Want 340 on the Park Views Without the Price? Live Next Door
There has been an interesting discussion in the comments about one of my 340 on the Park posts about the fantastic views at that building. And they are spectacular, with views of the harbor, the Lake, Millennium and Grant Park and the downtown skyline, including the Sears Tower.
Only, you could have found out they were great by asking the residents living right next door, such as those in The Buckingham, which is at 360 E Randolph, and at 400 E Randolph.
Recently listed on the market is this rather large one bedroom on the 23rd floor of 360 E. Randolph:
ABSOLUTELY GORGEOUS VIEWS OF MONROE HARBOR, GRANT PARK & MILLENIUM PARK! RARELY AVAILABLE SOUTH FACING LUXURY 1 BDRM/ 1.5 BTH, SEP MASTER SUITE, POWDER GUESTS RM, TONS OF CLOSET SPACE, IN-UNIT W/D. MARBLE FOYER, NEW APPLIANCES, NEW CARPETING,FRESHLY PNTED 2 GAR PKG ADDL $47K. EACH FULL AMENITY BLDG: INDR POOL, SUNDCK, FITNESS RM, ON-SITE MNGMNT 24-HR DRMAN,PATIO FOR GRILLING.
It’s listed for $479,000.
Compare that to one of the south facing units at 340 on the Park (granted, that building is brand new and has great amenities like the indoor garden) and they are also slightly bigger, but those are re-selling for the starting price of $625,000 without the parking and going up from there.
Yes, it’s somewhat comparing apples to oranges (new v. old construction) but since everyone is so obsessed with the views at 340 on the Park, it is a fair comparison on that point.
You are saving at least $150,000 by buying next door for the nearly identical view. Or if you are fine with going a little smaller, you can get a south facing unit at 400 E. Randolph for $439,000 (for 860 square feet.) That’s nearly $200,000 cheaper.
New Century Realty Inc. has the listing on the 360 E. Randolph unit. Walter Stunard at Rubloff has the listing on the 400 E. Randolph unit.
How much is the nearly identical view worth to you? The pictures below are from 400 E. Randolph.
If nothing else, the owners at 360 and 400 E. Randolph must be thrilled that 340 on the Park has come into their neighborhood. The buzz about the area is only going to make their own buildings even more attractive to buyers and push up their own property values.
This story shows the great advantage of choice in the neweastside area that wasn’t there before 340otp. If you want a 1-bdm at less than 900 sq ft in an older building with great views, take 400ode. The cost here is 500 dollars per square foot.
If you want a little more space with a more modern look, the buckingham is a good choice with super views and more window space than 400ode. Usually more than 500 per square foot
For new construction, 340otp is the best choice if you want a larger 1-bdm (1100 or more sq feet) and a super view in a green building as well. The cost per square foot is about 600, which seems about right as far as the typical premium goes for new construction.
The heritage is another choice if you want new construction but don’t really want the park-like feel of the east randolph area. You’d be right in the loop business area which has its own advantages. Judging by the 3-bedroom unit 2804 that is currently for sale, the cost could be closer to 700 per square foot (2100 square feet at 1.499 million). This by the way is more per square foot than a 3 bedroom unit at 340otp (2901 at 1.6 million for 2371 square feet). Nevertheless, these units have very different views, heritage mostly a city view and 340otp a lake/park view.
I would take a tour of 400 E Randolph before making comparisons to neighboring properties.
This building needs to be experienced. I hate to post the bad news, but 400 E Randolph is in need of some serious makeovers (inside and out).
Yes. 400 E. Randolph is a bit of an old frump on the outside. But, some of the units at the 400 E. Randolph are upgraded nicely… with more upscale finishes than the 340 building. I think 340 atp is extremely generic. It looks nice, but all the apartments are the same. The construction looks flimsy. It is only going to continue to go down in value. It looks cheap when you look at it closely.
I prefer the old closed kitchens in older buildings. The new buildings steal your kitchen space, and don’t give it back. I don’t enjoy being forced to eat dinner on a bar stool even though it’s hip. It may look hip, but it allows the developer to save space and jam some more bedrooms in and charge you more $. I give this open concept… bar kitchen look another few years. I think it’s already on it’s way out… because some of the better properties can boast an “eat-in kitchen” and dining room.