Choice cuts: Metropolitan Tower penthouse listed $1.1M below ’08 price

Metropolitan Tower, 310 S Michigan Ave, ChicagoA 20% price cut on a Michigan Avenue penthouse is worth a post, especially when it happens in one day, instead of over several weeks or months. But when that cut puts the home at $1.1 million, or almost 36%, below its 2008 sale price…well, now you really have my attention.

Unit #2800 at Metropolitan Tower, 310 S Michigan Ave, is a “one-of-a-kind, full-floor penthouse with 360 degree views,” private elevator access, and two outdoor terraces, according to the listing by Ann Hagenbuch of Koenig & Strey. Redfin‘s sales history says the home sold for just under $3.1 million in November 2008, and returned to the market less than a year later. It was delisted and immediately relisted in September 2010 at $2.49 million, and yesterday dropped to $1.99 million.

The 3,065 square-foot, three-bedroom / 3.5-bath unit has a master suite with a steam shower, whirlpool tub, and custom walk-in closet, a gas fireplace with built-ins, and surround sound wiring. Packaged with the home are three spaces in the tower’s heated garage.

2009 taxes are $27,035; monthly assessments are $1,943, and pay for heat, air conditioning, water, parking, common insurance, door staff, cable television, clubhouse, exercise facilities, exterior maintenance, scavenger, and snow removal.

Other listings at Metropolitan Tower range from a one-bedroom short sale priced at $225,000 to a 7,632 square-foot duplex located immediately below this penthouse, priced at $4.45 million.

Metropolitan Tower, 310 S Michigan Ave, Chicago Metropolitan Tower, 310 S Michigan Ave, Chicago

Metropolitan Tower, 310 S Michigan Ave, Chicago Metropolitan Tower, 310 S Michigan Ave, Chicago

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