Saturday, February 1, 2014
Tuesday, January 28, 2014
How Rent-to-own Homes Work
Risks and Benefits to Buyers
For many people, a home will be the biggest purchase they ever make. Both buyers and sellers should carefully weigh their options before agreeing to any binding contract.
Let's look at some advantages and disadvantages for buyers:
• Buyers have time to build income and repair their credit history as they rent the house.
• Depending on the agreement, renters can walk away if they find something seriously wrong with the house. Although the renter will lose the option fee and all their rent credit money, that amount will be much less than if the renter had bought the house outright and tried to leave it later.
• Buyers still have to pay the upfront option fee. It's usually a percentage of the agreed-upon selling price of the home and is often only slightly more than the typical rental security deposit on the same home, but gives you the option to purchase the home.
• If the buyer is late on a month's rent payment, most agreements void the rent credit for that month. The buyer in the rent-to-own agreement must pay on time, every time. Pay your rent on time, or early, and you'll earn the benefit of rent credit toward the purchase price of the home. It's like putting hundreds of dollars in a savings account every month simply by paying your rent on time.
• At the end of the rental period, the buyer still may not be able to buy the home for the same reasons they couldn't buy at the start of the lease: bad credit, insufficient down payment, not enough income. The seller can't fix these issues for you, you have to decide to make changes to improve your life, then follow through with them. The rent to own contract gives you time to address these issues, and a powerful motivation to improve your situation.
• Major repairs -- like replacing a furnace or roof -- are usually the responsibility of the seller during the rent to own option period. But the minor repairs that used to be somebody else's problem in a rented apartment often become the responsibility of the new buyer, even during the rent to own option period. Home ownership has it's rewards, but it also has it's responsibilities. When you rent to own, you often take on homeowner like responsibilities, such as minor repairs up to $150.
-- by Sarah Siddons and Chris Opfer
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info. Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
For many people, a home will be the biggest purchase they ever make. Both buyers and sellers should carefully weigh their options before agreeing to any binding contract.
Let's look at some advantages and disadvantages for buyers:
• Buyers have time to build income and repair their credit history as they rent the house.
• Depending on the agreement, renters can walk away if they find something seriously wrong with the house. Although the renter will lose the option fee and all their rent credit money, that amount will be much less than if the renter had bought the house outright and tried to leave it later.
• Buyers still have to pay the upfront option fee. It's usually a percentage of the agreed-upon selling price of the home and is often only slightly more than the typical rental security deposit on the same home, but gives you the option to purchase the home.
• If the buyer is late on a month's rent payment, most agreements void the rent credit for that month. The buyer in the rent-to-own agreement must pay on time, every time. Pay your rent on time, or early, and you'll earn the benefit of rent credit toward the purchase price of the home. It's like putting hundreds of dollars in a savings account every month simply by paying your rent on time.
• At the end of the rental period, the buyer still may not be able to buy the home for the same reasons they couldn't buy at the start of the lease: bad credit, insufficient down payment, not enough income. The seller can't fix these issues for you, you have to decide to make changes to improve your life, then follow through with them. The rent to own contract gives you time to address these issues, and a powerful motivation to improve your situation.
• Major repairs -- like replacing a furnace or roof -- are usually the responsibility of the seller during the rent to own option period. But the minor repairs that used to be somebody else's problem in a rented apartment often become the responsibility of the new buyer, even during the rent to own option period. Home ownership has it's rewards, but it also has it's responsibilities. When you rent to own, you often take on homeowner like responsibilities, such as minor repairs up to $150.
-- by Sarah Siddons and Chris Opfer
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info. Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Tuesday, January 21, 2014
Zillow Forecasts 3 Percent Gain In Home Prices in 2014
Real estate giant Zillow combined data on unemployment rates, population growth and its proprietary Home Value Forecast to determine which direction the real estate market is headed, along with critical key factors associated with it. The results might surprise you.
