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Powhatan 5-Bed w/ Private Entry Takes $124K Price Chop

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An "opulent", "outstanding", and "prestigious" property in the newly restored Powhatan—an Art Deco landmark—has listed for sale. That's about how every unit in this lakefront building is marketed, and with the enormous square footage available for pennies on the dollar it's not hard to see why. The condition of this 4,300-square-foot 5/5 is superb, and the color scheme ranks just short of eccentric. The listing sells the advantages of being on the second floor— "elevator attendant escort to private entry" and the absence of neighbors. But there's little effective spin for the $2,754/month in co-op dues. Initially asking $599K in August 2012, the reduced price is $475K.
·Listing: 4950 S Chicago Beach Drive, Unit 2A [Coldwell Banker]
·The Powhatan [Curbed Chicago]