Are Older Buildings in Hot Locations a Better Deal? 360 E. Randolph in Lakeshore East

360 e randolph

This 4-bedroom in The Buckingham at 360 E. Randolph in Lakeshore East came on the market in June 2017.

The Buckingham was built in 1978 and has 305 units and parking.

It’s a full amenity building with an indoor pool and exercise room that overlooks Millennium Park. It was one of the “original” buildings of the Lakeshore East development.

This unit was a gut rehab and the listing describes it as a “modern masterpiece.”

It faces north and west, with some views of Millennium Park (but not dead on).

It has contemporary beam work with canister lighting throughout the living/kitchen areas and light grey 7 inch plank hardwood floors.

The kitchen is “restaurant quality” with modern cabinets, waterfall quartz counter tops, a double oven and luxury stainless steel appliances. There’s also a wine refrigerator.

All the bedrooms are “oversized.”

The master bedroom has a “hotel-like” master bath.

The unit has central air and a full-size washer/dryer.

There are 2 parking spaces available for $30,000 each.

There’s no private outdoor space with this unit. I’ve noticed a lot of the 1970s high rises just skipped the balconies.

Originally listed in June for $1,599,900, it has been reduced 6.3%, or $100,000, to $1,499,900.

Given the higher prices in nearby newer buildings, including both the south and north facing units in 340 E. Randolph right next door, is this a deal for the 2600 square feet?

Danielle Dowell at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3604: 4 bedrooms, 3 baths, 2600 square feet

  • Sold in December 1994 for $456,500
  • Sold in June 2016 for $770,000
  • Originally listed in June 2017 for $1,599,900 (parking extra)
  • Reduced
  • Currently listed for $1,499,900 (2 heated garage spaces for $30,000 each available)
  • Assessments of $2,314 a month (includes gas, cable, doorman, indoor pool, exercise room, exterior maintenance, snow removal, scavenger)
  • Taxes of $16,327
  • Central Air
  • Full size washer/dryer in the unit
  • Bedroom #1: 21×13
  • Bedroom #2: 16×12
  • Bedroom #3: 16×10
  • Bedroom #4: 16×11
  • Walk-in closet: 8×5

 

20 Responses to “Are Older Buildings in Hot Locations a Better Deal? 360 E. Randolph in Lakeshore East”

  1. Interesting idea introducing the ‘beams’ to install general recessed can lighting in a concrete, low-ceilinged building with no plenum space… with new LED technology, the ‘beams’ could probably be even shallower…

    What drives me mad is that the ‘beams’ could easily have been aligned with the window frames and the building’s ‘grid’, which would have made them blend in much better…

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  2. “the “original” buildings of the Lakeshore East development”

    No, it *predates* “Lakeshore East”. Lakeshore East is the name for the Magellan developed, master planned, new buildings, and everything that existed prior is not part of that master plan. It’s like saying that Dearborn Park II is an “original” part of The 78 by Related, or that Webster Place is an “original” part of Sterling Bay’s Finkl-plus redevelopment.

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  3. “What drives me mad is that the ‘beams’ could easily have been aligned with the window frames”

    Looking at a couple of less-renovated units, it looks like there were some electric boxes in the ceiling (other units have track lighting and other ceiling fixtures), so it’s likely that they were working off of those boxes.

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  4. says hardwood flooring in the listing… could it possibly be REAL wide plank flooring?

    But seriously that kitchen is a pretty big fail, you could have had a ton more storage space if they put in upper cabinets… I need SPACE for storage in my kitchen!!!!

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  5. Sonies – they’ve got a pantry. Think they would have been fighting the “beams” with uppers. That being said, the shelf above the sink is sad

    The modular arts wall in the bathrooms is a strange choice and shouldn’t have the seams showing. Looks like crap but filling and sanding is where the $ are at. Also makes me question the rest of the remodel and what corners were cut

    No way in hell is this a +$1.5MM property. At this price point there are much better options. Theis screams < $1MM w/ parking

    The flipper done screwed up.

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  6. JohnnyU,

    2600 square feet in this location is no way a sub million dollar property. I agree that it’s overpriced at 1.5. I think this is ‘worth’ closer to 1.1-1.2. However, aside from the odd planks and modular bathroom walls, I think this is a nice renovation overall.

    If the buyer is willing to forego 500 or so square feet…I think there are some units in Vista tower that are listed in the 1.5-1.6 range. I’d much rather opt for that.

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  7. “If the buyer is willing to forego 500 or so square feet…I think there are some units in Vista tower that are listed in the 1.5-1.6 range. I’d much rather opt for that.”

    I think the price/sq ft. at Wanda Vista is around $1000+, so for this amount, would require shrinking from a 2600 sq. ft. unit to a 1500-1600 one.

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  8. “willing to forego 500 or so square feet”

    “require shrinking from a 2600 sq. ft. unit to a 1500-1600 one”

    Riz might have a future as a realtor!

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  9. JAH,

    I may be wrong here, but I definitely remember some of the Vista units with about 2k square feet in the 1.5-1.6 range…Maybe they were a lower floor or something.

    anon,

    With how healthcare in this country is going, I may be better off as a realtor, haha.

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  10. “https://www.urbanrealestate.com/property/363-E-Wacker-Unit-1303-CHICAGO-IL-60601-6WqFkWqojp3F.html”

    This one for example…who knows , maybe it’s facing the alley or something.

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  11. I like the look of the kitchen but do not understand the cooktop without a vent over it. That right there is in fact a fail. Maybe these folks were just boiling pasta for the kiddos and not much else?

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  12. “cooktop without a vent over it”

    Looks like that is one with a pop-up, downdraft vent.

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  13. “says hardwood flooring in the listing… could it possibly be REAL wide plank flooring?”

    probably a pre-finished engineered floor which still qualifies as hardwood floors.

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  14. WERE GETTING THE BAND BACK TOGETHER.
    WHEN CAN WE TET DRIVE THIS PLACE? HEHE LOLZ!!
    WHO’S UP FOR A KEGGER????

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  15. I remember when this building was built. Back then Lake Shore Drive still went directly east of it, so I had a good view of the construction as we drove by many times over the months.

    It’s certainly a building of its time. It looks like many other from that era. No denying it’s a great location if you like Millennium Park, walking to work, etc. Not where I’d want to be, but a lot of people would.

    This was originally a rental building, and it was built in the 70s. Those two facts make it hard for me to take a $1 million listing here too seriously. Also, how many people looking for a place in this location need four bedrooms?

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  16. What’s with all the complaints about the kitchen? Everybody knows that people who live in or near downtown don’t really cook in their kitchens. They are used for maybe brewing up the breakfast coffee via the fancy machine on the counter, and microwaving the stored-up leftovers from the hundreds of restaurants/carry-out joints/delivery services within quick walking distance of the job!

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  17. Gayle – good point. Someone who spends over $1 million on this probably doesn’t care about saving money by eating in too often.

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  18. Maybe all the rich people I know are weird but they tend to be into fitness and self care and DO eat in quite a bit. Hard to maintain a svelte physique or proper sodium intake if you eat out all the time.

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  19. Same here Liz

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  20. Liz,

    That’s what we do. Cook at home mostly and try to stay fit.

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