First, home values will increase. While the increase isn’t much – 3 percent – it is good news for areas that have continued to sink lower and lower from a real estate perspective. The hottest housing market in 2014 will be the capital of Utah, according to Zillow.
For buyers, even though mortgage rates will near 5 percent by the end of the year, Zillow said getting a mortgage loan will be easier.
Erin Lantz, director of mortgages at Zillow, said that fewer homeowners will be refinancing due to higher interest rates. That loss of business will force lenders to compete for more new home loans to offset their losses from the refinance side of the business. The end result, she said, is that lending standards should loosen up.
While higher rates will make homes more expensive to finance – the monthly payment on a $200,000 loan will rise by approximately $160 – mortgage rates in the 5 percent range are still very low.
“Because affordability is still high in most areas relative to historical norms, rising rates won't derail the housing recovery,” Lantz said.
Still, she cautions, affordability is starting to become a concern for some booming markets, such as in parts of California. Many metros saw appreciation well above historic norms, sometimes 4 or 5 times their historic appreciation levels. As mortgage rates increase, home prices rise, and a larger housing supply is created by fewer underwater homeowners and more new construction, home values in those areas will see slower improvements.
Despite an easing of lending standards, don’t expect to see the lax lending that led to 7 in 10 people obtaining mortgages in the late 1990s and early 2000s. The homeownership rate will fall below 65 percent for the first time since 1995, according to Zillow, which is a more normal level.
-- By S.E. Slack
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We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
First, home values will increase. While the increase isn’t much – 3 percent – it is good news for areas that have continued to sink lower and lower from a real estate perspective. The hottest housing market in 2014 will be the capital of Utah, according to Zillow.
For buyers, even though mortgage rates will near 5 percent by the end of the year, Zillow said getting a mortgage loan will be easier.
Erin Lantz, director of mortgages at Zillow, said that fewer homeowners will be refinancing due to higher interest rates. That loss of business will force lenders to compete for more new home loans to offset their losses from the refinance side of the business. The end result, she said, is that lending standards should loosen up.
While higher rates will make homes more expensive to finance – the monthly payment on a $200,000 loan will rise by approximately $160 – mortgage rates in the 5 percent range are still very low.
“Because affordability is still high in most areas relative to historical norms, rising rates won't derail the housing recovery,” Lantz said.
Still, she cautions, affordability is starting to become a concern for some booming markets, such as in parts of California. Many metros saw appreciation well above historic norms, sometimes 4 or 5 times their historic appreciation levels. As mortgage rates increase, home prices rise, and a larger housing supply is created by fewer underwater homeowners and more new construction, home values in those areas will see slower improvements.
Despite an easing of lending standards, don’t expect to see the lax lending that led to 7 in 10 people obtaining mortgages in the late 1990s and early 2000s. The homeownership rate will fall below 65 percent for the first time since 1995, according to Zillow, which is a more normal level.
-- By S.E. Slack
*******************************************
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
Thursday, January 16, 2014
The Benefits of Rent-to-Own
A rent-to-own transaction affords opportunities for both buyers and sellers. The buyer and seller enter into an agreement that enables the buyer to rent the home with the intention of buying it. Typically, a contract is executed including an agreed-upon sale price, although sometimes the sale price will be left to a future independent appraisal of the property.
Rent-to-own contracts usually include a date by which the home will be purchased outright by the renter. Buyers and sellers can benefit from rent-to-own transactions. Depending on the conditions of the contract, either the seller or the buyer may be responsible for routine maintenance, major repairs, insurance and taxes.
Down Payment
One of the benefits of a rent-to-own opportunity for a buyer is that there is a much lower down payment required than in a conventional home purchase. Usually, rent-to-own contracts state that part or all of rent payments go toward a cumulative down payment for the renter, who will use the down payment to obtain a mortgage to buy the home at a later date. This allows the renter to build up a down payment over time using the money they’re already paying as rent, instead of having to scrimp and save extra cash from already stressed budgets.
