HIGHLAND PARK, Illinois (CBS) — The Chicago area real estate market is marking a high-profile deal involving Michael Jordan’s North Shore mansion finally under contract after more than a dozen years.
The sale is making headlines, but could it affect the real estate market for other luxury properties or even average homeowners? Experts don’t think so, for better or worse.
Still, people in the real estate sector are enthusiastic about the sale.
“Finally, I mean, wow, it’s really happening?” said Megan Mawicke, a North Shore luxury real estate agent and former sports anchor and reporter for CBS News Chicago.
The 56,000-square-foot Jordan Mansion property features a regulation-sized basketball gym, a circular infinity pool, a putting green, a tennis court and a cigar room. The home also has nine bedrooms, 19 bathrooms, five fireplaces, a massive den and a super-futuristic kitchen with a massive center island.
It first hit the market in 2012 and is now finally under contract, which is good news for the North Shore suburban real estate market, Mawicke said.
“We just got burned on the North Shore. We’ve had an all-time low inventory for over three years, so if you couldn’t sell this house in this market, it probably wouldn’t sell,” she said. “So it makes perfect sense that this was the real estate market that it sold in.”
Mawicke said it is not known who bought the home, nor is the final price known. But the deal could set a new record for Highland Park.
However, Mawicke describes the real estate market as hyper-local and does not expect the potential sale to have any impact on other luxury properties or the market for the average citizen.
That could be unwelcome news for the owners of a nearly 200,000-square-foot English medieval manor house in Harvard, Illinoiswhich will be auctioned on October 29 with a suggested opening bid of $5.5 million.
Last month, the most expensive house in the city of Chicago sold for $15.25 million. Sotheby’s International Realty reported that new owners closed last month on the 25,000-square-foot home at 1932 N. Burling St. in Lincoln Park, just south and east of the intersection of Armitage Avenue and Halsted Street, for $15.25 million.
According to one expert, the sales are proof that the market is strong.
“I think you can take away that if people like that are putting their money in residential real estate, our market is still strong,” said real estate agent Heidi Zimek. “It’s going to be strong.”
Jordan initially listed his home for $29 million in February 2012—bringing the final price to $14,855,000—the numbers in that eight-figure sum represent Jordan’s jersey number, #23, which also hangs on the gate.
But it’s unclear whether the “23” will remain on that gate. The house is now a favorite of people who visit Chicago’s famous homes, and the new owners may not want that.
“Whoever bought this house and moved into it must feel very comfortable with people outside the gate,” says Mawicke.
