Chicagoland Real Estate Gossip: The Latest Drama in the Market
Welcome to another episode of As the Skyline Turns, where the real estate market in Chicago never fails to entertain! From billionaires losing millions to legendary basketball icons finally closing a deal, let’s dive into the latest happenings in Chicagoland real estate.
Ken Griffin’s Costly Goodbye
If you thought losing money on real estate was reserved for us mere mortals, think again! Billionaire Ken Griffin just took a $15 million loss on his Gold Coast penthouse at 9 West Walton. Originally purchased in 2017 for $34 million, Griffin recently offloaded it for just $19 million. Ouch.
For those keeping score at home, that’s a 44% loss—something even the Chicago Bears would rather avoid. This high-profile sale reflects a broader trend in the city’s luxury market, where some big-ticket properties are struggling to hold their value. Crime concerns, political shifts, and a fluctuating economy are all playing a role. But hey, at least he’s not trying to unload a timeshare in Florida.
Chicago’s Luxury Market: On the Rebound?
While some are losing their shirts, others are cashing in. After a rough couple of years, Chicago’s luxury condo market appears to be bouncing back. There was a noticeable uptick in sales in 2024, proving that just like deep-dish pizza, some things are timeless.
Still, the competition is fierce, and sellers need to pull out all the stops to make their properties shine. We’re talking heated driveways, skyline views, and maybe even a free year of Lou Malnati’s to sweeten the deal.
Commercial Real Estate: Is It Finally Time to Cheer?
In a surprising turn of events, Chicago’s commercial real estate market is showing signs of life! The former Groupon headquarters recently sold in the largest Chicago office deal since 2022.
And if that’s not enough optimism for you, experts at the Chicago Commercial Real Estate Forecast Conference are predicting a strong 2025. Whether this means a full-blown comeback or just a momentary glimmer of hope remains to be seen, but for now, we’ll take it!
Michael Jordan Finally Scores (A Buyer)
Michael Jordan might be the GOAT on the court, but when it comes to selling real estate, even he’s faced challenges. His Highland Park mansion has been on the market for 12 years. Yes, twelve. But finally, it’s under contract!
Originally listed at $29 million in 2012, the estate went through several price cuts before finding a buyer. No word yet on whether Air Jordans were included in the deal, but if this house has the same magic as his sneakers, the new owner just made a great investment.
Home Prices Are Climbing
For those looking to buy in Chicago, brace yourselves: home prices are continuing to rise. The median sale price hit $369,009 in January 2025, an 8.1% jump from last year. While not as dramatic as Griffin’s losses or Jordan’s patience-testing listing, it’s still a sign that Chicago’s housing market isn’t slowing down anytime soon.
Final Thoughts: Real Estate in Chicago is Never Boring
Whether it’s billionaires losing fortunes, basketball legends finally closing deals, or office spaces finding new life, the Chicago real estate market is always an adventure. If you’re looking to buy, sell, or just enjoy the drama, now’s the time to stay tuned!
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