Home Buying in Loop>Question Details

Laura, Home Buyer in Buffalo, NY

Has anybody any advice on the Terrazio condos on 1935 South Wabash

Asked by Laura, Buffalo, NY Sun Jun 1, 2008

What is the average price for a 1 bed condo in South Loop at the moment ? Is it possible to negotiate a discount on pre construct condos ?

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Laura,
I live in the area and I have been to almost all of the sales centers in the South Loop. Most developments will negotiate a discount, except for Museum Park. Anyway, the condo you mention on 1935 South Wabash is located in a good area, next to the beautiful Second Presbyterian Church‎ and the Detour 2 Discovery Day School. You can walk over to Room 21 for a fabulous dinner. The neighborhood is full of friendly homeowners who love to walk their dogs to the many dog parks in the area. Anyway, Erica doesn't know what she is talking about and seems to be still agonizing years after her purchase... I don't think she knows what is impressive if it was looking right at her. Maybe she should venture east and go back to Ohio. Anyway, the best advice is to ask local neighbors and find out their thoughts. Good luck in your search Laura.
5 votes Thank Flag Link Sat Jan 24, 2009
The average active listing price for 1 bedrooms under $500,000 is $324,054. The average sold price is $296,482.
It's possible to negotiate on anything, especially in this market.
It looks to me like the Terrazio is pretty well priced, with 2 bed, 2 bath units being sold for below the average one bedroom price in the South Loop. Keep in mind this location isn't as ideal as let's say, 1133 S. State, but for the price it may be worth it to you. Is there a specific price range you are looking in? Or, is it the location or a "good deal" you are after?
Let me know if you have any other questions.
Sierra - sbloom@prupref.com
Web Reference: http://www.ChicagoHome.com
5 votes Thank Flag Link Mon Jun 2, 2008
There are other reasonably priced condos that would be a better deal than the Terrazio. This property is in a much less than desirable location and the 1 bedroom units appear to be quite small. I think there are much better units available at better locations (a few blocks north and/or a few blocks east), especially considering the vast amounts of units coming on line this year and next. I'd keep shopping around.
4 votes Thank Flag Link Fri Jul 25, 2008
Hi Laura,
Wow, there certainly are a wide range of responses to your question! I thought I'd chime in since I bought a condo in the South Loop a few years ago and spent a long time AGONIZING over the decision. Since I'm very familiar with the area I thought I'd share what I know. First of all, a close friend of mine moved to Chicago in the last few months and I did a lot of research for her to help her buy her condo. I remember looking at the Terrazio and not being impressed at all. Though the Terrazio is not in a good location (more on that later) I was tempted by its lower prices, so I browsed. The Terrazio does seem to have good amenities, but I had to look elsewhere because most of the units are SO SMALL. The master bedrooms really are a lot smaller than other condos in the area. I was frustrated because the Terrazio did not list floor plan areas (perhaps because the units are small?)

Ok, now for the area that the Terrazio is being built in: I would not consider this a nice area at the moment. There's public housing nearby and the location really is on the edge of what's been gentrified in the South Loop (given the massive amount of recent condo development I would not expect gentrification to expand any time soon). Also, there isn't a train station within convenient walking distance and I would not feel comfortable walking around there at night. Also, I have not heard anything about a local train station being planned for the area. Even if one was being planned, it would probably be a LONG, LONG time before one was built considering today's financial situation (just look up transitchicago to check for yourself). What I find attractive about living in a condo in Chicago is the ability to walk outside, stroll down the street and enjoy all the city has to offer (including nighttime). This is not something I would feel too safe or comfortable doing at the Terrazio location at night...just my honest thoughts.

