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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REAL ESTATE NEWS deals and steals THEY'RE OUT THERE, BUT YOU HAVE TO KNOW WHERE TO LOOK. BY LISA SKOLNIK I n real estate, there's one golden rule that can't be ignored: Speed is of the essence. Homes with all the right stuff are selling fast right now, so make haste. Best Buys L uxury co-ops are hot. "They've become a great value," says Baird & Warner's Mary O'Connor (312-981- 2774). "Prices are down and co-op boards are becoming more coopera- tive, no pun intended. They've relaxed their purchasing restrictions on how much can be financed, and the days of daunting interviews are over." Thanks to realistic pricing, low interest rates, and the sheer size and beauty of the units, O'Connor sold nine co-ops by September this year, grand vintage units 2,560-square-foot, bedroom, including three on North Lake Shore Drive. But the best deal was a three- three-bath unit with a parking space at 1335 North Astor Street for $450,000. O'Connor is mar- keting a similar Astor Street unit for $325,000, down from $349,000. New Kids on the Block T wo new luxury rentals tural right in the thick of things are sure to lease up quickly. Traditionalists will fall for the classy rehab that Waterton Residential is undertaking on the 260 studios to two-bedroom units in The Seneca (200 East Chestnut Street), a 17-story apartment hotel built 2628 North Lakewood Avenue room units range from $1,800 to $5,000 and the building is 82 percent 1225oldtown.com). Perfect Tens H for the ome sales are up and inven- tory is down in the Chicago area fourth The Seneca is a 17-story apartment building undergoing modernization. 229 East Lake Shore Drive straight month, according to the S&P/ Case-Shiller index released at press time. But "most of the activ- ity is taking place in the $200,000 to $850,000 range, when you get over and that price point, the inventory really climbs," notes Bill Stegeman (773-697-5600), managing broker of Baird & Warner's Lincoln Park office. At the upper levels, houses in perfect shape go quickly, he notes. Baird & Warner broker Millie Rosenbloom (312-980-1517) put a $3.45 million architec- stunner at 333 West Barry Avenue under contract in four days (it closes in December). She's market- ing another place that she says won't last long: 2235 North Burling Street, a restored 4,000-square-foot four- bedroom, four-and-a-half-bath in the '20s. They're restoring and moderniz- ing each unit and adding amenities such as 24-hour door staff, a fitness center, and dry cleaner. Rents range from $1,265 to $3,021, but snagging one takes work. "We're renting them out as soon as they're done, and there's no wait list," says marketing manager Lauren Dolan (312-787-8900; watertonresidential.com). Modern types can head to 1225 Old 128 MICHIGANAVEMAG.COM 2235 North Burling Street historic row house. And newly listed by Prudential Rubloff broker Joanne Nemerovski (312-720-4505) is 2628 North Lakewood Avenue, a Tuscan-inspired five-bedroom, five-and-a-half-bathroom urban villa, which spans almost two and a half lots; the villa is listed for $3.195 mil- lion and designed by architect Paul Froncek. MA noted leased (312-750-1225; Town (1225 North Wells Street) for sleek pads with lots of windows and every ame- nity in the book, right down to a private dog run and a new grocery store (Plum Market) spring. Studios coming this to three-bed-