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/786768
PHOTOGRAPHY BY POSITIVE IMAGE. OPPOSIITE PAGE : PHOTOGRAPHY BY VHT STUDIOS Realtor.com predicts Chicago's 2017 home sales will rank dead last among the nation's 100 largest metro areas. For now, though, the market is on fire—especially the luxury sector. Homes under contract in December 2016 soared 33 percent over the same period in 2015, yet there were fewer homes on the market in January than any time in the past decade, according to Chicago Association of Realtors data that goes back to January 2007. What gives? Two of Chicago's top luxury brokers, Baird & Warner's Rick Druker (312-607- 5115) and @properties' Emily Sachs Wong (312- 286-0800), help us take the market's temperature. MA: Do you believe the gloomy prediction about Chicago's market? RD: We were having a record year in luxury until the election, and it hasn't slowed down. No. 9 Walton is over 90 percent sold at well over $1000 per square foot—the highest prices ever seen in Chicago—and now the same developer, JDL, is giving 2 W. Delaware a full-blown luxury upgrade. New sells; sizzle sells; and full-amenity buildings are in high demand. ESW: People are optimis- tic about the economy right now because the stock market is high, and buying because they know that interest rates are going up. Look at 400 W. WHAT'S HOT FOR '17 IN THE LUXURY MARKET? IT'S NOT WHAT YOU THINK. BY LISA SKOLNIK TEMPERATURE CHECK Lincoln Park luxury is hot hot hot, as shown by two primo properties at (from top) 2043 N. Dayton St. and 2225 N. Dayton St. 96 MICHIGANAVEMAG.COM SPACE BROKERS' ROUND TABLE