Between the two Ritz towers, there are 165 units and 16 listed for sale – that’s roughly 10 percent. One shy of half of those are one-bedrooms in Tower Two (pictured above). Now’s the time to buy because unlike the rest of the world, Ritz one-bedrooms are a micro-buyers’ market.
There are three “04” units of 1,375 square feet and one rogue “04” unit with 1,575 square feet. In the “05” stack there are two “05” units with 1,458 square feet and one rogue “05” with 1,466 square feet.
The main difference between the “04” units and the “05” units is the “05” have a study and a full second bath replacing the half bath in the “04” units. Prices range from $989,900 for unit 804 to $1.2999 million for unit 1505. But for those looking for a second bedroom and are OK with a lower floor, there’s a 1,750-square-foot, two-bedroom on the third floor for $1.195 million.
If I was wanting a low floor, I’d score that two-bedroom unit 303 for all the extra square footage for $1.195 million. Otherwise, unit 204, the 1,575-square-foot one-bedroom is listed for $1.079 million. Is $116,000 worth a second bedroom?
The other difference between the two is the living areas. In 204, the living room moves away from the windows whereas unit 303 has both the living and dining areas along the windows. There’s less wall space this way, but I think windows are better.
Next up there are units 804, 1004 and 1504. Their floorplans are the same, it’s only views and finishes that are different. As you can see above, unit 804’s floors are similarly toned, but the kitchen in 204 is painted a light color whereas unit 804 retains its darker cabinetry. That said, unit 804 is the bargain one-bedroom, listed at $989,900 – proving that the cheapest isn’t necessarily the lowest floor.
Unit 1004, listed at $1.1 million, nets a buyer a bright, but subtle shade of yellow instead of unit 804’s beige. Unit 804 is also furnished in its pictures, which makes it easier to see layouts. Some put the TV above the fireplace, this owner chose to place it perpendicularly.
Each of the “04” units has a view of the Crescent Court — it just depends on how high. Residents also get a view west (behind the cameraman). As you can see, the patio is generous with a table that seats six fitting nicely.
Cruising up to the 15th floor and unit 1504 awaits with a more modern fireplace surround. Personally, I like it better than the more traditional one. As it does here, it lends itself better to more modern furnishings.
However, as much as I like the fireplace surround and the high floor, I don’t like the kitchen. This might explain why, even though it’s the highest “04” listed, it’s slightly less expensive than 1004 at $1.075 million.
One-Plus-Study: The “05” Units
There are three one-plus-studies listed – 305, 405, and 1505. What makes a study versus a bedroom? No window. All the studies have full shower rooms, it’s just the pesky window deficiency. As in the “04” units, we can see some differences here in the master bathrooms.
Unit 305, listed for $995,000, is a bargain (relatively speaking). Not only is it the cheapest of the one-plus-study units, it’s just $5,100 more than the cheapest no-study unit 804 (but five floors lower).
It has the same darker cabinetry as the kitchen. Before you get all umphy about the darker woodwork, darker finishes are slowly coming back, so hold on. On the third floor, you’re in a literally Ritzy treehouse plus, being above the trees, you’ll get some blocking of the cars whizzing by on Pearl Street.
But if you want that lighter palette, unit 405 is for you – but at $1.1 million, it’s $105,000 more than the unit below. I think it’s time to get your bargaining hat on (or your paintbrush out). Note: If you were hoping the kitchen was equally light, it’s not.
Zooming up to 1505 and you see a bit more bling with chandeliers instead of recessed cans and a bit spiffier mirrors. You also don’t have to worry about rolling down the shades while ablutioning as there’s a watery film on the windows that lets light in while keeping your hoo-ha obscured.
But not all is well for its $1.2999 million price. The wood floors are that hand-scraped, blink-of-an-eye fad. You’ll want to get rid of that before you move in.
Time to Bargain
Living at the Ritz is many people’s dream – the gracefulness, the service, the amenities, the bragging rights. For whatever reason, there is a larger-than-normal selection on the market. If a $1 million-ish one-bedroom works for you, now’s the time.
There are seven one-bedrooms listed in the Ritz Residences Tower Two. There are two units on the 15th floor for those who want higher units. But if you don’t care about a high floor, that two-bedroom on the third floor just might be the one to nab – the Zillow listing points to an investor-owner who has been alternatively renting and trying to sell it for nearly a decade.
Overall, buyers and sellers of $1 million-plus real estate often don’t need to sell – but not always. Have your Realtor run the numbers and see who’s been listed the longest. Then see who wants to deal. If you’re freer with which unit works for you, you have a stronger hand.
Bag a Tower One Two-Bedroom
However, if bargaining in Tower Two delivered no joy, I’d rustle-up one last attempt and go after unit 1506 in the slightly tonier Tower One. It’s a two-bedroom, 1,628-square-foot unit with two full and one-half bathrooms that’s listed for $1.395 million – just $95,100 more than the hand-scraped one-bedroom in Tower Two.
In this unit, the fixes are easy. Remove the columns and replace the chandelier and ceiling fan (ceiling fan at the Ritz?). Easy-peasy. And since there are so many units for sale, you just might score a deal – and a two-bedroom in a sea of one-bedrooms. And it doesn’t hurt that it sold in September 2019 to a trust in Illinois and was listed again 10-months later in July 2020.
See you from afar at the Rattlesnake Bar.