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Prices tumble at 1400 N Lake Shore Drive

filed under: Buyers, Chicago home sales, Developments, First-time buyers, Gold Coast, Short sales posted on December 16th, 2009

TARNISHED GOLD: More than 30 units are now for sale at 1400 N. Lake Shore in the Gold Coast, including many whose prices have been cut substantially.

Even the Gold Coast is showing a little tarnish these days. Prices have fallen sharply at 1400 Lake Shore Drive, a 391-unit condo conversion project where many units remain unsold despite the sales team’s prediction back in February that they would “close it out” by the end of 2009.

Well, here we are in December 2009, and buyers still have plenty to choose from here. “Massive Price Reductions @ Prime Lake Shore Drive Location,” promises a recent 1-bedroom listing in the building. Massive, indeed. This second-floor unit was originally priced at $261,400 — in February 2006, when the market was much healthier. Now it’s listed at $159,900. Another 1-bedroom (touted on the MLS as a “highly upgraded ultra luxury unit” on the 20th floor) has gone from $299,900 in early 2008 to $189,900 today, a 37% price cut. A 2-bedroom on the 3rd floor is now priced at $299,900, down from $360,900 in March 2007.

Meanwhile, owners in the building also appear to be hurting. A 2-bedroom unit that sold for $417,900 in early 2006 is now for sale at $374,900. It’s been on the market since June. There are also two short sales in the building, including a 21st-floor unit now listed at $275,900. That one has been on and off the market for two years, starting at $398,800.

There have only been 6 sales in the building in the last 6 months, according to the MLS. This is a pretty poor track record for a building this large, especially considering that the $8,000 first-time buyer’s tax credit pushed up sales in Chicago during this period and most units at 1400 N Lake Shore are in a price range that appeals to first-timers.

Then again, this is a golden opportunity for buyers looking to spend under $150,000 for a Gold Coast location. There are now 9 units at 1400 N Lake Shore that meet that criteria.

Written by Sue Fox //

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