If you like this area I would consider searching east of Michigan Ave or venture a little farther north. I hope this helps some and good luck with your search!
3 votes Thank Flag Link Mon Dec 15, 2008
Hello. From what I have seen the condos seem to be at a lower price, but perhaps at a cost. First of all the location is not very ideal. On 1935 S Wabash it is two or three blocks from Hillard Homes (2013 S Clark), a Chicago Public/Affordable Housing Project. Also, some of the condos on the website seem very small. The master bedroom in one floor plan is listed at only 11 ft x 10.5 ft. Also, there are not any "EL" train stations nearby that I would feel comfortable going to at night. These are just my opinions. All in all I think the building looks very nice, but I think the location is far from good and some of the units are too small.
3 votes Thank Flag Link Tue Sep 30, 2008
Correct, like I said, its not FHA approved yet, its in the process. The condos dont close for almost another year, so before that time, they will be FHA approved, there will be no need for spot approvals. Thanks for your help though.
3 votes Thank Flag Link Wed Aug 20, 2008
Laura and Mike, my name is Jeff Dulla and I am actually the preferred lender for Terrazio. Sorry about my profile picture and everything, I just started this account. If you want to know more about Terrazio, please contact me 708.531.8322 or email me at jdulla@uhloans.com. My company, United Home Loans, does a lot of condos in Chicago and this is one of the many properties that we are the preferred lender on. Like Sierra Bloom said, these condos are reasonably priced and you are definitely able to negotiate with the sales staff (call Akos Straub 312.730.8719). Also, two things to keep in mind is that there is a $2500 credit for buying at Terrazio and using me as the lender and also, by closing, Terrazio should be FHA approved which means that you only need to have 3% to put down as a down payment.
3 votes Thank Flag Link Tue Aug 19, 2008
I am also interestd in the Terrazio. I especillay like the courtyard and rooftop pool. I dont know if any of the projects in the area have the same features. I also thought the 1 bedrooms which are under 200k seemed to be the lowest priced new construction.
3 votes Thank Flag Link Tue Aug 19, 2008
Most South Loop developments are selling one bedrooms between the low 200s and low 300s.

Here is the Terrazio website with all the floorplans, http://terrazio.com/floorplans.html... The master bedroom in unit 724 is 14x11 and unit 706 is 15x12. Anyway, the sales center looks fantastic and we cant wait for the building to be built.
Web Reference: http://www.Terrazio.com
2 votes Thank Flag Link Tue Feb 3, 2009
Laura, be careful which of these responses you listen to. One response mentioned that muesem park is not negotiating and that they eat dinner at Room 21.
Room 21 is closed and Museum Park negotiates.

The only decent response on this was by Sierra Bloom who at least asked some important questions about what YOU are looking for ad seemed to know some numbers.

My opinion...if you are going to buy at that development- negotiate them WAAAAAAAAY down and then purchase a bullet proof vest before moving in.
1 vote Thank Flag Link Fri Apr 17, 2009
Laura,
Obviously it is possible to negotiate a discount, most developments like the Terrazio are offering great deals. I just bought a large one bedroom with parking for around $300k. Anyway, I believe you need to ask yourself, "where will you be during 2016?" I have a great article that talks about some of Chicago's biggest real estate developers lining up to build a massive complex to house Olympic athletes if Chicago hosts the 2016 Summer Games. The athletes' village is planned for the site of Michael Reese Hospital near 31st Street and Cottage Grove Avenue. The South Loop is where you want to live. We have been to the sales center of the Terrazio and they are offering some great deals. Anyway, I can't wait to see what happens after the IOC picks a host city. The decision is expected in October. Here is the article link:
http://www.chicagobusiness.com/cgi-bin/article.pl?articleId=31204
1 vote Thank Flag Link Tue Mar 3, 2009
1555 Wabash has BIG 1 bedrooms in the 250's (including parking) and has a much better location (closer to the EL, Grant Park, Lakefront access, etc)
1 vote Thank Flag Link Mon Jul 21, 2008
Doesn't appear on the FHA list..
https://entp.hud.gov/idapp/html/condo1.cfm
Here is a blog on FHA spot approvals
http://activerain.com/blogsview/591941/FHA-Spot-Approval-Req…
0 votes Thank Flag Link Tue Aug 19, 2008
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