Selling One Year Later: 340 On the Park in Lakeshore East
We’ve seen a bunch of flippers trying to sell in the last year in 340 On the Park, at 340 E. Randolph, in Lakeshore East.
But what is the market for selling one year after the building started closing?
Given that a high floor south-facing 1-bedroom sold in the $700,000s just a few weeks ago, is there now a premium on this building?
Will there be significant appreciation in just one year in this housing market?
Unit #1107, one of the south facing 1-bedrooms, is putting those questions to the test.
Here’s the listing:
SPECTACULAR, SPACIOUS END UNIT AT 340 ON THE PARK. CHERISH STUNNING PROTECTED VIEWS OF MILLENNIUM & GRANT PARKS, LAKE MICHIGAN, HARBOR & PANORAMIC CITYSCAPE. UNIT FEATURES A 12′ X 10′ PRIVATE BALCONY
9′ CEILINGS, SNAIDERO CABS, BAMBOO FLOORS, QUARTZ CTRS, GE MONOGRAM SS APPL, HIGH-END FINISHES. ENJOY BREATHTAKING AMENITIES, WINTERGARDEN, CLUB ROOM, 75′ 2-LANE LAP POOL, 4000 SQ FT FITNESS CENTER & MORE.
@Properties has the listing. See more pictures and a virtual tour here.
Unit #1107: 1 bedroom, 1.5 baths, 1186 square feet
- Sold in September 2007 for $649,000 (included the parking)
- Currently listed for $720,000 (I can’t tell if this includes the parking or not)
- Assessments of $327 a month
- Taxes are “new”
If you simply want to live in the building, renting is always an option.
This lower floor 1-bedroom with the same layout just came back on the market after being rented last year. It has a similar great view of Millennium Park and the same kitchen.
Unit #707: 1 bedroom, 1.5 baths, 1186 square feet
- Sold in August 2007 for $486,000
- Rented for $3500 in August 2007
- Currently available for rent for $2750 plus $250 for parking
- Magellan Realty has the listing
* Rented for $3500 in August 2007
* Currently available for rent for $2750 plus $250 for parking
Did the first renter overpay, or has the Loop rental market softened with all the buildings coming online?
I’m hearing that Burnham Pointe is offering significant incentives for renters (something like a couple of months free rent and several months of parking), which might support that as well.
“Did the first renter overpay, or has the Loop rental market softened with all the buildings coming online?”
Probably a little of both.
does anyone else dislike the whole inset balcony thing? seems like it interrupts the view and would look much nicer as just one long smooth curtain wall.
No, I love these balconies. They give you at least some protection from the elements, which is important in our climate.
They also give you a little bit of privacy from your neighbors.
that’s a pretty cool apartment.
why did the 7th floor sell for so much less than the 11th a year ago?
Very well furnished.. nice width in this place also, I HATE the narrow cookie cutter living room floor plans of so many of these condos.
“why did the 7th floor sell for so much less than the 11th a year ago?”
Flip v. original, pre-construction, price, probably. Too lazy to try to confirm.
What I didn’t like about this floorplan is the west windows look right into the office building next door, and of course vice versa with the office looking into your windows, hence you’ll have to have shades pulled most of the time on the west side. Along the same line, the balcony is not private w.r.t. the office building next door. I like the building but they didn’t design for the office building next door for privacy (and of course it is being built higher too) and the “05” line units have no balcony.
John, I agree that the proximity to the office building is not ideal, but the unit’s occupants will likely be at work during the day, and when they come home, the office workers will have gone home (and wont even be there on the weekends). So I dont think that one would have to pull the shades all that often. And I much prefer the balconies this way for the reasons described above. Additionally, I dont like the way traditional balconies look from the outside. It would certainly detract from this architecturally significant building, which is gorgeous.
I love the balcony like this… It is so nice to have such a spacious outdoor space without being in a penthouse.
