Re-Sales and Rentals Increasing in 340 on the Park
340 on the Park, the massive 58 story tower along Millennium Park at 340 E. Randolph continues with its closings as flippers continue to try and re-sell units (or, in some cases, rent them out.)
I’m counting 17 units on the market as re-sales with the one bedrooms starting at over $600,000 (which includes the parking space.) Some of those don’t look on the park- but have the north facing view. Expect to pay more for the park/lake view.
There are also 23 units for rent. Numerous of the rentals are on Craigslist- such as this 1 bedroom for $2600 a month.
So far, none of the flips have re-sold.
No comments on this topic, 340 on the Parkers? I am shocked! I am showing 19 rental units now on the market and 10 already rented out of 92 closed.
That building would be a fantastic rental. You’d get the views, the amenities and the location for about half what it would cost to actually buy a unit there.
Isn’t this the problem with the condo market today. If you can rent a unit for half of what is costs to own then the market is out of balance. Either the rents need to increase dramatically or the prices need to come down.
Right. Something has to give. Either rents will rise or prices will fall. It can’t stay in its present state (with much cheaper rents) for forever.
Regarding 340 OTP. All the original closings included parking. They are being resold as extra. Any potential buyer should be made aware of this.
Jim:
Really? I’m surprised this hasn’t come up before. So the flippers are trying to make an extra $50,000 or so. Thanks for the info!
They did not come with parking. Each parking place was an add on and the prices varied by size and location.
Regarding parking at 340 OTP. It was extra in the original purchase but was rolled into the price which is shown on the IL real estate transactions. The resales make it appear as though it is extra but they are all try to make 5x their money. ~$50k preconstruction outlay with $200k markup at least for 1BR. Buyers have to just say no.
Ah, thanks for the clarification Jim. A little shenanigans by the sellers then.
Yes, buyers should just say no. They’re in the drivers seat anyway (with all of the units that are on the market now in the building.)
Anyone with any more information on the flips that have closed?
Want to also confirm that yes parking was paid as an add on by the original buyers. It is standard practice that parking is separate at resale.
Tom: It IS? Then why do I see it included in the prices of condos all the time?
I’ve always just thought it was a scam by the sellers to make the unit “appear” to be cheaper than what it really is. Hence, you can price it at “$385,000” but when you add on the $40,000 for parking- the “real” price is over $400,000 (which might price out some buyers.)
I also understand that many times its kept separate because it is deeded separately and in some buildings you don’t have to buy it with the unit.