The once high-flying Chicago luxury market is now sputtering and one former Boeing chief executive is buckling in for what could be a bumpy ride.
Retired chairman and CEO James McNerney and his wife Haity are looking to sell their Lake Forest mansion at just under $4.8 million, about 37 percent less than what they paid, Crain’s reported.
They paid $7.6 million for the property at 1291 Elm Tree Road in August 2006. James McNerney retired from the aerospace giant as chairman in 2016, and had been CEO for a decade. The French country-style home has five bedrooms and eight bathrooms. It was built in 1930 and sits about a block away from the shores of Lake Michigan. The 2.25-acre property includes a guest house, lap pool and a wine cellar.
But that hasn’t stopped some homeowners from listing their luxury properties far above what they sold them for. In Hinsdale, a couple recently put their 12,000-square-foot Hillcrest Avenue mansion on the market for just under $6 million. They bought it for $3.3 million in 2014.
Also bucking the trend are condo units in JDL Development’s Gold Coast condo tower No. 9 Walton. The building recently sold out, and some of its owners — celebrities included — have been flipping units for tidy profits in the last year. [Crain’s] — Jacqueline Flynn