340 On the Park 1-Bedroom Duplex Returns: 340 E. Randolph in Lakeshore East
This 1-bedroom duplex at 340 E. Randolph, in 340 On the Park, in Lakeshore East, boosts not just one south facing terrace but two.
You can wake up with your views of the lake and Millennium Park and you can have after work drinks off your living room doing the same.
This is no small duplex, as the listing says it is 1314 square feet.
It has hardwood floors in the main living area and carpet in the bedroom. The kitchen is the standard kitchen put into every unit unit the building- with modern wood cabinets and stainless steel appliances.
If this unit sounds familiar, it is. We chattered about it in March 2008 when it was available for rent for $3500 plus $300 for parking.
See our March 2008 chatter and pictures here.
(Where we also had a long discussion about rent versus owning, flipping and the health of the overall housing market- which is quite interesting to look at nearly 2 years later).
It rented for $3500 (including the parking) in June 2008.
Recently, it came on the market for sale.
340 On the Park is one of the few buildings where prices have held up amidst the recession.
Is the sizzle still on at 340 On the Park?
Nancy Nugent at Prudential Rubloff has the listing. See the pictures here (no pics of the interior of the unit, however- but you can see the fabulous views).
Unit #2702: 1 bedroom, 1.5 baths, 1314 square feet
- Sold in January 2008 for $626,500
- Currently listed for $869,000 (includes the parking)
- Was available to rent in March 2008 for $3500 a month plus $300 for parking
- Rented in June 2008 for $3500 a month (parking included)
- Assessments of $565 a month
- Taxes of $8380
- Bedroom: 14×13
- Living room: 13×14
- Dining room: 13×7
- Kitchen: 10×9
- Laundry: 10×5
- Terraces: 23×05 (each)
Using the gross rent multiplier of 160X the rent, I come up with $560K, which sounds about right for the present market. The 2008 price is still a little inflated.
But we don’t know what ongoing recession will do to high-end rentals and sales. There is surely a smaller demographic qualified to buy than there was 5 years ago. Maybe want to discount another 20% for market uncertainty, bringing the price to about $450K.
1. Where are the interior photos?
2. I would probably pay around the Jan 08 price. It is a unique floorplan for the city and all of the new buildings downtown….I believe Parkview has some unique duplexes as well but not with this view!
Good luck getting nearly $900,000 for a frickin one bedroom condo; even if it is a really nice one. If they could sell for the original purchase price, they’d do really well.
869k for a 1 bedroom will be a tough sell. I realize this is among the best towers in the city in both qulaity and location but it will be hard to find a buyer. This price gets so much more in other buildings that are almost as nice and in good locations.
160x gross multiplier is too high. More like 120x.
870k? for a 1br/1.5ba? Hahahaha pass the crack pipe please… all that outdoor space isn’t worth it unless you’re a chain smoker or jet setting 24/7 party thrower or something like that. This realtor should be fired too, nobody cares about pictures of the lobby or “fitness” rooms… show the unit!
that’s what she said
I am starting to think Sabrina pays Realtors to make up crazy listings. $869 stacks for a 1 bedroom? Good luck with that one. New York, sure. Downtown Chicago? Not a chance.
Nancy Nugent (realtor), needs to fired for being worthless and not getting at least one picture of the unit in the listing. This is almost a million dollar listing, buy a camera or get a different job.
Also, what is up with gigantic 1 bedroom units in this neighborhood. Is there a population of rich Chicagoans that have no friends or family, and consider a second portioned bedroom wasteful? Not goddamn worthit!
this unit is so unique that you don’t get to see pictures of the inside.
I think that we were all talking about high end one-bedroom being in the 500’s.
This has the sq. footage for a two-bedroom and it has the views and its a duplex.
Some may pay extra for the fact that most apts. are not duplex units.
All that being said, I still think that 870k is REALLY high for this place.
I could see this unit going in the 700s though
What’s 6% of 870,000 ?
Not enough to market this property with even 50% effort… this realtor is BIG TIME!
I think sellers trying to hold in there at $600+ per sq foot but no reason why 340 shouldn’t be coming down to $500 or so (perhaps even less). That would imply $650Kish which is inline w/ the rental multiplier number.
Great views of the park but units are kind of small. Many have odd columns in the bedrooms.
If I were her and my client insisted on listing at a price like this, I wouldn’t put any elbow grease into it, either. You can be damn sure SHE didn’t recommend this listing price.
I’m guessing this will sell for $750k ish. Check out previous chatter about 1107. Sold November 08 in 21 days. Is less than 1200 sq ft and 16 floors lower. Not to mention I believe 2702 is one of a very limited number (if not the only) duplex 1br in the building.
Agreed $870k is optimistic, but anyone eyeballing this at less than $650k should check the comps in the building–low floor north facing 1 brs sell for $450-550k, and the south side has about a 50% premium per sq ft.
“Sold November 08 in 21 days.”
You realize it is December 2009, right?
Fully aware. The SP500 closed Nov ’08 ~900. Not saying the housing market is up from there, but I didn’t try to use a Nov 07 comp.
Also, 1307 closed a few months ago for $720,000. It must have been a pocket listing since market time was 1 day.
“I’m guessing this will sell for $750k ish. Check out previous chatter about 1107. Sold November 08 in 21 days. Is less than 1200 sq ft and 16 floors lower. Not to mention I believe 2702 is one of a very limited number (if not the only) duplex 1br in the building.”
“Also, what is up with gigantic 1 bedroom units in this neighborhood. Is there a population of rich Chicagoans that have no friends or family, and consider a second portioned bedroom wasteful? Not goddamn worthit!”
More like rich suburbanites who want to recreate their suburban master suites in a downtown Chicago pied de terre. The views ARE pretty spectacular though, but it’s a lot of money for a bdrm.
Btw, what’s a 1 bdrm duplex? I’ve never heard that term. Is it because it’s on two floors or does it mean two units were combined to create one larger unit?
I agree with the alot of the comments about showing the interior of this unit, not showing it is just lazy.
However, you guys have to do your research a bit instead of just laughing off the price. $870k – 50k for the parking and you get 820k – this comes in at $625/sqft. Just looking at sales in the last 3 months in the same building (what I consider a good comp) and you have a range of $400/ft to $540/ft. All of those units that sold were on the BACK SIDE of the building, not looking at grant / millennium park. Assuming even a 10% premium on being on this side of the building (pretty conservative if you ask me) and you are easily into the upper 500’s per sf, which we mean a selling price in the high $700’s/ low $800’s with parking. Also, don’t forget there is 250 sq ft of outdoor space plus 50 ft of windows that look a view that will never disappear.
That being said, it will probably sit for a bit unless the right buyer comes along right away. It is unique, and there is obviously not a huge market for a unit likes this.