Is 340 E. Randolph Still a Hot Building? A 1-Bedroom in Lakeshore East
This big 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East came on the market in April 2018.
This building was constructed in 2007 and has 344 units and a parking garage.
It’s a full service building with an indoor pool and exercise room.
It’s also among the tallest all-residential buildings in Chicago.
This 23rd floor unit faces north and west so it doesn’t have the preferred south view. But it does overlook the Lake Shore East park.
It is a huge 1-bedroom with 1244 square feet.
The unit has bamboo flooring.
The kitchen has modern cabinets with quartz counter tops, a kitchen island and stainless steel appliances.
It has central air, washer/dryer in the unit and garage parking is available for $60,000.
Originally listed in April 2018 at $675,000, it was reduced before being removed 7 months later, in October.
It has come back on the market at $595,000 plus the parking.
This unit last sold in 2016 for $625,000, but that included the parking.
340 OTP used to be one of the hottest residential condo buildings in the city.
Is it cooling?
Patrick Ryan at Genuine Real Estate has the listing. See the pictures here.
Unit #2306: 1 bedroom, 1.5 baths, 1244 square feet
- Sold in October 2007 for $460,000 (did not include the parking)
- Sold in August 2008 for $519,000 (did not include the parking)(remember when original buyers were flipping these units before the Great Recession? Memories)
- Sold in June 2016 for $625,000 (included the parking)
- Originally listed in April 2018 for $675,000 (not sure if that included the parking)
- Reduced
- Withdrawn in October 2018
- Re-listed in January 2019 for $595,000 (parking is $60,000 extra)
- Assessments of $668 a month (includes a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $10,047
- Special Service Area Fee: $1,225
- Central Air
- Washer/dryer in the unit
- Bedroom: 15×13
- Living room: 25×14
- Dining room: 10×10
- Walk-in-closet: 7×6
- Laundry room: 4×4
Listing has 23 pix. 9 of the unit. 3 of the building exterior, 7 of building amenities and the last 4 of the nearby area.
1906 is asking $625, plus $70k for parking.
1706 is asking $610, plus $75k for parking.
Seems that someone is pricing to sell first.
One south facing 1 bed also for sale, asking $725 + $65 for parking, but it’s on the 2d floor.
Seems like if someone buys in this building it’s for the views, and this unit has none, so for me it’s a no. Maybe someone who doesn’t care about views will buy it, but I can see why they’ve had to mark down the price. I still think it’s too high.
This unit is still for sale at $580,000 with parking. Unit #2106 is listed at $499,000 without parking. Is the Northerly view that bad? Is the Wanda Vista Tower getting all the high end buyers, or are people deciding to rent in one of the new apartment buildings?
“This unit is still for sale at $580,000 with parking. Unit #2106 is listed at $499,000 without parking. Is the Northerly view that bad? Is the Wanda Vista Tower getting all the high end buyers, or are people deciding to rent in one of the new apartment buildings?”
Seeing as you won’t be able to move into the Vista in another year or possibly two, it’s doubtful that it’s any kind of competition for 340 OTP.
Yes, the north view really is “that bad.” It’s all about the south view in this building so there really is that big of a price disparity between different sides of the building.
But even south facing units are having a hard time selling right now.
Seems like 340 OTP is likely showing its age. It’s 13 years old. Nearly all the units had the same kitchens and baths. That kitchen style is now “out” with the white kitchens now “in.”
Also, there are now a bunch of “view” buildings that compete with it. Buyers have plenty of choice now.
It looks like Vista tower move ins begin in 2020
https://www.vistatowerchicago.com/
“Yes, the north view really is “that bad.””
I worked in the Aon center. The east view of Lakeshore East Park isn’t exactly a terrible view. Obviously not as good as the south view overlooking Millennium/Grant park, but you can certainly do worse view-wise in Chicago.