Market Conditions: April 2023 Sales Fall 37.6% Year-Over-Year as Inventory Falls Again

The Illinois Association of Realtors is out with the April sales data. It remains at multi-year lows. Sales were at their lowest since April 2020 when the COVID pandemic spooked home buyers and sales ground to a halt.

From the IAR:

The city of Chicago saw a 37.6 percent year-over-year home sales decrease in April 2023 with 2,028 sales, down from 3,249 in April 2022.

The median price of a home in the city of Chicago in April 2023 was $340,000, down 8.1 percent compared to April 2022 when it was $370,000.

Here are the sales statistics for April since 2007:

  • 2007: 2419 sales
  • 2008: 1886 sales
  • 2009: 1407 sales
  • 2010: 1984 sales
  • 2011: 1466 sales
  • 2012: 1816 sales
  • 2013: 2392 sales
  • 2014: 2256 sales
  • 2015:  2435 sales
  • 2016: 2706 sales
  • 2017: 2647 sales
  • 2018: 2700 sales
  • 2019: 2595 sales
  • 2020: 2057 sales
  • 2021: 3360 sales
  • 2022: 3249 sales
  • 2023: 2028 sales

Here are the median prices:

  • 2007: $289,800
  • 2008: $300,000
  • 2009: $218,000
  • 2010: $225,000
  • 2011: $169,000
  • 2012: $182,000
  • 2013: $223,500
  • 2014: $250,000
  • 2015: $271,325
  • 2016: $286,000
  • 2017: $297,500
  • 2018: $307,500
  • 2019: $310,000
  • 2020: $338,000
  • 2021: $373,750
  • 2022: $370,000
  • 2023: $340,000

“The data year over year is showing a decline, which is unsurprising given the trends we’ve seen over the last few months. Low inventory, increased inflation and higher mortgage rates are affecting national real estate markets as well,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “However, we’re still seeing activity and opportunity for buyers and sellers who were intimidated by last year’s hectic pace.”

Inventory continues to fall.

Statewide, housing inventory fell 23.6% to 17,186 from 22,492 last year. In Chicago, it fell 25.1% to 5007 from 6687 last year.

However, days on the market were up 18.8% in Chicago to 38 days from 32 days last year.

The median sales price mix was also interesting in the quarter. Overall, it dropped 8.1%, or $30,000, to $340,000. But single family home prices were down 15.7% to $295,000 while condo median sales price was up 0.3% to $380,000.

Single family home sales fell 31% in April to 722 while condos were down 40.7% to 1306.

Reminder: median sales price is about the mix.

The average 30-year fixed rate mortgage was 6.34% in April 2023 versus 6.54% in March 2023. Last year, it averaged 4.98% after the Fed started raising rates in March 2022 and rates quickly spiked.

In the next several months, we’re going to start to loop last year’s slowdown as mortgage rates rose. We could even see rising year-over-year sales later this summer as a result.

But will that mean that the housing market is “back”?

Or is the lack of inventory the real challenge to get sales to turn around?

Illinois’ statewide home sales and available housing inventory fall during April [Illinois Association of Realtors, Press Release, by Bill Kozar, May 18, 2023]

 

Renovated Gold Coast 2/2 with a Big Private Terrace: 1310 N. Ritchie Court

This 2-bedroom in Ritchie Tower at 1310 N. Ritchie Court in the Gold Coast came on the market in May 2023.

Ritchie Tower was built in 1963 and has 100 units with an attached parking garage.

It has 24/7 door staff, an exercise room, onsite management, an outdoor pool, and a landscaped terrace with grills and tables.

I don’t think we’ve ever chattered about this building before.

This unit has been “professionally designed and renovated.”

It has porcelain tile floors throughout the majority of the unit, except for the primary bedroom which has carpeting.

The “newly renovated” kitchen has new modern white cabinetry which extends into the dining room, waterfall quartzite countertops, a Fisher & Paykel refrigerator, a Bosch dishwasher, a stainless steel GE stove and additional freezer drawers.

