This 4-Bedroom Duplex Has Returned to the Market as 2 Units: 400 E. Randolph in Lakeshore East
We last chattered about this 4 bedroom, 4 bath duplex at 400 E. Randolph in Lakeshore East in June 2010.
See our June 2010 chatter here.
At that time, it was bank owned.
The property was being sold as one unit, but it had 2 PIN numbers and the units were one on top of each other in the building with a spiral staircase connecting them.
Listed at $399,000 for the entire property, it sold in August 2010 for $370,000.
Some of you foreshadowed that a buyer might want to split up the units.
Because, after a complete remodel, the property has come back on the market but this time as 2 separate units.
Both have new kitchens and baths.
The kitchens have dark wood cabinets, stainless steel appliances and granite counter tops.
The master bathrooms have heated floors.
The units have dark solid wood floors and large balconies with north views of the Lakeshore East park.
On the market since November 2010, both units have been reduced.
Unit #820 has been reduced $6000 while Unit #920 has been reduced $26,200.
Given the popular location in Lakeshore East and near Millennium Park, are these units now a deal at this price for something that is “new”?
Michael Emergy at Urban Real Estate has both listings.
Original Unit: 4 bedrooms, 4 baths, no square footage listed
- Sold in March 1997 for $294,000
- Sold in January 2006 for $785,000
- Lis pendens in May 2008
- Bank owned in March 2010
- Was listed in June 2010 for $399,900
- Sold in August 2010 for $370,000
- Assessments are $1654 a month (includes heat)
- Taxes of $2764 (there might be a separate tax bill on the second PIN number, I don’t know)
- Bedroom #1: 12×18 (main floor)
- Bedroom #2: 10×14 (main floor)
- Bedroom #3: 12×18 (second floor)
- Bedroom #4: 10×14 (second floor)
Now there are 2 Units.
Unit #820: 2 bedrooms, 2 baths, 1250 square feet
See the pictures here.
- Sold in August 2010 for $370,000 (as part of 2 units)
- Originally listed in November 2010 for $425,000
- Reduced
- Currently listed for $419,900
- Assessments of $879 a month (includes heat, a/c, gas, doorman, cable, pool, shuttlebus)
- Taxes of $4312
- Central Air
- No washer/dryer in the unit
- Parking is rental in the building
- This unit has what looks to be a slightly bigger kitchen than #920
- Bedroom #1: 18×12
- Bedroom #2: 14×10
Unit #920: 2 bedrooms, 2 baths, 1250 square feet
See the pictures here.
- Sold in August 2010 for $370,000 (as part of 2 units)
- Originally listed in November 2010 for $425,000
- Reduced
- Currently listed for $398,800
- Assessments of $879 a month (includes heat, a/c, gas, doorman, cable, pool, shuttlebus)
- Taxes of $4312
- Central Air
- No washer/dryer in the unit
- Parking is rental in the building
- This unit has what looks to be a slightly bigger kitchen than #920
- Bedroom #1: 18×12
- Bedroom #2: 14×10
So each unit is now listed for more than both were together less than a year ago? How much could possibly have been spent on the remodels? But I can’t really tell if these are good deals without a few more photos of the building’s gym…
They remodelled both and didn’t put in a washer/dryer in either. Too bad.
8 months and no takers. The dream fades…
Some suckers have bought renovated 2BRs here for $400k, but was last summer.
I think these eventually go for $300-$350k.
dont be a cheap azz and go buy in 340 (if at all any are even for sale)
the extra picture of the dumbbells really sold me. i mean, most places don’t have that many dumbbells.
my lat workout really suffers.
Where there was one there is two. It’s like magic!
I wonder with the uptick in higher end condos if the flipper might have regretted the decision to split it into two units. As I recall those two units were not really that integrated design wise. If I were looking at a 650K+ duplex unit (what I suspect they would have tried to market it at after reno) then I would want a open two story LR etc. That space would never had the right look.
WOnder how well they closed up the stairwell. WIll that noise travel? For that reason alone I’d suspect that the higher floor unit sells first.
Not allowed to have washer/dryers in this building. These seem a bit expensive and I would guess 320-350k range.
Almost 1,000 units in the building. I wonder if that makes this one of the largest buildings (as far as number of units) in the city. I used to live at 2626 Lakeview and thought the 500 units there made it a massive building. But this is almost twice the size.
I’d bet that Sandberg and Marina City are two of the larger associations on the north side.
Does this building have more units than Lake Point Tower, which has its own zip code?
“Not allowed to have washer/dryers in this building. These seem a bit expensive and I would guess 320-350k range.”
wow, how big must the shared laundry area be, for a building with this many units. they must have multiple laundry areas; still would really suck!
Benjy on June 22nd, 2011 at 10:07 am
“So each unit is now listed for more than both were together less than a year ago? How much could possibly have been spent on the remodels?”
I thought cc’ers dispelled this line of thinking long ago. Who cares what they paid and put into it….its how these units stack up to the comps. Right? For the last three years, I’ve listened to the cc’ers/naysayers bash those who make commments that suggest considering what the buyer paid or put into a renovation when those factors might suggest a higher selling price…now, when someone is arguing for a lower price, citing these factors, no one says a thing. Where are all the ususal suspects crying foul in this instance?….seems to me many just want to argue for lower prices absent any principle. Perhaps, Clio is right about some commenters.
