Is This Your Dream River North Terrace? A 1-Bedroom at 100 E. Huron
This 1-bedroom in 100 E. Huron in River North just came on the market.
The building was constructed in 1991 and has commercial space on the first 10 floors as well as a rental parking garage.
The listing says this unit was “just renovated.”
It has custom oak floors throughout and crown molding.
The kitchen is “completely new” and has been opened to the living and dining rooms.
It has white cabinets, stainless steel appliances and white counter tops along with a breakfast bar.
There are French doors to the master bedroom where it also has a master bath that has also been renovated.
The unit also has a half bath.
It has upscale appliances by Bosch, FisherPaykel and Toto.
But the real selling point of this unit is the private 385 square foot west-facing terrace.
It is landscaped and has what looks to be wood decking, which even the building’s own terrace doesn’t have. It has plain concrete.
I believe there are only 2 terraces on this level and a few on one of the upper levels so outdoor space is rare in this building.
This unit has sold since 1993, which means it’s been 24 years since you could live here.
Will this be under contract today?
Helen Jaeger Roth at BerkshireHathaway KoenigRubloff has the listing. See the pictures here.
Unit #1107: 1 bedroom, 1.5 baths, 1045 square feet
- Sold in January 1991 for $186,000
- Sold in November 1993 for $258,000
- Currently listed for $615,000
- Assessments of $673 a month (includes heat, a/c, doorman, exercise room, pool, scavenger, cable)
- Taxes of $6055
- Parking is rental in the building
- Central Air
- Washer/Dryer in the unit
- Bedroom: 12×17
- Terrace: 10×38
Yes beautiful! I think there are 3 of these terrace units (maybe more) on the 11th floor.
FYI – 1101, also a 1/1.5 with terrace sold for 390K in January, 2010.
Seems way overpriced, nice unit but not likely to be a smart investment.
This is a great pied-a-terre and think this will get pretty close to ask if they’re willing to wait a bit (Like spring) as the balcony is the major selling point.
Only downside would be if the leased parking isn’t reserved
Would think the canopy would be a potential problem in wind.
I kind of like this place. Terrace is nice and good square footage. It will probably go to a 40-50 something divorcee… maybe a weekend pied a terre for some far out suburban couple.
I’d buy it in the low 500 area
rental parking? cmon
The terrace is nice! I wonder why the developer chose to make these units so small and only include one full bathroom.
“1045 square feet”
Unless the floorplan is pretty misleading, that’s a little generous, I think. BUT–it clearly doesn’t count the outdoor space, at least!
“I wonder why the developer chose to make these units so small and only include one full bathroom.”
Because it was 1991 when it was built and people wanted 1-bedrooms. The city sucked then.
Most of the 1-bedrooms were marketed as in-towns for suburbanites.
“rental parking? cmon”
There used to be a time, about 15-20 years ago, when condo buyers actually thought they might make money off of owning a parking space. That the prices might actually go up over time because there would be such high demand for them.
That turned out to be false. Millennials don’t buy cars. There are plenty of parking spaces in River North, the Gold Coast etc. That space that cost $50,000 15-years ago is selling for $50,000 (maybe even less) today.
Meanwhile, you pay interest on the loan you took out to buy that parking space, property taxes and assessments. In a River North garage, assessments and taxes on a parking space, especially if its heated and cooled, can easily run $150 a month.
So if you can “rent” a spot in the building for $200-$300 (some are even cheaper- at like $125 a month)- why would you buy the spot?
In addition, garages that are 25+ years need maintenance. The John Hancock just did a massive rebuild on its garage because the concrete was deteriorating due to dozens of winter/salt being driven in. I wonder what the cost of that was? Couldn’t have been cheap. This will happen to ALL Chicago high rise buildings or any building with a parking structure.
To think otherwise, is to be in denial.
I don’t know why people always think there is no maintenance to properties. There is. And it becomes costly if you’re the one living there when the bill comes due.
So why be an “owner” of the parking spot?
It makes more sense to simply rent it.
Renting a reserved spot is different than renting a first come first served space. You can argue about the value, but there is value there
I agree with Sabrina: a guaranteed leased space is a much better deal, especially since, once driverless cars become the rule (perhaps in 2030, if not sooner) parking spaces will be worth very little. The problem is — at least according to my realtor — if you try to sell a condo in the current environment and it doesn’t come with parking, it is a hard sell. I struggle a lot with this; I don’t want to purchase the space with my unit, but I feel like I don’t have a choice.
