A penthouse owner at Waldorf Astoria Chicago is the latest luxury home seller to have to cut high-priced ambitions to make deals.
Even as the market draws a record number of high-end transactions, the Waldorf Astoria unit entered contract at a listing price of $12.5 million. While it’s unclear whether the deal will close at the price, it already reflected a slice of 17 percent from its initial listing.
The home was originally listed for $15 million when it came to market last year. It’s now marked as “contingent” on public listing sites, meaning the home is under contract and moving toward a closed sale.
Its June 2021 listing was seen as a sign of the condo market’s rebound. It was re-listed about six months later in May. In September, the owners lowered the listing price to $12.5 million, and it went under contract a month later.
The final price the buyers pay won’t be disclosed until the sale closes.
Condos at the top of Chicago’s market are a challenge to price, given few comparable listings. Even record-setting deals like the $20 million sale at Trump Tower in March took a cut to sell. The Waldorf also has several other high priced offerings, including a contingent listing for a condo owned by Ken Griffin.
That unit, a five-bedroom 7,400-square-foot condo unit on the 37th floor of the Waldorf Astoria was listed for $11.5 million. It’s unknown whether the deal will close at that price, which would mark a loss from the $13.3 million Griffin bought it for in 2014.
The 64,000-square-foot, 55th floor penthouse that just entered contract is owned by Scott and Elyssa Saldana — the property taxes are listed under Scott Saldana’s business, SKTY Trading. He is founder and president of the Chicago-based firm, which provides trading services in Eurodollar and treasury options on the Chicago Mercantile Exchange and Chicago Board of Trade, according to its website.
The five-bedroom, four-bathroom penthouse has 360 degree views of the city and Lake Michigan, three terraces, and floor-to-ceiling windows.
The Saldanas bought the condo in 2010 for $6.3 million. Susan Miner, founder of Premier Relocation, Inc., is representing the sellers and didn’t respond to a request for comment.
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.
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