The primary bedroom has a walk-in-closet and an en suite bathroom with a walk-in-shower with rain shower and handheld sprays along with a towel warmer.

The second bathroom had a deep soaking Kohler tub with Carrera marble tile.

There is LED lighting and California closets throughout.

But the big feature is the 30×21 private terrace that is accessed from the dining room and is partially covered. The listing says it has a water line for gardening and the patio furniture and grill are included in the sale.

The terrace has a door that leads to the outdoor pool and shared grill area with tables.

This unit has central air but no in-unit washer/dryer. There is a laundry room in the building. There’s no deeded parking but there is leased valet parking available in the building.

Pets are allowed up to 25 pounds.

This building is on a low traffic street in the Gold Coast, near the beach and the restaurants of Old Town and Rush/State/Division.

Listed at $650,000, that’s $175,000 above the 2014 sales price of $475,000.

Buyers love “new.”

Will they get their price?

Morgan Sage and Christian Chacon at Berkshire Hathaway HomeServices have the listing. See the pictures and floor plan here.

Unit #3A: 2 bedrooms, 2 baths, 1350 square feet

  • Sold in December 1998 for $310,000
  • Sold in March 2001 for $417,000
  • Sold in August 2014 for $475,000
  • Listed in May 2023 for $650,000
  • Assessments of $1401 a month (includes heat, a/c, doorman, cable, exercise room, outdoor pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $7510
  • Central Air
  • No washer/dryer in the unit- laundry room in the building
  • Valet parking in attached garage available (no price listed)
  • Bedroom #1: 16×12
  • Bedroom #2: 13×13
  • Living room: 20×18
  • Dining room: 11×10
  • Kitchen: 11×8
  • Foyer: 10×10
  • Walk-in-Closet: 8×7
  • Terrace: 30×21

Historic Coach House Set in a Private Garden: 1450 N. Dearborn in the Gold Coast

This 3-bedroom coach house at 1450 N. Dearborn in the Gold Coast came on the market in May 2023.

Built in 1890, it has 6 units and some garage parking. The coach house sits behind the vintage building in the picture above.

It has 3 levels of “single family living.”

The first floor has the foyer, a bedroom/office and a full bathroom.

The second floor has refinished herringbone hardwood floors in the living and dining rooms along with a marble fireplace.

The kitchen, which is also on the second floor, has been “fully renovated” with custom cabinetry and lighting, high-end granite counter tops, Viking appliances and a stone subway tile backsplash along with what looks like a beverage refrigerator.

The listing says both full bathrooms have also been remodeled and have marble tile floors.

The other two bedrooms are on the second floor including the primary bedroom, with room for a king bed, and which has a huge walk-in-closet.

The penthouse has a one-of-a-kind sunroom with a wet bar plus a private rooftop deck with composite decking and pergola, water and electricity.

The listing calls it “your personal oasis.”

This coach house has the features buyers look for including central air, washer/dryer in the lower level basement, along with storage and a utility sink, and 1 heated attached garage parking which is included (see the floor plan for more.)

This coach house is near Lincoln Park and the shops and restaurants of Old Town.

Listed at $879,000, is this a townhouse alternative?

Julie Busby and Pamela Moran at Compass have the listing. See the pictures and floor plan here.