Taxes and Insurance
Depending on the agreement, the renter may not have to pay taxes or homeowner’s insurance on the home. This must be negotiated when entering into a sale contract. If no taxes are paid, only renter’s insurance is needed to cover the contents of the home, and is less expensive than homeowner’s insurance.
Neighborhoods and Schools
Prior to obtaining a loan for the home, those who rent to own can find out if they are comfortable with the neighborhood and with the schools where their children will attend. If they are not, there are ways to opt out of the contract.
Condition of Property
By living in the home, buyers who rent to own have the advantage of gaining information about the home. In a relatively short amount of time, the renter discovers what condition the house is in and whether expensive repairs to major components of the house including the HVAC, roof and foundation, might be needed.
Fixed Purchase Price
Before signing the rent-to-own contract, a renter works with the seller/landlord to determine a fixed sale price of the home, or if the sale price will be determined at a later date by an independent appraiser. If a fixed sale price is determined, then the price remains the same throughout the time frame of the contract. Contractually, it cannot be increased, and neither can the payments.
Resident Buyer
For sellers, a rent-to-own candidate presents a significant convenience. The seller does not have to advertise for a buyer, enlist the assistance of a real estate professional or wait for someone to make an offer on the property. Instead, the seller has a captive audience -- a resident buyer.
Savings
Contracting with a renter to buy the home without using a real estate agent saves the seller a commission that otherwise would have cost several percentage points. Based on a 5-percent commission, the seller saves $10,000 on a $200,000 home.
Home Values
Regardless of whether home values decline, rent-to-own buyers are obligated to pay sellers the amount agreed to in the rent-to-own contract if they want to purchase the home. This benefits the seller, since declining home values don’t reduce the amount the seller receives in monthly rents. Of course, if the home declines in value, the renter does not have to purchase. They have the option to purchase – which is why rent to own contracts are often called “lease option” – but are not obligated to buy the home.
by Sherry Davis Zander, Demand Media
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info. Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Rent-to-own contracts usually include a date by which the home will be purchased outright by the renter. Buyers and sellers can benefit from rent-to-own transactions. Depending on the conditions of the contract, either the seller or the buyer may be responsible for routine maintenance, major repairs, insurance and taxes.
Down Payment
One of the benefits of a rent-to-own opportunity for a buyer is that there is a much lower down payment required than in a conventional home purchase. Usually, rent-to-own contracts state that part or all of rent payments go toward a cumulative down payment for the renter, who will use the down payment to obtain a mortgage to buy the home at a later date. This allows the renter to build up a down payment over time using the money they’re already paying as rent, instead of having to scrimp and save extra cash from already stressed budgets.
Taxes and Insurance
Depending on the agreement, the renter may not have to pay taxes or homeowner’s insurance on the home. This must be negotiated when entering into a sale contract. If no taxes are paid, only renter’s insurance is needed to cover the contents of the home, and is less expensive than homeowner’s insurance.
Neighborhoods and Schools
Prior to obtaining a loan for the home, those who rent to own can find out if they are comfortable with the neighborhood and with the schools where their children will attend. If they are not, there are ways to opt out of the contract.
Condition of Property
By living in the home, buyers who rent to own have the advantage of gaining information about the home. In a relatively short amount of time, the renter discovers what condition the house is in and whether expensive repairs to major components of the house including the HVAC, roof and foundation, might be needed.
Fixed Purchase Price
Before signing the rent-to-own contract, a renter works with the seller/landlord to determine a fixed sale price of the home, or if the sale price will be determined at a later date by an independent appraiser. If a fixed sale price is determined, then the price remains the same throughout the time frame of the contract. Contractually, it cannot be increased, and neither can the payments.
Resident Buyer
For sellers, a rent-to-own candidate presents a significant convenience. The seller does not have to advertise for a buyer, enlist the assistance of a real estate professional or wait for someone to make an offer on the property. Instead, the seller has a captive audience -- a resident buyer.