Oddly the laundry room isn’t that big yet I don’t remember ever having to wait for a washer/dryer. The only units I know of that have washer/dryer are the two penthouses. I know my unit 4 years ago wasn’t allowed to put them in.
Obnoxious and insulting. These flippers should have priced each unit at 299k and be done with it. They would still have made quite a profit (as I can’t imagine the renovation costing more than 100-150k for both places) – but they are being greedy and they will soon see how stupid they have been.
I still say that the easier and potentially more profitable flip would have been to keep it as one really nice unit. I just looked at all the 650K to 750K properties in the area and none of them would stack up against a nice remodeled 4 bedroom 4 bath that includes two living areas. I’d imagine that they could have reworked one of those kitchens into a bigger family kitchen and then turned the other units kitchen into a great wet bar/second prep kitchen with extra ovens and another fridge/freezer for Thanksgiving and holiday dinners.
Sadly the lack of laundry hurts the success of selling a 4 bedroom place!
Wow, approximately 400k for a low floor, no w/d, no parking, old building with fairly high assessments and mediocre taxes? This flipper has got to be high. Does that neighborhood finally have a grocery store?
Am I crazy or did Lake Shore Drive used to go right by that pool dome before they changed the S curve. I vaguely recall driving by a pool dome like that when I was a kid and thinking how cool it would be to live there and swim everyday.
“Am I crazy or did Lake Shore Drive used to go right by that pool dome before they changed the S curve.”
Not crazy at all. See here:
http://wikimapia.org/731213/Former-Route-of-Lake-Shore-Drive-old-S-curve
Agree with JP3. Big mistake. 4BRs are lacking in the area and could have brought a scarcity premium. There’s a million generic 2BRs like these that are worth less than $300.
Yep – I remember LSD going right by here when I was a kid. I loved looking at that pool as we drove by and it still looks great.
I believe the S-curve went away in around 1985, when I was 14. It was a real bottleneck. Good riddance.
The good news is the flippers spent almost nothing getting their hands on these. The bad news is they are sitting on a rapidly increasing cost basis. The $8630 for taxes each year might not be that big of a deal, but the ~$1900 assessment bill every month that is only going up is probably making them sweat.
I’d forgotten about Lake Point Tower. But assumming LPT has 10 units per floor on 70 floors, that’s still only 700 units. Even if it has 12 units per floor, it’s less than this place.
Marina City – each tower has about 45 residential floors. At 10 units per floor, that’s 900 for the whole complex, or slightly below what we have here. With 12 per floor, it’s over 1,000.
We knew people who’d combined about three apartments in this place and it was a nice spread. It seems like a good building.
“We knew people who’d combined about three apartments in this place and it was a nice spread. It seems like a good building.”
If his wife was a foreigner we might have a friend in common…
made similar comments about the s-curve last time that pool was pictured on cc. In fact, once met a woman at four farthings (divorcee bar, lincoln school district, welp) who said she’d see that pool when she drove by as a kid and always wanted to live there..and now she does. (or did 12 yrs ago)
here is a nice link about the s curve. http://forgottenchicago.com/articles/lake-shore-drive-redux/
Gringozecarioca,
She was not a foreigner, so you must know someone else. The people I knew who had that place moved out probably 15 years ago. I visited them there just once, in 1994.
Is this like a Billy Mays style “but wait”?
“If his wife was a foreigner we might have a friend in common”
doode the odds of finding a foreinger living in lakeshore east is like;
*being surprised finding bob at dollar beer night
*getting angry anon(ufo) corrected you
*reading an HD post and getting depressed
*G dropping stats for three months then disappearing for the months
*Sabrina posting a a Lincoln park listing
*Icarus whining he gets left out in lists
*CH asking a question then not posting for two days
*Not going a day withou Miu Miu mentioning she is not from the US
*somebody creating a list of common attributes of regular commenters
*hearing a suburb vs city debate
*not understanding why RE agents stopped posting on here
*trying to figure out the correlation between Joey Z’s absence and Clio’s Presence
*reading a post that its overpriced
*someone “claiming” the make six figure
*you sneaking in a subtle weed reference
*going off topic by the 15th post or by the 55th minute from the listing posted
*actually reading this list up to this point and waiting to find a joke to laugh at
*getting James and his one-liners confused with Jason and not even caring
*riz only posting if its gold coast or somebody talking about doctors
*groove realizing he is tired and doesnt think he can stretch this post as long as he thought he could when he first started.
*everybody missing steve hietman because it was fun to argue with him
*hearing a direct mention or a joke reference mention to the wildings/mob action/flash mob
*somebody being shocked that a OLD historic building has high ass fee’s
*somebody linking to a property they “say” is similar to the posted property when the real motive is to get the groups opinion on their linked property
*they groove saying he was looking to move then suddenly stopped talking about it but giving the appearance that he still lives at the same place
*reading another post about neighborhood boundries
*reading another post about the train being to close that the noise is not tollerable but reading in a different listing post that the train is not accessible as its to far to walk.
