An early buyer at the St. Regis is set to take a loss after a penthouse unit at the luxury condo property got a $1.1 million price cut.
The 6,000-square-foot, 78th-floor penthouse has five bedrooms and six bathrooms and is now asking a little less than $7.6 million, or about 24 percent below its initial listing price.
Carrie McCormick, an agent with @properties Christie’s International Real Estate, is representing the listing and simply said, “The seller is motivated,” when asked about the price cut.
The sellers are Brian and Beth Horio, according to Cook County records. The couple bought the unit for nearly $8.2 million in late 2021. Then, only a month later, the buyers listed the condo for sale, originally seeking nearly $10 million. It’s been on and off the market in the nearly two years since, and was listed at $8.7 million before this week’s cut.
Should the condo sell for its current asking price, the sellers would lose at least $600,000, though it’s unclear if they bought the unit unfinished and then spent additional money on design before opting to sell, which would mean a fatter loss.
The price cut is another piece of evidence of Chicago’s luxury housing slowdown, a vast difference from the breakneck pace of deals during and just after the pandemic. The St. Regis led the pack on downtown luxury condos as the residential tower notched some of the priciest condo deals in the city’s history in recent years, including a $20.6 million sale to Mexican mining tycoon German Larrea, which was Chicago’s biggest residential transaction in 2022.
The property has 27 condos listed for sale on public listing sites, with prices ranging from $940,000 to over $11.5 million. Six of those are currently marked as contingent, so they could come off the market in the coming months, assuming the deals go through. That includes the priciest unit in the building, a 6,000-square-foot, four-bedroom unit asking $11.5 million.
Seven of the properties listed are resales from original buyers, whose asking prices are undercutting the listings for new units being marketed by the tower’s developer Magellan.
Formerly the Wanda Vista Tower, the St. Regis Chicago is a 101-story tower completed in 2020. Located at 363 East Wacker Drive, it is the city’s third-tallest building. The building’s chief architect is Jeanne Gang, head of Studio Gang Architects.
The 192-room hotel portion of the building sold earlier this year for about $134 million, making it the city’s biggest hotel sale in years. The buyer was a joint venture of Miami-based Gencom and Denver-based GD Holdings, and came close to setting a Chicago record for the price per room it paid for the 192-key asset at about $700,000.
Read more
Residential
Chicago
Magellan being undercut by residents at St. Regis looking to sell
Residential
Chicago
St. Regis condo fetches $20.6M in Chicago’s priciest sale this year