Is a Chicago River Covered Boat Slip a Smart Investment? 800 S. Wells in the South Loop
This 26 foot covered boat slip in River City Marina at 800 S. Wells in the South Loop came on the market in June 2015.
According to the listing, this is a rare opportunity to get a covered slip.
River City Marina is bubbled to prevent freezing meaning you can keep your boat there year round.
It has a security gate and a 24/7 security camera so you can even check on your boat while on vacation.
Water and electric are included in the assessments – but those aren’t listed in the listing.
There are two other River City Marina boat slips currently on the market:
- #M-39: 27.96 feet for $48,000
- #M-13: 31.94 feet, an outside space, for $69,900
Big development is apparently coming to the Chicago River in this neighborhood, supposedly both north and south of River City. There are plans for 5 new high rises, with 2700 units, on just the north parcel alone.
From Crain’s in June 2015:
The joint venture between Chicago developer CMK and Australian construction company Lend Lease Group has submitted plans with the city for the 7.3-acre riverside parcel between Harrison Street and the River City condominium complex. The largest building, on the north end of the site, would rise 47 stories and include 626 units.
Is a boat slip at River City Marina a smart investment with development about to explode?
Vasili Korovilas at Charles Rutenberg Realty has the listing. See the pictures here.
Unit M-35: 26 foot covered boat slip at River City Marina
- Sold in June 2007 for $38,000 according to Redfin
- Originally listed in June 2015 for $44,000
- Reduced
- Currently listed for $39,000
- Assessments ???
- Taxes are $480 a year
- Year round occupancy
kind of depends on what the assessments are to determine if its a good investment or not… if its wrapped up in the condo assessments they are probably pretty high
Did you know that there is only one single boat launch ramp into the Chicago River within the city limits? And it’s at 31st and Western. That’s it.
I don’t understand why more boater don’t cruise the river more. Ever been out on the lake itself on a motor boat? Gets pretty boring pretty quick.
The boat slip here is a much better investment than an ugly condo in this fugly, badly-built disaster of a building. Bad condos are easy to find, but boat slips are very rare and coveted.
like I said I wouldn’t want to anchor myself to that condo association
http://www.dailymail.co.uk/health/article-3229179/Farmer-urinating-field-left-agony-snake-bites-penis.html
Where is Groove when I need him…. “…was grossly swollen”.
“Ever been out on the lake itself on a motor boat? Gets pretty boring pretty quick.”
Helmut…Not if they take your sister.
“Where is Groove when I need him….”
You’re one to talk. Good to see they haven’t taken away your greasy foreign money.
Can we get some of those snakes for Chicago alleys??
I’m going to build a portfolio of parking spots and boat slips.
Listing here sez that the assessment is $171/month:
http://urbanairerealty.com/IDX/CHICAGO-IL-60607/08902822_MLSNI/0005610
So, $2500 per year carrying cost. What does a slip like this rent for? 4k?
“Good to see they haven’t taken away your greasy foreign money.”
Yep, now cheaper to make your own Monopoly set. We’ve got pink,blue,green… And that’s not grease, it’s crack resin.
Could you live in a boat in this dock?
Seems like a garage for boats. Don’t think I’d like to hang out there & party &/or sleep on my boat like people do on their boats in the harbors under the sky.