Unit CH-SE: 3 bedrooms, 2 baths, no square footage listed, coach house

  • Sold in October 1990 for $400,000
  • Sold in February 1993 for $427,500
  • Sold in August 1997 for $413,500
  • Sold in June 2001 for $618,000
  • Sold in March 2003 for $650,000
  • Sold in May 2004 for $701,500
  • Currently listed for $879,000
  • Assessments of $527 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $7574
  • Central Air
  • Washer/dryer in the basement
  • Fireplace
  • Bedroom #1: 13×12 (second floor)
  • Bedroom #2: 12×12 (second floor)
  • Bedroom #3: 12×8 (main floor)
  • Living/dining combo: 20×19 (second floor)
  • Kitchen: 14×7 (second floor)
  • Walk-in-closet: 13×6 (second floor)
  • Sun room: 20×8 (third floor)
  • Foyer: 8×7 (main floor)
  • Laundry room: 25×9 (lower level)
  • Deck: 20×20 (third floor)

A 2-Bedroom West Loop Penthouse With Views for $979,999: 1301 W. Washington

This 2-bedroom corner penthouse in Washington Square at 1301 W. Washington in the West Loop came on the market in May 2023.

Washington Square was built in 1998 and has 45 units and attached heated garage parking.

It does not have door staff or other amenities. There is extra storage.

This corner duplex penthouse has unobstructed south and east exposures including of downtown and the Willis Tower.

It has 22 foot ceilings and radiant heated concrete floors.

The main floor has the living and dining rooms, a family room, the second bedroom and the kitchen along with the full bath.

There is also a balcony on the main level.

The kitchen is a “chef’s kitchen” with wood cabinets, luxury stainless steel appliances and a large peninsula with seating for 5.

There is a separate dining room which has a bar with a wine refrigerator.

The unit has a custom glass and walnut staircase that leads to the second level which has the primary suite and private, secluded 300 square foot terrace.

The primary suite has extra living space on the catwalk, a huge walk-in-closet and a “renovated” primary bath with a walk-in-shower and separate bath.

The unit has the features buyers look for including central air, side-by-side washer/dryer on the second floor and 2-car tandem heated garage parking which is included.

This building is near the shops and restaurants of both Randolph Street and Fulton Market.

Listed at $979,999, that’s $70,999 more than the 2021 sale of $909,000.

Will they get the premium two years later in the West Loop?

Bradley Dumes at Baird & Warner have the listing. See the pictures and floor plan here.

Unit #506: 2 bedrooms, 2 baths, duplex up, penthouse, no square footage listed

  • Sold in November 1999 for $420,000
  • Sold in August 2002 for $620,000
  • Bank owned in December 2010
  • Sold in June 2011 for $325,000
  • Sold in July 2016 for $750,000
  • Sold in March 2021 for $909,000
  • Currently listed at $979,999
  • Assessments of $1116 a month (includes heat, gas, security, cable, exterior maintenance, scavenger, snow removal, Internet)
  • Taxes of $13,578
  • Central Air
  • Side-by-side washer/dryer in the unit
  • Bedroom #1: 19×20 (second floor)
  • Bedroom #2: 11×12 (main floor)
  • Living room: 12×14 (main floor)
  • Dining room: 12×15 (main floor)
  • Kitchen: 13×10 (main floor)
  • Family room: 16×18 (main floor)
  • Den: 10×7 (main floor)
  • Walk-in-closet: 6×9 (second floor)
  • Laundry room: 5×4 (second floor)
  • Balcony: 12×7 (main floor)
  • Deck: 18×18 (second floor)

 

 

Renovated Down to the Studs in the Cathedral District for $775,000: 21 E Huron

This 2-bedroom in The Pinnacle at 21 E. Huron in the Cathedral District in River North came on the market in May 2023.

Built in 2004, The Pinnacle was designed by Lucien LaGrange and has 213 units and attached garage parking.

This is a full amenity building with 24 hour door staff, on-site management, indoor pool and spa area, two fitness centers, theater room, sundeck, dog run and 43rd floor hospitality room and patio.

The listing says this is a “modern renovation” which was “taken down to the studs” and has been elevated to new construction standards with no expense spared.

It has 4″ white oak hardwood floors throughout, solid core Conmore doors with Emtrk hardware, and Hunter Douglas motorized shades throughout.

The living and dining rooms have custom Lightology and RL fixtures.

There is a fireplace with a custom entertainment center.

