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How Did This South End Penthouse Not Get Its Asking Price?

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The 2-BR, 2-BA, 1,700-square-foot Unit 502 at the South End's Laconia dropped on the sales market in mid-June for $1,395,000. That tag soon plunged to $1,299,000 during the dog days of summer as the condo sat unclaimed. Yes, Boston's housing market is cooling a bit. Still! How did something so capacious in the go-go South End, and with a garaged parking space to boot, have to drop its tag that much? And how come it had to right at the end as well? For Unit 502 did trade in a deal that closed Friday. In the end, the spread went for $1,225,000. That is a full $170,000 off the asking price three months ago. The phone lines are now open: Why?
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· Our PriceChopper archive [Curbed Boston]