Chicago Home Sales

So - several of my clients sent me this article and asked for my comments. I thought I would share this with you too! If a few ask, perhaps more would like to know....

Here you go: Averages are meaningless in our specific luxury market - we are not in the slightest changed by the drop in the $8k tax credit as none of our buyers are in that market. As always, the important information to study for your particular sale or purchase is- building by building and then tier by tier within that building. Nothing else is relevant.

As an example, most units at Trump and Heritage are up 20% over 6 months ago if they are in the prime tiers. In the not prime tiers, it is another story. In some of our other buildings, sales prices are lower by as much as 20%, but there are usually additional reasons - assessments got too high, a special need or special assessment got bad word of mouth going, too many desperate sellers...reasons. But proper marketing and patience gets the job done.

Building by building, tier by tier.

Our Fox Group sales numbers this year are excellent. Out of 5,000 Keller Williams Groups nation-wide, we performed #3. Why? Luxury market, direct marketing techniques, not relying on the old way of doing business. Half of our sales are "on us", meaning we find the buyers through direct means. A lot of luxury buyers are interested in buying "up", enjoying a finer home in a somewhat uncertain economy. While our year would be LOTS better if interested buyers could sell their own homes (Domino Effect), we have some who either have successfully sold or who are buying without selling first.

Person by person, building by building, tier by tier.

We are bullish on our market segment and our numbers show it! Do sellers need patience? Yes. Are lowest price units selling first? Yes again. In my 20 years in real estate, I have never seen a better chance to buy. And if that means savvy, informed sellers may take a little less, then that dictates that they should do that - and buy into the best market they are likely to see in their lifetimes. Sell for less, buy for less still. And buy well so you can appreciate value increase over time.

Basics. Location, location, location? NO! Value, Value, Value.

Highlights Around Town for the Month of July

Looking for some summer fun? Try one of these events!

• The River North scene will take center stage again at the Taste of River North, Saturday, July 17th 12pm-10pm and Sunday, July 18th 11am-8pm. Located in and around magnificent Erie Park, this fest gives food lovers and weary art shoppers a taste of the best of everything the trendy River North neighborhood has to offer along a picturesque green riverfront setting. Near Erie & Kingsbury.

• The Dearborn Garden Walk, Sunday, July 18, and the Chicago Yacht Club’s Race to Mackinac, Saturday, July 24! These two colorful & memorable events have always made the middle of summer most enjoyable by showcasing warm weather enjoyment on land and in water!

• Your love of flowers will flourish on as you also enjoy the Sheffield Garden Walk, July 17 & 18 as well as the continuing Summer Tropical Flower Show at the Garfield Park Conservatory here through September 26. The show is featuring Chicago-weather friendly fauna to enjoy throughout the year.

• Enjoy an evening of music in one of our many intimate music venues in and around Chicago! David Sanborn will be performing his long known sweet jazz saxophone Saturday, July 31 in Wentz Concert Hall at North Central College in Naperville. Andrea Marcovicci will serenade you with her soft & melancholy voice July 14 – 18 At Davenport’s Piano Bar & Cabaret. For something a little hotter, enjoy Chichito Valdes Afro-Cuban Ensemble July 23 & 24 at the Green Mill

• Want to get away? Day-Tripping is the way to go! A day in the country is a sure way to revive yourself from the daily city grind! County fairs abound with all the fun food and events that are a traditional part of them! The Kane County Fair in St. Charles, July 14-18; The DuPage County Fair in Wheaton, July 21-24; The Lake County Fair in Grayslake, July 27 though Aug 1

• Still can’t come back inside because the weather is so nice? How about an outdoor concert? Millennium Park & Ravinia are offering a wonderful line-up of classical favorites! If classic rock is more your style, Chicago will be performing with the Doobie Brothers on Friday, July 16 and REO Speedwagon along with Pat Benatar, Sunday, July 18 at Carter One Pavilion at Northerly Island.

• Art fairs are also a wonderful way to get a nice walk in as part of your exercise routine while enjoying the talents of many local and national artists as they showcase their sculptures and painting. The North Shore Festival of Art will be held July 25 - 26 in Skokie.

• The Gold Coast Art Fair! This year the fair has a new address…Butler Field in Grant Park! Save the Date! Aug 20-22

NOTICE OF MOVIE FILMING IN THE AREA

DW Studios Productions is currently filming scenes for the upcoming motion picture “Transformers 3” in the area. One of the principal locations in the film is Michigan Avenue in the vicinity of the Chicago River. Major filming with special effects is scheduled for Friday, July 16th, Saturday, July 17th and Sunday, July 18th from approximately 7am until 7pm. Scenes will include low flying helicopters and special effects such as gunfire, spark hits, explosions, fireballs and black smoke.


