Once the most expensive home for sale in Chicago, Jamie Dimon’s home closed back at the end of October for $6.8 MM, a bit shy of the original list price of $9.5 MM. (Just goes to show you that, contrary to popular mythology, the celebrity realtors do not have any special powers at pricing or selling.)
So what is currently the most expensive home for sale in Chicago? I would argue that the top few choices don’t really qualify because they’re more like space that could be a home, rather than a real home. For instance, there’s over 12,000 square feet of penthouse space, #8WNE at 65 E Goethe listed at $14 MM. Then there’s another 12,000 square foot space at the Elysian for $10.5 MM – 11 E Walton #PH56. That is substantially finished but still a bit raw to be called a home. Awesome Batman views by the way. Or you can build a 17,000 square foot home at 1948 N Burling St. for $9.5 MM. I thought about buying that one until I realized we would need a riding vacuum cleaner to take care of the place.
So the most expensive legitimate home that pops up is the penthouse at 21 E Huron, unit 4501. Listed at $8.9 MM, this 3 bedroom, 3 1/2 bath home offers 5500 square feet, 2 terraces, 2 parking spaces, and almost $58,000 per year in property taxes (a bargain if this place is really worth $8.9 MM). Here is the description, complete with all caps:
STUNNING STATEMENT PENTHOUSE WITH LOTS OF OUTDOOR SPACE! 2 1000 SF DECKS PLUS 4 BALCONY AREAS! FABULOUS METROPOLITAN AND LAKE VIEWS-CUSTOM BUILD OUT BY RENOWNED ARCHITECT. EXOTIC WOOD FLOORS-FINISH FEATURES INCLUDE HIGH END STONE AND TILE WORK. PRIVATE BUILT IN WINE CELLAR FOR 1500+ BOTTLES. MASTER CLOSETS TO DROOL OVER! GREAT FLOW FOR ENTERTAINING. FEEL LIKE YOU OWN THE CITY AND CALL THIS HOME!
Apparently the renowned architect is Lucien Lagrange.
But after 202 days on the market no one is biting. Perhaps it’s the hefty $1600+ price tag for each square foot, compared to the $875 per square foot price at the Elysian. Sure the Elysian penthouse needs a little work but I don’t think that’s going to account for the difference. Also, this condo was purchased in March 2005 for $5.1 MM so I’d be interested in hearing the story as to how it has appreciated by 75% in a down market. The current listing doesn’t say anything about major renovations and the place was new in 2005.
One other interesting tidbit. The public records indicate that the property is owned by Roy and Paula May. If you Google those names you will find out that a couple with that name lives in Chicago and has a rather colorful past in the adult entertainment business, tax evasion, and associating with rather dangerous people. Of course, I have no idea if this place is owned by the same people but it sure is a strong coincidence.
Here are the photos of the condo. No doubt it’s a nice place.
It’s highly likely that this was bought as raw space, Gary, and was a pre-construction price to boot.
Isn’t this more than a bit out of your typical price range?
Although it’s possible that this was bought as raw space that would have been a pretty hefty price tag for raw space even back then. Plus the following description from that listing doesn’t sound like raw space to me” CHICAGO’S PREMIER RESIDENCE DESIGNED BY LUCIEN LEGRANGE. ONE-OF-A-KIND ELEGANCE IN THIS 5503SF PNTHSE”
Yes, this is outside my typical price range. And your point is…?