A $15M condo touted last June as a sign the downtown condo market is coming back has returned — six months after it was taken off listing sites.
The 6,400-square-foot condo in the Waldorf Astoria is back on the market, after it was removed in November to undergo renovations.
When it was originally listed last June, it was seen as a sign of the condo market’s rebound, according to Crain’s.
The five-bedroom, four-bathroom penthouse has 360 degree views of the city and Lake Michigan, three terraces, and floor-to-ceiling windows.
Scott and Elyssa Saldana bought the condo in 2010 for $6.3 million, according to Crain’s. Susan Miner, founder of Premier Relocation, Inc., is representing the sellers and didn’t respond to a request for comment.
The listing joins the top end of the ultra luxury market in Chicago, with few other homes at that price point. The 7,500-square-foot full-floor penthouse unit on the 65th floor at One Bennett Park in Streeterville is now the highest-priced condo on the market, asking just over $15 million.
Built in 2009, the Waldorf Astoria building includes condos on the upper floors and a hotel on the lower portion. Condo owners in the 60-story get access to the hotel’s amenities through a fee in their association assessments. Those include 24-hour security, room service, access to the spa, indoor pool, fitness center and Pilates studio.
Condo sales have had a challenging year in Chicago. Despite several notable sales, such as the record-setting $20 million deal at Trump Tower in March, the condo market lags behind Chicago’s single-family market on several data points. Condos spend more time on the market, on average, than detached single-family homes. In the first three months of the year, Chicago houses sold after an average of 61 days on the market while condos sold in an average of 99 days.
At a time when home prices are rising fast, in Chicago’s suburbs and in most city neighborhoods, the downtown condo market is a weak spot.
In the first two months of the year, the median price of attached homes (condos and townhouses) sold in the city dipped 1.4 percent from a year earlier, according to CAR data, while for single-family homes, the median price rose 5.4 percent.