ML - Michigan Avenue

2012 - Issue 8 - December 2012/January 2013

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 timely trends COLDER TEMPERATURES DON'T ALWAYS LEAD TO A COLDER MARKET. BY LISA SKOLNIK W hen temperatures cool and the holidays roll around, the market traditionally Triple Play W dies down. But some intriguing properties are keeping things hopping. hen 1430 North Lake Shore Drive was completed in 1928, the Chicago Tribune declared the 25-story English Gothic "the last word in luxury." It boasts one apartment per floor; every unit is 4,700 to 5,200 square feet and was built with wood-burning fire- places, five bedrooms, five and a half bathrooms, linen rooms, cedar clos- ets, and silver vaults. The co-op's 24 coveted units "rarely come on the mar- ket," notes Koenig & Strey vice president and managing broker Jeani Jernstedt. Yet right now, three are up— most notably Unit 14, listed by Jernstedt for $2.745 million (847-707- 1868, jjernstedt@koenigstrey.com). It's on the level where the build- ing jogs in at the rear to lose a 500-square-foot bedroom, but in exchange gains a huge outdoor terrace. Also for sale in the build- ing is Unit 17, listed for $3.895 million with Coldwell Banker broker 7525, which Jenny Ames a (312-440- jenny@jenniferames.com), features gourmet kitchen, paneled library, and home theater. And Unit 7 at $3.2 million with Koenig & Strey broker Heather Bilandic (312-543- 8659, hbilandic@koenigstrey.com), which has an extra 500 square feet, has been noted in local and national publications Deal By Design R for its exquisite renovation and stun- ning décor. eal estate is always pricey on East Lake Shore Drive, consid- ered Chicago's Goliath of elite streets, due to its David-sized one-block span that maximizes exclusivity. But at $1.24 million, a 3,500-square-foot three-bed- room, three-and-a-half bathroom 134 MICHIGANAVEMAG.COM either side of a family room. Also selling under the radar is a full- floor, 4,200- square-foot condo at 1325 North Astor Street for $2.9 million, marketed by Koenig & Strey broker Mary Bennett (312-893-3551, marybennett@ The living room of a $2.9 million condo at 1325 North Astor Street. koenigstrey.com). "It comes with the rights to build a 3,000-square-foot terrace over plete with renderings from the architect," says Bennett. MA the garage, com- The kitchen of Unit 5W at 229 East Lake Shore Drive. The exterior of 1325 North Astor Street. unit at 229 East Lake Shore Drive (Unit 5W) is a steal. "It's $354 per square foot, and apartments usually go for twice that much or more per foot on the block," says Prudential Rubloff luxury residential bro- ker Janet Owen (312-218-2382, rubloff.com). Another unit jowen@ the same size (8E) sold for $2.2 million, or $628 per square foot, in July. Comparable units on the block are also priced much higher, such as 179 East Lake Shore Drive's 3,045-square-foot Unit 21E for $2.575 million. Why the stellar price? "Properties that start out too high often go for less than they should had they been priced right from the beginning. We set a price that would be more than fair because the homeowners are relo- cating for work," explains Owen. Out-of-Pocket Pads W A master bedroom at the English Gothic 1430 North Lake Shore Drive. the MLS as hen sellers don't want prospective buyers traipsing through their places, they market off their properties "exempt" or "pocket" listings. Right now, two great properties are hitting the market this way. First up is Koenig & Strey broker Michael Rosenblum's own 3,200-square- foot rowhouse in River North's City Club for $1.5 million, where celebrity owners include hockey star Corey Craw ford and actor Vince Vaughn. "The area is hot, and this is the only rowhouse that is for sale right now," says Rosenblum (312-893-8162, mrosenblum@koenigstrey.com). His features custom twin terraces, each 250 square feet, flanking

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