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35% Price Reduction on Ultra-Ornate Commodore Penthouse

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With seven price cuts to its name, one would imagine a long, arduous journey on the market. Fact is, this Lake View penthouse only listed in July. Sumptuous though it may be, no amount of fine linen or lamps makes up for the relative scarcity of bedrooms and baths. At 3,000-square-feet, most buyers are probably expecting twice the supply. There's also an imbalance between the sprawling living/dining room and the constrained kitchen. But for vintage lovers, it's hard to beat. The building to which it belongs is known as The Commodore. Edmund R. Krause designed the 103-unit courtyard building in 1898. It resides in the landmark Surf-Pine Grove District, which contains a pile of dramatic turn-of-the-last-century residential complexes of similar size and appearance. Oh yeah, and the property is three blocks from the lake. HOA assessments—$1,151/mo—are prohibitive, but the seller takes the bite off somewhat by offering to cover the first year's worth. First listing for $975K, it'll now run you $674,900.
·Listing: 550 W Surf St. Apt. 609 [@properties]