The sellers of a St. Regis penthouse are headed for a loss after relisting their 75th floor condo at $500,000 less than its last sale price.
The full-floor penthouse sold in September 2021 for just under $8.5 million, and came back onto the market this week at just under $8 million, according to public listing information, all but guaranteeing a loss for the sellers.
Its list price gives the roughly 5,700-square-foot home a price tag of just under $1,400 per square foot.
The four-bedroom, five-bathroom condo was previously listed in the spring of 2022 at a peak asking price of $9.35 million before it was cut to just under $9 million later that summer. The home was later taken off the market and relisted as a rental property last spring, first at $30,000 per month and then $28,000, according to public listing information.
Susan Miner, founder and managing broker of Premier Relocation, has the listing. Miner could not immediately be reached for comment Thursday afternoon.
This wouldn’t be the first St. Regis penthouse to sell at a loss this year as sellers and their brokers navigate a challenging condo market in which buyers are coming back but downtown property values still aren’t what they used to be.
A 6,100-square-foot condo spanning the entire 78th floor of the St. Regis tower sold for $7 million, or roughly $1,147 per square foot, in April resulting in a loss of more than $1 million.
Those sellers, Blake and Beth Horio, bought the condo in the 95-story building for nearly $8.2 million in December 2021 and put it on the market a month later, originally asking $10 million.
Like the 75th floor home, the Horios also took multiple price cuts, down to $7.6 million last fall, and tried to rent out the home in 2022, seeking $50,000 a month.
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Chicago
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