Raise Your Family in a 3/3 Near the Mag Mile? 550 N. St. Clair in Streeterville
This 3-bedroom at 550 St Clair at 550 N. St. Clair in Streeterville just came on the market.
Built in 2008, just as the Great Recession and housing bust hit, it’s a modern building with floor-to-ceiling windows and exposed concrete ceilings with 111 units and a parking garage.
It also has an indoor pool and exercise room. (Is there a doorman? The assessment doesn’t list one.)
This unit is on the 24th floor which the listing says is the “penthouse level.”
It has south, east and west views from the floor-to-ceiling windows with automatic shades.
The unit has 11 foot concrete ceilings and two outdoor spaces including a 47 foot south facing terrace which has gas and water and a smaller balcony off of the master suite.
The listing says the master suite has been reconfigured. It now has a 14×10 custom built closet and a spa bath with a separate tub and walk-in shower.
The kitchen has custom modern Italian cabinets, an oversized 48′ Thermador refrigerator, Wolf and Miele appliances and a wine fridge.
This is a rare 3-bedroom unit that also has 3 full bathrooms.
The listing says it has a mud room (what’s with the mud rooms? Is that a thing now?)
It also has a separate laundry room, central air and 2 heated garage spaces are included with a third optional to purchase for another $30,000.
Could this make a good family home for someone looking for a larger 3-bedroom unit?
Natasha Motev at Jameson Sotheby’s has the listing. See the pictures here.
Unit #2402: 3 bedrooms, 3 baths, 3200 square feet
- Sold in April 2009 for $1.35 million
- Sold in September 2014 for $1.65 million
- Currently listed for $1.895 million
- Assessments of $2085 a month (includes heat, a/c, gas, parking, cable, Internet, exercise room, pool, exterior maintenance, scavenger)
- Taxes are $30,163
- Central Air
- Washer/dryer in the unit
- 2 heated garage spaces included with a third for sale for $30,000
- Bedroom #1: 18×16
- Bedroom #2: 15×13
- Bedroom #3: 13×12
- Terrace: 47×5
- Balcony: 9×4
- Laundry room: 7×6
- Walk-in-closet: 14×12
nice concrete box. I can’t imagine paying $1.8M for a semi-finished concrete box looking unit with views of adjacent buildings.
My wife and I are almost done raising our family, thank goodness, but if were starting again it wouldn’t be here. Looks way too luxurious to have kids running around in. I knew someone who grew up in a condo at the Ritz Carlton and another who grew up at 2450 N. Lakeview – same idea.
This looks more like a place for a wealthy retired couple moving back to the city. However, with no lake view, it’s a bit of a drawback. The finishes look good, but to have to gaze out at that horrible 1970’s Marriott Hotel should get you a discount.
My last comment might have left the impression that I’d consider this building in the same league as 2450 Lakeview and the Ritz Carlton. I didn’t mean to indicate that. It’s way, way below both, and the price seems too high.
Yeah, for this to be the right price, you have to believe that it will be worth $2.25m somewhere around 2025. Who’s taking that bet?? GREEDY!!
Unit looked nice. But anything in this price bucket is down 20% since 2014. This is in the prime tax bucket. Loss of salt taxes hit these hard.
Beautiful unit. Brininstool and Lynch is all world. For the few who understand, this is a great opportunity to truly join the big leagues.
Yes doorperson
this is a top building designed by a top architect. have to have seen it in order to “get” it
“Loss of salt taxes hit these hard”
I know the rich didnt get that way by throwing money away but, if you’re in the market for one of these places, you probably have enough of an income that loss of a 20K deduction isn’t that big of deal since you have a significant tax bill and need more significant deductions and strategies to make a dent in your tax bill. I for sure may be missing something.
“Loss of salt taxes hit these hard.”
What are you all talking about?
Even before the tax changes, you couldn’t deduct your mortgage payments over $1 million anyway.
The rich could deduct their taxes, and now they can’t except up to $10,000, so they will get hit on that. How “hard” is another question. Are they paying more? Yes.
“this is a top building designed by a top architect. have to have seen it in order to “get” it”
are you confusing this with 600 N Fairbanks which was designed by Helmut Jahn?
this was designed by Brininstool + Lynch. Sure, they’re recognizable but “top?”
“if you’re in the market for one of these places, you probably have enough of an income that loss of a 20K deduction isn’t that big of deal since you have a significant tax bill”
Let’s say you make ~$600k/year. So your state taxes are ~$30k, and the property taxes are ~$30k. That’s a loss of $50k in deductions, at 37% marginal rate (maybe 35%, depending upon filing status and above the lien deductions), so, $17,500(+), or 3% of gross income.
Yeah, yeah, the income tax gets paid anyway, but that also mean that the $10k cap should be attributed 100% to the income tax piece. So the net result is that the property tax bill is 50% higher, in net income terms.
Does anyone feel good about their property tax bill going up 50%?
^Under that scenario ($600k income, $60k SALT), one was almost assuredly hit by AMT under the old tax code so they weren’t able to take the property tax deduction anyways….
So, yes, I agree that the SALT cap hurts high tax states and the property values therein, but many (most in IL?) high income people weren’t getting full deductions anyways due to AMT.
Tack on the 8% income tax that’s coming. On the hypothetical 600k income the pre-tax income to own has nearly doubled. You could previously deduct $1 for $1. In 2020 you nearly need to earn $2 to pay $1 of tax. It’s why the penthouse on here had a 20% price cut. Properties in this price range are not up significantly since 2014. Flat to down 10% is fairly normal.
So 3.5% rate on million principal plus 30k property taxes. In 2015 that would require earning 65k to pay that part of the bill. In 2020 that would require 130k pretax income. It’s significant.
“one was almost assuredly hit by AMT under the old tax code”
Nah, unless you had a ton of other deductions.
But you WOULD get hit with the itemized deduction phaseout, which got eliminated.
Not Sure I follow your comment about “itemized deduction phaseout” anon (tfo) – – – I thought Pease limits are gone under TCJA….at least through 2025?
Miscellaneous itemized deductions on the other hand are gone. There are no overall limit on itemized deductions (even though individual buckets of itemized deductions are limited like SALT at $10K and mortgage interest on principal of $750K)- – therefore if you make tons of charitable contributions, you can deduct them all.
“Not Sure I follow your comment about “itemized deduction phaseout”
relates to “woulda paid AMT” Not a certainty that AMT would have been hit, but at $600k income, would have a decent %age of the $60k SALT phased out.