Four years on the market would be long enough for most apartments to undergo a significant price reduction. Schaefer Landing's double penthouse, however, is made of stronger stuff. Listed in 2008 for $5.2 million, it was chopped down to $4.3 million by mid-2009 before disappearing. It then made its less than triumphant return to market last October asking $4.995 million, lingered, was de-listed this summer, and returned a couple days ago for...$4.995 million. The 4,000-square-foot 5BR, 6BA apartment is undeniably impressive, but is it overestimating its own worth? Quite possibly, when the brokerbabble begins, "One of the most incredible apartments in the city..." and it's spent almost half a decade trying to find a buyer who thinks it's worth $5 million.
· Listing: 440 Kent Avenue #PHA/PHB [Brown Harris Stevens]
· Schaeffer Landing coverage [Curbed]
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