Live on the Water in this 3-Bedroom Streeterville Townhouse: 436 E. North Water
This corner 3-bedroom townhouse at 436 E. North Water in Streeterville came on the market in May 2022.
Built in 1997, this complex has 56 townhomes tucked between the Chicago River and the Ogden Slip.
It’s best known for having a land lease, where you own the structure, but not the land. However, the listing for this townhouse says there is NO land lease with this townhouse.
“The land is owned, no land lease associated with property.”
The prior 2020 listing for this townhouse said it is only one of 4 corner townhouses with Ogden Slip/water views in the complex.
The listing says it’s “newly renovated” and has water views from every level.
The townhouse has three exposures and is “extra wide.”
It has new white oak floors throughout.
The first floor has a two car garage and a bedroom and full bath along with a brick terrace that overlooks the Ogden Slip.
The second floor has 11 foot ceiling and the living/dining room and kitchen along with a powder room and 2 fireplaces.
The “renovated chef’s kitchen” has blue/gray(?) custom cabinets, Brazilian Quartzite counter tops and Wolf and Subzero appliances along with a Subzero wine refrigerator.
The third level has the other 2 bedrooms, with one bedroom being lost in the recent renovation to create a huge primary suite.
The primary suite has a new Porcelanosa primary bathroom with built-in sauna, matching vanities, custom floor and shower tile and a walk-in-closet with 9 foot custom glass wall.
The second bedroom is also on the third floor and it is en suite and the bath has Carrera floors and bath tile.
Along with the brick terrace on the first floor, there are two other outdoor spaces including a south facing balcony off the kitchen and a rooftop deck, which is described as “new” in the listing, with 360 degree views of the city.
It has central air.
Bought in August 2020 for $1.412 million, it has been completely renovated and was listed in May 2022 for $2 million.
Buyers love “new.”
With all the time people are spending at home now, is living on the Ogden Slip ideal city living?
Luke Reilly and K.C. Lau at @properties Christie’s have the listing. See the pictures, video and floor plan here.
Unit A: 3 bedrooms, 3.5 baths, 3639 square feet, townhouse
- I couldn’t find an original sales price
- Sold in October 2007 for $294,000 (looks like the land sold)
- Sold in August 2020 for $1.412 million
- Originally listed in May 2022 for $2 million
- Still listed at $2 million
- Assessments of $556 a month (includes cable, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $27,115
- Central Air
- 2-car attached garage
- 2 fireplaces
- Bedroom #1: 16×21 (third floor)
- Bedroom #2: 12×18 (third floor)
- Bedroom #3: 15×20 (lower level)
- Living room: 20×14 (second level)
- Dining room: 17×17 (second level)
- Kitchen: 9×20 (second level)
- Pantry: 6×5 (second level)
- Walk-in-closet: 12×9 (third level)
- Laundry: 5×8 (lower level)
- Terrace: 11×23 (lower level)
- Balcony: 5×18 (second level)
- Rooftop deck: 34×23 (fourth level)
“It’s best known for having a land lease, where you own the structure, but not the land. However, the listing for this townhouse says there is NO land lease with this townhouse.”
The most noteworthy aspect of this development is the lease, but this unit was carved out from that? Interesting. And there are CC&Rs recorded against the leasehold of the other 55 THs, and against the fee of this TH. Also interesting. Developer principal’s TH?
This TH is pretty nice.
Homeowner’s had an option to purchase the land and terminate the lease a few years back. Most homeowners elected to purchase.
I really like these TH along Ogden Slip. I have spent many hours working in the Tarbucks across the water. It is a great place to watch people/pet who live in the area, tourists, and the best, clueless boaters.
I don’t love the renovation, but it’s still nice.
Not all the units have purchased the leasehold. https://www.redfin.com/IL/Chicago/441-N-McClurg-Ct-60611/home/14095809.
