Around a year ago, I wrote about a 30,000 plus square foot home fit for only a king, Villa Taj in Burr Ridge. In February, with a potential client trying to buy the place for $6mm, I learned that the seller wasn’t entertaining any potential buyers who can’t back up their interest with a $10mm documented net worth.
As of August 13 2010, the auctioneer has listed the property on the MLS for $13mm. My guess of the place selling for $12mm may not be so far off. As suspected, the co-op commission is listed as 1%. That means buying the place using a traditional agent, the buyers agent gets paid $130k. We think that is a bit much and under our model we’d rebate at least 50% of that amount to our client who closes on the purchase of this home.