2-Bedroom with Millennium Park and Lake Views Reduces $100K: 340 E. Randolph
This corner 2-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East came on the market in February 2022.
340 On the Park was built in 2007 and has 344 units and an attached parking garage.
The building has extensive amenities including a 4000 square foot exercise room, a wintergarden, a 75 foot lap pool, sauna and steam room along with a club room. It also has 24/7 door staff.
This southeast corner unit has a split floor plan with floor-to-ceiling windows which the listing says has unobstructed views of the Lake, Monroe Harbor, Millennium Park and the skyline.
It has wood floors in the main living/dining/kitchen areas and carpet in the bedrooms.
Both bedrooms are en suite and there is a powder room for guests.
It has 2 large walk-in-closets.
The unit has what looks like the original kitchen from 2007 which prior listings said were Snaidero cabinets and stainless steel appliances.
It also has a Millennium Park facing balcony which appears to be accessed off the bedroom.
The unit has the features buyers look including washer/dryer in the unit, central air, and one heated garage parking space is included.
Originally listed in February 2022 for $1.4 million, a year later it has been reduced $100,000 to $1.3 million.
However, that’s still above the 2017 sales price of $1.065 million.
Sixteen years later, do the south facing units in 340 On the Park still get a premium for the views?
Naomi Wilkinson at Magellan Realty has the listing. See the pictures here (sorry, no floor plan.)
Unit #501: 2 bedrooms, 2.5 baths, 1681 square feet
- Sold in July 2008 for $1.05 million
- Sold in September 2017 for $1.065 million
- Originally listed in February 2022 for $1.4 million
- Reduced
- Currently listed at $1.3 million
- Assessments of $1129 a month (includes gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $21,513
- Central Air
- Washer/dryer in the unit
- 1 garage parking space included
- Bedroom #1: 13×17
- Bedroom #2: 13×12
- Living room: 17×14
- Dining room: 16×13
- Kitchen: 10×9
- Foyer: 9×7
- Laundry: 4×3
I’m having a hard time figuring out this layout. It looks to be part of the base part of the building that juts out on the southeast side.
One of the bedrooms appears to look into the condo building across the street, right?
Also, while I normally like windows in bathrooms, I’m not sure having floor to ceiling with a building next door is all that great. I don’t like the curtains in there. I would put in roller window treatments.
I still love the south views in this building though.
LOL at the views on pic 5
Seems pretty spendy – https://www.zillow.com/homedetails/340-E-Randolph-St-APT-504-Chicago-IL-60601/89906577_zpid/
Views arent as good, but big delta between the $
Original sale from the developer was Aug-07 for $954k.
+CPI = $1.361m
I know these lower floor 01 units haven’t been terribly popular, but that surpised me. But then I saw this recent sale:
https://www.redfin.com/IL/Chicago/340-E-Randolph-St-60601/unit-4104/home/26815463
which, while being the non-preferred north, is below the 2007 nominla dollar purchase price from the developer ($915k). Seems like 340 OTP has lost some lustre.
I do note that the units are *finally* assessed at something resembling FMV–and have been since 2018. A major change from the building’s first decade.
“It looks to be part of the base part of the building that juts out on the southeast side.”
Yup–go to streetview, it’s the third unit in that SE ‘block’ above the porte cochere. Go further east, and the premium bed includes the first 4 window panels, and the bath the next 3 (curtains pulled in Aug-21 streetview, but open in Aug-19 & Oct-17).
The last 2 east facing window panels before the jut look into the kitchen of this place:
https://www.redfin.com/IL/Chicago/340-E-Randolph-St-60601/unit-500/home/26794826
View is A+ and the balcony is low enough/enclosed enough to actually be useful. The rest is kinda bland and uninspiring, but this place could be pretty great. $1.3M great? Not sure about that.
Good south views considering the low floor, but that east view is just so depressing.
I agree with Madeline. Bland and uninspiring but it has a lot of possibilities. Not sure I’d pay so much to be on floor 5 and with such a lousy eastern exposure.
well, for 1.3 million, I’d like a little audio and more visual privacy on my balcony… hate to have to share my cocktail hour chatter with my neighbors…
Completely agree with Jack, for $1.3MM, I don’t want a mesh screen separating my balcony from the neighbor. And agree I with Sabrina, I would have expected better blinds in the master bathroom for $1.3MM. The off-the rack chocolate colored polyester panels from JCPenny in 2007 belong in the trash can.