If you were around a couple weeks ago, fine reader, you may remember our luxury listing face-off featuring a Kenwood mansion and a penthouse at Ralph Johnson's Contemporaine. Each was asking $3.4M (and still are). The penthouse won out 2 to 1 in our poll, despite its questionable pricing (it was last sold for $1.7M in 2004). Folks were no doubt drugged senseless by the 3,000 sf of terraces and Japanese gardens, and who could blame 'em. Well, here's a little more perspective for ya: a 12th-floor 2/2 Contemporaine condo just changed hands for $560K. It can't touch the finishes or the outdoor space of its upstairs neighbor, but its interior square footage comes close. Concrete features prominently in the clean, minimal abode, as do floor-to-ceiling windows, limestone baths, and the balcony. Taxes and assessments are roughly half the penthouse's, so you can figure overall square footage as also about half. Of course, you have to account for a sizable price bump based on the penthouse's singular drama and cachet. But an ask six times the other's sale price? That's gumption. In relative terms, we'd say the condo's buyer got a pretty decent deal. Of course, it might be torture just rubbing shoulders with the dream two floors above.
·Listing: 201 W Grand Ave Ph-5 [RE/MAX]
·$3.4M Face-Off: Kenwood Manse v. Near North Penthouse [Curbed Chi]
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