If The Lesson is Good Enough for Trump and Jordan, It’s Good Enough for You
How realistic are the initial asking prices of some of the grandest Chicago-area homes? Often, not very.
Crain’s Chicago Business recently wrote a feature story on what it called the fantasy listing prices of the most expensive homes in and around Chicago.
According to the story, many luxurious homes listed by the area’s wealthiest resident’s start out with asking prices in the stratosphere before, eventually, they fall to a more reasonable level. Now, “reasonable” is certainly subjective. Many of these homes still sell for millions of dollars.
The Crain’s story gives a couple of good examples in Chicago. Donald Trump listed his 89th-floor penthouse suite at his Chicago high-rise for $32 million. As Crain’s reports, Trump didn’t budge from that asking price for three years. But finally, he sold the unit last December for a far-lower $17 million.
The story also cites former Chicago Bulls star Michael Jordan. Jordan is trying to sell his estate in Highland Park, a property that has been on the market since 2012. The basketball legend is asking more than $14.8 million for it today. Originally, he listed it for a far-higher asking price of $29 million.
These homes might seem like fantasy properties. But the lessons that Trump and Jordan have learned are important ones: No matter what kind of home you are selling, it’s important to price it properly. As Trump and Jordan have found, buyers today will not pay more than what the market says a condominium or single-family home is worth.
My advice remains the same: When listing your Chicago home, work with a REALTOR® who knows your neighborhood. This professional can help you set the right asking price, the price that will increase your odds of getting fair offers and selling your home in the shortest amount of time possible.