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Lake Point Tower Unit on 'Double Curve' Down $900K in Three Years

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The asking price on this 42nd floor Lake Point Tower condo has withered to about 60% of the initial summer 2010 price. The topsy-turvy listing history includes long stints away from the market, but a general improvement in home value over those three years has accompanied a decided collapse for the seller. Decor and/or staging debacles would normally guide the way, but this place looks pretty spiffed-up and harmonious. So the finger points at overly enthusiastic pricing from the onset. Asking $2.25M in 2010 for a 3,250-square-foot three-bed might seem OK for this address, but other units with similar specs are selling for half that. Even today's dramatically recalibrated $1.325M ask winds up being more than the $1.28M recently paid for a same-sized unit four floors up, previously owned by David Axelrod. The listing touts the condo's "double curve" with 39 windows and "infinite" north, south, and west views. And the property is certainly bolstered by polished granite floors, marble master bath, and cherry millwork. As if to burn away all the inherent goodness, assessments run $2,083/month and parking another $125K.
·Listing: 505 N LSD, Unit 4207 [@properties]
·The Axelrods Sells Lake Point Tower Fast & Above Ask [Curbed Chicago]