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6,000-Square-Foot Penthouse in The Chandler Slashed by $500K

There are 13 condos listed for sale in The Chandler, Magellan Development's 35-story Lakeshore East high-rise, but this 33rd-floor unit stands out in the categories of price, size and time on market. The 6,000-square-foot condo has been on the market since December 2009, when it was priced at $5.29 million. At $883 per square foot, that was more than double the going rate for most other condos in the building. Maybe it was the price, or maybe buyers were turned off by the gold fireplace (or maybe they were spooked by the countless cherubs in the condo), but whatever the reason, it wasn't selling. Over the weekend, the price was slashed by $500,000, to $4.8 million ($800 per square foot). That's still a very hefty price, but it is a very large condo with a pretty excellent view.
· Listing: 450 E. Waterside Dr. #3301 [Re/Max]