A Gut Renovation on a 2/2 in the Water Tower: 180 E. Pearson in Streeterville
This 2-bedroom on the 41st floor of the Water Tower Residences in Streeterville just came on the market.
Built in 1975, Water Tower Condominiums has 260 units and leased parking. It’s most famous for being the building that Oprah Winfrey lived in for years.
It’s a full service building with 24-hour doorman and room service available from the Ritz Carlton Hotel which is in the base of the building.
If you recall, the building is also one of the rare high rises that has actually CUT its assessments.
Assessments were cut about 32% as of Jan 1, 2020.
The listing says this is a “gut renovation.”
If you look at the prior listing pictures from 2020, you will see that it looks like it was a long-time owner (original 1975 owner?).
It now has dark stained hardwood floors throughout.
The kitchen has custom white and wood cabinets with a large island with seating.
It has Viking stainless steel appliances with an overhead cooktop exhaust system that actually vents to the exterior of the building.
The kitchen also has an integrated microwave drawer and built-in wine refrigerator along with a deep kitchen sink.
The primary suite has a 12×12 walk-in-closet and an en suite bathroom with an “uber luxurious” Porcelanosa bath with oversized shower and free standing soaking tub.
The second bedroom is also en suite.
The unit has central air and side-by-side washer/dryer in the unit along with an in-unit trash chute.
There is rental parking in the building ranging from $355 to $510 a month.
Dogs are welcome.
At 1775 square feet, it has come on the market at $1,050,000.
Is this a deal for a like-new downtown condo with views?
Michael Rosenblum at BerkshireHathaway HomeServices has the listing. See the pictures here.
Unit #4102: 2 bedrooms, 2 baths, 1775 square feet
- No original sale price- original 1975 owner?
- Sold in February 2020 for $620,000
- Currently listed at $1,050,000
- Assessments of $1054 a month (includes A/C, doorman, cable, Internet, exterior maintenance, scavenger, snow removal)
- Taxes of $15,297
- Parking is on site valet or self-parking for $355 a month to $510 a month
- Central Air
- Side-by-Side washer/dryer
- Trash chute in the unit
- Bedroom #1: 14×16
- Bedroom #2: 12×16
- Living room: 21×17
- Dining room: 13×11
- Kitchen: 14×11
- Laundry room: 9×5
- Foyer: 17×9
- Walk-in-Closet: 12×12
From the listing….
“Ever dreamed of living in the epicenter of the city?”
/?ep??sen(t)?r/
noun: the point on the earth’s surface vertically above the focus of an earthquake.
I think will sell quickly, maybe for a bit less than ask, to someone who loves what they did and doesn’t want to deal with updating. Really nicely done–I like the style (and I think it will appeal to many, but not all). And the views, building, etc. are great (and not bad on the taxes/assessments!) Parking is a bummer–but perhaps for a person who leaves their car at their second home and Ubers around in the city!
Other similar layout units for sale are quite a bit less, for someone who doesn’t need all of the current finishes, eg 4903 at $875K. If willing to deal with contractors and want your own taste, #3602 (same layout) is at $649K (also a good time capsule that needs gutting). (Could you do similar update for $300k?)
#4303 looks like early 2000’s update and might be a better deal at $775K for very similar space and views.
So–lots of competition in the building, but for the location, amenities, etc., Water Tower Place is looking like a relative good value— and it used to be one of the top buildings in the city.
Nice enough place. Neutral, but not so inoffensive that it becomes offensive. Spectacular views.
No floorplan; so set up the gallows for the REALTOR®.
Anyone else think it’s odd that the roof deck isn’t built out? Seems de rigueur; especially in a building that doesn’t have balconies/private outdoor space.
I can’t say doing yoga on a gravel roof looks particularly desirable.
What is this atrium bar/ restaurant? Is this actually in Watertower place, or at a nearby hotel?
The photos don’t show the toilet, because it’s stainless steel. The architect of the renovation also has a subsidiary that designs SuperMaxes.
Regarding finishing the roof: I think at this height, there are few days where it would be pleasant & serene, as depicted. The building is 860 feet tall—12th tallest building in Chicago.
I think their arrangements is still in place to share the amenities of the Ritz Carlton, so workout facilities, pool, restaurant.
From the listing….
“Ever dreamed of living in the epicenter of the city?”
There’s a better definition, but it’s not really more flattering:
/?ep??sen(t)?r/
noun: the central point of something, typically a difficult or unpleasant situation.
milquetoast design.
This location would be pretty low on where i’d want to live full time scale
Price seems pretty reasonable if you’re into that sort of thing
I like this place but holy shit not for like 6.5k a month
The tenants in this building are suuuper old too so if you fart loud, they’ll call the building management on you for making too much noise
2019 listing photos give a more realistic perspective of the view. If you don’t lean your head at a funky angle, about half of the living room windows are peering directly into the Hancock.
I really wanted to like the reno (I love white), but I hate what they did to the kitchen. Hate the appliances (too industrial), wood colored lowers, wine frig, and undercounter microwave. Microhood are just such efficient uses of space. Also, I hate freestanding tubs. Where do you put your soap?
If I were forty years older (too old to drive), something in this building would be great.
“Microhood are just such efficient uses of space.”
Wait, you’d rather have a microhood?
Microhoods are good uses of space. Instead of just having a hood, you also have a microwave! Also, storage over it. Do any condo hoods actually do anything other make noise?
“Do any condo hoods actually do anything other make noise?”
This one at least claims that it does:
“an overhead cooktop exhaust system that vents to exterior of building”
It’s a fair question as to whether it *actually* does.
Safe investment. There will always be buyers for units in this building. Having room service from the Ritz is a great amenity if you are wealthy enough to pay $40 for a Cheeseburger and fries without batting an eyelash.
“Having room service from the Ritz is a great amenity”
And they do have great service. When our second was born and we were spending a couple of nights at Prentice, my in-laws brought our first in for a visit. Took her out for a walk and we popped into the Ritz at like 3 in the afternoon. They only had a small handful of (very grown up) items on the menu for that time, and I remember just telling the waitperson that I was hoping to get some sort of fun ice cream treat for the two of us to share. And wow, the sundae creation they assembled was unlike anything I’d ever seen, and they delivered it to our table as if we were royalty.
“Having room service from the Ritz is a great amenity if you are wealthy enough to pay $40 for a Cheeseburger and fries without batting an eyelash.”
Is this amenity really that superior to grubhub?
“Is this amenity really that superior to grubhub?”
Food goes from kitchen to you in way less time, and zero chance of someone stealing it.
Imma go with “yup”.
““Having room service from the Ritz is a great amenity if you are wealthy enough to pay $40 for a Cheeseburger and fries without batting an eyelash.”
yeah but by the time you’re rich enough to afford this lifestyle, these people are old enough to have to curtail eating & drinking! Who needs the Ritz Carlton when you’re stuck eating Keto and trying to avoid diabetes?
“The tenants in this building are suuuper old too so if you fart loud, they’ll call the building management on you for making too much noise”
Demographics in the neighborhood are changing sonies. Many silent generation are retiring to warmer climates or are no longer with us. Gold Coast and parts of Streeterville are starting to trend younger.
It’s going to take another decade to really see the change, however.
$510 to park is ridiculous even for this part of town. What sucker would pay that?
That rooftop yoga looks intense. Can you just go up there and have a beer & stogie? That would be amazing at that height. Not many buildings that tall have roof access.
Just went under contract.