Has Water Tower Place Lost Its Luster?
Water Tower Place Condominiums, at 180 E. Pearson, is considered to be one of the premier condo towers in Chicago. Its location, right above the Ritz Carlton hotel, virtually right on the Mag Mile and the fact that Oprah Winfrey lived there for years, added to the allure.
Built in 1974, the building has 260 units and has always sold in the upper bracket.
But now, Oprah has moved out and there are a dozen new construction towers that have gone up in the last several years with more amenities and newer finishes.
Does Water Tower Place still hold up among the luxury buildings?
There are about 14 units currently on the market in the building, all of them listed over $1 million.
There is an interesting duplex unit for sale on the penthouse floor:
Unit #7105: 2 bedrooms, 2.5 baths, 2268 square feet
- Currently listed for $1,494,000
- Assessments of $1840 a month
- Leased parking available
- Ritz Carlton amenities available
- Laura Rubin at Baird and Warner has the listing
The kitchen and baths appear to be showing a bit of their age in that unit.
This two bedroom unit looks like it was recently updated. A flip perhaps?
Unit #3703: 2 bedrooms, 2 baths, 1775 square feet
- Sold in September 2006 for $825,000
- Currently listed for $1,399,000
- Estate Properties has the listing
The new kitchen and baths make a big difference in the unit. But the ceilings are still lower than is common in luxury buildings today (8-9 feet versus 10 or higher today) and there are no balconies on the units.
If you were looking for luxury, would you consider Water Tower Place?
Assessments of $1840/mo? On top of $1.5M?
$1840 a month for a building that was built in 1974 is actually pretty reasonable. I don’t know what it includes (heat, cable, electric etc.)
It’s not cheap living in a condo building, that’s for sure.
Anybody know where Oprah moved to? I realize she has multiple homes (Maui, Montecito, etc.), but does she still have a big place in Chicago?
She has several places in Chicago.
She bought a loft in one of the loft buildings across from Harpo Studios. I think it was 1000 W. Washington or another similar building right near the studios. I don’t know if that was to live in while she renovated her other home as she recently bought on East Lake Shore Drive (the exclusive mini-street right near the Drake Hotel and the “bend” in Lake Shore Drive.) Or if she is using the loft as a “crash pad” for days when she is working late.
Anyone have more details?
The assessments include building staff, heat, basic cable, and the workout facilities.
Do they get to use the Ritz Carlton Hotel facilities? I actually think that is one of the nicest gyms and indoor pool complex in the city. My other question about this building is do you have to valet your car, or can you park it in the garage in a deeded assigned space yourself?
Hi Morgan,
Yes, residents have full use of the Ritz Carlton amenities. Regarding the parking, I believe that it is all valet. I am not certain about that though. Anyone else know?
If you wish, you can park your car as valet is optional.