Former Chicago mayor Richard M. Daley has lowered the asking price of his Gold Coast condo to $1.1 million.
Daley’s 1,800-square-foot unit, on the eighth floor of the 40-story Carlyle building, had been on the market for over two months without securing a buyer, the Chicago Tribune reported. The asking price equates to about $610 per square foot.
A sale at that price would net the six-term mayor a 27 percent return based on his 2015 purchase of $865,000 ($480 per square foot). Joelle Cachey Hayes of @properties Christie’s International Real Estate has the listing.
The two-bedroom condo, at 1040 North Lake Shore Drive, features updated interiors, including renovated flooring, plumbing and windows, all completed in 2016. The unit has two balconies with views of Lake Michigan and the Gold Coast neighborhood. Building amenities include an indoor rooftop pool and an outdoor deck with grilling areas. Garage space is also available.
Daley, who is 82, served as Chicago’s mayor from 1989 to 2011, overseeing significant developments like Millennium Park while also facing controversies, including the Hired Truck program and parking meter lease deals.
Daley’s past real estate history includes a 1993 move to Central Station, where he and his wife, Maggie, purchased a townhouse. Following her death in 2011, Daley sold the townhouse to his daughter Nora.
It’s unclear where Daley lived in the three years between selling the townhouse and purchasing the Lake Shore Drive property. Daley also owns a home in Grand Beach, Michigan, where his family has had property since the 1930s.
Other recent condo deals in Chicago’s Gold Coast neighborhood include Chicago Bulls forward Patrick Williams’ $5.7 million ( $760 per square foot) purchase of a two-level unit at 65 East Goethe Street in January.
— Andrew Terrell
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