Profit Shrinkage

A 11.5% cut in the overall asking price (sorry about the paywall article, but there are work-arounds):

• Former Chicago Mayor Richard M. Daley took 10% off the asking price of his Lake Shore Drive condo today.

  Daley, who served six terms as mayor from 1989 to 2011, is now asking $1 million for the two-bedroom condo. That's down $100,000 from what he had been asking for it since February. The condo first hit the market in November at a little more than $1.13 million. In all, Daley has cut 11.5% out of his original asking price.

  Crain's could not reach Daley, and his listing agent for the condo, Joelle Cachey Hayes of @properties Christie’s International Real Estate, did not immediately respond to a request for comment. A trust in Daley's name paid $865,000 for the eighth-floor condo in May 2015, according to Cook County property records. Ownership was later transferred to trusts in both his name and the name of his son Patrick Daley.

All those years of political favors and barely concealed corruption, and the disastrous trifecta of Rahm/Groot/Conehead trashes the downtown real estate market to the point Shortshanks has to take a double digit haircut to make a measly $135K before commissions and such.

Good thing he has two or three pensions to fall back on.