A 2000 Sq Ft Terrace With City Views in River North: A 2-Bedroom at 21 E Huron
This 2-bedroom in The Pinnacle at 21 E. Huron in River North came on the market in April 2015.
It’s on the “terrace” level of the building, which is the 7th floor, and has west facing, or city, views.
The unit has its own 2,000 square foot terrace that is landscaped with planters some of which include pine trees.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
It has 12 foot ceilings and a split floor plan.
The unit also has all the features buyers look for including washer/dryer in the unit, central air and parking is available for purchase in the building.
This property was originally listed for more than double the 2011 purchase price but has since been reduced.
Is there an extra premium put on extra large high rise terraces?
Or is 2000 square feet just too much to handle?
Chezi Rafaeli at Coldwell Banker has the listing. See the pictures here.
- Sold in July 2005 for $570,000
- Sold in May 2011 for $505,000
- Originally listed in April 2015 for $1.275 million
- Reduced several times
- Currently listed at $998,000 (parking is extra)
- Assessments of $676 a month (includes gas, cable, pool, doorman)
- Taxes of $8440
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×14
- Bedroom #2: 13×14
- Terrace: 57×33
Why was this once so cheap?
terraces are great until you have a special assessment to pay, then all that extra square footage really sucks
“terraces are great until you have a special assessment to pay, then all that extra square footage really sucks”
Uh, they’re HOA property and the owner usually has an irrevocable easement attached to the deed of the property….
That way the “owner” of the private terrace isn’t stuck with the bill, the HOA is.
yeah I don’t think so
I think this terrace is shared for the whole building. I would never get such a low floor unit thought. To me a big advantage of a high rise is the view. There is none here and frankly this useless shared terrace (no room to play or nice greenery for ambience) reduces the place to the grand floor of the hotel in a resort where you can checkout all the fat folks trying to get some color 🙂
“yeah I don’t think so”
You don’t think so what?
“I think this terrace is shared for the whole building.”
No. This is private to the unit. That doesn’t mean the other units also don’t have terraces on the terrace level (and maybe even the whole building has one too.) This appears to be on top of the parking garage so it’s quite massive.
Why was this once so cheap?
It wasn’t “cheap.” That was the price for a 2/2 in this building just a few years ago.
But the market is booming. Prices have doubled in many locations in just a few years. And this is a prime location so why shouldn’t prices double?
Now that underwriting standards for jumbo loans are being loosened, with JP Morgan Chase leading the pack, we can expect higher prices and more demand in prime neighborhoods like this. Chase is lowering the minimum down payment for loans $500K to $1M to 15%, and the minimum FICO to 680, which is a notch above subprime.
Lessee- Fannie and Freddie now have no-down payment programs, FHA is accepting borrowers with credit scores lower than 600, and ARMs are back. Even interest only loans are once again being made to “qualified” buyers, for the time being.
No wonder we’ve passed the previous bubble peak, at least in prime neighborhoods. Come this time next year, things ought to get very entertaining, as credit is further loosened and prices are driven to levels never imagined in 2006. You’d never know from all this that Chicago’s bonds are “deep into junk” and that the city’s financial situation is almost as bad as Peurto Rico’s. I hope that people who have gone to the limits of their borrowing power to buy places costing $1M or more in GZ nabes are prepared for the property tax increases to come.
@a If the terrace is not shared with the building, you are responsible for all special assessments regarding it…
@Laura I know someone who tried recently to get an I/o Jumbo and needed 30% down, had 800 credit score
This must be a super recent or future change
“If the terrace is not shared with the building, you are responsible for all special assessments regarding it…”
Pretty sure that depends on the provisions of the Condo Dec.
sonies, this is very recent, was announced just before the weekend. I find it astonishing, given the losses on jumbos that lenders like Chase took in the last credit debacle. I had to re-read it 3X to believe.
could have something to do with this
http://www.bloomberg.com/news/articles/2015-07-17/jpmorgan-no-longer-20-billion-in-hole-for-fed-capital-demand
I just hope these big banks aren’t levered up and long too many commodity futures
sonies, the banks are more levered up than ever. Worse, we have the most overbought bond market we’ve ever had, and the banks have more derivatives exposure than they ever had.
Forget about Greece- look at Spain, France, Peurto Rico, and Chicago.
And the Fed has no more dry powder left. The next step is a Cypress-style “bail in” or charges for “storing” the your savings, i.e. the money you are “hoarding”.
“@a If the terrace is not shared with the building, you are responsible for all special assessments regarding it…”
Not unless you ACTUALLY own it. Terraces are usually owned by the HOA, with an easement given to a unit for right of use/access. They’re treated just like other comment elements.