The chef’s kitchen has custom Wilco cabinetry, Subzero, Wolf and Bertazonni appliances, Caesarstone countertops and a peninsula with seating for 3.

The primary bedroom has a walk-in-closet, spa bathroom with heated floors, Virginia tiles and Kohler fixtures.

The guest bathroom also has heated floors.

The unit has a large storage cage and a west facing balcony.

It also has the features buyers look for including central air, washer/dryer in the unit and garage parking is $50,000 extra.

The Cathedral District got its name because it has several cathedrals, including Holy Name Cathedral and St James Cathedral, within just a few blocks of each other. It’s near Michigan Avenue, shops, restaurants and the new River North Whole Foods.

This unit was last bought in 2021 for $635,000. After the down to the studs renovation, you can have it for $825,000 with the parking.

Buyers love “new.”

Is this a deal for a like-new 2/2 in this building?

Deborah Ryder at American International Realty has the listing. See the pictures here (sorry, no floor plan)

Unit #1701: 2 bedrooms, 2 baths, 1332 square feet

  • Sold in November 2004 for $627,000
  • Sold in May 2021 for $635,000
  • Listed in May 2023 for $775,000 (plus $50,000 for garage parking)
  • Assessments of $1105 a month (includes a/c, gas, cable, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
  • Taxes of $12,249
  • Central Air
  • Washer/dryer in the unit
  • Fireplace
  • Bedroom #1: 14×13
  • Bedroom #2: 13×12
  • Living room: 18×16
  • Dining room: 15×7
  • Kitchen: 13×9
  • Walk-in-closet: 6×6
  • Balcony: 11×6

A 1-Bedroom Authentic Loft Renovated to Perfection in River North: 225 W. Huron

This 1-bedroom loft in the Huron Street Lofts at 225 W. Huron in River North came on the market in May 2023.

Built in 1890, Huron Street Lofts has 100 units and was converted into condos during the housing boom, in 2007. There’s no parking with the building.

It has door staff, an exercise room and a rooftop deck with city views.

This loft is an “authentic” loft with exposed brick walls and timber ceilings. The listing says it has been “recently renovated to perfection.”

It has floor to ceiling windows in the living room and hardwood floors in the main living area.

The kitchen, which is open to the living and dining rooms, has been “updated” with black cabinets with upper and under cabinet lighting, quartz countertops with a waterfall edge on the peninsula, which has seating for 3, and stainless steel appliances.

The bedroom is “massive” and the listing says it can fit a king sized bed. It does not have a window, nor does it appear to have walls which reach the ceiling.

The bathroom has been “newly renovated.”

This loft has the features buyers look for including central air and washer/dryer in the unit. It doesn’t have parking but the owner rents a spot in an adjacent building and may be able to transfer the lease. The listing indicates monthly parking is $300.

This building is near the El, numerous buses and the shops and restaurants of River North.

Looking at the CCRD info, it doesn’t appear that this loft has sold since the original 2007 sale, which was for $260,000.

It has come on the market at $329,900.

Buyers love “new.” Will this sell quickly?

Michele Gubser at Compass has the listing. See the pictures and floor plan here.

Unit #412: 1 bedroom, 1 bath, no square footage, loft

  • Sold in March 2007 for $260,000
  • Listed at $329,900
  • Assessments of $371 a month (includes doorman, exercise room, exterior maintenance, scavenger)
  • Taxes of $5831
  • Central Air
  • Washer/dryer in the unit
  • Parking is available for rent nearby. Currently paying $300 a month.
  • Bedroom: 12×13
  • Living room: 19×17
  • Dining room: 9×7
  • Kitchen: 10×9
  • Laundry room : 4×6

 

Get a 3-Bedroom with Parking for $530,000 in the South Loop: 611 S. Wells

This 3-bedroom corner unit in The Vetro at 611 S. Wells in the South Loop came on the market in April 2023.

