If this condo is any indication, the market might play a little rough with the newly-minted Ritz-Calrton Residences. Designed by Lucien Lagrange, the swank Mag Mile condo tower is home to this 3/3.5 unit way up on the 38th floor. Listed as high as $5.108M, it has trickled down to $4.84M over a year-and-a-half on the market. That's still an astronomical $1,340/square foot, so more bloodletting is sure to follow. The place is nice enough and all—high ceilings, lots of windows, a balcony with a view—but it doesn't really scream $4.84M. We're guessing that's where the Ritz-Carlton services and amenities come into play. After all, the 89-unit building does feature a luxurious private retreat known as the Landmark Club, spa treatments, and a concierge at your every beck and call.
·Listing: 118 E Erie St, Unit 38K [Prudential Rubloff]