Live Along the River in this 2-Bedroom: 415 E. North Water in Streeterville
This 2-bedroom unit at 415 E. North Water in Streeterville is the cheapest 2-bedroom unit listed for sale in the RiverView Condominiums (which consists of two high rises at 415 and 445 E. North Water.)
Bound on the south by the Chicago River, many of the units have lake, river and city views.
The complex was built in 2000 and is known for its upscale finishes.
This unit has Brazilian cherry floors as well as a marble entry.
The kitchen has cherry cabinets, granite and stainless steel appliances.
The master bathroom is also marble.
This unit is listed about 11% under its 2007 purchase price.
Is this a deal?
Alison Wertheimer at Baird & Warner has the listing. See the pictures here.
Unit #1401: 2 bedrooms, 2 baths, 1370 square feet
- Sold in November 2004 for $610,000
- Sold in September 2007 for $706,000
- Originally listed in January 2011 for $649,000
- Reduced
- Currently listed for $625,000 (includes the parking which is normally $55,000)
- Assessments of $554 a month (includes air conditioning, gas, doorman, pool)
- Taxes of $6717
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×12
- Bedroom #2: 16×10
Hi Sabrina,
This building was built in 2004. The first building, 445 North Water was built in 2000.
thinking $400 a sq ft w luck…
I know that people on this site can’t see the value in this unit – but it will sell at a high price. Compare it to a similar sized unit at 111 E. chestnut. The “k” units at 111 are going for 600k + and, like I wrote yesterday, the building is a piece of crap (very slow elevators, older building with creepy hallways, electric “space heaters” — see pictures, and crumbling/cracked walls).
http://www.redfin.com/IL/Chicago/111-E-Chestnut-St-60611/unit-53K/home/12578023
Clio what the hell is that.. a kitchen bar?? Staging the bathroom would have helped a bit also, that photo can give someone an epileptic seizure.
At least the taxes and assessments look reasonable. This is what I would expect to pay in assessments for a unit like this, not $900 to $1,000+ like many other buildings.
“Is this a deal?”
No, I’m thinking maybe $540 gets it done (including parking). Sort of hard to say given the location. The big difference between a place like this and 111 East Chestnut is that the latter is right off the Magnificient Mile, close to Oak Street Beach, in the heart of it all, etc. By contrast, a lot of people will consider the unit in the OP “isolated” because you have to walk a ways to get to anything. (I wouldn’t, and I don’t mind walking, but there is a benefit to being able to step outside your front door and have access to everything, which doesn’t apply to the unit in the OP.
An old classmate of mine has a very similar unit in this building…Awesome building, the staff rocks, and the location is good for river/lake views; it’s a great building for a in-town residence. On that note, it’s a bit overpriced..I feel like there’s a ton of inventory in great buildings in the gold coast/river north/streeterville locale at this price point. Still, for about 550k this would be a solid deal.
Clio, i agree that 111 chestnut sucks; it’s american invsco isn’t it? if i remember correctly you own, or have owned in that building, right?
111 doesnt suck, I was just there last night…though Im not a fan of 9′ popcorn ceilings, they are nice sized units w/a nice lobby in a great location that isn’t redic over priced. Assys are a tad bit high, but the construction is designed for a purchase, not a rental building.
Riz – GC, RN, and SV are completely different styles of living even though the may be neighbors. There isn’t a TON of inventory left, not reasonably priced at least, unless you want faults with your unit.
” 9? popcorn ceilings”
or 8′ rather….vino got me
a-fed – if you are interested, I can sell you my “k” unit at 111 e chestnut since you are such a fan of the building. I will even finance it!!!
riz – yes, 111 e chestnut was a condo conversion by american invesco. I bought my units in 1999 and they have appreciated quite nicely since then. My “k” units cost between 400=440 (and, even in this terrible market are worth 550-650k). rentals for these units are 3100-5000k/month. Ridiculous.
I dont know the market over here have no clue if this is a good price or not?
But it is a nice place you get parking, a view, low ass fee’s, low taxes (which will change).
it would be a beautiful place to live! the only downside i see is having to wiggle your way through throngs of tourists and weekend visitors.
Nope thnx though clio! Just defending the building…I already have enough work to do in the reo loft I bought and would rather do most myself rather than hire a contractor.
Gimmie a year then I may take u up on it.
Not bad. The assessment is reasonable and it has parking to own. I might check this out to see how good the views are.
I hate all these buildings along the river… blech
Clio, the unit you are featuring has very nice views though. What do you think the right value for it should be?
Also I have a question on invesco, I know they have a poor reputation, but they did not build the original buildings, right? They only did the conversion. If that is the case, some of the buildings might still be good as long as one is willing to spend some money to fix the poor interior or this is not true?
miumiu –
The value of the unit I featured is determined by the demand (which is high) and in the mid 500s to high 600s (depending on finishes)). I personally wouldn’t pay more that 300k for the unit (and I own in this tier!!!).
The 111 building was a condo conversion (so it was built prior to Invesco’s involvement). However, the 33 W. Ontario was new construction Invesco – still, I haven’t had ANY problems with my units/building at 33W Ontario (although it is only 6-7 years old).
clio’s listing for 111 e chestnut says: “Master BD shower with 7 shower heads.”
That’s a good idea if the assessment means you get unlimited hot water!
Clio: when you bought at 111 in 1999, the units were not cash-flow positive, correct? At today’s prices/rents at they cash flow positive?
The views from this unit (and the unit itself) are nice indeed, but it looks as though if anything ever gets built on the spire hole, a significant swath of that view might go missing. So in the end, I wouldn’t necessarily put any long term dollar value on the view. I also have to agree that that even though this is technically in Streeterville, the location is more of the New East Side in terms of being “in the thick of things”.
Thanks Clio. Great advice!
“Clio: when you bought at 111 in 1999, the units were not cash-flow positive, correct? At today’s prices/rents at they cash flow positive?”
I paid cash for my units – so they have always been cash flow positive. If the unit is paid off, the assm and taxes (for a K tier) are around 2k/month. Rental rates for this tier are 3-4k/month. So you net around 1.5k/month average – this equals 18k/year on a 450k (what I paid) investment – not very good at all (esp when you consider vacancy periods, upkeep, etc.). At the current prices – there is NO way that any of these units would make a good investor unit – no way. The only people possibly interested in buying these will be owner -occupied.
My grandparents have a K-unit in 111… I like their unit’s layout, views and location. I know there were some issues with the building’s management and mismanagement of the reserve funds, so that may account for high assessments. Do most of these units have popcorn ceilings? My grandparents’ does not.
“Do most of these units have popcorn ceilings? My grandparents’ does not.”
My units don’t either.
You are right that the views are nice – but why not get a lot more for your money a few blocks away and go to NoMi once a month for the views?
What is really creepy is that loyola building right next door with people peering directly into the master bathroom – you literally have to have all of the south side blinds closed at all times!!!
Bad 80’s Po-Mo architecture. Built in 2004 – even worse. Thank you Mr. DeStefano.
Ditto Roark, but it’s “builder-grade modernist” not “po-mo”.
Good price but 415 E North Water Street unit 1204 which is 2216 asf with south and east lake and river views at $979,000 is even a better deal!