A recent article on IndustryGab.com had an amazing article on staging! It brought up a number of points that you should consider when staging luxury real estate in Chicago.
For instance, it makes the comment “poor stagers believe life is unfair, while rich stagers feel life is what you make it.” It goes on to point out that the “poor” way to look at it holds a feeling of entitlement (I paid a million for this house and I NEED to get a million out of it), while the “rich” way is to look at the market TODAY, and use tools like staging to maximize your chances of getting the highest price in the shortest amount of time in TODAY’S market. By improving the appearance of their real estate they’re becoming “market makers;” by pushing the image of their home higher in the minds of potential buyers.
The article goes on to propose that one’s unconscious beliefs about money and their ability to have it may be at the root of why some people fail and some thrive. Maybe a little deep for an article on staging. Nonetheless, it’s an interesting read, and a great article to review before staging your Chicago Luxury real estate!
Foreclosed homes are old, un-kept, not-so-nice looking properties… Right?
Nope, no more! CNBC just published an article “High-End Homeowners Falling Into Foreclosure Trap” by Joseph Pisami discussing the newly found high-end in the foreclosure market.
Quoting few experts, including Baird & Warner’s Jim Kinney, VP of Luxury Home Sales, Pisami provided interesting data and some clever observations about increasing luxury foreclosures.
“We’ve seen an increase, in the million-plus range, of the number of foreclosures and short sales in the greater Chicago area.” sayed Kinney in the article.
Forbes Life recently ran an editor’s note entitled “Credit Worthy” by Gary Walther. His points were intriguing - why, as the Dow takes a dive, does the interest in luxury lifestyle often rise? Yes the wealthy will always have money and now is an incredible buying opportunity, especially in Chicago Luxury Real Estate. But the article had some interesting other points, particularly that price is not the essence of luxury, it’s a by-product.
So maybe it is more of the craftsmanship than an overinflated price that makes something “luxury.”
Don’t fixate on the incredible price tag that comes with some of Chicago’s luxury developments - if you’re in that price range look at the things like views, craftsmanship and upgrades. Spend the time to determine what luxury is - quality construction, careful attention to detail, etc.
Luxury is not your possessions, it’s your lifestyle!
My longtime colleague Jim Kinney was interviewed today for Mary Umberger’s real estate colum in the Chicago Tribune.
In it she describes (as your humble author has done many times before) that traditionally the “spring season” starts the weekend after the super bowl (some big football game, I’m told). However, given the unique market situation in Chicago and other parts of the country, she feels that we’ll be starting a bit early this year - She quotes Kinney ( vice president of luxury home sales for Baird & Warner ) as saying “We’re going to see a lot of property coming on the market; we’re going to see everything that people took off the market in the fall, knowing they were going to be back in the spring in order to qualify under multiple-listing service rules as “new” listings” (a little trick realtors play on a regular basis).
Kinney still warns us about, as Mary Umberger puts it - the “danger in relying too much on what the guy down the street is asking.”
Kinney adds - “An awful lot of listings are wrongly priced. If people use those as a guidepost, they could get into trouble. Do a combination of historical data (houses sold no longer than six months ago) and looking at who you’re competing against, once you’ve determined whether they’re valid prices.”
I’ve known Jim for a decade and he’s been pricing properties correctly for more than twice as long. Have a listen to what he has to say…
Relocating and need something really high end? Baird and Warner’s Jim Kinney , vice president of luxury home sales, recently listed the 13,200 SF goldcoast penthourse of Bill Wrigley Jr (chewing gum heir and chairman of the Wrigley Co.). The price, an astonishing $14 MILLION.
The property is undeveloped space on the 8th floor of the Lucien Lagrange-designed luxury building at 66 E. Goethe. The unit is a combo of three that he purchased for over $9 million some seven years ago. The space has never been built-out. Kinney was quote in a Chicago Tribune article as indicating “The penthouse includes two 1,500-square-foot outdoor spaces on the roof, plus six garage spaces… In addition, Wrigley is including architectural drawings that he commissioned for the space in the asking price.”
Kinney added, when asked about the building, that it is “a sort of Who’s Who of Chicago that lives there. It’s a matter of the right timing to get the right match.”
The price dwarf’s the famous relo listing of JPMorgan Chase CEO Jamie DImon’s $10.5 MILLION, which is in the same neighborhood, around the corner on tony Astor Street.
As told by our intern Ross Nemzin - The Ritz-Carlton Residences recently began its ascent to the pinnacle of Chicago’s luxury homes with its ceremonial ground breaking at 664 N. Michigan Avenue.
While other developments have struggled in a weak economy, demand and interest in The Ritz-Carlton Residences have been tremendous. With construction financing ready to go, over 40% of homes sold and just 49 units remaining, the creation of Chicago’s newest standard in luxury homes is in high gear. The Residences, designed by French architect Lucien Lagrange, contain 88 units in an elegant 40-story building. The Parisian-style tower will incorporate the 1930s modern art look with an exterior featuring flying buttresses, carved panels, and a crown of lighted art glass.
The Residences’ interior, gracefully designed by Darcy Bonner and Associates, features “The Landmark Club”, a private club on the 10th floor. With its beautiful architectural features and extravagant amenities, the club will redefine standards of luxury and service. The club, staffed and managed by The Ritz-Carlton Hotel Company, will feature a grand salon, dining room, spa, billiards room, wine cellar, screening room, and fitness center.
At the recent ERC / RDC conferences in San Diego (Employee Relocation Council and Relocation Directors Council ), I caught up with Judy Gray, CRP, RCC, Global Relocation Director for Cam Taylor Realtors in Columbus OH, who is also president of RDC. I asked her why, as a consumer or a relocation company, you would want to work with an RDC member. Listen to her response:
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