ML - Michigan Avenue

2014 - Issue 3 - May/June

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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I t's not surprising that the latest S&P/Case-Shiller numbers show that single-family home prices in the Chicago metropolitan area jumped more than 11 percent last October, posting their best year-over-year rise since December 1988. After all, "bidding war" has been the byword for prime properties in the city for months—a trend that's growing, according to the national real estate bro- kerage Redfin, which in January named Chicago the only market to see a year-over-year increase in the percentage of offers facing competition. But neither trend applies to the North Shore, insist big- ticket brokers Gloria Matlin of Coldwell Banker and Peter Cummins of @properties. Here's why. So prices aren't up on the North Shore, even for luxury properties? Gloria Matlin: What people want goes so fast that these homes usually sell for top dollar before they hit the listing services. Brokers get their buy- ers in there before you can even think bidding war, and they pay what it takes. Peter Cummins: Everyone has different priorities, but there are two new universals: Everyone wants the New Trier school district and new construction with new everything inside and out. That's the prob- lem: Nothing new has been built in the last few years. Developers are just gearing up again. As soon as they put up a building sign, someone sees it and buys the house straight from the plans for, say, $1.6 million before it comes to market. But that's not luxury. Those are starter homes. Where does that leave luxury prices? GM: Much higher than in the city. Nice starter homes go for $1.6 million to $2.4 million, but t rue luxur y starts at $2.5 million. Don't get us wrong: You can get a really nice house for under a million, but it's dated. PC: It's cheaper to buy resale and renovate, and more expensive to buy new, but buyers can get mortgages more easily than home equity loans for renovations. People used to be willing to buy a gorgeous old house for $2 million and put another million in, but now they don't have the time and can't get the money. So that makes a beautiful, clean, 3,500 -square-foot house more valuable. What about locations? Is it still better to be near the water? GM: It depends on what you want. Working cou- ples may want to be close to the train; families might want to be in a certain lower school district. If you have three kids, it's nice to be in Kenilworth because it's the same school for K to 8. PC: The most important thing is to work with someone who can help you figure out what you really need and get you there. Gloria Matlin, Coldwell Banker, 640 Vernon Ave., Glencoe, 847-835-6058; coldwellbanker.com. Peter Cummins, @properties, 30 Green Bay Road, Winnetka, 847-881-0200; atproperties.com MA LEFT: This lakefront home at 322 Sheridan Road in Winnetka is listed by Peter Cummins for $1.349 million. RIGHT: Also with Cummins, the stately Tudor at 790 Bryant Avenue in East Winnetka is on the market for $2.895 million. BELOW: Gloria Matlin and Peter Cummins Northern Exposure FOR THE FIRST TIME IN YEARS, SUPPLY AND DEMAND ARE DICTATING THE LUXURY MARKET TRENDS ON CHICAGO'S TONY NORTH SHORE. BY LISA SKOLNIK BROKERS' ROUNDTABLE 160 MICHIGANAVEMAG.COM 160_MA_HP_BrokersRoundtable_May/June_14.indd 160 4/14/14 9:44 AM

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