Please note the following proposed schedule for the area:

Tuesday, July 13th 8am to mid-morning: 1-2 helicopters flying closely at the top of the Trump Tower.

Thursday, July 15th 8pm – Monday, July 19th 5am: Michigan Avenue between Ohio and Wacker Drive will be closed. Lower Michigan Avenue will be available to vehicular traffic until Friday July 16th at 8pm. During these days, the loudest stunts and special effects will be filmed. Please note that gunfire and explosions will take place after 8am on Saturday, July 17th and Sunday, July 18th.

Saturday, July 17th and Sunday, July 18th from 7am throughout the morning: Precision skydivers with parachutes will be flying around the building and landing on the Michigan Avenue Bridge. They will be circling along the Chicago River. This will result in occasional closures for 10-15 minute periods for affected streets below the fly zone. This will include a lockdown of vehicular and pedestrian traffic. Areas expected to be affected include:
Hubbard between Clark and State
Kinzie between Clark & State
Dearborn between Wacker and Hubbard
State between Wacker and Hubbard
Wabash between Wacker and Kinzie

Monday, July 19th from 10am-4pm: 3 Base jumpers will be jumping from the Trump Tower roof to the south side of the Tower. The River Walk will be closed during this time. Additional closures may occur as necessary.

Tuesday, July 20th from 10am-4pm: If weather is inclement on Monday, July 19th this is the back-up date for the base jumpers.

Monday, July 19th - Wednesday, July 21st: Filming will occur at Hotel 71 and expected closures include Wacker from Michigan to Wabash as well as intermittent traffic control on nearby streets.

Saturday, July 24th – Tuesday, July 27th and Saturday, July 31st - Sunday, August 1st: Filming will occur at 35 E. Wacker and expected closures include portions of Wabash and Wacker as well as intermittent traffic control on nearby streets.

Tuesday, July 27th: Filming will occur in immediate areas surrounding Trump Tower and there will be intermittent traffic control in the area. Filming will also include helicopters.

Please note that businesses in the affected areas are scheduled to remain open during this time. Bus stops on North Michigan Avenue between Ontario and Wacker will be relocated. Signs are expected to be posted. Please be advised that loading zones for boats along the river may be relocated and signage will be posted indicating the alternate loading zones.

Public Assistance personnel will be placed at the pedestrian lock-up points and will provide detour information. The personnel will be wearing yellow shirts with the “Transformers” logo.

Chicago's Trump Hotel towers above U.S., Canadian rivals

The Donald's got The Best, at least according to Travel + Leisure magazine.

Trump International Hotel & Tower Chicago is ranked in the magazine August's issue as the No. 1 large city hotel in the U.S. and Canada.

The 339 rooms in the hotel are on floors 14 through 27 of the 92-story tower at 401 N. Wabash -- the former site of the Sun-Times Building.

Donald Trump, in a statement, called the honor "tremendous."

"With Trump Hotel Collection, we set out to invent the next generation of luxury hospitality," said Trump, chairman and president of The Trump Organization. "We are committed to bringing the best design, service and amenities to the market."

The Peninsula hotel at 108 E. Superior ranked No. 2 on the Travel + Leisure list.

July 9, 2010, SUN-TIMES STAFF

Building Information Now Available!

Looking for a building that welcomes Fido or Fluffy?

Looking for a building that has a great pool?

Look no further!

Visit GoldCoastResidences for buildings that meet your needs.

Click here for more information about buildings that allow pets

Click here for more information about buildings with pools

Chicago The Beautiful

Check out this amazing video from 1948! How much has changed!

A Steal of a Deal

Take A Tour At Trump

Take a tour at Trump Tower with Tricia. This 3 bedroom, 3.5 bath has just been reduced in price. Now only $2,475,000!

Luxury Homes

All About Trump and other luxury homes.

Tricia Fox Group Sells Chicago

Look for the Tricia Fox Group advertisement appearing in the January issue of Chicago Social!

MORTGAGES: WHAT IS UP??

This report by Chris Covalle is a terrific summary of the volatility of the mortgage rates this past week. Still a great deal, but watch carefully for the right time to sign up! Tricia

Hi everyone,

I just wanted to get a quick note out regarding the extreme rate volatility which has occurred from last Wednesday thru today. Last Wednesday marked the single worst day in mortgage pricing since last October. Rates have tried to drive lower a little since then, but overall have continued to increase. Here is the basic message clients should be hearing:

1) Mortgage Pricing is tied to a bond instrument which is traded daily, just like stocks are and thus can change pricing every day, and oftentimes, more than once in the same day.

