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Prices Still Falling on Michigan Avenue Tower II Penthouses

The prices of these two penthouses at Michigan Avenue Tower II in moline the South Loop have been falling for more than a year, but the homes themselves haven't gone anywhere; they're still up on the 27th and 28th floors of the new-construction building. These are developer units that don't appear to have been among the 46 units that were auctioned off last November. Both homes have four bedrooms, but the 28th floor unit is slightly larger, with four full baths and 3,471 square feet of floor space. Unit 2701 has 2,965 square feet and 3.5 BA, and since August it has seen two price cuts that together have reduced it by $500,000, to its current price of $1.2 million (or $405 per square foot). Unit 2801 has also seen two reductions, totaling $300,000, and is now priced at $1.6 million (or $461 per square foot).
· Listing: 1400 S Michigan Ave #2701 [Frankel & Giles]
· Listing: 1400 S Michigan Ave #2801 [Frankel & Giles]
· Michigan Avenue Tower II, nine months after the auction [YoChicago]