Who wouldn’t want to live by the lake, especially during the summer? But the question to ask is: Can you afford it? Today we’re checking out properties currently available that are just a short walk (or bike ride) to the beach for under $500,000. I looked around the city, as well as one suburb, to find some affordable condos, some of which even come with lake views. According to the Encyclopedia of Chicago, the entire 28 miles of the city’s lakefront shoreline is man-made reclaimed land, primarily used for public parks and beaches since the turn of the 20th century. Due to the efforts of the Free Bath and Sanitary League, which advocated that city dwellers have recreational use of the lake, Chicago opened its first public beach in 1895 between Fullerton and Diversey in Lincoln Park. Today, the city has 24 public beaches along Lake Michigan. In addition to the stunning views and sunrises, living by the water provides easy access to the Chicago Lakefront Trail, an 18.5-mile, shared-use path that is ideal for walking, cycling, and jogging. And don’t forget another plus: sometimes it is cooler by the lake.
6033 N Sheridan Rd APT 21C, Chicago, $390,000
If you’re looking for lakefront living, there is no better place than Chicago’s Edgewater, especially north of Hollywood Avenue where DuSable Lake Shore Drive ends. High-rises, like Malibu East, designed by architect John Macsai in 1971, are built directly on the water, providing residents with unlimited views of Lake Michigan from their balconies. This renovated two-bedroom, two-bathroom comes with over 1,500 square feet of living space. And the best part is you don’t even have to leave the full-service building as it comes with everything you might need: an outdoor swimming pool, a bike room, a library, a roofdeck, exercise facilities, and other amenities (covered by $896 in monthly HOAs).
5245 N Winthrop Ave APT 3S, Chicago, $449,000
Not far from our first listing, there is a top-floor, three-bedroom, two-bathroom condo located right near the Berwyn Red Line stop and Foster Beach. This vintage yet refreshed residence is truly a stunner! Who doesn’t love a sunroom? And who wouldn’t love that dining room with its beautiful built-in? While the kitchen and second bathroom may be small, which is to be expected in these historic buildings, there is potential to expand the laundry room in between to create more space. The property, which includes a parking spot, last sold four years ago for around $100,000 less. That is a 30% increase in the asking price.
1240 N Lake Shore Dr APT 9B, Chicago, $499,000
In Chicago’s Gold Coast, there is a three-bedroom, three-bathroom condo that spans exactly 2,000 square feet and has amazing views of the lake and beaches from its living and dining room windows. Located between Oak Street and North Avenue beaches, and built on the site of the Robert Todd Lincoln residence, this full-amenity building has costly HOAs ($2,525 per month) that cover an exercise room, storage, a rooftop sundeck, 24-hour security, an on-site manager/engineer, cable, and internet. It last sold nearly six years ago for a significantly higher price of almost $650,000. That’s quite a drop!
5502 S Hyde Park Blvd UNIT 2, Chicago, $445,000
This classic three-story brick building in East Hyde Park, constructed in 1906, currently has a four-bedroom, three-bathroom unit for sale. The property is located near 57th Street Beach, the Museum of Science & Industry, and the University of Chicago. Spanning over 2,200 square feet, this spacious condo offers an affordable living option for a family and includes in-unit laundry, a walk-in pantry right off the kitchen, a private front balcony, and an on-site parking space available for $50 per month. The $717 monthly HOA fees cover storage, heating, water, and exterior maintenance.
1440 Sheridan Rd #101, Wilmette, $299,000
Our final listing is an option located in the north suburbs, specifically Wilmette’s “No Man’s Land.” The town annexed this unincorporated lakefront site, and high-rises were built between 1960-70. Although this first-floor unit is compact at just 1,100 square feet, featuring one bedroom and one bathroom, it would be a great choice for a single person or a retired couple. Instead of a balcony, the condo has a terrace where you can enjoy outdoor dining while taking in the lake views and breezes. You can walk out your door to the building’s own private beach, or cross the street to Plaza del Lago, which has a mix of retail shops, eateries, and other services.