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Homes at this value point are often located alongside Lake Michigan — a pair miles from Jordan’s former residence, she stated. And there’s not a strong marketplace for such expensive properties generally. The home’s closest competitors in Highland Park is a $9.seventy five million residence on Crescent Court.

The basketball nice first listed the house in 2012 at $29 million, and has since slashed the value to $14.eighty five million. But even after four value drops, a failed auction and unsuccessful advertising methods over time, the property stays unsold and faces vital promoting challenges, including a sagging suburban luxury market. On Monday, His Airness listed a 10,000-sq.-foot mountain hideaway in the ritzy ski city of Park City, Utah. But the Park City house, for which he paid $7.9 million, already looks a great bet to sell before the Highland Park property he’s been trying to promote since Barack Obama’s first term in office.

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Other former Chicago professional athletes have struggled to promote their houses at asking worth lately. Scottie Pippen, Jordan’s longtime teammate, off-loaded his 10,000-square-foot Highland Park residence for $2.25 million in 2018, down from the 2016 initial listing price of $three.1 million.

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When properties sit on the market unmoved, just like the Jordan property, a stigma generally develops around them, even when unfounded. “[Buyers ask] ‘Why has it been on the market for thus long? What’s incorrect with it? ’,” Bowers said. It’s a very completely different story in Highland Park.

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