2) Rates remained low for a long period of time as investors preferred the returns on these longer maturity instruments more than the returns they could realize elsewhere-stock market, etc. Thus the government did not need to offer a particularly high yield (return) on these bonds, thus keeping the prices up due to the high demand for them.

3) Now, however, to try and continue financing all of the current government initiatives, the government has flooded the market w/ a large supply of these long term instruments. Unfortunately for mortgage rates, investors currently have more confidence in the stock market and other investment areas to deliver a higher rate of return on their investments. As a consequence, we have seen prices on the instruments tied to mortgage pricing fall as the government attempts to offer a higher yield (return) in an effort to drive more demand.

The key in the next couple of days will be how much demand bounces back and stabilizes mortgage pricing.

Please advise if anyone has any other questions on how to relay this info to clients. Here is where we are right now:

We Are At the Nordstoms on Michigan Ave. - Check Us Out

Check us out at the Nordstrom Kiosk during mall hours 7 days a week.

Chicago Magazine Link:

http://www.chicagomag.com/Radar/Deal-Estate/April-2009/Housing-Bulletin-House-Hunting-at-the-Mall-and-in-Harbor-Country/

Hotsheets March 30, 2009

Chicago Activity
	Street #	CP	Str Name	Sfx	Unit #	City	Area	# Rms	Beds	Baths	List Price	Sold Pr	Closed Date
1	345	N	LaSalle	St	2209	Chicago	8008	2	0	1	$144,900	$133,000 (F)	3/27/2009
2	1455	N	Sandburg	Ter	502	Chicago	8008	4	1	1	$188,900	$182,250	3/30/2009
3	260	E	Chestnut	St	511	Chicago	8008	3	0	1	$189,000	$178,500	3/27/2009
4	451	W	Huron		908	Chicago	8008	4	2	2	$459,900	$444,000	3/30/2009
5	175	E	Delaware	Pl	7006	Chicago	8008	5	2	2	$489,000	$455,000	2/27/2009
6	525	W	Superior	St	325	Chicago	8008	5	2	2	$549,000	$515,000	3/30/2009

Concierge Media Group

Please check out http://redcarpetconciergeofchicago.com/ExtraExtra.html and click on Chicago Events for current networking connections. Please send your news, events and pictures to us for our readers.

Terrific cocktail party with Signature Properties from Naples, Florida at TRUMP INTERNATIONAL CHICAGO

Here are a few pictures to share - January 15th we co-hosted a terrific cocktail party with Signature Properties from Naples, Florida at TRUMP INTERNATIONAL CHICAGO – over 130 people attended. The 20 degree below temperature was a reminder of why a place to escape to in Naples, Florida would be a very wonderful idea! Many prospects and several buyers attended and all commented on the terrific DVD which started with a chilly day in Chicago where the clients boarded a jet and ended on the same day, basking in sunshine and sipping a cocktail on the beach. The homes were also terrific – views, finishes, from $1million (Dunes) to $5m (Moraya Bay) - the ones directly on the water (Moraya Bay) are over 5000 sf!


View and reflection









Maxine Kroll, owner of Maxine Salon, husband architect Ron Bari, Tricia Fox Realtor Jean Hagerty









Liz Griffin and Craig and Erin Dunstan of Wheaten, buyers at the Moraya Bay Project










Frank DiJohn, entrepreneur/business owner and Mel Greenberg, entrepreneur, furniture business









Tricia Fox, and Glenn Griffin, Developer, Signature Properties, Naples, Florida












Jerry Nerad, hotel owner and original owner of parcel where development is and Ann Nerad and Patrick Griffin, Developer

While our market is primarily focused in downtown Chicago, we find the New York Manhattan market offers an interesting parallel...

Like Manhattan, if we focus on our specific Gold coast market of luxury buildings, the data is surprisingly similar. Furthermore, we predict that the pullout or slow down of some expected luxury product will positively affect the demand for luxury condos near Michigan Avenue. Second City? Maybe not. Maybe twin city.

The 4th Quarter 2008 Manhattan Market Overview was just released. Below you will find some highlights of this well-respected report:

Overview: At the close of the third quarter, there was significant turmoil in the financial markets and unprecedented intervention by federal government agencies. The bailout of Fannie Mae, Freddie Mac and insurance giant AIG, as well as the investor run on the money market Reserve Primary Fund and the bankruptcy of Lehman Brothers, marked a significant change in the Manhattan and US housing market. The contraction of credit continues to play a primary role in the current residental market.



