Striking Gold in Chicago’s Gold Coast Real Estate
Earlier today Nicole and I had the boys out at the park, getting a breath of fresh air and running off some energy before nap time.
Amid the swinging swings and sliding slides we struck up a conversation with another parent who I had met one time previously. After bantering back and forth about mostly mundane issues she looked at me, paused and said in what I best guess was a funereal tone of voice - “And how are things with you.”
From our conversation months and months back she recalled that I was a Realtor and, given the reported state of the real estate market, I suppose she was looking to commiserate with me.
But through continued hard work, positioning, use of emerging technologies, and sheer knowledge of the Chicago real estate market my book of business representing buyers and sellers living in or relocating to Chicago remains dynamic for me and the team at The Real Estate Lounge Chicago.
And so, along the lines of the Mark Twain quote - “The reports of my death have been greatly exaggerated” - the public perception that the entire Chicago market is a shambles is somewhat overstated.
To give you a sense of how the market in Chicago is percolating, today (and with several upcoming posts) I will provide glimpses of activity in specific geographic areas where I am working with buyers and sellers.
Gold Coast
I am currently working with several buying clients in Chicago’s Gold Coast. The Gold Coast is Chicago’s wealthiest neighborhood (and the country’s second wealthiest behind New York’s Upper East Side). Demarcated (more or less) by North Avenue on the north, Division to the south, LaSalle to the west, Lake Michigan to the east, and extending down State Street through Walton to include to Oak Street and East Lake Shore Drive, this transcendent slice of the Chicago pie includes stately rowhomes, ornate coops, a few flights of modernism, and some handsome condos. There is a smattering of townhomes and a growing supply of new construction homes in the area’s southern quadrant that include some quite appealing condo-hotels. Single family homes are rare in the area and typically push the price envelope when they do appear. Coops often feature sizable monthly assessments as do vintage condos (though typically a fraction of a coop) but feature magnificent interior spaces and, occasionally, lake and or city views.
I love the Gold Coast nearly as much as my clients who purchase here. In an area where price is of no consequence to some consumers, I apprise my clients of the relative strengths or weaknesses of buildings. Typically this relates to a building’s financial state and the manner in which the building has been maintained in the course of its history. There are few things as disturbing to buyers as discovering that a special assessment is in the offing of a property they now own.
Another role that I play is to make sure my clients know that the coop they have fallen in love with will take a while to market when they are ready to move because of the $4000 a month assessment and peculiar financing requirements. Or the rambling vintage master work with its wonderful room sizes will need work that my team of craftsman can undertake such as electric, plumbing, carpentry, installation of space pak for central air, etcetera.
My clients will tell you that I am comfortable and adept at assuming this responsibility. As a realtor my job is not limited to the search, find and negotiation. But because I develop ongoing relationships with my clients predicated on trust and professionalism, it is critical that I provide counsel to them as it regards their real estate prior to, during and after a transaction. In other words, if I perceive something of consequence related to my clients’ transaction I will not stand by idly. My role is to share professional views and advice as needed.
As far as what is going on here in the past three months…
Single Family Homes
28 Active,1 Closed, 2 Under Contract
Houses range in price from $1.495MM to $12MM and, as you might imagine, feature several truly stunning homes like the $12MM residence at 25 East Banks
or the corner home at 43 East Burton that is listed at $9.45MM.
Condominiums and Cooperatives - 4 or more Bedrooms
55 Active, 1 Closed, 2 Under Contract
These mammoth homes range in price from $425k to $9.642MM. The least expensive home is something of an aberration with the bulk of this category occupying the seven-figure region. Some of the most attractive residences of this type in the Chicago Gold Coast real estate market include the Trump Tower
Another home that warrants a second and third look is a spectacular addition to the Chicago skyline in the form of the Chicago Spire
And another personal favorite is a 4700+ sf home at the Palmolive Building at the corner of Michigan and Walton.
For more information about what is percolating in Chicago’s Gold Coast as it relates to the real estate market, feel free to give me a call at 773.848.9241. Even if it is not about the Chicago real estate market, feel free to give me a call. I will tell you why I prefer Gibson’s over Morton’s for steak. Or why I think the Sunday buffet at the Four Season’s is spectacular.
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