The Sizzle is Still On at 340 On the Park in Lakeshore East
Not everything is doom and gloom out there.
Remember the $720,000 south-facing 1-bedroom re-sale that was on the market at 340 On the Park in Lakeshore East in September?
It went under contract after only 21 days and has now sold.
Here’s its history:
Unit #1107: 1 bedroom, 1.5 baths, 1186 square feet
- Sold in September 2007 for $649,000 (included the parking)
- Was listed in September 2008 for $720,000 (I couldn’t tell if this included the parking or not)
- Sold in October 2008 for $715,000 (including one parking space)
- Assessments of $327 a month
- Taxes are “new”
- Victoria Carton at @Properties had the listing. (Thanks to the tipster for sending me the closing information.)
340 On the Park continues to be a “hot” building (at least for the south facing units).
If I had $750k I would buy it. That view is stunning.
ya, you can’t place a price tag on being able to watch the fireworks/Obama rally, etc. from your balcony.
Why on earth would someone pay $715k for this apartment, when I believe that 2406 is listed at $549,900? According to the listing, it also overlooks the park and is significantly larger 1200+ sqft.
Abhi – Evens face north (a different park) and odds face south. Been in these units….this one is NOT worth that price…for a one bedroom. Something isn’t right or they just wanted to 1031 one some money and liked this unit.
600/sqft for a gorgeous condo in a gorgeous building with gorgeous views in a great location….
I don’t know. It is a 1BD though, albeit a large one.
If they had set these up as 2bd’s I would be more willing to say worth the money.
The 1BRs in buildings like this always get the poorer views. Developers always save the best views for their more expensive units, 2BRs, 3BRs, etc.
You have the office building peering in right next door and the master bathroom is far from luxurious. I wouldn’t pay $500K for this one. I like the building but this price is silly.
With only 9 units for sale in 340 on the Park under a million (according to urbanrealestate.com), people might feel a sense of urgency to get in before missing the boat?
I walked through a couple units and though the amenity floor was one of the best I have seen. Proximity to work in the loop and Michigan Avenue shopping are also nice features.
JL – I’ve toured almost the entire building….many units. Still over priced. Amenities floor is just OK ….actually very underwhelming for the number of units except for the huge balcony and doors if they are open. There is no urgency to buy here….it will fall like all the rest. There is no way that unit is worth $700K in my book, none what so ever. I really really do like the building….but these prices are just not justifiable in my book and I can afford them just wouldn’t pay them
John- “it will fall like all the rest” huh? sounds like you want it to fall which is a sad attitude. Just becuase you can’t afford it or don’t think it’s worth the price doesn’t mean it’s overpriced. Stop hating and stop being so simple minded. Btw, what “rest” were you talking about? that area has been and will continue to be successfull.
rod – I can afford any unit in that building, in cash. But I am a midwest self-made frugal type that doesn’t need a trophy property to prove anything to the Jones. What I meant was, prices will fall in 340 OTP just like ALL real estate is falling. No trophy property or building will be immune, period. You must have bought a unit and way overpaid for it. Sorry to hear about that….I’m sure Odumbo will fix it. Ha ha ha.
It’s called a depression because we’re all gonna feel some pain.
Well HD maybe this time the populace at large can get some free Xanax or other happy pills or something.
Too bad John Osama didn’t come through this time with a vid. Osama where r u buddy? Conan is talking to Al Zawahiri now, Zawahiri has a microsoft Zune (MS brand ipod).
“rod – I can afford any unit in that building, in cash.”
LOL!
Wow, is everybody else as impressed with John as I am? Why stop there? It’s cyberspace, you can be as rich as you want :). Why not make up a few supermodel girlfriends and a sports car to go with your online persona?
1107 is a great unit. The BCBS building is it’s major drawback. That building is REALLY close. And at night it is just impossible to ignore. The south view is spectacular, just don’t look to the right!
John- A simple-minded midwesterner is what you are. I didn’t buy in the building either.
Sorry Mark, but it’s a fact. I can buy any unit in that building in cash….I went mostly cash about 22 months ago when it became clear what was coming down the economic road. How’s that for being a simple-minded midwesterner with top undergraduate and graduate degrees and retired at 35??? Even so, that unit is overpriced, period. As I said, I really like the building and the south views are great…I think you need to be at least 8th floor….around 35 floor really great. The amenities floor is nice but I have seen much better, esp for a building that size. The other dumb thing was not to put balconies on the “05” line units. They could have looped off 150 s.f. for a balcony…the other matter is not every unit (depends on floor) has floor to ceiling windows….some cut off at bottom and some at top….what were they thinking??? A great building that could have been even greater. I choose a massive place on the beach in Florida instead…….the ocean is so relaxing.
