In 2012 a one bedroom unit was bought for as low as $80,000 in a short sale and a studio bought as low as $160,000.

Currently for sale
14 units are currently for sale in the two buildings with asking prices ranging from about $250,000 to $839,000. Only one unit (#516, a one bedroom asking $245,000) is listed as under contract at this time.

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