“(perhaps in 2030, if not sooner) ”
Fully automated vehicles are a pipe dream. The most automated systems we have now – airplanes – still have pilots at the controls waiting to take over manual controls on a moment’s notice. it will be the same for autonomous vehicles.
Even when cars are fully automated, I still want to own my own car. There is a sense of freedom I get from owning my car. I don’t want to deal with renting a car if I want to take a weekend trip. Even when cars are fully automated, I can’t imagine it will be inexpensive to take a random trip to even somewhere as close as Milwaukee for instance.
“Even when cars are fully automated, I still want to own my own car.”
Pretty sure that is a surprise to no one, but I also agree w it personally. Even just having all your crap readily available and not having to take it out/in every trip (though maybe there can be a solution for that).
I can imagine not having our second car though.
“Even when cars are fully automated, I can’t imagine it will be inexpensive to take a random trip to even somewhere as close as Milwaukee for instance.”
But it could when you compare to not owning a car at all. One issue is people don’t like metered pricing. (Back when people had landlines, almost everyone would have paid less on a metered plan but chose unlimited local calling.) But maybe they will come up with some tiers etc to deal with that, like cellphone plans.
Millenials will not really dictate any economic trends as they have no fucking money and are up to their eyeballs in debt. Once the boomers start dying off in droves (like another 10-20 years) and millenials and Gen Xers start obtaining positions of influence then maybe…
“once driverless cars become the rule ”
even with driverless cars they would still need a place to be stored
Sonies – – I think there will also need to still be places like parking lots. Just look at the Jewel lot at Clybourn and Division – – nearly always full of cabs, uber and lyft drivers who are in between fares but want to be central to downtown, LP, gold coast, the interstate.
As for the parking garages, there is some theory that driverless cars won’t need any space in between each car since no one needs to get in or out when they are parking, so something like 4 cars can fit where currently you can only fit three. I am skeptical however that this will translate into dramatically fewer parking garages. Also, this is ‘murica, so I totally agree with the sentiment that driverless car does not equal sharing economy. People are really confusing those things right now and I don’t quite get it.
“Millenials will not really dictate any economic trends as they have no fucking money and are up to their eyeballs in debt.”
Once Millenials have money, they will start buying cars and houses. It’s easy to take a “holier than thou” attitude towards owning cars/houses when you can’t afford either.
Not only that but millenials are having children too, which isn’t cheap, and I’m sure well before their massive student loans are paid off, or their career starts to improve, so yeah, good luck buying houses and cars with literally no discretionary money
“Not only that but millenials are having children too, which isn’t cheap, and I’m sure well before their massive student loans are paid off, or their career starts to improve, so yeah, good luck buying houses and cars with literally no discretionary money”
The oldest Millennial is now 35 (about to turn 36.) The youngest is 19-20 (depending on who you talk to.)
Presumably, the oldest Millennials already have children.
” It will probably go to a 40-50 something divorcee… maybe a weekend pied a terre for some far out suburban couple.”
These also sell to upper class individuals/young couples as starter units until they move up to the house on the North Shore after getting married. I’m talking the truly upper class types who end up attending black-tie social functions etc.
I’ve grown quite cautious of all the ‘warnings’ that you NEED to have a unit with parking… sure in Upton or Pilson perhaps, but not when you live above an L stop in River North. You have the CTA, Uber (and pool), Lyft, and Zipcar to get around. Groceries / dining options should be walking distance, in your building, or delivered by a bunch of services.
My building is rental only parking, but those that need a car for work almost all rent a dedicated spot for a little over $200/mo at a condo a block away. If you plan to live for 5ish years, you may change jobs a couple times (it’s the style these days to get more $$$) and be forced to have a car a bit–thus, rental options would work. Owning the spot and paying interest and an HOA while trying to find reliable renters may just not make sense for most.
