Swing Low, Sweet Prices at the Palmolive Building
Something’s going on at the Palmolive. We ticked off more than 10 vacancies listed at the 1929 art deco landmark, with prices smashed (in the millions!) on designer digs.
Here’s an incentive and some context: Remember when actor Vince Vaughn (Swingers, Wedding Crashers) made headlines with the highest-priced condo sale in Chicago history, buying three upper floors of the Palmolive for $12 million? That was back in house-bubbly 2006. Seven years later, the Lake Forest alum can’t shake his 12,000-square-foot penthouse and slipped it off the market this past February after reducing the nosebleed price of $24.7 million to $18.4 million, and, once more with feeling, chopped it to a princely $16.8 million without getting someone to take over the reins at 159 E. Walton Pl.
Maybe you think an offer on the Vaughn spot is a pricey joke in search of a punch line. But rethink the beautiful former Playboy Building as an out-of-reach fantasy. There are properties here with attractive reductions and luxurious trappings in the high-rise with the Lindberg Beacon lighting up the Chicago skyline — a photo surely sent as an Instagram from every tourist's smartphone.
Take a look at this 3-bedroom, 3.1-bath condo built by Bully & Andrews and repped by Mary O’Connor for Baird & Warner. The 3,157-square-foot home has interiors designed by Allessandra Branca, our favorite lady in red. Asking $2.99 million, reduced from its original 2012 price of $4 million. See what we mean? When you see steep cuts and sniff listings a little long in the tooth, put your agent on speed dial.