List Price: $3.3 million
Sale Price: $2.93 million
The Property: When this 57th-floor penthouse atop The Heritage at Millennium Park first went on the market in July 2007, the sellers were asking $4.4 million. By the time they sold the 4,668-square-foot space with north, east, and west views, they had cut the asking price to $350,000 less than …

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Sale of the Week—At The Heritage, a Sky-High Price Cut

List Price: $3.3 million
Sale Price: $2.93 million
The Property: When this 57th-floor penthouse atop The Heritage at Millennium Park first went on the market in July 2007, the sellers were asking $4.4 million. By the time they sold the 4,668-square-foot space with north, east, and west views, they had cut the asking price to $350,000 less than …

Situated at 130 Garland Court (at Randolph Street, just west of Michigan Avenue), the Heritage may be best known as a place Mayor Daley considered for his potential new home.

The penthouse has north, east, and west views.

List Price: $3.3 million
Sale Price: $2.93 million
The Property: When this 57th-floor penthouse atop The Heritage at Millennium Park first went on the market in July 2007, the sellers were asking $4.4 million. By the time they sold the 4,668-square-foot space with north, east, and west views, they had cut the asking price to $350,000 less than what they had paid for it in 2006. The final sale, which closed June 10th, was 33 percent below the sellers’ original asking price and 19.7 percent below what they had paid for it. But even at such a steep discount, this is the highest price on record for any condo in the Heritage, according to Midwest Real Estate Data (MRED).

Situated at 130 Garland Court (at Randolph Street, just west of Michigan Avenue), the Heritage may be best known as the place Mayor Daley considered as his new home before deciding to stay in his South Loop townhouse. From its site next to the Cultural Center, the two-year-old high-rise commands eastern views across Millennium Park and the Lake Michigan that won’t be blocked.

In June 2006, Bill and Samantha Schnittker bought this penthouse—which shares the building’s top floor with one other unit—from Mesa Development, which built the Heritage. Bill Schnittker is the founder and CEO of a Woodridge software company that serves the insurance industry; this was to be the couple’s secondary, in-town residence, says their agent on the recent sale, Laura Topp. The Schnittkers bought the condo finished, with dual east- and west-facing master suites, floors of Brazilian cherry and African iroko, a whole-house audio system, electronically controlled window blinds, and four garage spaces in the bottom of the building.

The Schnittkers first listed the penthouse for resale 13 months after they bought it; Topp would not say why. Their asking price came down several times, eventually dropping below the break-even point of $3.65 million. In the final sale, the sellers retained two of the four garage spaces, which at the time of construction were valued at $65,000 each, Topp notes.

Price Points: At $2.93 million, this condo sold—completely finished and habitable–for just $55,000 more than its neighbor on the 57th floor went for in November 2006 as unfinished, raw space. According to MRED records, three other condos at the Heritage—on the 56th, 55th and 52nd floors—have been sold for more than $2 million.              

Listing Agent: Laura Topp of Koenig & Strey GMAC, 773-360-3000

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