ML - Michigan Avenue

Michigan Avenue - 2017 - Issue 2 - Late Spring - Joe Maddon

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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PHOTOGRAPHY BY VHT STUDIOS (55 WEST GOETHE STREET); SCOTT SHIGLEY (1939 NORTH HOWE STREET) LUXE OVERLOAD THERE ARE SO MANY LUXURY HOMES ON THE MARKET IN CHICAGO, PRICES ARE STARTING TO DROP. DOES THAT MEAN IT'S TIME TO BUY? BY LISA SKOLNIK Luxury listings in Chicago's swankiest neighborhoods are rising in number, sitting on the market, then dropping in price. Buyers are playing waiting games to snag the best pricing, yet sellers are still listing their places. Why—and what's the best way to buy right? To understand the situation, we talked to two of Chicago's shrewdest luxury brokers—Berkshire Hathaway KoenigRubloff's Melinda Jakovich (312-953-3425) and Coldwell Banker's Karen V. Peterson (312-282-2933). Tell us about the numbers. KP: From February to December 2016, for Near North properties [i.e. Streeterville, Gold Coast, Old Town, and River North] at $1 million to $10 million, there were 102 attached listings averaging $2.465 million and 268 days on the market, and 13 single-family homes averaging $5.047 million and 376 days on the market. In the first 10 weeks of 2017, we had 281 attached listings averaging $2.308 million and 203 days on the market and 26 listings averaging $4.416 million and 357 days on the market. For attached, that's almost a 175 percent inventory increase and a 6 percent price drop; for single families it's a 100 percent increase and 12 percent price drop. MJ: The months supply of inventory (MSI) is up about "WE'RE FINALLY PAST PRE- RECESSION REAL ESTATE PRICES. EVERYTHING IS AT PLAY." —karen v. peterson Lincoln Park listing 1939 North Howe Street boasts a spacious center courtyard (here) plus a striking loggia and front courtyard-facing library (bottom left and right). below: The sumptuous living room at 55 West Goethe Street No. 1248. 116  MICHIGANAVEMAG.COM SPACE BROKERS' ROUNDTABLE

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