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Contemporaine Penthouse w/ Rampant Terraces Now $2.5M

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Holy Molasses! If there's one signature property that might have thwarted the pricechopper, we'd figured it be the top penthouse at The Contemporaine. On-and-off the market for nearly five years, it stuck to a $3.4M ask for quite a span before nose diving in Spring 2012 and again this week. The huge reductions total $900K. This oft-referrenced 2/2.5 penthouse arguably has the most seductive terrace space of any city property. Steeped in Japanese influences, this great expanse boasts mature trees, rock gardens, water features, and at least three sitting areas. This marvel totals 3,000-square-feet, seemingly larger than the interiors. Speaking of which, while we wouldn't call the living space a letdown, it's very subdued relative to the terraces. The listing spins this as an advantage: "Serene decor creates a harmony between interior & outdoor living. Floor to ceiling windows bring the city skyline into the home." We're mostly in agreement. The culprit behind the big price chops, then? Likely the interior square footage. You can only wring so much benefit from seasonal terraces.
·Listing: 201 W Grand Ave. Ph2 [Koenig & Strey]
·$3.4M Face-Off: Kenwood Manse v. Near North Penthouse [Curbed Chicago]