Do Big Terraces Really Help Sell a Condo Unit?
As you know, I’m a big fan of neat terraces in condo buildings. But what about the private rooftop terrace that is just stuck on top of a loft building? Or the huge 1000 square foot slab of concrete that is common above the parking garage on most new buildings (allowing the units on that floor to have massive outdoor space)?
Have you ever seen any that were landscaped beautifully that really added value to the unit? Or do they become wasted space where you simply put a table and chairs out and bake in the summertime sun?
There are two of these units on Craigslist right now.
The first condo is a one bedroom loft in the South Loop at 18th and Michigan with a private rooftop deck. As you can see from the picture, it is simply a wood deck slapped up on the roof and it looks like there are other “private decks” right next to yours. The loft is listed for $250,000.
The second condo is a 2 bedroom, 2 bath at 653 N. Kingsbury currently listed for $454,900 with parking for $35,000. The terrace is 1000 square feet. But as you can see from the pictures below, it looks pretty barren and uninviting.
How much would it cost to actually have a terrace of this size professionally landscaped? Anyone know?
I’m assuming its quite a bit of money which is why you rarely see these big terrace spaces landscaped downtown (outside of the competition that runs in the Chicago Tribune every year for the best City Garden.) I’ve seen many, many listings with these big terraces and all they are are a slab of concrete.
Is the terrace really a selling point?
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The terraces that are on top of parking garages or for whatever reason stick out from under a lot of other units (with or without balconies) are usually nasty and worthless because of the steady flow of crap such as trash and cigarette butts and the very real risk of having something dropped on you. The building I live in has instituted significant fines (if they catch you) for dropping things including cigarette butts. However, you can never remove the possibility of a simple accident becoming tragic, or at a minimum being a big mess, such as the broken bottle on someone’s terrace a couple months ago here. Also, a friend who has one of these had the unpleasant task of cleaning up an uncooked chicken breast with ants all over it a few weeks ago. If you want terrace space, one at the bottom of a stack of units is NOT the way to get it.
On this note I’ll say that I have a thing for terrace levels and rooftop decks. This rooftop deck has to be the cheapest I’ve seen at 250k, most are in units priced from 450k+ (and in better locations).
I’m looking to buy in the lower end (200-275k) at some point in the future so barring a complete collapse in prices rooftop decks in good areas are mostly out. Terraces on top of parking garages seem intriguing to me too, though. As far as neighbors above you throwing stuff down: this is a fact of life. So long as its concrete it should be easy enough to clean. I am sure landscaping these would be prohibitive from a maintenace and expense standpoint.
Two units I really like still for sale with these terraces are Vetro 702 & 703.
Bob — you said you like Vetro 702 + 703 — what are these? Where are these?