Michael Jordan's home sale not boosting property values

All the media hubbub attending Michael Jordan's offering his Highland Park home for sale for $29 million doesn't seem to have boosted property values or sales velocity in the Architecture Point subdivision in which is home is located. Five of the 8 parcels in the subdivision are currently on the market.

A 6-bedroom, 7 ½ bath, 8,318 square foot home at 1530 Museum Dr (arrow, above) just came on the market at a list price of $1,469,000. The home, which is slightly more than an acre, has a reported property tax bill of $57,107 and had previously been listed for $2.05M. An adjacent vacant lot that sold for $600,000 10 years ago is currently being offered at $450,000. The contemporary home next door, at 1500 Museum Dr, sold for $700,000 a year ago.

A nearby 5-bedroom, 6 ½ bath home at 2650 Point Ln has been on the market for 40 days with a current asking price of $1,195,000. Property taxes are reported at $26,801.

A bit closer to the Jordan property, 2670 Point Ln is listed at $899,000, just under half of what it sold for in 2009. The property tax bill is reported to be $37,458. According to a Redfin agent note, the home "is very rundown and has standing water in the basement. Needs a ton of work."


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  • 1. You didn't say if Mike's sold. If it is still overhanging the market, that doesn't help property values.

    2. In any event, these can't "be like Mike." A $29 million dollar home is not comparable to those that, I correctly predicted, were listed at about $1.5 million.

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