What does pending sale of Michael Jordan’s Highland Park mansion mean for average Joe?

HIGHLAND PARK, Ill. (CBS) — The Chicago area real estate market marks a high-profile deal with Michael Jordan’s North Shore mansion finally under contract after more than a dozen years.
The sale is headline-grabbing news—but could it affect the real estate market for other luxury properties, or even average homeowners? For better or for worse, experts do not think so.
Nonetheless, the sale has those in the real estate industry excited.
“Finally—I mean, wow, is it really happening?” said North Shore luxury real estate broker and former CBS News Chicago sports anchor and reporter Megan Mawicke.
The 56,000-square-foot Jordan mansion property features a regulation-sized basketball gymnasium, a circular infinity pool, a putting green, a tennis court, and a cigar room. The house also has nine bedrooms, 19 bathrooms, five fireplaces, a massive den, and a super-futuristic kitchen with a huge center island.
It first went on the market in 2012, and is now under contract at last. This is good news for the real estate market in the North Shore suburbs, Mawicke said.
“We have just been on fire on the North Shore. We have had historic low inventory for three-plus years, so if you couldn’t move this house in this market, then it probably wouldn’t move,” she said. “So this makes total sense that this was the real estate market that it sells in.”
Mawicke said it is not known who bought the house, nor is the final price tag known yet. But the deal could set a new record for Highland Park.
Still, Mawicke describes the real estate market as hyperlocal—and does not expect the potential sale could affect other luxury properties, or the market for Average Joes.
That might be unwelcome news for the owners of a nearly 19,000-square-foot English Medieval-style manor in Harvard, Illinois, which is headed to auction on Oct. 29 with a suggested opening bid of $5.5 million.
Last month, the city of Chicago’s most expensive house sold for $15.25 million. Sotheby’s International Realty reported new owners closed on the 25,000-square-fooot house 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 last month.
An expert said the sales happening are evidence of strength in the market.
“I think you can take away that if people like that are parking their money in residential real estate, that our market is still strong,” said realtor Heidi Zimek. “It continues to be strong.”
Jordan initially listed his home at $29 million in February 2012—eventually moving the price to $14,855,000—the digits in that eight-figure number add up to Jordan’s jersey number 23, which also hangs on the front gate.
But it is unclear if the “23” will stay on that gate. The house is a now fan favorite with people visiting famous homes around Chicago, and the new owners may not want it that way.
“Whoever bought this house, if they are going to live in it, needs to be very comfortable with people outside that gate,” said Mawicke.