There was a decline in price levels and the number of sales of re-sale apartments. Due to a surge in new development closing activity in the current quarter and a lull in activity in the prior year quarter, the number of new development closings and price levels rose over the period however these sales reflect the market 12-18 months ago. In contrast to the more modest trends of closed sales, contract activity in the current quarter was marked by a sharp decline in sales activity and price levels. A periodic sampling of sales contracts showed a decline of 35% to 75% compared to the same period last year. Current contract price levels show an average decline of 20% from August 2008.



Manhattan Market Highlights:

· Median sales price increased 5.9% to $900,000 over the prior year quarter result of $850,000.

· Re-sale median sales price fell 3.6% to $732,500 from $760,000 in the prior year quarter.

· New development median sales price increased 5% to $1,260,000 from $1,200,000 in the prior year quarter skewed by high-end closings.

· Number of sales fell 9.4% to 2,282 units, from 2,518 units in the prior year quarter.

· Number of re-sales fell 24.8% to 1,408 units, from 1,873 units in the prior year quarter.

· Number of new development sales increased 35.5% to 874 units, from 645 units in the prior year quarter caused by the combination of a lull in closing last year and a surge in closings this quarter.

Additional Manhattan statistics:

· Listing inventory increased 39.3% to 9,081 units from the prior year quarter total of 6,518 units.

· Days on market was 159 days this quarter, four weeks longer than the 131 days on market average in the same period last year.

· Listing discount was 7.3%, up from 2.7% in the same period last year.

Co-op Market:

· Median sales price of a co-op this quarter was $675,000, unchanged from last year at this time.

· Number of sales fell 23.4% to 985 units, from 1,286 units in the same period last year.

· Listing inventory levels for co-ops increased 52.2% to 3,808 units from the prior year quarter.

· Co-ops accounted for 43.2% of all sales and 41.9% of all listings this quarter.

Condo Market:

· Median sales price of a condo this quarter was $1,120,075, up 1.8% from the prior year quarter result of $1,100,000. Again, mostly due to new construction units that went to contract 12-18 months ago and just closed this past quarter.

· Number of sales increased 5.3% to 1,297 units, from 1,232 units in the same period last year.

· Listing inventory levels for condos increased 31.3% to 5,273 units from the prior year quarter.

· Condos accounted for 56.8% of all sales and 58.9% of all listings this quarter.

Luxury Market (upper 10% of all co-op and condo sales):

· Median sales price of a luxury apartment this quarter was $4,132,516, down 3.9% from the prior year quarter result of $4,300,000.

· Listing inventory increased 25.5% to 1,730 units from the same period last year and more than doubled from the second quarter. This is primarily due to layoffs in the financial sector.

· Days on market was 169 days, 52 days longer than the same period last year and marks the end of a two year period where luxury properties generally sold faster than the overall market.

Loft Market (co-op and condo sales):

· Average price per square foot declined 1.7% to $1,268 from the same period last year.

· The average size of a typical loft sale jumped 17% to 1,865 square feet compared to the prior year quarter, skewing the results for median and average sales price. The jump was caused by the surge in larger new development unit closings during the period.

So, what does all of this mean and how does it affect your re-sale?

· Most increases in sales prices are artificially skewed by recent closings of new, high-end sponsor condominiums (that went to contract a year or more ago when the market was stronger).

· Re-sale inventory is up dramatically. A lot of this is due to the fact that sponsors of new condominiums are paying higher commissions and giving unheard of incentives to induce agents to show their units before showing re-sale apartments.

· Inventory has increased dramatically. It is taking a lot more time, effort and marketing by agents to secure a sale.

How does this affect your rental?

· With more new condo inventory hitting the market, competitive pricing is very important. Tenants prefer new buildings with great amenities and are negotiating great deals.

· Condominium management companies are charging higher application fees.

· With all of the new competition, any incentives you can offer will help to ensure a quicker rental. Most landlords are now paying a portion of the brokerage fee, condominium application fees, offering free months rent or a combination of all of these.

What if you want to buy?

· Increased inventory, price reductions and other incentives present an unprecedented opportunity to get a great deal…if you have good credit, sufficient down-payment funds, and can qualify with today’s stricter lender guidelines.

In today’s challenging market, hiring an experienced team to help you secure a faster rental or sale is more important than ever. The Minnick Group can help you make important decisions:

• We have over 15 years of experience in every type of Manhattan market.
• We are in the top 1% of all agents Nationwide. We had a great year during 2008!
• We have abundant advertising and marketing funds at our disposal.
• We represent over $ 800 Million in U.S. and International properties.
• We advertise extensively internationally and have overseas broker-partners who refer many clients to us every month.
• If you are buying or renting, we can help you choose the right property and present the proper offer that reflects today’s marketplace.