ML - Michigan Avenue

2012 - Issue 6 - October

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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BROKERS' ROUND TABLE to buy or not to buy AND JOANNE NEMEROVSKI. BY LISA SKOLNIK THERE ARE LOTS OF GOOD REASONS TO PURCHASE, CONCLUDE EXPERTS ROBERT JOHN ANDERSON, MICHAEL ROSENBLUM, F or Hamlet it would have been a life or death question. But fortunately, the decision of whether or not to buy is made much less stressful by the latest market data, which says that single-family home prices have jumped 4.5 per- cent, according to S&P/Case Shiller; home sales rose 23 percent in the first half of 2012 over the same period last year according to the Illinois Zillow, home values hit rock bottom in July and are on the rise. MA: What does the data tell us? Robert John Anderson, Michael Rosenblum, and Joanne Nemerovski discuss real estate at the Ogden International School. Association of Realtors; and nationally, reports Millennium Park hot neighborhoods because they feed into Ogden—and Lakeshore East is get- ting a new public K-4 school in the next few years. MA: Where are the smartest places to buy? RJA: Stay away from emerging neighborhoods for now. There isn't going to be a next 'new' thing for a while. In the Ogden district, I have a great listing for a two bedroom, two bathroom at 360 East Randolph Street for $750,000. In Bucktown, I have a single family with a coach house at 1930 North Honore Street for $1.175 million that feeds into Pulaski, an IB school. Robert John Anderson: Those are pretty good indicators that things are going to go up. And at 4 percent, interest rates are great right now. But they may go up after the election. " There isn't going to be a next 'new' thing for a while. Joanne Nemerovski: This is a great time to buy. If you rented a three-bedroom home in 2001, you've spent at least $60,000 a year on rent. That's $700,000 or more you could have used to buy a house. Michael Rosenblum: And demand is rising, so supplies are going fast. Plus, who knows what serious financial " because of all the bandages crises may hit next spring on the economy? MA: What's driving today's market? JN: Public schools. More people are staying in the city because they're improving. Demand in a neighborhood changes as schools change. For instance, Ogden International School is a show- case school, and everybody wants to be there. RJA: It has also made Lakeshore East and 124 MICHIGANAVEMAG.COM 657 West Fulton Street JN: When things get scary, people go with what they know. That's why these neighborhoods hold their value. I'm seeing a lot of action on two Lincoln Park listings in the Lincoln School dis- trict: a three-bedroom, two-and-a-half-bathroom co-op at 399 West Fullerton Parkway for $895,000 and a three-bedroom, three-and-a-half-bathroom single family at 2038 North Orleans Avenue for $2.395 million, which includes two rentals that produce almost $4,000 in monthly rentals. MR: River North is ideal because everything south of Chicago Avenue to the Chicago River feeds into Ogden. My 2,245-square-foot, three- bedroom, two-and-a-half-bath listing in The Montgomery for $975,000 is ideal for a family. There's also a 1,641-square-foot two-bedroom plus 2038 North Orleans Avenue den, two-bathroom penthouse at 657 West Fulton Street for $439,000, which feeds into Skinner School. Robert John Anderson, Baird & Warner, 312-980-1580; Joanne Nemerovski, Prudential Rubloff, 312-264-1100; and Michael Rosenblum, Koenig & Strey, 312-893-8162. MA PHOTOGRAPHY BY NATHAN KIRKMAN

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