I also do not feel it’s a ‘when I have the money’ thing. For most, if they want to live the real urban live, they wouldn’t want to deal with the hassle of parking, tickets, permits, cleaning, maintenance, etc. when they can get an Uber Black at the push of a button.
you realize that uber is not sustainable? it doesn’t make money. it subsidizes its drivers using VC money as it grows. it lost $3B last year. it’s only going to be around as long as the music is playing and when the music stops there won’t be a chair left. even the taxi business is losing money hand over fist these days. what a stupid experiment this has all been. but you’re right there
is no ‘need’ for a car just like you don’t ‘need’ in unit laundry or room to fit a real table to eat at, but, those will be the first units to lose their value.
Yup a ‘stupid experiment’ which has saved millions of people money, decreased traffic/carbon, dramatically dropped DUI’s, and connected people more easily with their friends & families. I am well aware of some of Uber’s faults, disregard for regulations (penetrate the market now, ask questions later), and relatively poor treatment of employees (many of which work for solely small amounts of side cash & social interaction), but to say it’s simply a ‘stupid experiment’ is a gross understatement. It will be studied in business schools for decades and thus far still regarded as a net positive at this moment.
I understand VC funding and subsidization quite well and sure the prices will rise. They already monitor adjust prices for those that don’t give a fuck and stopped informing you of surges (you should know how much the trip is worth for you at the time anyways). Say car sharing and taxis balance their pricing and it’s still too high… oh ya you can rent a spot, take the CTA, or use Zipcar (and its competitors). Hell I ride bikes in the winter (full size & foldup) combining with public transit if need be.
I don’t NEED an in-unit either (I see that value of doing multiple loads at once though), but I would pay a premium for one (yay free market!). I don’t need a table bigger than the one in the picture either as I don’t host dinner parties and such to warrant it; however, I will not hesitate to bring in hundreds of pounds of speakers into a unit this size because I love music. People pay for what they want regardless of if they NEED it. I trick is predicting what people will say they NEED… and based on my circle of friends (much younger than 90% of this board), very few put cars up on the list and if Uber increased 50% it would not impact them that much either. 5 Years from now most will have moved to the burbs so their kids can be at New Tier / Naperville North, etc.
“the taxi business is losing money hand over fist”
Taxi medallion finance is losing hand over fist. It was absurd to pay $250k for the right to make maybe $30k/year (yeahyeahyeah, times 3 bc often 3 drivers share one medallion). exclude the debt payments for the medallion financing (obv the drivers can’t), and it’s not *that* different from before.
“decreased traffic/carbon”
hahahahahahahahahahaha. There is sooooo much more traffic around Chicago with the Uber/Lyft drivers than there was before.
Reduced to 585,000
Taxi traffic is way down too. 3 years ago they could have made enough to cover that interest only note on the medallion but these days they can’t get enough business. Airport traffic has dropped considerably due to uber and lyft. The market for taxi medallions has essentially frozen up. Few banks want to provide financing and i one can/wants to sell for the fractions of a dollar they are worth in the open market. Owners are defaulting on their loans and the lenders are slowly foreclosing because they don’t want a glut in the market. It’s a scary place now.
Taxi medallions should never have existed in the first place. Imagine if you needed a medallion for every job. I suppose a college degree is like a taxi medallion in a way. I also thing college is over rated. For the average office job, is it really necessary to have gone to college?
“hahahahahahahahahahaha. There is sooooo much more traffic around Chicago with the Uber/Lyft drivers than there was before.”
yeah no shit, its ridiculous
people are taking short uber/lyft trips rather than using public transit, there was some study in some article somewhere that I read that talked about it
but yeah drive around downtown on a weekend and every dumbfuck clogging up traffic by stopping in stupid places has that airport sticker on the back of their car
“yeah no shit, its ridiculous
people are taking short uber/lyft trips rather than using public transit, there was some study in some article somewhere that I read that talked about it”
Can you really fault them? No one wants to take public transportation. If the city wants people to take public transportation, they should do more to make it more pleasant.
there was some study in some article somewhere that I read
Sounds legit.
ugh… fine, here, according to a UC Davis study (page 5 of this pdf)
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwjV0eHxot_XAhXn64MKHVRZDwIQFggoMAA&url=https%3A%2F%2Fitspubs.ucdavis.edu%2Fwp-content%2Fthemes%2Fucdavis%2Fpubs%2Fdownload_pdf.php%3Fid%3D2752&usg=AOvVaw3F9Zrj2tnnxF32mLQ312WB
Ride-hailing and Public Transit Use
• After using ride-hailing, the average net change in transit use is a 6% reduction among
Americans in major cities.
