The nearly news: Resales faring well at 340 on the Park

340 on the Park in the Loop - 340 E RandolphMost of the condos at 340 on the Park closed for the first time in 2007. The tower, located at 340 E Randolph St in Lakeshore East (across the street from the Daley Bicentennial Plaza), is well into its first resale cycle, and the numbers are looking good for sellers: in a time when losses are almost a given, most condos are breaking even or selling for slightly more than before. Maybe there’s some truth to that “location” thing after all.

Over the past six months, resales at 340 on the Park have closed 5% below their list prices but 19% above their 2007-08 sale prices, on average, according to sales records at Redfin and Blockshopper. Condos currently for sale there are priced 17% above their 2007-08 sale prices, on average.

One-bedrooms that originally sold from the $440s to $990s are priced almost identically, ranging from the $480s to $990s. Two-bedrooms that originally sold from the $610s to $1.1 million are now listed from the $730s to $1.29 million. Three-bedrooms that sold from $1.1 to $1.61 million are now available from $1.49 to $1.89 million.

A few owners at 340 on the Park have their homes available to rent, too, starting at $3,200 a month for a 39th-floor one-bedroom / one-bath with park views, to $7,500 a month for a south-facing three-bedroom / 2.5-bath on the 33rd floor.

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