Sale of the Week
The Bulls’ John Salmons Rents in Glencoe
List Price: $3,295,000
Monthly Rent: $7,000
The Property: John Salmons, whose late-season acquisition by the Chicago Bulls is credited with boosting the team’s playoff push last season, is renting a French Provincial–style house in Glencoe.
Completed last year by Glasberg Homes but not yet sold, the house is on a prime lot of just over half an acre that faces the Glencoe Golf Course. (The house is off the market while Salmons is renting it.) It has a stone exterior, a slate roof, copper gutters, and a heated three-car garage. Inside there are five bedrooms, seven bathrooms, a two-story foyer with a dramatic staircase, and, in the basement, a kitchen, a movie theatre, and a wine cellar.
Salmons had been playing for the Sacramento Kings since 2006. In February, the Kings traded Salmons and Brad Miller, a former Bull, to Chicago in return for four players. A month later, Salmons tied his career high, scoring 38 points in a game as the Bulls beat the Boston Celtics. The Celtics would later bump the Bulls from the playoffs after a hard-fought first round.
He could not be reached for comment, but listen to Salmon last week talk about the team's momentum coming off of last season's playoffs.
Price Points: Renting the house may turn out to be a smart stalling tactic by Glasberg. Another builder house on the same block remains unsold at $2.15 million, and last week, two new builder houses elsewhere in Glencoe both sold as short sales (a situation where the lender approves selling the house for less than is owed on it.) One of those houses, originally priced at $1.69 million, closed October 1st for $1.24 million; the other house, priced at $1.6 million, closed the same day for $1.265 million.
Listing Agent: N/A
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Reader Comments:
that's a 392 P/E..... that house, if it sells, goes for no more than $2mil
JS turned out to be right. 14 months later, the house has sold for $1.95 million, or 52% of the original asking price. (John Salmons was traded to Milwaukee in February 2010).