East Randolph Street » 400 e randolph

Last 6 months sold units at the New Eastside (including Lakeshore Short East)

Kristine Chen Frost — Wed, 04 May 2011 19:40:52 +0000

I did a map search for the New Eastside neighborhood, there are 65 units closed within the last 6 months ranging from $122,000 to $3.1m, there are 12 units are distressed properties including 7 foreclosure units and 5 short sale units, that make the ratio to 18%. Also, there are 10 units pending right now and none of them are distressed properties, so if we consider these 10 units in the total sold number, that will bring the ratio down to 16%.

There are 4 units from 400 E Randolph, 6 units from 222 columbus Dr, one unit from 155 Harbor and one unit from 195 Harbor. So we could see they are mostly belong to two buildings only, the 400 E Randolph and the 222 Columbus Dr. The price of the distressed properties are between $131,500 and $383,000. There are 36 units sold price is higher than the $383,000 and they are all regular sales.

There are currently 179 current listings, price ranging from $149,000 to $4,800,000. Since within the last 6 months there were 75 units sold and pending, that will make our inventory age a little more than 14 months, that means to get all the 179 current listing sold, we need 14 months to do it,

Foreclosure rate at the 400 E Randolph – the Outer Drive East

Thu, 02 Dec 2010 20:29:05 +0000

There are totally 30 units closed within the last 12 months at the 400 E Randolph, the Outer Drive East. They include 6 studios ranging between $145,000 and $260,000, 15 one bedroom units ranging between $150,000 and $340,000, 8 two bedroom units ranging between $232,750 and $540,000, 1 four bedrooms unit of $370,000. There are 2 units were short sale and 3 units were in foreclosure, the foreclosure rate is 17%.

The Outer Drive East has 940 units, the current rental rate is less than 20% over the owner occupancy.

Currently there are 27 units for sale ranging between $169,000 and $950,000, so the list rate is around 2.8%. 3 of the 27 units are going for Short Sale or foreclosure.

Current Listings in the New Eastside neighborhood

Wed, 13 Oct 2010 20:18:58 +0000

I did a map search for all the current condos for sale in the New Eastside neighborhood, there are a total of 178 current listings, ranging from $130,500 – a studio at the 400 E Randolph to a four bedroom unit at 450 Waterside listed for $4.8M. The neighborhood including 10 buildings:

400 E Randolph – Outer Drive East Building, built in 1963

360 E Randolph – The Buckingham building, built in 1982

155 N Harbor Dr – The Harbor Point building, built in 1973

195 N Harbor Dr – The Parkshore building, built in 1992,

222 N Columbus Dr – The Park Millennium building, built in 2001,

201 N Westshore – The Lancaster building, built in 2004,

420 E Waterside – The Regatta building, built in 2007,

340 E Randolph – The Chandler building, built in 2007,

450 E Waterside – The Chandler building, built in 2008,

225 N Columbus – The Aqua building, built in 2010.

The last 5 buildings on the list along with 2 rental buildings are in a development called Lakeshore East – so Lakeshore East is within the New Eastside neighborhood.

Currently all the Aqua rental units have been rented, there are 25 units for sale, some still by the developers and some by the unit owners.

There is a park built within Lakeshore East which has a nice kids’ playgroud, a dog park and a large green area, and there are fountains throughout the park. Right now a 50,000 square feet grocery store is coming next spring and we are still looking forward to and elementary school planned for the neighborhood.

The Foreclosure 2 bedrooms at the 400 E Randolph has dropped another $20K

Tue, 10 Aug 2010 15:41:20 +0000

This two bedrooms unit at the 400 E Randolph is a combined unit between a junior one bedroom and a studio, so the size is larger than a regular two bedrooms unit. It is on a very high floor, you get some lake view from the unit. I would anticipate the contractor work for about $20K to $30K to make it into a great place.

The asking price is $244,900, this is dropped from $309,900 in Jan 2010. The current tax rate is $3,475.86 and the current assessment is $773. So that means $1,063 cost per month. After fix it up, you can easily rented out for $2,200 per month, then that means you have $1,100 help to pay off your mortgage. Assuming that your loan amount is $180K, your monthly payment is only $966. Right now it is very difficult to find anywhere with a positive cash flow!

Four bedrooms foreclosure at the 400 E Randolph is under Attorney Review

Wed, 28 Jul 2010 14:53:10 +0000

So after reducing the price from $399,000 to $374,900 in four days, the four bedrooms at the 400 E Randolph went under attorney review yesterday. I have been showing this unit to potential investors, but since they were not really ready, still in the thinking mood, we did not get a chance to offer this property.

