This 1-Bedroom Condo Can Be Yours For Just $899,000: 340 E. Randolph in Lakeshore East
This 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East recently came on the market.
It is an oversized 1-bedroom measuring 1400 square feet. The other 1-bedrooms in the building usually measure around 1100 square feet.
It also has the coveted south views of Millennium Park and the lake from the 35th floor.
There are no pictures of the actual unit in the listing. There are simply marketing pictures from when the building was first developed.
If you recall, the developer put the same kitchen and baths in most of the units (unless you went with something custom on your own.)
The kitchen has tan Snaidero cabinets and stainless steel appliances.
Parking is available in the building for $50,000.
This unit was listed last year for the same amount but didn’t sell.
But that was then and this is now.
The building also remains one of the most popular south of the River.
Will these sellers finally be able to get $899,000 for a 1-bedroom in this hotter market?
Kristine Farra at Gold Coast Exclusive Real Estate has the listing. See the pictures here.
Unit #3505: 1 bedroom, 1.5 baths, 1400 square feet
- Sold in December 2007 for $616,000 (parking included)
- Sold in October 2008 for $783,000 (parking included)
- Originally listed in July 2012 for $849,000 (parking extra)
- Reduced to $848,000
- Withdrawn in February 2013
- Re-listed for $849,000 (parking $50,000 extra)
- Assessments of $450 a month (includes a/c, cable, gas, doorman, pool, exercise room)
- Taxes of $4524
- Central Air
- Washer/dryer in the unit
- Bedroom: 15×17
Wow — I didn’t know you could fit the entire Pritzker Pavilion in a one-bedroom.
Worst listing ever.
How difficult could it have possibly been for the developer to make the half bath, into a full bath? It seems like corner cutting to me.
would be a great posting for Chicago Tourism. No f*ing way do I spend 900k on a 1bedroom
wow! fantastically low taxes/assessments.
Does that price include the large amount of crack I would need to smoke to pay 850k for a 1 bedroom?
For an $849,000 listing (plus $50,000 for parking) I would expect my agent to do more than post developer’s photos. Like stage the actual unit.
A personal dislike: cabinets that show shadowy images of stuff inside. If I’m putting stuff in cabinets, I want it hidden.
“Does that price include the large amount of crack I would need to smoke to pay 850k for a 1 bedroom?”
yes, you want some?
At $849 and 1400sqft, it’s ~600 a square foot. How far off is that from other premium buildings?
Given the choice between the featured property and the following roughly equivalent unit at Trump, which do you choose and why?
http://www.redfin.com/IL/Chicago/401-N-Wabash-Ave-60611/unit-77G/home/40379199
Trump, based purely on location. It’s closer to the things I do on a frequent basis such as dine out and shop for things I don’t really don’t need. 340 is too isolated for me.
I would go with 340 over Trump. The area by 340 is quieter and I dislike Donald Trump. I also wouldn’t want to live in a hotel unless it was the Drake Tower.
Fred: tough call
Does anyone know why the RE taxes would be so low for a premium building? I thought a rough rule of thumb was 1.25-1.5% of sale price. How does this fly by the assessor when reassessment time comes?
And yes I’m jealous, as I fork over 1.5% each year.
So the listed rooms come to 848 square feet. That’s a lot of “other” space to total to 1400. I don’t see a balcony listed, which is commonly included. It must have an enormous master closet/bath or something (or have overstated square footage). I wonder how they managed to get the taxes so low. It’s not like it’s a long time owner or a historic building.
“So the listed rooms come to 848 square feet. That’s a lot of “other” space to total to 1400.”
Don’t remember which tier the -05s are, but see here:
http://www.dreamtown.com/buildings/340-on-the-park.html#dirfloorplans
Def agree with everyone else. Even if I could afford to spend that level of money on a condo, I would buy a 2, maybe 3 BD unit on N Lake Shore, north of Oak St. I’ve never been a fan of any of those newer east side buildings. The views are amazing but there are so many other buildings, with more established residents, that offer the same views, have money left over for a reno, and still cheaper.
This is evidently priced for a NYC transplant who will think a 1 BR under $1 mln in a premium location is a bargain.
the only person who will pay $899K for this unit is
a) from another continent
b) laundering money
c) private equity firm with downsized backstopped by Uncle Sam
d) all of the above
downsized = downside
This is not Lakeview East.
i’ve come around on lakeshore east. it’s a nice place if you have kids bc you can take them to the playground then go grab food at marianos and eat outside on their little deck. buy some beer too and you have a nice little time. no riff faff around either.
kids are tough with 1bdroom of course and 850 seems high but how about that 10month flip the original buyer pulled off just as the world was melting down. nicely played
What a joke of a price and what a lousy listing.
Let’s say you can get a high G Unit for 700k. If you ever toured a G unit, the perceived square footage is off just like this 340 unit. Actually this 340 unit is 1230 square feet, and the Trump unit feels the same. (Listing error)
Both rent for around $3800. 340 private amenities vs Trump hotel amenities. GE Monogram appliances in 340 vs mid grade Sub Zero in Trump. 340 has a beautiful view while Trump G has a boring west view.
340 Unit, 10k/yr tax / assessment
Trump G: 20k/yr tax / assessment
If your comparison is Trump G, this is an easy call. 340 all the way. Now I’d love for somebody to share with me some premium 1 bedrooms in a similar price range with similar amenities, views, finishes, ceiling heights, age, etc that don’t have funky floor plans. The Legacy has some nice units, but living in the loop is not my cup of tea.