• As compared with previous studies that have suggested shared mobility services complement
transit services, we find that the substitutive versus complementary nature of ride-hailing
varies greatly based on the type of transit service in question.
• Ride-hailing attracts Americans away from bus services (a 6% reduction) and light rail services
(a 3% reduction).
• Ride-hailing serves as a complementary mode for commuter rail services (a 3% net increase
in use).
• We find that 49% to 61% of ride-hailing trips would have not been made at all, or by walking,
biking, or transit.
• Directionally, based on mode substitution and ride-hailing frequency of use data, we conclude
that ride-hailing is currently likely to contribute to growth in vehicle miles traveled (VMT) in
the major cities represented in this study.
Public transit use is declining in virtually every US city, with most of the decline attributed to Lyft/Uber.
I despise Uber, etc and opt for the CTA, or even a cab, whenever practical.
“Can you really fault them? No one wants to take public transportation. If the city wants people to take public transportation, they should do more to make it more pleasant.”
What will happen when Uber/Lyft have to double or even triple their fares? Will people revert back to public transit then?
Because it’s going to happen. Uber’s losses are massive. There’s no way they can continue to take those losses. They have, basically, artificially lowered the price of a “commute” to an unsustainable level.
Yes Sabrina, you and I are preaching to the choir! And worse, they’ve driven many cab drivers and medallion holders into insolvency. What will be left when the uber unicorn is ultimately proven to be an ass with a cone taped to its head?
Oh noes, people take advantage of VC/Wall St throwing money at them, LOL
People will start taking cabs, bike, walk, drive or take public transportation like they did before.
ugh… fine, here, according to a UC Davis study
I was just giving you shite for that hilariously vague citation. I think I read the same article: https://www.citylab.com/transportation/2017/10/the-ride-hailing-effect-more-cars-more-trips-more-miles/542592/
Uber and Lyft are going to drive taxis out of business, and cause cuts to public transport (because of decreases in ridership) and then they will either raise their rates sky high or crash and burn and we’ll all be left worse off than we were before.
“Uber and Lyft are going to drive taxis out of business”
There isn’t a unitary taxi business to be driven into non-existence. At some point, the medallions will be worth so little that it will change the economics for a new taxi driver, *especially* if Ub-Lyft-er has raised their rates.
“There isn’t a unitary taxi business to be driven into non-existence. At some point, the medallions will be worth so little that it will change the economics for a new taxi driver, *especially* if Ub-Lyft-er has raised their rates.”
What are the advantages that will keep taxis in business (even assuming negligible medallion costs)?
I think uber is already raising prices. They now guarantee your trip price, which is sorta nice, but it makes prices opaque and easier to raise.
“What are the advantages that will keep taxis in business (even assuming negligible medallion costs)?”
Advantages to whom?
From a driver’s perspective, they can have their own ‘business’, instead of being a 1099 employee for another. And thus can cheat on their taxes.
From a rider’s perspective, you can have an (almost) untraceable ride, using cash, and you don’t need a phone.
“What will happen when Uber/Lyft have to double or even triple their fares? Will people revert back to public transit then?”
They won’t need to double or triple. I think taxis are at most only about 60% higher at the moment, comparing to the base uberx rate. I’d have to think uber could come in under the taxi rate in the long run.
“From a driver’s perspective, they can have their own ‘business’, instead of being a 1099 employee for another. And thus can cheat on their taxes.”
“From a rider’s perspective, you can have an (almost) untraceable ride, using cash, and you don’t need a phone.”
I’m not sure about a business model based substantially on illegal activities and the like.
“I’m not sure about a business model based substantially on illegal activities and the like.”
anon(tfo) seems to be
“I’m not sure about a business model based substantially on illegal activities and the like.”
So, you’re shorting BitCoin?
“So, you’re shorting BitCoin?”
if I were liquid enough.
The CTA’s annual ridership reports show a pretty strong public transport system
Closed for $530,000 today
I can imagine owning a driverless car that drops me off and picks me up at my building and then parks itself in a shared massive nearby garage.
Right now, I own my spot w/ my condo. I’d be open to my next condo not having parking spot, but right now most places I’d want come with one.