This 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East just came on the market.
It’s on the 14th floor and faces south, which is the preferred view, with views of Millennium Park, the Lake, Grant Park and the historic wall of buildings on Michigan Avenue.
It has the original Snaidero kitchen cabinets which were standard in the building, with quartz counter tops and stainless steel appliances.
It has bamboo floors.
The unit has central air, washer/dryer in the unit and parking is included.
As we’ve chattered about numerous times, prices have been moving higher in Chicago and all over the Chicagoland area over the last few years.
The median home price in the Chicagoland area rose 11.6% year over year in December to $217,700. It rose 4.3% for condos.
In Chicago’s GreenZone, the price increases have been even greater.
According to RealtyTrac, 38 out of 87 metropolitan areas saw record high prices last year. Inventory remains tight around the country so the number of record highs is expected to continue to rise in 2016.
In March 2014, Steven and Bernadette Doherty paid $183,000 for a two-bedroom home in Charlotte, North Carolina, $6,000 more than its appraised value. Today, similar houses in the neighborhood are being priced at $300,000 or more.
“We bought at the right time,” said Bernadette, a retired Wells Fargo & Co. information technology worker. “In retrospect, we were lucky as prices have gone up so much more.”
In Charlotte, price gains have been led by in-town neighborhoods, which have seen “huge gains,” said Mark Vitner, a senior economist at Wells Fargo Securities who lives in the city. “Charlotte did not see home prices fall all that much during the recession and the recovery here has been very strong.”
Doherty moved in-town because she and her husband enjoyed amenities and events including nice restaurants and professional football and basketball. They also wanted to be closer to their grandchildren.
The purchase also has helped fuel spending. After buying a “fixer-upper,” the couple poured more than $100,000 into construction, repairing termite damage and installing new air conditioning, electrical fixtures, roofing and siding. Next year, they plan to expand with a new master-suite bedroom and bath that could cost another $70,000.
Rising values of neighboring homes make them confident they are making a worthwhile investment.
“It was a little bit risky” to buy at the time, Doherty said. “The market has turned in our favor.”
Charlotte, Dallas, San Francisco, Denver and Portland are all at record highs. Prices still lag in Miami, Phoenix and Las Vegas but are well off their 2012 lows.
This unit at 340 On the Park is listed for $299,000 more than the 2008 sales price. The building has already been setting records the past several years.
Is this building an outlier? Or is it foreshadowing what’s to come in the rest of the GreenZone?
Chris Cho at Baird & Warner has the listing. See the pictures here.
Unit #1407: 1 bedroom, 1.5 baths, 1186 square feet
- Sold in September 2007 for $619,000 (included the parking)
- Sold in March 2008 for $690,000 (included the parking)
- Currently listed for $989,000 (includes the parking)
- Assessments of $596 a month (includes doorman, clubhouse, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $10,803
- Central Air
- Washer/Dryer in the unit
- Bedroom: 12×11