Nowhere near 3600sf
Kitchen and living area is nice (FP is hideous) and would be cool living on the river
Must suck living thru a remodel for most of the time you live in a home
IMO, there’s better options a $2MM
Love the reno but I’d pocket 600k+ and get one of those townhomes on the park at Lakeshore East
“I couldn’t find an original sales price”
$525k in Aug-97
“I’d pocket 600k+ and get one of those townhomes on the park at Lakeshore East”
Not finding anything remotely similar sized that’s sold for $600k less…there is this that sold recently at $1.85m:
https://www.redfin.com/IL/Chicago/192-N-Park-Dr-60601/home/105699801
There are some things that I think are clearly nicer at LSE (including ass’n amenities, if you want that), but I’d never trade off windows on three sides for windows on one.
The wild card on Ogden Slip is what happens with the Spire site. The potential for catastrophic traffic on North Water shouldn’t be ignored.
This unit looks pretty great, though the finishes are meh. I imagine someone could do a lot to improve on the dated interior vibe. The price feels about right considering what you get. As anon says, you’ve got to wonder what will happen with the Spire site. However, it’s been 14 years as a hole in the ground, so I’m not counting on any big changes soon.
“the dated interior vibe”
Dan just hates the current “umc” reno aesthetic, I guess.
The interior was basically 100% redone in the last 18 months. It’s not cutting edge, by any means, but I don’t think it qualifies as dated yet.
“This unit looks pretty great, though the finishes are meh. I imagine someone could do a lot to improve on the dated interior vibe.”
Dated interiors?
On what planet?
If anything, everything in this unit is extremely currently on trend, including the blue kitchen, light fixtures, black accents and white oak floors.
What did you think they SHOULD be putting in this townhouse when they were updating it from the 2013 renovation? You can see the pictures of the old finishes on Redfin. Granite bathroom vanity. White built-ins.
“The wild card on Ogden Slip is what happens with the Spire site. The potential for catastrophic traffic on North Water shouldn’t be ignored.”
I thought we already knew what was happening to the Spire. But obviously if the economy tanks, might not get the construction loans for it.
Related Midwest is building two mega-towers there.
https://archinect.com/news/article/150306502/som-designed-towers-planned-atop-chicago-spire-site-finally-set-to-begin-construction-this-year
“IMO, there’s better options a $2MM”
Like what?
Any townhouse on the water will be priced higher. And I’d like to see one with a 2 car garage, which is quite rare for most city townhouses. Might be able to find something in River West.
Maybe something like this: https://www.redfin.com/IL/Chicago/445-N-Canal-St-60654/home/12767385
It’s a 4-bedroom and has river views. But also $2 million.
“Homeowner’s had an option to purchase the land and terminate the lease a few years back. Most homeowners elected to purchase.”
Thanks JJ. Good to know the update.
“Any townhouse on the water will be priced higher. And I’d like to see one with a 2 car garage, which is quite rare for most city townhouses. Might be able to find something in River West.”
Why – City views are preferred, right?
“Like what?”
For starters: https://www.zillow.com/homedetails/3723-N-Bell-Ave-Chicago-IL-60618/2075725143_zpid/?
I’d take the $425k in savings and do some upgrades/customization
OK- I guess I was wrong about the finishes. A newer renovation. I should have looked more carefully. Still seems kind of dull.
“Still seems kind of dull.”
I agree, doesn’t seem like a lot of thought or personalization went into it. I especially dislike the shiplap closet.
“For starters:”
Am I really cross-shopping a very big 2+den downtown against a 5 bed halfway to E’ton?
This one is also sort of comparable:
https://www.redfin.com/IL/Chicago/174-N-Westshore-Dr-60601/home/40380604
under contract w/ list of $1.75m. But it feels like every window looks at a parking lot or directly on a road–like the less preferred side of a Hilton Garden Inn.
“I should have looked more carefully.”
You just really don’t like the style, which is fair enough.
But it’s not the first time you’ve called a recent reno in this general style dated–which is funny.
“I’d take the $425k in savings and do some upgrades/customization”
Wow. 3723 N. Bell is equivalent to this townhouse on the Ogden Slip???
