It isn't the most expensive condo to sell this year (that would be the $8-million Elysian condo that sold in August), but at $5.25 million this place in the Palmolive Building is the highest-priced resale sold so far in Chicago in 2010, according to Crain's Chicago Business. After two price reductions totaling $1 million, the 25th-floor home sold almost two weeks ago to an unknown buyer. The new owner will step off a private elevator into a 5,400 square-foot 3BD, 3.5BA home that takes up a full floor in the former Playboy Building. Does this bode well for Chicago's luxury real estate market? Possibly, although it's just one sale. If anything, it shows that price reductions work.
· Palmolive unit fetches highest resale price this year [Crain's]
· Photo gallery: 159 E. Walton St. Unit 25A [VHT]
· Sale record: 159 E. Walton St. Unit 25A [Redfin]