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Short Sale: Lake View 3/3 goes from $699K to $403K in a Year

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Sure, short sales are often an invitation to complication. But at what point do you look at such a property and say, 'gee, that's an impossible bargain'? That threshold has yet to be crossed for this sprawling Lake View condo, as evidenced by the 16 separate price cuts in exactly 12 months on the market. Pretty soon, the initial ask will be halved. The fifth-floor 2,500-square-foot unit certainly has personality. The arched doorways have crenallated moldings, and, reinforcing the medieval accent are several traditional chandeliers. The bone-white kitchen and butler's pantry are a departure. The place is in great overall condition, and its handsome 1930s building is just a block from the lake. Monthly assessments are $1,030 and annual taxes $7,068. So, will $403K be the magic number?
·Listing: 2920 N Commonwealth Ave Unit 5B [Coldwell Banker]