The Vetro was built in 2008 and has 232 units and attached garage parking.

It has 24 hour door staff, an exercise room, a spa, a sauna, a party room and a sundeck.

We haven’t chattered about a unit in The Vetro since 2018 but in 2009-2010 we were chattering about the building a lot.

If you recall, The Vetro was the first of the new construction high rises during the financial crisis to 1) sell units at an auction and then 2) to slash prices dramatically to move the rest of the inventory.

Many buyers in 2009, as recounted in press accounts from the auction, believed they were getting a “deal” as units sold for anywhere from 20% to 35% off the developer’s boom time prices.

This unit is a corner (N,E & W exposure) unit with 3 walls of windows, a rarity in a high rise outside of a penthouse unit.

It has “unobstructed” city, river and park views and has a large terrace the overlooks the river.

There are hardwood floors throughout and custom roller shades.

The kitchen has dark modern cabinets, black granite counter tops and stainless steel appliances and is open to the living/dining room combo.

The listing says 3 bedrooms are “fully” and then doesn’t finish but I’m assuming it would say “enclosed.” The third bedroom behind the kitchen, in other 03 tier units, has been a den.

The primary suite has an en suite bath with a soaking tube and shower, a dual vanity and linen clost along with a walk-in-closet.

This unit has the features buyers look for including central air, side-by-side washer/dryer, which appears from the floor plan to be located in the half bath, and one “prime” deeded parking space close to the elevator is included.

This building is near the new river front trail, as well as Printer’s Row and South Loop restaurants and shops.

Listed in early April 2023 at $535,000, it has been reduced $5,000 to $530,000.

The listing says it’s a “super deal.”

Given the prices on condos in The Reed at Southbank, the new tower down the street, where 1-bedrooms are selling from $450,000 to $550,000, is this a deal?

Craig Rogner at Century 21 Circle has the listing. See the pictures and floor plan here.

Unit #1703: 3 bedrooms, 2.5 baths, 1667 square feet

  • Sold in June 2009 for $410,000 (included the parking)
  • Sold in June 2014 for $460,000 (included the parking)
  • Sold in October 2019 for $485,000 (included the parking)
  • Originally listed in April 2023 for $535,000
  • Reduced
  • Currently listed at $530,000 (includes the parking)
  • Assessments of $1050 a month (includes heat, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $11,800
  • Central Air
  • Side-by-side washer/dryer
  • Bedroom #1: 11×15
  • Bedroom #2: 10×15
  • Bedroom #3: 10×19
  • Living/dining room combo: 20×19
  • Laundry: 5×7
  • Balcony: 8×15

 

 

What You Get in Lincoln Park for $599,999 in 2023: A 2/2 Loft at 1158 W. Armitage

This 2-bedroom loft in The Hedman Lofts at 1158 W. Armitage in Lincoln Park came on the market in September 2022 but it has been on, and off, the market since then.

The Hedman Lofts is a boutique loft building that was converted into 14 loft-like units in 1997. It has an elevator, a shared rooftop deck, and heated garage parking.

There’s no doorman but there is a bike room and extra storage in front of the garage spaces.

This unit has 11-foot ceilings, exposed ductwork, exposed brick and concrete beams.

It’s a Southwest corner unit with its own private deck accessed from both the kitchen and sliding glass doors in the primary bedroom.

The kitchen is open to the living room which has a corner gas fireplace. There’s no dining room but there is a breakfast bar.

The kitchen has white cabinets and wood cabinets on the island with a white tiled backsplash, and stainless steel appliances.

The primary suite has enough space for an office nook, a walk-in-closet, an en suite bath with a walk-in-shower, soaking tub and dual vanity.

The second bedroom could also be a home office and there is a “updated bath” adjacent.

This unit has the features buyers look for including central air, washer/dryer in the unit and a rare 2-heated tandem garage parking spaces that are included in the price.

The listing says there was improved security for the building in 2023.

