Flipper Alert: Several Resales in 340 on the Park
Finally there is some re-sale data at 340 on the Park at 340 E. Randolph overlooking Millennium Park.
The building started closings in July but the building is huge so closings are continuing.
The current state of the building (out of 344 units):
- 29 units for sale
- At least 25 units for rent (maybe more, as it’s hard to keep track of them on Craigslist and the Reader)
At least two units have been flipped.
Unit #405: 1 bedroom, 1 bath
- Originally sold for $441,000
- Recently sold again for $600,000
- I don’t know the direction this unit faces. Anyone know?
Unit #1804: 2 bedroom, 2 bath, 1902 square feet
- Originally sold for $830,000
- Flipper listed it for $1,200,000
- Re-sold for $950,000
- North facing
Here are some pictures of Unit #2104 (which is currently on the market.) I’m assuming it would be similar to Unit #1804. #2104 is listed for $1,070,000.
At least 14 units have rented. A tipster sent me the info off of the MLS, but as we know some people rent off of Craigslist or the Reader so that information would not be included. Combining the successful rentals with those that are currently listed, that would be 40 rental units in the building, out of 344 total units, or about 12% of the building is in some form of rental.
Some flippers are getting creative in trying to rent out their units. This landlord is offering a free plasma tv on Craigslist. All for only $2200 a month. That is among the cheapest I’ve seen in the building.
Unit 405 is the 1224 sq ft 1 bed 1.5 bath (2 sinks in master) facing Millennium Park/Grant Park. It is on a low floor but still has stunning views.
Streeterville Realtor: What were they originally asking for 405 in the flip? If I recall, it was much more than $600,000.
It seems that some of the “smart” flippers were willing to take a lower price in order to get a quick sale and be done with the property.
They still made money and everyone is happy.
This new “comp” pretty much puts a crimp in the hopes of the flipper/owners of other 1 bedrooms that are south facing- including #1407 which is 1186 square feet and has part of the unit that looks into the Blue Cross building.
They have it listed for $775,000. Seems that there is no way they’ll get anything even remotely close to that price (which is why it’s still on the market for sale.)
#307, same layout but a low floor, is at $649,000 (without the parking) and that is also sitting on the market with no takers.
Hi Sabrina,
You are correct about this flip setting the new comp for south facing larger 1 bedrooms w/parking in the building. In this case, the flipper was lucky to get out with a 100K profit.
Unit 405 was originally listed for $659 plus 50K for parking, market time 90 days or so. So, I am not certain but they either sold it without parking or took about a 109K price reduction.
We are the happy owners of 405. We paid $600k and that included parking. The original closing was for $481k and that also included parking. Streeterville Realtor had the listing data right.
805 seems to have 2 closings and sold before we could move on it. 605 rented before we could make on offer on it. The ’07s have a real nice terrace but some BC/BS facing windows.
405 does face south and the view is stunning.
Thanks for the info New 405 Owner. #305 and #605 both rented. #305 for $2600 and #605 for $3000. The $2600 price is a real deal (given that it’s about 50% less than actually buying the unit.)
I don’t have any original closing price on #805. I think it was flipped for $645,000 however.
Congrats 405 Owner! I love those views!
Hi all –
Am interested in a rental unit in this building @ decent price, and dog-friendly (great, lovely dog!)
Please email if any leads –
Thanks
deidre@reedwrites.com
Deidre: I’m sure you will be hearing from several of the agents who frequent this site. ha!
Make sure you check out Craigslist as well.
Hi Deidre,
Are you working with an agent? If not, I am happy to send you some listings from the MLS.
So removing 45k?? for parking, that means 405 sold at 555k. (I remove parking because most resales listed are prices excluding parking.)
At 1224 sqft that translates into 453/sqft for a very nice view (obviously it warrants a premium to the north facing units – better view, more sunlight).
What do people think the premium is for views? 10%? 20%? Higher?
I would say at best the north facing units should be coming in around 400/sqft based on this resale.
And yet we see many listed much higher.