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Jumbo Powhatan 3-bed Takes $200K in Cuts in One Year

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Fresh off a visit to the splenderific Art Deco Powhatan, this longstanding 19th floor listing reared its pretty little head once again with a fourth price chop. The 4,300-square-foot 3/3.5 unit first listed for $895K in September 2011. The uneven succession of chops has the ask down to $695K. Does that say something about the building or the specific unit? Well, despite an absence of modern amenities, the building is one of the city's true aesthetic treats, with an one-of-a-kind lobby, rampant Native American iconography, and a delightful vintage pool house. The Powhatan's 28 units are all large with higher than expected ceilings: mostly from 3,000 to 5,000 square feet. This one falls right in the middle. While it doesn't echo the building's style in any way, this place has awesome parquet floors throughout, wood paneling, marble fireplace, and a 43-foot-long living room w/ wet bar and "entertainment center". The kitchen is updated but a little cramped (as is known to be the case with this era of residential construction). Everything is in its right place until you encounter the riotous pair of bathrooms— one a solid ecto-cooler green, the other a pepto-pink. We dig, but we're not in the buyer pool. HOA dues run close to $4K/month but include property taxes.
·Listing: 4950 S Chicago Beach Drive #19A [Urban Search]