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!
Issue link: http://digital.greengale.com/i/61757
real estate The stunning contemporary office at 11 East Walton Street's Unit 3801. The light-filled living room at 219 East Lake Shore. 888 South Michigan features a grassy backyard with terrace. continued from page 130 larger ones, are snapped up hours after they come up," notes Jaffe. Sweet OutSide RetReatS W ith spring in the air, it's the perfect time to check out a handful of listings with exceptional outdoor spaces. Big-ticket Baird & Warner bro- ker Katherine Chez Malkin (312-576-5200) maintains that the terrace off the two-bedroom, 2.5-bathroom condo she's marketing for $2.8 million at 219 East Lake Shore Drive "is the most beautiful one I've ever seen in the city." You get a resort three-bedroom, in the sky with the 3,300-square-foot, 2.5-bathroom penthouse Kathleen Malone (773-600-1551) is marketing at 888 South Michigan Avenue for $1.85 million. Closer to the ground, the rambling garden sur- rounding a three-story, 5,500-square-foot Old Town home on a double lot at 1330 North Cleveland is filled with magic moments—from winding stone paths and a veritable grove of flowering trees to dramatic sculptures and a modernist fire pit. At $2.695 million it may be the sweetest deal for space and land on the mar- ket this close to downtown. "If it were a few blocks north in Lincoln Park, it would be twice the price," says Prudential Rubloff broker Leslie Glazier (312-208-3444), who is marketing the property. Ma 132 michiganavemag.com B uilding sky-high sales figures usually takes decades in residen- tial real estate, but @properties broker Kathleen Malone (773-600-1551), 33, hit the $46 million mark in 2011—just seven years after shifting to the field from politics. In 2011, she was @proper- ties's top seller, the third-ranked female broker in Chicago, and sixth highest in the city for both sexes. And she's no one-year wonder: In the first month of 2012, she already booked $12 million in sales. What's your specialty? I fell into luxury when I joined the sales team at Six North Michigan, then took over as sales director at the Elysian (now the Waldorf-Astoria Chicago) in November 2010. We sold the last 12 units by August 2011. What have you found luxury clients want most? The biggest draw is exclusivity: For the Elysian, it was the fact that there are only 51 apartments. For a single family, it may be about being on a specific block or close to a certain school. confessions of a power broker HIGH-FLYING REALTOR KATHLEEN MALONE SAYS EXCLUSIVITY IS THE KEY TO LUXURY SALES. " Realistic remodeling should be high on sellers' priority lists. " If you wanted to invest in real estate, which neighborhood would you choose? Right now, everything in the Millennium Park area is a great value. It's particularly appealing to culture vul- tures, who like to go to concerts or museums. What kinds of properties hold their value the best? Single-family homes in desirable neigh- borhoods have always ruled in this area, but that's changing, especially for larger luxury residences in the most desirable buildings, such as the Elysian, The Palmolive, and Park Tower. What's the most important question a buyer should ask a seller? For houses, ask about the roof, mechanical systems, and recent structural improvements. In buildings, ask about capital improvements, management, and reserves to protect your investment. Any advice for buyers? A lot of buyers are totally overanalyzing things, and in the process, they're missing the big picture. This is the biggest investment you're going to make, and you have to love where you live.