What Price Would You Pay for Views? A 1-Bedroom at 400 E. Randolph in Lakeshore East
This 1-bedroom at 400 E. Randolph in Lakeshore East came on the market in December 2014.
Built in 1963, this 994-unit building was among the first of the “view” buildings in this neighborhood.
But my how the neighborhood has changed.
Now, the south facing balcony from this unit overlooks the Maggie Daley Park and the award winning Millennium Park in addition to the Lake and the Museum Campus at the south end of Lake Shore Drive.
New high rises have also gone up along the Michigan Avenue wall, including the Legacy condo building, enhancing the night time view. Even more buildings are now proposed to grace the south wall.
The listing says this unit has been “completely remodeled and updated.”
It has an open kitchen with maple cabinets, granite counter tops and stainless steel appliances.
There are hardwood floors in the main living area.
While it has central air, there’s no washer/dryer in the unit. There’s also no deeded parking but it’s available to rent for $180 a month.
This is a full service building with a doorman and an indoor pool.
At 825 square feet, it is now listed for $449,500, or $545 per square foot.
Are good views always worth the price?
Walter Stunard at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #3405: 1 bedroom, 1 bath, 825 square feet
- Originally listed in December 2014 for $468,000
- Reduced
- Currently listed at $449,500
- Assessments of $663 a month (includes water, gas, doorman, cable, pool, exterior maintenance, snow removal)
- Taxes of $4031
- Central Air
- No washer/dryer in the unit
- Parking is rental at $180 a month
- Bedroom: 11×17
This is a bargain basement price. The assessment is very low. As Jim Cramer from CNBC would say: buy, buy, buy.
https://www.youtube.com/watch?v=2n5pd9eKapY
ANyone else recall that LSD traffic used to slip right by the west end of this building. Recall seeing that pool every time we drove by. That was a Long long time ago.
“ANyone else recall that LSD traffic used to slip right by the west end of this building. Recall seeing that pool every time we drove by. That was a Long long time ago.”
A lot has changed along the Drive- mostly for the better. I can’t wait to see the new lakefront path and that stuff when they’re done.
It’s still one of America’s coolest road ways.
Walter and his wife have had a virtual “monopoly” on listings at this building (in which they live) for over a decade. Do you think it is a positive or negative for one or two real estate brokers, who happen to be owners, to dominate the market in a single condo building?
definitely a positive for the sellers, the buyers not so much
Quits pretty common. Lived in a 300 unit building in Lakeview that had three part time realtors who controlled most of the listings. They truly understand the market and each units pluses and minuses. I’d say they do more to help mediocre units get a good price than getting the best units a premium in a big building.
“ANyone else recall that LSD traffic used to slip right by the west end of this building. Recall seeing that pool every time we drove by. That was a Long long time ago.”
We used to live in 195 N. Harbor and the building has a series of great historical photos of the area hanging en route to the parking garage.