As the #1 producing broker at Berkshire Hathaway Koenig Rubloff Gold Coast office for the past 8 years, I offer a unique perspective from the pinnacle of Luxury Real Estate in Chicago. No one sees the market quite like I do.
First, let’s look at the hard numbers. According to the Midwest Real Estate Data (MLS) as of October 31, 2017 there are 271 properties available for sale in the
Gold Coast, Streeterville and River North neighborhoods priced between $1M and 2M.
Of these, 18 are currently pending their closing dates, and 41 are under contract – either in attorney review or in mortgage contingency periods.
These numbers dovetail with expected seasonal transactions. In luxury real estate, timing is everything, and now is a brilliant time to purchase, as inventory levels are high, demand is low and most sellers want to wrap their deals before December 31, 2017.
Chicago has Two Distinctive Real Estate Market Seasons: Fall and Spring
Our “Spring” market kicks off shortly after the winter holidays – around the second week in January – and continues through the end of May. This is the busiest season of the real estate year, during which the largest number of transactions occur in Downtown Chicago. The Fall market begins just after Labor Day, when people return from summer activities and start school; and it continues through the end of November.
These annual parameters are historically reliable. From a strategic point of view, buyers traditionally enjoy special windows of opportunity in the quieter summer months and in December. As an expert, I know that these are great times of year to uncover “deals.” During these months I use a customized method in which I negotiate based on a unique combination of factors – one more reason I rank as one of Chicago’s top 35 brokers.
There are more reasons that transaction activity during traditionally slow months will be elevated in Chicago this year. It’s all about population, supply, and demand. According to CurbedChicago.com, Chicago has become much more densely populated in the last several years. While there is active luxury development here, more new buildings are still desirable to accommodate the growth.1 As more people flow into the city, the demand for luxury urban real estate is expanding into every month of the calendar year.
Finally, a Tip for Chicago Luxury Real Estate Sellers: Be Mindful of Presentation
Regardless of the season, be mindful of presentation, design trends, and market tastes. I urge my sellers to “think neutral.” Classic white is “classic” for a reason: It never goes out of style, suits any backdrop or décor, whether traditional, transitional or contemporary. Timeless wood floors and quality natural finishes are always a sure fit.
Having sold 800+ properties, I see the Fall of 2017 as a golden opportunity for luxury residential real estate buyers and motivated sellers. My experience, skill set, and insider knowledge provides buyers and sellers with unique advantages towards meeting their goals.
For more information, answers to your questions, or to discuss the current market, call me at 312.548.6152. Because I not only believe it’s your right to live Happily Ever Always…I will make it happen.