This building is in the heart of the Armitage Corridor, near the Brown Line El stop and the shops and restaurants of the Clybourn Corridor.

The listing describes all the nearby amenities as:

ACCESS TO GREEN & NATURAL SPACES: Minutes from Adams (George & Adele) Park featuring playground, seasonal splash pad & regular indoor kid activities. Near the Chicago North Branch River. Shop Whole Foods, Trader Joe’s, ALDI, & Mariano’s. Enjoy NEIGHBORHOOD FAVORITES: Old Pueblo, Tarantinos, Armitage Alehouse, Alinea, Homeslice, Pequod’s Pizzeria, BOKA, Butcher & The Burger, The Budlong Hot Chicken, Cedar Palace, Blue Door, Cafe Ba-Ba-Reeba, Summer House Santa Monica, & Sweet Mandy B’s.

Listed in September 2022 at $629,000, It has been on, and off, the market and was reduced to $599,999 in April 2023.

It last sold in June 2015 for $595,000.

Is this a deal?

Leigh Marcus at @Properties Christie’s has the listing. See the pictures and floor plan here.

Unit #206: 2 bedrooms, 2 baths, no square footage listed, loft

  • Sold in April 1997 for $210,500
  • Sold in October 1999 for $319,000
  • Sold in May 2008 for $450,000
  • Sold in June 2015 for $595,000
  • Originally listed in September 2022 for $629,000
  • Reduced
  • Listed in April 2023 at $599,999
  • Currently still listed at $599,999
  • Assessments of $575 a month (includes heat, security, exterior maintenance, scavenger, snow removal)
  • Taxes of $8735
  • Central Air
  • Washer/dryer in the unit
  • 2-car heated garage parking included
  • Elevator building
  • Gas fireplace
  • Bedroom #1: 18×12
  • Bedroom #2: 12×9
  • Living room: 16×16
  • Kitchen: 18×9
  • Laundry: 8×3
  • Walk-in-closet: 8×6
  • Foyer: 10×4
  • Private porch: 16×9

A Totally Renovated Penthouse Loft for $1.399 Million: 110 N Peoria in the West Loop

This 2-bedroom duplex penthouse loft in the Peoria Street Lofts at 110 N. Peoria in the West Loop came on the market in May 2023.

Built in 1907, this building was converted into 25 loft condominiums in the 1990s. It has an elevator and garage parking.

There’s no doorman or amenities.

This unit is the only penthouse unit in the building, built on top of the building, so it’s private.

Yet it still has loft features such as exposed brick, steel beams, skylights and high ceilings.

It’s been “totally renovated” with a new kitchen and baths. The hardwood floors on the main floor have been refinished and stained and there are new hardwoods in both bedrooms which replaced carpeting.

It has a full wall of windows that look out over a private professionally landscaped terrace with city views.

The loft has a redesigned chef’s kitchen with white Shaker cabinets, white quartz countertops, professional grade stainless steel appliances including Subzero, Termador oven, Bosch dishwasher and Kitchen-Aid stove top with down draft exhaust.

Both bedrooms are on the second floor.

The primary bedroom overlooks the great room below and has designer remote control shades, a walk-in-closet designed by California Closets and a completely remodeled en suite bath with a frameless shower, a bathtub, a floating vanity and a Blossom medicine cabinet.

The second bedroom is fully enclosed and also has a renovated en suite bath along with custom heating and cooling.

There’s a half bath on the main floor along with a gas wood burning fireplace with a stone surround.

This loft has the features buyers look for including central air, side-by-side washer/dryer in the unit, and a tandem garage space that fits 2 cars.

This building is near all the shops and restaurants of Randolph Street, the West Loop, Greektown and Fulton Market.

Listed at $1.399 million, that is $399,000 above the 2017 sales price.

Are prices still on the rise in the West Loop post-pandemic?