The Odgen Slip townhouse biggest selling point is that it has views of the water from most windows, including the primary suite. The buyers are buying it FOR THE VIEW.
Anything “equivalent” should have a similar river view. The Kedzie Park townhouse I linked to does but you can’t really see much of it in the pictures. You might be further away from the water, perhaps. It also has a 2-car garage. Very similar era construction as well. That would be the most equivalent and it is also $2 million.
The property you linked to in a non-downtown neighborhood that is several miles from where this townhouse is, isn’t equivalent.
As we have chattered about before, a buyer looking to buy in Streeterville or River West is not likely to also be looking several miles away.
Also, 95% of people don’t want to spend less and then do renovations or customization. Buyers want it renovated or they want new. And they are willing to pay a premium to get it.
No one wants to hire contractors/remodelers in this market. They don’t want to wait months to move in. And they don’t want to spend spare cash or get a construction loan to do it.
This is why flippers make money. This is why staging and “Renovation Sells” makeovers work.
“This unit looks pretty great, though the finishes are meh. I imagine someone could do a lot to improve on the dated interior vibe.”
I think they did a great job on the reno. what comes across as “meh” are all the white walls and lack of great art. there’s too much blank wall space and the area rugs are boring. If you’re going all white, you need some pop elsewhere.
“The Odgen Slip townhouse biggest selling point is that it has views of the water from most windows, including the primary suite. The buyers are buying it FOR THE VIEW.”
You belated on and on about how water views arent preferred. Now its a major deal?
“The property you linked to in a non-downtown neighborhood that is several miles from where this townhouse is, isn’t equivalent.”
There was a requirement that it be equivalent?
“Also, 95% of people don’t want to spend less and then do renovations or customization. Buyers want it renovated or they want new. And they are willing to pay a premium to get it.”
Most people are idiots when it comes to these things. I’d prefer to adapt the space to my wants/need vs being shoehorned into some crappy design
“No one wants to hire contractors/remodelers in this market. They don’t want to wait months to move in. And they don’t want to spend spare cash or get a construction loan to do it.”
The existing owner literally did this LOL
One of the reasons why the house I bought didn’t go under contract immediately was the primary bathroom was awful. The bathroom was my first major remodeling project. I’m glad I got to pick things and have them be to my exact specifications (within my price constraints). The process was stressful and expensive. The day after closing, I had the contractor I wanted to hire give me an estimate. Then, it was a 4.5 month wait. Everything cost much more than I anticipated. For instance, I had no idea that medicine cabinets can easily be $1,000+ if you want a built-in electrical outlet and lights. I ended up spending $400 on one and felt like that was a “deal,” but it doesn’t have a built in electrical outlet or fancy lights.
I know I put in more than I will ever get back from that bathroom, but I am very happy with it. I will never remodel my kitchen though after this experience. I might remodel my basement at some point, but it’s not a priority. Remodeling a basement seems much less intrusive to daily life than a bathroom or kitchen.
I can understand the desire people have for wanting new, but you need the budget. The people who complain about things being “dated,” but still want the low price are infuriating. A friend just sold her townhouse and the buyers were complete jerks about things being “dated” and wanting credits for this and that minor thing. She told them that they could go ahead and spend $200,000 more for an updated place because that was what they wanted. Of course, they couldn’t afford that, but it didn’t stop their demands. The buyers of my condo complained about the bathrooms not being modern enough and my agent told them that they could go spend $60,000 more if they wanted a place with updated bathrooms, which of course they couldn’t afford. Pe4ople are just spoiled jerks it seems who think they can demand anything they please and the sellers will just acquiesce.
“You belated on and on about how water views arent preferred. Now its a major deal?”
It’s quite clear from your comments JohnnyU that you have never been to the Ogden Slip area and haven’t seen these townhouses nor the nice walk that is also pictures. It’s hard to know a city if you’ve never been there.
This is a really beautiful, serene area that is not filled with tourists. There are lovely flowers. Living in a high rise next to Lake Shore Drive is not equivalent to this.