The unit needs lots of work for sure but I think if you would like to spend around $75,000, this can be a very nice two units, I think it is better to split them and them to rent them out. As the rental income can be around $2,200 per two bedrooms unit in the building, that means you could get around $4,400 each month cash inflow. The assessment is around $1,700 and the tax would be around $600 per month, that means you will get a good cash inflow without calculating the mortgage, this means the tenants are helping with $2,100 each month with your mortgage payment.

I think no matter who bought it has got a great deal!

Foreclosure response time

Thu, 22 Jul 2010 16:48:00 +0000

I had three clients are bidding on foreclosures right now, all of them are located in Chicago downtown. We have submitted offers for 2 of the three properties in the beginning of June, and since our offer price is less than 90% of the listing price, we have not even hear a word from the sellers. The third offer we have submitted last week, but since we were offering a full listed price, we got their response within 5 business days.

From the above we could tell that the banks do not like to give counter offers, so if you are bidding on foreclosures, should bid close to the listing price, otherwise, should just wait until they drop the price, otherwise, it is a really waste of time for all parties.

Three bedrooms units at the new east side

Tue, 01 Jun 2010 19:52:02 +0000

I have quite a few clients are looking at the three bedrooms units at the new east side, they include condos and town homes. The building names from the oldest the newest are Outer Drive East – 400 E Randolph, the Harbor Point – 155 N Harbor Dr, the Buckingham Building – 360 E Randolph, the Parkshore – 195 N Harbor Dr, Park Millennium – 222 N Columbus Dr, the Lancaster – 201 Westshore, the Regatta – 420 E Waterside, the Chandler – 450 E Waterside, 340 on the park – 340 E Randolph and the Aqua – 225 N Columbus Dr. Also, there are some town homes located on the southeast of the new designer Lakeshore east park, they include 183 N Harbor Dr. The new town homes underneath the Aqua building, such as 198 N Park Street.

I did a map search for all the active 3 bedrooms in the above buildings, there are totally 23 three bedrooms on the market, and the cheapest one is located at the 201 N Westshore, there are two units available from $568,999 with 1,500 square feet, I think these were two plus dens and they have closed to the den and then renamed as three bedrooms, that’s why their space is not large. The most expensive one is also located at the Lancaster with the listing price of $2.25M with 3,500 square feet.

My favorite one is located at the 340 E Randolph, this unit has around 2,300 square feet with great views to the grant park, the lake with the south shore line, all the sky lines, the price was listed right under 2M. I also like the town homes under the Aqua building!

Foreclosure at the 400 E Randolph is pending

Wed, 24 Mar 2010 18:03:49 +0000

The foreclosure unit 2 bedrooms 2 bathrooms at the 400 E Randolph is pending yesterday, the listing price is $289,900, this is a great deal in this building as all the two bedrooms start from over $350,000. The building has just finished remodeling it’s new gym, new swimming pool. This is a full amenities building, even has shuttle bus to downtown every 30 minutes. There is a restaurant on the 7th floor which has great pizza and pasta…

The cheapest one bedroom at the new east side

Fri, 05 Mar 2010 04:35:09 +0000

New east side is a new name for the neighborhood east of the millennium park, next to the lakeshore dr, south of the Chicago River and north of the Randolph street. This neighborhood has mixed age of buildings, the oldest one is 400 E Randolph, the outer drive east building which was built in 1963, the Buckingham was built in 1982, the Harbor Point was built in 1973, the Parkshore was built in 1991. Then there are all these new develop building started from Lancaster, to Aqua which has just been finished. So the cheapest one bedroom in this whole neighborhood is at the 400 E Randolph, which was listed for $155,900, you do have some view to the new lakeshore east park. So if you want to live in this neighborhood and do not have so much money to invest, here is not a bad choice.

One bedroom for rent at the 400 E Randolph just got contracted

Tue, 02 Mar 2010 14:13:55 +0000

So my client decided to pick the outer drive east building – 400 E Randolph, since this is a great central location, next to the new lakeshore east park, the grand park and the millennium park. Walking distance to the Michigan avenue and the lake front too. When summer comes, there are free concert at the millennium park almost every night, I saw lots of families, young gatherings are sitting on the grass, enjoying the nice music. At the new Lakeshore east park, in the summer, at the kid’s playground, there is water shooting out of the ground, so we call it a small water park. You would see kids running around sometimes young adult too in the hot summer days.

