I'm new in Chicago, condo at 3950 N Lake Shore Dr (Lakeview)? (for sale, apartments)

[Starrynight12]

I've recently moved to chicago and have been actively seeking for a place for my family. I have seen a number of condo in Lakeview and found one condo at 3950 N Lake Shore Dr is quite nice. However, after doing some research on internet, I found that there are almost 30 condo on sales in the same building at the same time. It seems that this is not a healthy sign even though the economy is bad now. I also found that there was a fire in this building in Jan this year. Other than that, can anyone give me some idea about this building or its surrounding area? I really don't want to spend my money on a condo that's actually not worth it.

Thanks!

[Avengerfire]

The area is near the border of East Lake View (Lake View) and Buena Park (Uptown.) Loads have been written on those areas. If you search the forum your question will be answered as far as neighborhood.

[UnderTheLiveOaks]

That's an enormous building with 4 separate towers. It's not bad at all. It's not particularly fantastic, either. It's a high-rise, and I'm not keen on those, but I know several people who have lived there, and they said it was fine, if a little cut off from the surrounding neighborhood.

[lincolnparker]

I know there is a meaningful presence of the boystown crowd in that building, not to say that it is part of boystown, but it's walking distance to boystown.

Originally Posted by Starrynight12

I've recently moved to chicago and have been actively seeking for a place for my family. I have seen a number of condo in Lakeview and found one condo at 3950 N Lake Shore Dr is quite nice. However, after doing some research on internet, I found that there are almost 30 condo on sales in the same building at the same time. It seems that this is not a healthy sign even though the economy is bad now. I also found that there was a fire in this building in Jan this year. Other than that, can anyone give me some idea about this building or its surrounding area? I really don't want to spend my money on a condo that's actually not worth it.

Thanks!

[chicagojlo]

I was looking at some of those recently and the assessments are pretty high.

[Starrynight12]

Originally Posted by lincolnparker

I know there is a meaningful presence of the boystown crowd in that building, not to say that it is part of boystown, but it's walking distance to boystown.

Oh really? I didn't find it out from the google map. Can you tell me the exact location?

I just read from the previous posts that it is not too safe in the Gill Park where is about 2 blocks away, I can still accept this as I assume Lake Shore Dr is not their primary location.

[Starrynight12]

Originally Posted by CarolinaBredChicagoan

That's an enormous building with 4 separate towers. It's not bad at all. It's not particularly fantastic, either. It's a high-rise, and I'm not keen on those, but I know several people who have lived there, and they said it was fine, if a little cut off from the surrounding neighborhood.

I did some research about this neighorhood and gave me a feeling that this area is not bad. I just find it unusual that a lot of apartments are solding out at the same time. Maybe I think too much?

[Starrynight12]

Originally Posted by chicagojlo

I was looking at some of those recently and the assessments are pretty high.

I think the assessment fee is acceptable comparing with all other similar condo along the lake shore dr.

[andrew61]

I live in the immediate vicinity and IMHO, the surrounding area is fine. There are a couple pockets a few blocks away where you should exercise some caution (Gill Park, the Hotel Chateau, etc.) but overall it's a great area.

I don't know that there's anything wrong with 3950... it appears to be an OK building from what I've seen but I have limited familiarity with it... I have noticed over the years that the rents/condo prices there always seem to be somewhat lower than other nearby buildings. I'm not sure why, though.

If there are a lot of units for sale right now, I'd guess that's just because of the economy and the current housing market.

[chicagojlo]

I guess the assessments just seem high in comparison to the mortgage. There was a 3 bed going for $150k recently the assessment was over $750 p/m. I'd be wary of special assessments, especially given that there are so many units available, which would suggest quite a few owners aren't paying.