Savings
Contracting with a renter to buy the home without using a real estate agent saves the seller a commission that otherwise would have cost several percentage points. Based on a 5-percent commission, the seller saves $10,000 on a $200,000 home.
Home Values
Regardless of whether home values decline, rent-to-own buyers are obligated to pay sellers the amount agreed to in the rent-to-own contract if they want to purchase the home. This benefits the seller, since declining home values don’t reduce the amount the seller receives in monthly rents. Of course, if the home declines in value, the renter does not have to purchase. They have the option to purchase – which is why rent to own contracts are often called “lease option” – but are not obligated to buy the home.
by Sherry Davis Zander, Demand Media
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info. Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Tuesday, January 7, 2014
Michael Jordan's house on market for $16 million after failed auction
Michael Jordan has lowered the price on his art deco mansion to $16 million, nearly two years after first trying to sell it for nearly twice that amount.
The house is on seven-plus acres in Highland Park, Ill., about 25 miles north of Chicago.
The former NBA star first put it on the market in March 2012 for $29 million. The price was cut to $21 million nearly a year ago and then failed to sell at auction last month, when nobody made even the $13 million minimum bid.
The house was built in 1995 and has nine bedrooms, 15 baths, a cigar room, and a garage big enough to hold 14 cars. There's a huge home gym.
Katherine Malkin, the listing agent, said the most awesome home feature is the regulation sized basketball court.
"There's nobody -- man, woman or child -- who walks on the court who is not stunned by it," she said. "The lighting, the floor, everything is so beautiful."
With the court and finished lower level of the house included, the compound totals about 56,000 square feet.
Outdoors is a chipping range and putting green, tennis courts, a lily pond and a huge flagstone patio. The front entrance gate sports a giant number 23 -- not for the address but, of course, for Jordan's former number.
Malkin has had the listing for about a year and said there has been lots of interest in it, but few prospects qualify as serious buyers. Would-be purchasers must have enough liquidity to pay cash for the house in full before they can put in offers.
Last year, Jordan bought a house in his native North Carolina, one close to the home court of the Charlotte Bobcats, the NBA team of which he is now the majority owner.
The Illinois property is about three times larger than the new house and stands out in the neighborhood for its size and price.
"He was a very successful and sought-after personality and he built a compound to fit his lifestyle," said Malkin.
She said he has redone parts of the property over the years and it's in "perfect" condition. "Nobody kept a house better than he did," she said.
-- CNNMoney
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You probably can't buy Michael Jordan's home through Rent to Own, but I'll contact the listing agent and ask, if you can verify your ability to puchase the home first. ;)
We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.
Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!
Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!
Wednesday, October 30, 2013
2013 Chicago Area Home Sales Best Since 2007
If you've been renting for years, nervous about buying a home because of what happened to the economy, it's time to reconsider. The real estate market has recovered and is on the upswing. In some cities in America, such as Phoenix and Las Vegas, the rebound has fully recovered to pre-recession prices.
In the Chicago area, Midwest Real Estate Data, the "MLS" for Chicago-area Realtors, now reports that the number of homes sold, total amount of sales, and percentage increase in home values is now the best since 2007.
Home prices are climbing in the Chicago area, don't wait too long to look into options for buying -- such as locking in today's sales price with a Rent to Own contract. Call Adam at 630-697-4500 to find your new home!
LISLE, Ill., Oct. 22, 2013 (GLOBE NEWSWIRE) -- Midwest Real Estate Data (MRED), Chicagoland's multiple listing service (MLS), reported today that in both dollar volume and total transactions, 2013 is already the best calendar year in area real estate since 2007.
To date MRED sold real estate volume for 2013 totals over $24 billion resulting from nearly 103,000 closed transactions, surpassing all of 2012. MRED has not seen dollar or transaction volumes like this since 2007.
Chicago and the surrounding nine counties have experienced double-digit percentage gains from a year ago. The Chicagoland area has seen eight months of year-over year sales and median price gains. All indicators point in the same direction: a strong housing market.
