New Year's Eve/2AM New Year's Day, my roommate and I left the apartment to walk to the store - walking down back steps (facing East), we both saw a red-orange ball flying in a straight path Northbound, possibly over the Lake. We both studied it's movements: it flew in a straight line, descending and changing direction slightly (heading further Eastward) after approximately 2-3 minutes. It suddenly disappeared, so we continued walking, only to pass a small group of people who had not seemed to have seen anything strange; after they passed us, the ball reappeared for approximately 1-2 more minutes, but then we lost sight of it as it descended and buildings obstructed our view. There were no fireworks at that time, nor were there any other aircrafts in the sky, which we found unusual because we usually see planes descending toward the airport all day and night.The orb was reddish-orange in color, initially more red, with a matte/flat appearance and an orange-ish glow around the edges. The movements were very controlled, like an airplane's might be. When I first saw it, I assumed it was a light from a plane, but it was much too large for that and travelling the wrong direction. It was not the right shape to be an actual plane itself, but I thought it could maybe have been the light. My roommate disagreed, also stating she did not think it was a drone. It looked too large and close to be a satellite.