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/665995
PHOTOGRAPHY BY VHT STUDIOS (LAKE VIEW); ATANAS KAN (600 N. LAKE SHORE DR.) Jewels on the lake: A view to the northeast from 189 E. Lake Shore Dr.; INSET: Belgravia's 600 N. Lake Shore Dr. THE NEW PACE OF LUXURY SALES ARE SLOWING IN CHICAGO'S HIGH-END MARKET, WHERE THREE- BEDROOMS OR MORE REIGN SUPREME. BY LISA SKOLNIK The numbers from online real estate database Zillow say it all: Chicago's lower-than-average rising 2016 home value projec- tions (2.3 percent as opposed to 5 percent or more i n most markets) and falling home value growth in luxury zip codes (down 1.8 percent in the second half of 2015) are making it tough at the top. According to Baird & Warner statistics, there were 713 homes over $2 million on the market in March, up 20 percent from the same time last year, when 596 were listed. Brokers Julie Busby of Belgravia Realty Group (312-890-4818) and Julie Harron of Baird & Warner (312-953-6408) tell us what the surfeit means for today's buyer. Are luxury sales slowing down? Julie Busby: It depends on the property. Three-bedrooms are selling virtually the minute they come on the market. Julie Harron: High-luxury rental prices are rising faster than incomes, which is driving Gen Xers to buy larger homes and bringing prosperous Millennials into the market. Who's buying luxury now, and what do they want? JH: Boomers who want more carefree properties and Gen Xers who want bigger homes and have been dependent on Baby Boomers to sell. JB: But Boomers who are downsizing still want spacious îî 154 MICHIGANAVEMAG.COM SPACE BROKERS' ROUND TABLE