"This confirms what we all already had a good sense of -- real estate is back," said MRED CEO Russ Bergeron. "The numbers don't lie. Not only are Realtors(R) busier than they've been in years, sellers are benefiting from the hotter market with increased home values. Assuming nothing takes our economy wildly off track, I see nothing but a very positive future for those in the real estate industry and those who own real estate."
In the Chicago area, Midwest Real Estate Data, the "MLS" for Chicago-area Realtors, now reports that the number of homes sold, total amount of sales, and percentage increase in home values is now the best since 2007.
Home prices are climbing in the Chicago area, don't wait too long to look into options for buying -- such as locking in today's sales price with a Rent to Own contract. Call Adam at 630-697-4500 to find your new home!
LISLE, Ill., Oct. 22, 2013 (GLOBE NEWSWIRE) -- Midwest Real Estate Data (MRED), Chicagoland's multiple listing service (MLS), reported today that in both dollar volume and total transactions, 2013 is already the best calendar year in area real estate since 2007.
To date MRED sold real estate volume for 2013 totals over $24 billion resulting from nearly 103,000 closed transactions, surpassing all of 2012. MRED has not seen dollar or transaction volumes like this since 2007.
Chicago and the surrounding nine counties have experienced double-digit percentage gains from a year ago. The Chicagoland area has seen eight months of year-over year sales and median price gains. All indicators point in the same direction: a strong housing market.
"This confirms what we all already had a good sense of -- real estate is back," said MRED CEO Russ Bergeron. "The numbers don't lie. Not only are Realtors(R) busier than they've been in years, sellers are benefiting from the hotter market with increased home values. Assuming nothing takes our economy wildly off track, I see nothing but a very positive future for those in the real estate industry and those who own real estate."
Tuesday, October 22, 2013
Michael Jordan's 56,000 Square Foot Home Set For Auction November 22nd
HIGHLAND PARK, Ill., Oct. 19, 2013 /PRNewswire/ -- New York-based Concierge Auctions is pleased to announce the November 22nd live auction of Michael Jordan's nearly 20-year residence in the chic Chicago suburb of Highland Park. The 56,000-square-foot estate, known as Legend Point, occupies 7.39 acres and is complete with a regulation-size NBA-quality basketball court, pool pavilion, tennis court, putting green, 9 bedrooms and 15 full and four half bathrooms. Previously offered for $29 million, Legend Point will be sold in cooperation with Katherine Chez Malkin of Baird and Warner Real Estate.
Click for photo tour.
"I have so many amazing, happy memories of my life in the house over the years," Jordan stated. "It's where my kids grew up. It's where I lived during my championship years. I still have business interests in Chicago, including my restaurants, and Chicago will always have a piece of my heart. It's a special place with incredible people, who embraced me from the day I arrived. But my kids are grown now and I don't need a large house there anymore."
"This home is so much more than most people imagine. Once you are behind the gate, the location affords complete privacy. The landscaping and positioning of the estate keep it from feeling overwhelming. The home, most of which was remodeled in 2011, is perfectly maintained, and obviously has all the bells and whistles, but is still very friendly," stated Malkin. "The main living areas are connected to the guest house and the pool and basketball pavilions, but if you weren't going to those areas, you need not pass through this square footage to be where you would typically spend most of your time. I am thrilled that Concierge Auctions is involved in this sale process. It seems like the most rational decision a business person could make. It compresses market time, brings forward interested buyers and affects a sale in the most professional way possible."
The home's family area is expansive and light-filled, featuring floor-to-ceiling windows, plush carpeting, a built-in aquarium and a fireplace. Likewise, the soaring two-story living room showcases the dramatic outdoor landscaping in its series of ten floor-to-ceiling windows. The property includes nine bedrooms, with six located in the primary residence. All include spacious closets and en suite bathrooms.
The contemporary main kitchen is a masterpiece of both design and functionality and includes a ventilated island food prep area with gas Gaggenau cooktop, double convection ovens, a combination steam oven and two dishwashers.
