Saga Of Michael Jordan's House Continues And Other Chicago Luxury Property News

I really don’t want to inundate you with news about Michael Jordan’s house that refuses to sell but it is a rather interesting story that continues to evolve. So I’m tossing in a few other recent stories today about some other Chicago luxury properties that got my attention over the last few days.

Michael Jordan’s House Relisted After Failed Auction

So his house wouldn’t sell at auction for at least $13 MM so what are they doing – at least for the time being? They are putting it back on the market at $16 MM. So who is going to pay more than $13 MM for a house that we already know nobody is willing to pay at least $13 MM for? And let’s not forget all the discussion leading into the auction about how an auction was the way to go and auctions get the best price and there was more interest than anticipated. Yeah, right.
My most comprehensive post about the auction itself: Auction of Michael Jordan’s house
Current listing for the house: 2700 Point Lane, Highland Park, IL
Or if you want to live in Highland Park on more land you can buy this 6100 square foot home at 2000 Ridge Rd for $17.5 MM. It comes with stables set on 25 acres.

Mayfair Condominium Sells For $7 MM

The Mayfair Condominiums at 189 E Lake Shore Dr. sit on what I think is Chicago’s best and most prestigious street, once home to Oprah Winfrey. Unit 17 just closed for $7 MM, without ever really hitting the market. It is also the highest priced condominium sale of the year. Here is the MLS description and a few stats on the place:

SOLD BEFORE PRINT. Stunning and bright full floor custom renovation of magnificent approximately 8000 sqft Mayfair condo. No detail was overlooked. Fabulous north, east, south views of lake, beach, city skyline. Fabulous floorplan. Two terraces. Family room. Plaster moldings, marble floors, master suite with his/hers dressing rooms and baths plus sitting room. Two car deeded parking included. Ask about exclusions.
  •  8000 sq ft
  • 4 bedrooms
  • 5 1/2 bathrooms
  • Monthly assessments of $6648
  • Property taxes of $83,308 based upon an estimated market value of $5 MM. I think an increase is due.

Here is the listing, with a full set of photos: 189 E Lake Shore Dr., unit 17
Best I can tell this condo was previously owned by Evangeline Haarlow, who appears to be some sort of patron of the arts living in Naples, Florida.

Ritz Carlton Penthouse Raw Space For $10.9 MM

Just a couple of days ago the unfinished penthouse at the Ritz Carlton at 118 E Erie hit the market listed at $10,850,400. That’s a pretty precise price so how did they come up with it? Well, the unit is 6028 square feet and that price just happens to work out to $1800/ square foot. Coincidence? I think not. But that’s a pretty steep price for unfinished space. And when I say unfinished I mean unfinished. This thing is a raw shell.
Ritz Carlton penthouse
You know…if my father was still alive and I bought this place and showed him the pictures he would say “You paid WHAT for THAT? Boy, they saw you coming!” And that’s why I’m not buying it.
It also comes with over 660 square feet of private terraces, which has some value but you can only use them a few months out of the year.
Ritz Carlton penthouse terrace
Here is the description from the MLS.

One and only opportunity to live on the top floor of The Ritz-Carlton Residences, Chicago. Full-floor penthouse with over 6,000 SF of raw space, 12-18 ft ceilings & 660 SF of private, south & east facing terraces. Residents enjoy the Landmark Club, Chicago’s only private residential city club located on the 10th floor. World-famous Ritz-Carlton mgmt & staff are on site to tend to every need. Experience the Difference

It’s listed as a 4 bedroom, 3 1/2 bath unit but I have to believe that you are not restricted to any particular layout. The monthly assessments are $10,108.

If you want to keep up to date on the Chicago real estate market, get an insider’s view of the seamy underbelly of the real estate industry, or you just think I’m the next Kurt Vonnegut you can Subscribe to Getting Real by Email. Please be sure to verify your email address when you receive the verification notice.

Leave a Reply