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$6.5 Million Price Reduction at Madison Towers

By Matt Goyer August 11, 2009

Wow, this is one major price reduction. #2101 has been dropped from $8.7 to $2.2 mil. It’s come down from a high of being listed at $13.5 mil in October 2008. Note that it originally sold for $1.6 in October 2006 and then immediately put on the market.

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5 responses to “$6.5 Million Price Reduction at Madison Towers”

Birdy says:

August 11, 2009 at 10:12 am

I believe this was listed by a well known speculator who was trying to sell adjacent condo's on the 21st floor at Madison Towers as one large penthouse style residence, and is now listing just a single unit at the same address, hence the massive price drop.

OTOH this is the same realtor who has had three speculative units at the non-existent 1012 1st Ave development listed on the MLS for over a year. Maybe he just likes messing with your head Matt?

I've heard that nobody can get a mortgage approved for Madison Towers because it's a hotel development like Olive 8. If you look at the listings, one of the sellers is offering to finance a sale themselves.
EconE says:

August 11, 2009 at 7:24 pm

So if it had been originally listed for a billion dollars, that would make it the largest price drop in the history of the world at $997,800,000.00.

If it had originally been listed for a Trillion dollars, it would probably qualify for some of those sweet sweet TARP funds.
springstreet says:

August 11, 2009 at 7:50 pm

It isn't just that unit! Although the realtor listing agent must be a little unethical (has removed the square footage), unit 2104 was listed at $679,000 just last month (about 890 sq. ft.), and now is listed at $549,000 – but with no square footage. Still ridiculous sq. ft. prices.
EconE says:

August 12, 2009 at 2:24 am

So if it had been originally listed for a billion dollars, that would make it the largest price drop in the history of the world at $997,800,000.00.

If it had originally been listed for a Trillion dollars, it would probably qualify for some of those sweet sweet TARP funds.
springstreet says:

August 12, 2009 at 2:50 am

It isn't just that unit! Although the realtor listing agent must be a little unethical (has removed the square footage), unit 2104 was listed at $679,000 just last month (about 890 sq. ft.), and now is listed at $549,000 – but with no square footage. Still ridiculous sq. ft. prices.

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