On the lower level of the primary residence, the home boasts an impressive card and cigar room with a custom-built, walk-in humidor, a 500+ bottle wine cellar, wine tasting room, sitting room and a fully-equipped, in-house beauty salon.
In 2001, a full-size, regulation basketball court was built to Jordan's exacting specifications. It features specially cushioned hardwood flooring, adjustable backstops and baskets and competition-quality, high-intensity lighting. The court also includes a custom sound system with speakers expressly tuned for the court space. Adjacent to the basketball court are locker rooms and showers, as well as a circular lounge with comfort table leather chairs and a built-in HDTV.
The home also includes a pool pavilion, built in 2009, that links the primary residence with the guest wing. The design features a retractable electric canopy that, with the touch of a button, can transform the enclosed room to an extraordinary indoor/outdoor experience. Located directly off the pool pavilion, the three-bedroom guest wing offers a gourmet kitchen, en suite bathrooms and built-in furnishings.
Located 23 miles north of Chicago with easy access to the city, Highland Park boasts some of the region's most beautiful and exclusive homes. Here, residents enjoy small town comforts with big city advantages, with a strong emphasis on recreation and culture. The Chicago Symphony summers in Highland Park every year, and the city plays host to the well-known Ravinia Festival, an open-air concert series during the summer. With lakefront parks and beaches on Lake Michigan, Highland Park has plenty of outdoor activities to keep residents busy, and its bustling downtown shopping district is a strong indicator of the vibrancy of this community.
"Many of the world's most desirable items are sold at auction, and Concierge Auctions is the hands down leader when it comes to auctioning one-of-a-kind real estate," added Jordan. "By working with them, I know that on November 22nd, the day of the auction, my house will have been seen by a worldwide audience, and I'll have a sale with a closing in 30 days."
"Mr. Jordan hired us because he understands the benefits of the auction process for selling incomparable assets. The value of Legend Point not only lies in its history as his long-time residence but also in every unique facet of the property — the quality of design, extensive amenities and sheer size of the estate," stated Laura Brady, President of Concierge Auctions. "While there is no pre-set minimum or reserve, buyers will have the ability to submit opening bids with their registrations. The ultimate selling price will simply be determined by the bidders on auction day."
The auction of 2700 Point Lane in Highland Park, Illinois will be held on November 22nd. A 2.25% commission is offered to the buyer's representing broker. The property will be open for qualified showings by appointment. See Auction Terms and Conditions for full details. For more information visit ConciergeAuctions.com, call 877.762.9436, or join the social discussion at #MJAuction.
About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-net-worth sellers nationwide through an accelerated marketing process that obtains fair market value for unique, high-end properties in a 60-day timeframe. The company has executed auctions in 25 U.S. states from New York to Hawaii, typically valued between $2.5 million and $20 million, and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all U.S. states and 109 countries and territories. The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury properties over the past 10 years. The firm has sold over $400 million in properties since its founding in 2008. For more information, call 888-966-4759 or visit ConciergeAuctions.com.
This property is listed for sale by Baird and Warner (Lic#477.010810), 737 N. Michigan, Ste 1800, Chicago, IL 60611
Click for photo tour.
"I have so many amazing, happy memories of my life in the house over the years," Jordan stated. "It's where my kids grew up. It's where I lived during my championship years. I still have business interests in Chicago, including my restaurants, and Chicago will always have a piece of my heart. It's a special place with incredible people, who embraced me from the day I arrived. But my kids are grown now and I don't need a large house there anymore."
"This home is so much more than most people imagine. Once you are behind the gate, the location affords complete privacy. The landscaping and positioning of the estate keep it from feeling overwhelming. The home, most of which was remodeled in 2011, is perfectly maintained, and obviously has all the bells and whistles, but is still very friendly," stated Malkin. "The main living areas are connected to the guest house and the pool and basketball pavilions, but if you weren't going to those areas, you need not pass through this square footage to be where you would typically spend most of your time. I am thrilled that Concierge Auctions is involved in this sale process. It seems like the most rational decision a business person could make. It compresses market time, brings forward interested buyers and affects a sale in the most professional way possible."
