Back in May when Oprah Winfrey listed her condo at 199 E Lake Shore Drive (unit 6E) for half what she paid for it at the bubble peak in August 2006 we knew she was going to be on the phone with Dr. Phil a lot. Not really. If anyone could handle a $2.8 MM loss Oprah could. And actually it's a co-op, not a condo.
22 days later it went under contract and this week it was reported that it closed for $2.75 MM about a month ago (late entry into the MLS) - a pretty easy $65,000 (assumed) paycheck for her realtor. Odds are that Oprah didn't shop around for the best commission deal. Like many she probably believed that the right realtor would have some magic dust that would get her a better price and a quicker sale. Well, she got the quick sale all right.
As I previously reported, Oprah had never actually lived in this co-op. In fact, the buyer doesn't even get autographed copies of the property disclosures because they simply say "Seller did not occupy the property". She also tried to sell it in 2008/ 2009 for $6 MM and then tried to rent it for $15,000/ month back in November.
Oprah's Neighbor Closes On Sale Of His Co-op Also
As I've said before I happen to think that East Lake Shore Drive is the nicest street in Chicago. If money were no object I would live there. Well, this week another big ticket closing was also reported just down the street from Oprah. Unit 12E at 209 E Lake Shore Drive was owned Michael Alper, the retired founder of Dollar Bills. The unit had been completely renovated with ultra modern finishes, with the exception of the library, which maintained a more traditional charm.
Listed at $7.25 MM the unit ultimately closed at $6.55 MM - just a hair above my hypothetical closing price in my original post on this property. It had only been on the market for 133 days.
Clearly there is plenty of money out there at the upper end.