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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10 percent in homes over a million but only up 3 percent in homes under a million. Any specific reason why this is happening now? KP: People sat on the sidelines for much of last year because of elections, but now we have a hot stock market and we're finally past the pre-recession prices. So everything from divorce, death, relocation, downsiz- ing, upsizing, schooling, and more is at play. How are sellers and buyers responding? MJ: Brokers are helping their sellers be creative. One strategy is to rent those ultra-high-end homes to high-profile clients, sometimes with options to buy. Some listings are reduced. I have two that are great values right now— a five-bed, six-bath home at 1440 North Dearborn Parkway for $6.85 million with two wine cellars, a two-car garage, a rooftop deck, and more, and a recently reduced condo at 161 East Chicago Avenue for $2.925 million that's three combined units at more than 4,000 square feet. KP: Brokers are also helping their buyers find the best value, which is often in resale rather than new construction. Hardly any new developments in the luxury market are under $1,000 per square foot. But you can find remarkable value in resales for $600 to $800 per square foot, and amenities that you can't get in new construc- tion—such as those wine cellars, outside spaces, and multiple parking spaces. We are marketing two such properties: an eight-bed, eight-and-a-half-bath home at 1939 North Howe Street, which is on three lots with multiple outside spaces and almost 11,000 square feet above grade. Another great value for the space and location is 55 West Goethe Street, No. 1248, a four-bed, four-bath townhome that is almost 3,500 square feet for $1.295 million. . PHOTOGRAPHY BY VHT STUDIOS At 4,000-plus square feet, this condo (HERE AND BELOW MIDDLE) in the tony Olympia Centre Building at 161 East Chicago Avenue boasts nearly unheard-of roominess—not to mention incredible views of the city and the landmark John Hancock Center. RIGHT: The grand 55 East Erie Street residential tower, just steps from Michigan Avenue. 118 MICHIGANAVEMAG.COM A stately brownstone in the heart of the Gold Coast, 1440 North Dearborn Parkway dazzles with designer finishes, charming rooms, a beautifully landscaped yard, a rooftop master suite, and more. SPACE BROKERS' ROUNDTABLE