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Insane Price for an Insane Space in the Gold Coast

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$11 Mil for a raw space? I mean, naked as the day you were born? That's the agenda of this penthouse's owner, the developer of 65 E Goethe. The building, finished in 2000, has spaces that have never been built-out, and this is the crown jewel of the lot. We have to admit, 12,000 sq. ft. is an awful lot of space, and actually brings the price per square foot in line with many a condo in luxury land. And that doesn't include the 3,000 sq. ft. private roof deck! What's amazing here is that $11M really only buys you the permission to build a penthouse in a damn good location. There are no walls, no appliances, no flooring, only the rough markings delineating a possible floorplan. But in this price bracket, what's a couple million more to have your dream layout?

In fact, as of mid-August, according to the Chicago Real Estate Local, there were several raw penthouses available at 65 E Goethe, ranging from $4M to $11M. And you are cordially invited to buy 'em all, combine to your liking, and re-sell. You're gonna need a lot of furniture. Originally priced at $14M in October 2009, a single, well placed chop, brought it down to its present ask.
·Listing: 65 E Goethe St. #8WNE [Baird & Warner]