The 400 E Randolph building offers free shuttle service to a few downtown locations every half an hour, this is very convenient for people wants to do grocery shopping. Or just go to work or catch a bus on Michigan Ave. The building has just finished remodeling the gym and the swimming pool. Right now it has all the new equipments in the nice looking gym, the pool is even more spectacular, the lights on the doom are changing automatically in the evening, this is one of the scenery in the neighborhood. They have also added a kids’ play room, which helps a lot of the moms especially in the winter, when it is hard to go outside to play. The building committee has also decided to reduce the monthly assessment for the year of 2010, this is never heard of in all the other buildings, that means they have a strong reserve. The building also offers a restaurant on the 7th floor, called the Seven, it has great pizza and chicken wings. So if you do not want to cook dinner, you will have some choices there.

Segway at the 400 E Randolph

Thu, 30 Jul 2009 18:35:50 +0000

We have seen segway being around for a while, they started at 400 E Randolph a couple of years ago. When one of our relatives who live in the building tried it, she mentioned it was crazy and she almost fall. I have not got the courage to try it yet, but it is always cool to see them coming down from the ramp at the new lake shore east park.

Short Sale at the Outdrive East -400 E Randolph St Unit 2718

Tue, 14 Jul 2009 16:35:33 +0000

This is a large one bedroom unit at 400 E Randolph, the listing price is $209,900 and they have alreay has multiple offers and do not accept any offers. This price is very reasonable with a large balcony, marble floor in the living room. It faces the north new designer lakeshore east park. I am sorry to see short sale in our neighborhood, but glad to see that there are multiple offers to keep our price up.

Cheapest one bedroom for rent at 400 E Randolph St Unit 3906

Kristine Chen Frost — Thu, 11 Jun 2009 21:19:59 +0000

This is unbelievable, the asking price of this unit is $1,100 per month, just reduced. This is a great new east side neighborhood with walking distance to three parks, the lake front, you can enjoy all the free concerts at the millennium park during the summer time. Plus you will have pretty views to the park, city and the lake. There are around 650 square feet. I think this is a great price, so act fast, detailed info and pictures will be available upon request.

Great commercial space at the 400 E Randolph St Unit 500

Kristine Chen Frost — Thu, 11 Jun 2009 21:11:57 +0000

This can be great office spaces at the central location. Or you could rent it for $15 per square feet, the listing price for this office is $400,000 with the tax of $9,548 per year. Since there are so many condos in this neighborhood, it is great to have a small office in this building.

Just listed awesome view studio 400 E Randolph St Unit 1001

Kristine Chen Frost — Thu, 11 Jun 2009 21:07:28 +0000

This is a nice size studio with a separate area for your bed. It has a great view of the millennium park, the lake and the south shore line. It has a huge balcony facing south too! The listing price is $279,800 with the assessment of $227 per month including Heat, Air Conditioning, Water, Gas, Common Insurance, Doorman, TV/Cable, Pool, Exterior Maintenance, Scavenger, Snow Removal. Very low taxes of $1,427 per year. It has very nice updated kitchen and bathroom. MLS detailed info and pictures will be available upon request.

Price Reduction again for two bedrooms at the 400 E Randolph St Unit 2920

Tue, 02 Jun 2009 20:23:26 +0000

This two bedrooms unit have been on the market for a while and I just noticed there is another price reduction recently, the current listing price is $350,000. This is the price you would see in 2006, so please do not miss this chance, if you want to move into this neighborhood, also you want to have a bigger unit, this is the place to go, as the one bedroom unit was selling for more than this price in some of the new buildings. This is the lowest price we have seen for years!

MLS details and pictures will be available upon request!

Price reduction – 400 E Randolph St Unit 1021

Tue, 02 Jun 2009 20:07:50 +0000

This is a one bedroom unit with 650 square feet. It has wood floor, granite counter and new appliances. The listing price is $195,126. Which is not bad as it does has view to the new designer park, lake shore east park and a little bit of the lake through two buildings. I have not seen this place yet, but I think it looks nice on the pictures, the whole kitchen is black, so maybe for a single guy:-)

Detailed MLS information and pictures will be sent upon request!

Just listed! Cheapest one bedrooms at the 400 E randolph 400 E Randolph St Unit 3416

Sat, 16 May 2009 03:07:59 +0000

This one bedroom unit has 703 square feet, it is really a great deal, the listing price is $167,500. This is the price like 10 years ago, so act fast, I am sure this unit is going to sell soon!