In fact, I would say that there is nowhere else downtown that is equivalent to these townhouses for their views, the landscaping and location. The only other riverfront townhouses that kind of come close are those in Kedzie Park directly on the Chicago River. But from the pictures from those on the market, the terraces don’t look as close to the water or as lush/green.
You CAN go to the North Branch of the river and find a home that is directly on the water there but that’s a different location so not equivalent.
“I can understand the desire people have for wanting new, but you need the budget. The people who complain about things being “dated,” but still want the low price are infuriating. A friend just sold her townhouse and the buyers were complete jerks about things being “dated” and wanting credits for this and that minor thing. She told them that they could go ahead and spend $200,000 more for an updated place because that was what they wanted. Of course, they couldn’t afford that, but it didn’t stop their demands.”
Wow. Thanks for the insight Jenny. It’s definitely been a buyers market. But you can see why properties are selling quicker, and for more money, if they are completely updated. It sounds like your bathroom renovation was a lot of work. Most people don’t want to deal with it. They’d rather pay a higher price and get what they want.
“I will never remodel my kitchen though after this experience. I might remodel my basement at some point, but it’s not a priority. Remodeling a basement seems much less intrusive to daily life than a bathroom or kitchen.”
In a perfect world, you are able to renovate before moving in. We were lucky enough to have a place to stay during our renovation so it wasn’t intrusive at all.
My kitchen renovation in March was super easy. It did take 6 months for the cabinets to arrive, but otherwise it was 99.5% complete in two weeks. The project would have been completely within the original quote had I not changed the quartz countertops to a more expensive option ($600 more). I had set aside an additional 20% to account for unexpected costs or just a bad quote. Had I known that, I would have also done my bathroom. I love my new kitchen and would not hesitate to take in another project in the future
Back to the property on hand. This view is unique and is what makes the property. Seriously, go to Target across the water, get a drink, and watch what goes on in the water. So fun. If I could afford it, I would live in one of these waterfront townhouses. Waterfront and rooftop deck, what else do you need?
Lauren:
Who did the kitchen? If it was “some guy”, and don’t want to share, fair enough, but definitely interested in knowing who provides a good experience.
anon(tfo)
Archway Home Remodeling. Went in with low expectations as they were the only company to actually give an estimate. Called 10 contractors initially, four came out, and one gave an estimate.
“It’s definitely been a buyers market.”
Is that a typo?
Hey anon – glad I amuse you! I don’t believe I’m an expert on decorating. I certainly have no appreciation for some of the newer styles, it seems. Happy to be a source of humor, if it makes people enjoy my comments more.
We remodeled our kitchen in 2006 and redid the counters last year. Hoping that’s our last kitchen remodeling in this house, which we’ve had for 20 years now. But my wife will be the deciding factor here. She sees problems where I see none.
Thanks, Lauren!
A few years ago I seriously looked at these and approached all of the owners of this layout trying to buy one off market. BTW this is the best layout and there are only a couple.
Aside from the gorgeous view, there are big perks for people with kids. Easy in and out 2 car garage, you have a door that walks out to the large grassy fenced “front yard” running the length of the building. Roof tops can be made very nice.
There’ also s a Freedom Boat club you can join right out your front door with a fleet of boats you can use for a pretty reasonable price.
Could be a nice city life, especially compared to a lot of the other townhouses in Lincoln Park and the South Loop. For something so turn key, this is a deal.
“If I could afford it, I would live in one of these waterfront townhouses. Waterfront and rooftop deck, what else do you need?”
Me too Lauren. It’s a great location. Something very unique about it in the middle of the city.
Very few townhomes or condos in Chicago that I would consider buying but this is one of the few….Also I love the reno as it is neutral and clean and basically move-in-ready for a wide swath of humanity.
Love the tile around the fireplace.
Contingent
Closed for 1.95
“Closed for 1.95”
Wow. Nearly got full price. Good for them. Lovely property in a great location.