Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!
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REAL ESTATE NEWS Market Facts THE STATS DON'T REVEAL SOME SURPRISING SPECIFICS ABOUT TODAY'S HOT LUXURY MARKET. BY LISA SKOLNIK T he real estate market hasn't matched the cooling weather. Sales of Chicago-area homes hit their highest point in seven years this summer, and values are finally showing significant gains. But the numbers don't tell the whole story. CONNECTED BENEFITS Officially, sell times are down to 61 days, but Baird & Warner broker Millie Rosenbloom (2762 N. Lincoln Ave., 312-6075882; bairdwarner.com) says it's more like a week for the really good luxury row or townhomes. That's how long it took her to sell a completely modernized 1891 five-bed, four-bath row home at 564 West Arlington Place, listed at $1.399 million at press time. And she expects her three-bed, three-bath 1988 townhouse with three-car garage at 2254 North Lakewood Avenue—just listed at press time for $1.05 million—to sell quickly, too. "Not everyone wants a single-family home," Rosenbloom notes. They're a lot to take care of, which is why many young families are opting The 1,000-squarefor town or row home developments with foot deck at 950 maintenance and security, like Sutton North Clark Street. Place and Beekman Place, two townhome developments on Goethe Street. "Both are undergoing a renaissance now as original owners move out and young families replace them, but they're selling very quickly," notes Koenig & Strey broker Nancy Joyce (900 N. Michigan Ave., 312-339-4949; koenigstrey.com), who is marketing a four-bed, three-and-a-half-bath, 3,824-square-foot townhouse unit at 1337 North Sutton Place for $1.15 million. One unit—a 3,968-square-foot four-bed, fourand-a-half-bath—is also currently available at Beekman Place for $950,000, listed by Prudential Rubloff's Eileen Brennan (980 N. Michigan Ave., Ste. 900, 312368-5388; rubloff.com). There's also "a high demand for townhomes with front courtyards and elevators, for a sense of community," says Baird & Warner broker Randi Pellar (737 N. Michigan Ave., Ste. 1800, 312-519-4806; bairdwarner. com), who's marketing a four-bed, threeand-a-half-bath, 3,450-square-foot unit with those amenities at 430 East North Water Street for $1.325 million. 140 A sitting room at 564 West Arlington Place. COMEBACK KID A rise in square-foot retail prices close to 10 percent may have been noted in the first half of this year by Appraisal Research Counselors, but a breakdown shows the best values are in the South Loop, which was a bust in 2011 as Related Midwest bought three failed Museum Park Condo Towers and Midwest Real Estate Data's BrokerMetrics noted that a home's average market time was 24.2 months. Prices actually rose 20.2 percent there, as opposed to 5.3 percent in the Gold Coast and 16 percent in River North. And "things will only go up, so units are a good value here," says Rosenbloom, who is marketing the once-stalled Richelieu Flats, at 318 South Michigan Avenue, an adaptive reuse of the once-renowned luxury hotel of the same name. LG Development bought the five-unit project (one unit per floor) from developer Louis D'Angelo in April and upgraded finishes, fixtures, and kitchens. The penthouse, a 4,200-square-foot duplex on the seventh floor with a 1,000-squarefoot terrace for $2.3 million ($3.6 million finished) has several interested buyers, but no contract 1530 South State as of press time. The four finished Street's living room 2,650-square-foot homes are has sweeping views of downtown. priced around $1.4 million; one has sold, leaving three free at press time. "Luxury single-families are a rarity here," says Prudential Rubloff broker Melinda Jakovich (980 N. Michigan Ave., Ste. 900, 312-9533425; rubloff.com). Her listing for 1815 South Prairie Avenue, a patrician four-bed, five-bath, 5,600-square-foot 2004 "brownstone," is a sure fast sell at $2.45 million. For carefree living, another luxe property new to the market is Unit 1007 at 1530 South State Street, a 2,750-square-foot three-bed and -bath duplex with 22-foot living room ceilings, two staircases, a private balcony, and a 332-bottle wine room. "It's an incredible value given the layout, finishes, appliances, and amenities," says The kitchen of 430 marketing agent @Properties broker East North Water Street. INSET: Broker Colleen Harper (618 W. Fulton St., Millie Rosenbloom. 312-617-3456; atproperties.com). MA MICHIGANAVEMAG.COM 140_MA_HP_RealEstate_October13.indd 140 9/17/13 4:07 PM