River North condo relisted with 37% price cut in tough luxury market

A River North condo is back on the market at just under $6 million after a price cut of almost 40 percent, a move that the property’s listing agent said prices it right for the current state of Chicago’s luxury condo market. 

The 5,600-square-foot, full-floor unit at 400 West Huron Street was first marketed privately in 2020 for a whopping $10 million and listed publicly for $9.5 million in 2021 before it was pulled from the market. It was relisted for just under $8 million last October, pulled from the market once again in April, and then relisted this week. 

The seller is Kam Patel, a Chicago oral and maxillofacial surgeon, who has recently been more motivated to sell and open to bringing down the price of the home to meet the market, said listing agent Vincent Anzalone of Dream Town Real Estate.

Other upscale units at 400 West Huron have been selling for about $800 per square foot, Anzalone said. Patel’s four-bed, six-bath unit is listed above this benchmark, at $1,078 per square foot, but falls well below it when including the more than 7,200-square-foot patio which features a private pool, hot tub and fire pits. 

“We’re essentially asking $1.5 million for 7,200 square feet outside which, if that was on the ground, would be about $1 million more than that,” Anzalone said. 

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A three-bedroom, three-bath unit on the eighth floor of the building sold for $723 per square foot in April, according to public listing data. Another listing on the building’s seventh floor is pending sale at a price of $716 per square foot. 

Patel bought his unit in 2017 for $3.75 million and did a complete overhaul of the roughly 13,000 square feet of indoor and outdoor space. Beyond the private patio, the home includes a large primary suite, infrared sauna, four-car garage and uninterrupted views on the east side of the fifth-floor unit, Anzalone said.