The home's family area is expansive and light-filled, featuring floor-to-ceiling windows, plush carpeting, a built-in aquarium and a fireplace. Likewise, the soaring two-story living room showcases the dramatic outdoor landscaping in its series of ten floor-to-ceiling windows. The property includes nine bedrooms, with six located in the primary residence. All include spacious closets and en suite bathrooms.
The contemporary main kitchen is a masterpiece of both design and functionality and includes a ventilated island food prep area with gas Gaggenau cooktop, double convection ovens, a combination steam oven and two dishwashers.
On the lower level of the primary residence, the home boasts an impressive card and cigar room with a custom-built, walk-in humidor, a 500+ bottle wine cellar, wine tasting room, sitting room and a fully-equipped, in-house beauty salon.
In 2001, a full-size, regulation basketball court was built to Jordan's exacting specifications. It features specially cushioned hardwood flooring, adjustable backstops and baskets and competition-quality, high-intensity lighting. The court also includes a custom sound system with speakers expressly tuned for the court space. Adjacent to the basketball court are locker rooms and showers, as well as a circular lounge with comfort table leather chairs and a built-in HDTV.
The home also includes a pool pavilion, built in 2009, that links the primary residence with the guest wing. The design features a retractable electric canopy that, with the touch of a button, can transform the enclosed room to an extraordinary indoor/outdoor experience. Located directly off the pool pavilion, the three-bedroom guest wing offers a gourmet kitchen, en suite bathrooms and built-in furnishings.
Located 23 miles north of Chicago with easy access to the city, Highland Park boasts some of the region's most beautiful and exclusive homes. Here, residents enjoy small town comforts with big city advantages, with a strong emphasis on recreation and culture. The Chicago Symphony summers in Highland Park every year, and the city plays host to the well-known Ravinia Festival, an open-air concert series during the summer. With lakefront parks and beaches on Lake Michigan, Highland Park has plenty of outdoor activities to keep residents busy, and its bustling downtown shopping district is a strong indicator of the vibrancy of this community.
"Many of the world's most desirable items are sold at auction, and Concierge Auctions is the hands down leader when it comes to auctioning one-of-a-kind real estate," added Jordan. "By working with them, I know that on November 22nd, the day of the auction, my house will have been seen by a worldwide audience, and I'll have a sale with a closing in 30 days."
"Mr. Jordan hired us because he understands the benefits of the auction process for selling incomparable assets. The value of Legend Point not only lies in its history as his long-time residence but also in every unique facet of the property — the quality of design, extensive amenities and sheer size of the estate," stated Laura Brady, President of Concierge Auctions. "While there is no pre-set minimum or reserve, buyers will have the ability to submit opening bids with their registrations. The ultimate selling price will simply be determined by the bidders on auction day."
The auction of 2700 Point Lane in Highland Park, Illinois will be held on November 22nd. A 2.25% commission is offered to the buyer's representing broker. The property will be open for qualified showings by appointment. See Auction Terms and Conditions for full details. For more information visit ConciergeAuctions.com, call 877.762.9436, or join the social discussion at #MJAuction.
About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-net-worth sellers nationwide through an accelerated marketing process that obtains fair market value for unique, high-end properties in a 60-day timeframe. The company has executed auctions in 25 U.S. states from New York to Hawaii, typically valued between $2.5 million and $20 million, and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all U.S. states and 109 countries and territories. The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury properties over the past 10 years. The firm has sold over $400 million in properties since its founding in 2008. For more information, call 888-966-4759 or visit ConciergeAuctions.com.
This property is listed for sale by Baird and Warner (Lic#477.010810), 737 N. Michigan, Ste 1800, Chicago, IL 60611
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