Colette Cachey Smithburg & Joelle Cachey Hayes Represent Buyer In Chicago Penthouse Sale For $7.7M
1500 Inner North Lake Shore Drive
$7,700,000
$962/SF
Building Size
8,000 SF
Asset Type
Condo
Closing
Aug 19, 2024
AI
The property involved is a condo located at 1500 North Lake Shore Drive Ph in Chicago, featuring a total area of 8,000 square feet. The condo was sold for $7,700,000, reflecting a price per square foot of $963. This sale represents the second-highest home sale in Chicago for the year.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $7,700,000
- Sale Date: 08/19/2024
- Buyer’s Representative: Colette Cachey Smithburg & Joelle Cachey Hayes properties Christie's International Real Estate
- Seller’s Representative: Timothy Salm - Jameson Sotheby's International Realty
- Market: Chicago
- Square Footage: 8,000
- Price Per Square Foot: $963
The sale was facilitated by Colette Cachey Smithburg and Joelle Cachey Hayes, who represented the buyer, while Timothy Salm acted as the seller's representative. The property was sold at a 45% discount from its 2020 asking price.
Players
Chicago Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.06%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93