Midwest Real Estate Data (MRED) compared stats on Chicago’s luxury single-family home stock from April 2011 and April 2013 and found that the number of properties on the market (steadily hovering at an average price of $1.4 million) is down from 430 to 303. And this lack of big-ticket inventory has changed market dynamics substantially: The average number of days on the market for these homes has dropped from 144 to 114, while the month’s supply of inventory is down from 11.1 to 3.3.
Coldwell Banker broker Jenny Ames (left, call 312-440-7525), who sits on the firm’s national Luxury Roundtable, notes that not only is the market hot, but what buyers want right now has changed. “They’ve shifted away from established neighborhoods and have specific non-negotiables: big windows for lots of light, outdoor space via yards and decks, open floor plans that facilitate family interaction and smaller square footage,” she says. “They value quality of life and have less stuff because their lives go on a memory stick. They have smaller homes, but everything in them is perfect.” A prime example is her five-bed, 3.5 bath listing at 3543 N. Leavitt in Roscoe Village, located in the highly rated Audubon Elementary School district. It’s listed for $1.25 million and sports an open-plan first level, hardwood floors, custom closets, three fireplaces, two wet bars, AV and Ethernet wiring through the entire house, a two-car garage and a large outdoor deck. By all estimations, it’s just about perfect for today’s luxury buyer.
The three-bed, two-full bath and two-half-bath home at 956 W. Montana for $1.09 million might have slightly less space than other luxury options, but it’s a Lincoln Park home in the Oscar Mayer school district with coveted outdoor space (call Millie Rosenbloom, above, 312-980-1517). With hardwood floors, a first level open floor plan, gourmet kitchen, backyard, roof deck and two-car garage, as well as a top-floor family room, wet bar and office area, the house hits every must-have on the luxury list.
GARDEN GLAMOUR: Add both personality and function to your garden or deck with Kartell’s limited edition gnomes. They serve double-duty as a side table or stool and come in burnished gold or glossy black ($375), or a multi-color option ($355 each). ID Chicago, 3337 N. Halsted; Idchicago.com.
Story by Lisa Skolnik