Right you are Mark.
That sizzling sound is this wannabe flipper getting roasted. Seriously, who pays $715,000 for a unit in today’s market, a mere $5000 discount from the listing price and thinks they got a great deal? I can’t wait to see this place come back on the market in January for $850,000.
John perhaps you should go into architecture or engineering? I’m sure that when they thought of the design to this building they never considered any of that. Simply amazing the building was able to sell out without them – let alone magically appreciate in this market.
A massive place on the beach in Florida would be amazing. You would have a great view of all the hurricanes. Meanwhile you can spend all of your money on insuring the place with Allstate. Oh wait, not even they are so stupid to insure homes on there!
Okay guys – I’m off. I have the Bentley waiting for me, and Giselle Bundchen is in the passenger seat….hate to keep her waiting.
Is it possible the owner sold it to himself (or another family member via LLC or family trust) to psych out a real buyer/sucker into thinking it’s worth more than it is?
And, yes, Max is so right about the BCBS Building. It’s a HUGE night-light at night. It glows brilliantly all the way to my place across the river. I was offered a “deal” on a similar 1 bdrm on the 3rd floor, but the BCBS felt like it was an arm’s length away… and it cast an incrediblly bright light into the apartment at night.
We are seriously considering a unit on the north side of the building (non MP side) as a vacation home but they still seem quite overpriced. Really like the building and location. Any thoughts on what a good price would be for a 2 bedroom based upon what is available?
yeez its getting pretty deep in here. John sure your retired at 35, and probably driving a bently and married to a supermodel. Lots of those on this site.
Miami is full of 30k Millionaires. Ignore him.
valasko – You usually have good posts. Nope, not kidding. And yes, there are a lot of 30K millionaires in Miami….a very very showy area for sure. But not me, sorry to disappoint ya. With regard to 340 OTP, I like it but not at this price, is there anyone on this blog who actually thinks this one bedroom with small master bath, and office windows looking in on the West is worth that price? Come on, it isn’t.
By the way you would not believe the deals on the beach down here……and they are getting better by the day!
I agree that the building is overpriced, and would not buy a 1br for $700k. But they guy who is looking at a 1br at Trump might spend $700k. And yes looking into the blue-cross building is a big drawback on this unit.
John on November 3rd, 2008 at 9:53 pm
“But I am a midwest self-made frugal type that doesn’t need a trophy property to prove anything to the Jones.”
John on November 4th, 2008 at 11:01 am
“I choose a massive place on the beach in Florida instead”
He is even funnier than Steve.
Anything closing now went under contract before the whole stock market turmoil started. Maybe future contracts at 340 will reflect what is going on everywhere else. Do some buildings just escape economic conditions altogether? It is a nice building, but com’on.
valasko – What guy is looking to buy in Trump? Oh you mean the flipper with no down payment? LOL The buyers have all go back to their day jobs I suspect…
Here is an update on 340 OTP:
North Side
Under contract
#906 1bd/1.1bth Ask price $499,000 + pkg cont date 2/2/09 (1244 sf)
Closed
#1602 $698,000 2/2 closed 12/26 (1500 s.f.)
#1604 $800,000 2/2.1 closed 1/07/09 (1902 s.f.)
South Views
Under Contract
#1007 1bd/1.1bth ask price $720,000 + parking contract date 2/2/09 (1186 s.f.)
Closed
#3505 $783,000 1bd/1.5bth closed 11/16/08 1224 s.f.
#1201 $1,095,000 2/2 closed 1/30/09 (1681 s.f.)
#2801 $1,150,000 2/2.1 closed 12/15/08 (2045 s.f)
#1603 $1,150,000 2/2 closed 1/23/09 (1567 s.f.)
Thanks for the update VB. There definitely are still some units selling in this building (along with 600 N. LSD, 600 N. Fairbanks and 55 E. Erie.)
There are a LOT of rentals though. What do you think it is? 30%? 40% of units?
Is anyone here an owner who can tell us if they’re going to try and put a cap on the rentals?
The problem is that associations are caught between a rock and a hard place. Try to stop the rentals and you could end up with a bunch of delinquent assessments and foreclosures.