*trying to figure out who else was banned besides Evil Dan
*Chichow only showing up for posts about old Town
*a bunch of wannabe broke azzes arguing about stocks and trading
*typing a long list and giving up because you need to drop a deuce deuce
so all i am trying to say is lake shore east is mostly foreigners
“*typing a long list and giving up because you need to drop a deuce deuce”
Funny you would say that, I’m dropping the kids off at the pool while I read this 🙂
“getting angry anon(ufo) corrected you”
Not sure why you haven’t picked up on this but if you drop the anon and just leave the “tfo” it all starts to click, in a burning bush sort of way.
Now back to important topics like girls on rollerblades and surfboards. All I get down here is this crap (when you get 1:52 in, I suggest you hit pause)
http://www.rio-de-janeiro-travel-information.com/ipanema-beach.html
Groove, you forgot Juliana posting when name of her suburb pops up : )
“Now back to important topics like girls on rollerblades and surfboards. All I get down here is this crap (when you get 1:52 in, I suggest you hit pause)”
and now i need to go visit the wife at lunch, crap 3 more hours
“and now i need to go visit the wife at lunch”
I am sure I don’t need to tell you, but she sounds like a good one. Way to go!
“I am sure I don’t need to tell you, but she sounds like a good one. Way to go!”
I wouldnt be *the groove without her 🙂
still it doesnt mean it will happen, but if i dont try the answer is always NO. little groove naps at 11:30 so i have to time it just right.
and if any off topic discussion has gone TMI this one should be at the the top of the list
“and if any off topic discussion has gone TMI this one should be at the the top of the list”
I started editing down many a sentence about 3-4 posts ago!
How ’bout dem Bears!
“I started editing down many a sentence about 3-4 posts ago!
How ’bout dem Bears!”
agreed its about time to move on to the newer listings, when bri bri checks her site later tonight i hope she deletes my TMI posts.
“i hope she deletes my TMI posts.”
Too late… you are already on the board trading actively in NYC and London.
So now you have an all new one…”but honey, you have to, their betting on me”
*Icarus whining he gets left out in lists
nicely done Groove — though I swear i only whined once.
“So now you have an all new one…”but honey, you have to, their betting on me”
yeah trying that one and explaining it will have me locked out longer than the NFL.
“*Icarus whining he gets left out in lists
nicely done Groove — though I swear i only whined once.”
I think mostly icarus starts his own lists so as not to be left out (and he, like most, but unlike groove, leaves himself off his own lists). Where’d you buy groove….
“nicely done Groove — though I swear i only whined once.”
i remember one other time i think when spinoza was posting and miu miu listed out the regulars.
i was going to go with the line *icarus posting the no-no CC criteria thing or *icarus posting yet again he cant sell his place for a the price he wants or *that now the market is hot icarus can now sell but as you see i am off my game and couldnt word it correctly 😉
“I think mostly icarus starts his own lists so as not to be left out (and he, like most, but unlike groove, leaves himself off his own lists)”
funny missed that icarus leaves himself off, but most leave themselves off when typing. as for me when referring to ones self in third person stay with the shtick at all times 🙂
“Where’d you buy groove….”
staying with the shtick and avoiding
there’s a fine line between whining and observing. Clearly i’ve crossed that line. I’ll endeavor to keep my whining to myself. 😀
I guess I don’t list myself because I don’t feel I’ve reached true CC fame as others, especially if I’m left off lists. 😉
Can we say “can’t sell his place for the price he NEEDS”. I suppose it is a want if you really drill down though.
Groove, avoid that Ze line or you’ll be going solo for the next 7 years ; ) Then you’d have to install the tv on the roof and all…hehe
being left off is a good thing. means you are not boring and predictable and your posts cannot be summarized in one sentence.
“there’s a fine line between whining and observing. Clearly i’ve crossed that line. I’ll endeavor to keep my whining to myself.”
aint notin wrong with whining how many times i week to i bitch about Rahm or property taxes. i observe it then whine to all that will listen on CC
“I guess I don’t list myself because I don’t feel I’ve reached true CC fame as others, especially if I’m left off lists.”
no its because your ego is in-check unlike I, Clio, and Bradford.
“Can we say “can’t sell his place for the price he NEEDS”. I suppose it is a want if you really drill down though.”
if i was able to sell i would have sold two years ago, i feel you pain bro i feel it.
“Groove, avoid that Ze line or you’ll be going solo for the next 7 years ; ) Then you’d have to install the tv on the roof and all…hehe”
good to see the sleeplessness hasn’t taken your wit 🙂
groove, what kind of cruiser bike did you get?
“groove, what kind of cruiser bike did you get?”
see you in two days 🙂
Huh waaahh….Old Town Triangle? what? where? where?
*TRICKED* and not even CPS discussion…
auf Wiederhören
“Huh waaahh….Old Town Triangle? what? where? where?
*TRICKED* and not even CPS discussion…
auf Wiederhören”
LOL 🙂