Unit # 1002 rented 10/11/2007 for $3,400
Unit # 1702 rented 2/7/2008 for $3,500
Unit # 802 rented 2/22/2008 for $3,100
Unit # 5602 rented 3/13/2008 for $4,200
Unit # 4802 rented 4/2/2008 for $3,900
Unit # 3602 rented 5/29/2008 for $3,900
Unit # 2702 rented 6/23/2008 for $3,500
Unit # 1202 rented 7/7/2008 for $3,400
Unit # 2002 rented 7/17/2008 for $3,450
Unit # 503 rented 10/5/2007 for $4,000
Unit # 3403 rented 12/24/2007 for $3,850
Unit # 1703 rented 12/28/2007 for $4,000
Unit # 1903 rented 1/28/2008 for $3,700
Unit # 3903 rented 2/6/2008 for $4,400
Unit # 2103 rented 3/20/2008 for $4,100
Unit # 3003 rented 3/25/2008 for $4,600
Unit # 2903 rented 3/28/2008 for $4,500
Unit # 1803 rented 4/21/2008 for $4,400
Unit # 503 rented 5/5/2008 for $3,800
Unit # 2303 rented 6/13/2008 for $4,450
Unit # 1704 rented 11/19/2007 for $4,850
Unit # 2004 rented 12/27/2007 for $4,100
Unit # 804 rented 2/12/2008 for $4,400
Unit # 305 rented 8/29/2007 for $3,000
Unit # 1305 rented 10/10/2007 for $2,600
Unit # 1405 rented 10/22/2007 for $3,000
Unit # 605 rented 10/31/2007 for $2,600
Unit # 3505 rented 5/28/2008 for $3,400
Unit # 3605 rented 6/10/2008 for $3,400
Unit # 2905 rented 6/19/2008 for $2,950
Unit # 4305 rented 9/8/2008 for $3,200
Unit # 1006 rented 9/12/2007 for $2,650
Unit # 1206 rented 9/19/2007 for $2,700
Unit # 2006 rented 10/17/2007 for $2,700
Unit # 1306 rented 2/29/2008 for $2,250
Unit # 2106 rented 3/26/2008 for $2,300
Unit # 707 rented 8/7/2007 for $3,500
Unit # 1407 rented 7/16/2008 for $3,000
G, what’s the trend?
Anyone else that looks at specific buildings notice an increase in listings over the past week or two?
IB, not for specific bldgs, but here are the numbers of properties with listing dates in the first 10 days of the month:
Lincoln Park (8007)
9/1-9/10 2008=88 2007=78 2006=80
8/1-8/10 2008=43 2007=78 2006=98
7/1-7/10 2008=76 2007=70 2006=71
Near North (8008)
9/1-9/10 2008=213 2007=200 2006=163
8/1-8/10 2008=173 2007=179 2006=208
7/1-7/10 2008=140 2007=150 2006=137
1107 is under contract
I am considering buying at 340 On the Park. Are there any thoughts on the premium on this building versus other buildings in Lake Shore East. For example the Aqua or the Chandler. Has 340 had any foreclosures. There seems to be a hagh percentage of rentals in a pretty upscale building.
Seem like it would be a bit soon for foreclosures but I’m not seeing any evidence of any on the market right now. My guess on the rentals is that you’ve got investors waiting to sell. However, the obvious risk is that they’re not covering their costs – usually the case – and they all decide to head for the exits at the same time.
One other thing. The assessments strike me as low for a building like this. I would check out the association’s financials and see how their reserve is building and how they are covering expenses. Also a good opportunity to check out if they are having trouble collecting assessments from any of the investors.
I agree Gary. It’s a little too early for foreclosures in 340 OTP. But it depends on the building.
I’m seeing foreclosures after about 16 months in some of the new construction buildings- after closings begin (but usually ones at the lower price points.)
For unit 1107, the $720k listing price does not include parking. Under contract after being on the market for only 2 weeks.
The balcony in the 07 and 06 units are great. Extra large and overlooks the parks and lake. One of the best views in Chicago.
Feels like you are on vacation everytime you look out the window.
This thing isn’t worth $700/s.f. Been there, OK, but maybe $400/s.f.???
John: I agree. Every single unit looks the same in the interior (unless some penthouse owners decided to go custom.)
It’s amazing to me that anyone is buying at those prices in this housing environment (and economic environment.)
But that being said, the building has a nice location.
I do like the building a lot. The “03” line is the best. The “05” is OK for a one bedroom but no balcony. The “07” line like this unit is just OK since it has all the windows that look right into the office building next door and vice versa.
Do any realtors out there have any thoughts on how the latest stock market crisis has affected the sale of real estate? I have had one realtor tell me there has been a spike in showings and another tell me that peaple are walking away from earnest money in record numbers. Both may be true. Just curious.
It would be difficult to establish cause and effect here. First, there is no way it could be good for the real estate market – by what logic? Any spike would probably be a result of people getting past back to school. More likely, that Realtor is taking the advice of the NAR/IAR to sound positive.
As for a negative impact there are plenty of possible linkages but not necessarily as a result of the stock market decline. Yes, when the stock market goes down people feel less rich but it’s just as likely that it’s the overall economic problem driving it:
. Fear of job loss
. Tighter credit standards
. Small business credit squeeze
. Waiting for further price drops
I was considering buying here myself. With all of these renters is certainly not worth over 400K for a 1 bed. The buildings in the area are all losing footing. I think I’ll keep looking. Streeterville seems a lot more solid.