Jennifer Berger at @Properties Christie’s has the listing. See the pictures and floor plan here.

Unit #501: 2 bedrooms, 2.5 baths, 2250 square feet, duplex penthouse loft

  • Sold in February 1996 for $435,000
  • Sold in June 2003 for $725,000
  • Sold in January 2006 for $742,000
  • Sold in June 2013 for $722,500
  • Sold in October 2017 for $1 million
  • Currently listed for $1.399 million
  • Assessments of $649 a month (includes security, cable, exterior maintenance, scavenger, snow removal, Internet)
  • Taxes of $14,388
  • Central Air
  • Washer/dryer in the unit
  • Tandem garage space that fits 2 cars
  • Gas wood burning fireplace
  • Bedroom #1: 21×19 (second floor)
  • Bedroom #2: 10×16 (second floor)
  • Living room: 17×22 (main floor)
  • Kitchen: 18×17 (main floor)
  • Eating Area: 8×17 (main floor)
  • Laundry: 9×6 (main floor)
  • Foyer: 7×12 (main floor)
  • Walk-in-closet: 18×6 (second floor)
  • Deck: 36×22

Wine Lover? Get an 800 Bottle Wine Cellar in the Sky at 180 E. Pearson in the Gold Coast

This 3-bedroom in the Water Tower Residences at 180 E. Pearson in the Gold Coast came on the market in May 2023.

Water Tower Residences were built in 1974 and has 260 units. It has a Ritz Carlton Hotel in the building and residents get all the amenities of the hotel, along with staff services such as packages brought directly to the unit.

It has 24 hour door staff, a concierge, on-site management and the hotel facilities include an indoor pool, spa and sundeck offered at a discounted rate. There is valet and self parking for an extra fee.

This unit is a northwest corner unit on the 64th floor with city and lake views.

The listing says it has been “fully renovated by Darcy Bonner.”

In the 9×21 foyer, it has a custom temperature controlled 800+ bottle wine cellar.

There are hardwood floors throughout, high end finishes and built-ins.

The kitchen is an eat-in with rift oak custom cabinets, leathered stone counters and luxury appliances including Subzero and Wolf.

It has a butler’s pantry.

The primary suite has 2 walk-in-closets, a luxurious travertine spa bath, double shower and a Bain Ultra air tub.

The second bedroom has lake views and an en suite limestone bath.

The third bedroom is currently being used as a den but it can be enclosed. It has a full en suite bath.

The unit has a Control 4 Smart house system with surround sound, custom lighting with Lutron lighting control system, electronic shades and custom window treatments.

It has the features buyers look for including central air and a Bosch washer/dryer in the unit. Parking is rental in the building.

Water Tower Residences is in the heart of the Mag Mile near the shops and restaurants of the Gold Coast, Rush Street, the Mag Mile and nearby neighborhoods of Streeterville and River North. Oprah Winfrey lived in the building for years.

Listed at $1.995 million, it this a deal for a 2754 square foot fully renovated view unit?

Natasha Motev at Jameson Sotheby’s has the listing. See the pictures here. Sorry, no floor plan.

Unit #6401: 3 bedrooms, 3 baths, 2754 square feet

  • Sold in July 1988 for $655,000
  • Sold in September 2009 for $1.15 million
  • Currently listed at $1.995 million
  • Assessments of $1921 a month (includes a/c, security, doorman, cable, exterior maintenance, scavenger, snow removal, Internet)
  • Taxes of $29174
  • Central Air
  • Washer/dryer in the unit
  • Valet or self parking is available for extra
  • 800 bottle temperature controlled wine cellar
  • Bedroom #1: 15×17
  • Bedroom #2: 12×13
  • Bedroom #3: 12×13
  • Kitchen: 15×12
  • Living room: 18×14
  • Dining room: 14×18
  • Foyer: 9×21
  • Laundry room: 7×6
  • Pantry: 5×7
  • Walk-in-closet: 6×9