Chicago Real Estate https://www.chicagotribune.com Get Chicago news and Illinois news from The Chicago Tribune Mon, 10 Jun 2024 22:28:07 +0000 en-US hourly 30 https://wordpress.org/?v=6.5.4 https://www.chicagotribune.com/wp-content/uploads/2024/02/favicon.png?w=16 Chicago Real Estate https://www.chicagotribune.com 32 32 228827641 Highland Park 3-bedroom home with enclosed porch: $1.6M https://www.chicagotribune.com/2024/06/11/highland-park-dream-home-enclosed-porch/ Tue, 11 Jun 2024 10:00:34 +0000 https://www.chicagotribune.com/?p=15964920 Address: 155 S. Deere Park Drive, Highland Park

Price: $1,599,000

Listed: May 28, 2024

This three-bedroom mid-century ranch, designed by modernist architect and designer Samuel Marx, sits at the end of a cul-de-sac. The floor plan includes an entry foyer, a den with a wet bar, a kitchen with granite counters and backsplash, and a dining room and living room with a fireplace. The bedroom wing includes an en suite guest bedroom, and a primary suite with a dressing area and multiple closets, a spa-like bathroom and an office and sitting area. There is an additional en suite bedroom off the kitchen and an enclosed porch with a hidden entrance.

Agent: Jamie Roth, Engel & Völkers Chicago North Shore, 847-219-6400

Mid-century ranch in Highland Park with separate bedroom wing: Entrance
(Phil Goldman/VHT)
(Phil Goldman/VHT)
Mid-century ranch in Highland Park with separate bedroom wing: Hallway
(Phil Goldman/VHT)
(Phil Goldman/VHT)

 

Mid-century ranch in Highland Park with separate bedroom wing: Dining room
(Phil Goldman/VHT)
(Phil Goldman/VHT)

 

Mid-century ranch in Highland Park with separate bedroom wing: Living space
(Phil Goldman/VHT)
(Phil Goldman/VHT)
Mid-century ranch in Highland Park with separate bedroom wing: Living space
(Phil Goldman/VHT)
(Phil Goldman/VHT)
Mid-century ranch in Highland Park with separate bedroom wing: Living space
(Phil Goldman/VHT)
(Phil Goldman/VHT)
Mid-century ranch in Highland Park with separate bedroom wing: Dining space
(Phil Goldman/VHT)
(Phil Goldman/VHT)
Mid-century ranch in Highland Park with separate bedroom wing: Kitchen
(Phil Goldman/VHT)
(Phil Goldman/VHT)

 

Mid-century ranch in Highland Park with separate bedroom wing: Outdoor space
(Phil Goldman/VHT)
(Phil Goldman/VHT)

 

Some listing photos are “virtually staged,” meaning they have been digitally altered to represent different furnishing or decorating options.

To feature your luxury listing of $1,000,000 or more in Chicago Tribune’s Dream Homes, send listing information and high-res photos to ctc-realestate@chicagotribune.com

 

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15964920 2024-06-11T05:00:34+00:00 2024-06-10T12:36:48+00:00
Winnetka home portrayed in ‘Home Alone’ finds buyer https://www.chicagotribune.com/2024/06/10/home-alone-house-winnetka-sells/ Mon, 10 Jun 2024 11:49:19 +0000 https://www.chicagotribune.com/?p=17278289 The red brick Georgian Revival mansion in Winnetka made famous by the 1990 film “Home Alone” garnered much attention when it was listed on May 24 for $5.25 million — more than three times what it had sold for in 2012 to its current owners — and in a testament both to the condition of the home and the popularity of Winnetka, the mansion found a buyer just one week later.

Built in 1921, the three-story, 9,126-square-foot mansion has had a starring role on its Winnetka street now for more than three decades. A 1992 Chicago Tribune headline for a story about the home being placed on a local house walk called the mansion “a “home that’s never left alone.” Then-owner Cynthia Abendshien told the Tribune even back then that “there are a lot of people, especially children, that will knock on the door and ask to see the house.”

It’s not much different today, although the mansion now is set behind a wrought iron fence and gate. On a nice day, a visitor showing up to gawk at the mansion soon will discover that there’s company — other visitors there for the same purpose.

Want to drive past the ‘Home Alone’ house? Or the church? A tour of 12 filming locations around Chicago.

Now, the five-bedroom mansion is set to get its first new owners in 12 years — and six years after the current owners renovated and expanded it. The home has six bathrooms, four fireplaces, an entry staircase that famously was showcased in the film, a recently added family room with 10-foot coffered ceilings and walls of French doors and a kitchen with double islands, bespoke white cabinetry, a hidden pantry, an eight-burner Wolf range, a Sub-Zero refrigerator and a built-in banquette. Other features include a second family room, a screened porch, two laundry rooms, a primary bedroom suite with a walk-in closet and a marble bathroom with dual vanities, and a third-floor junior primary suite with built-ins and back yard views.

On the basement level are an indoor sport court, a movie theater and a wet bar. The mansion also has a heated and attached, three-car garage.

The mansion had a $50,066 property tax bill in the 2022 tax year.

Goldsborough is a freelance reporter.

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17278289 2024-06-10T06:49:19+00:00 2024-06-10T17:28:07+00:00
Condo Adviser: Advance notice of increased assessments must be given https://www.chicagotribune.com/2024/06/09/condo-adviser-advance-notice-assessments/ Sun, 09 Jun 2024 10:00:24 +0000 https://www.chicagotribune.com/?p=15971989 Q: I am an investor owner of a condominium unit. Long story short, our association property manager sent the unit owners a notification at the end of December of a 5% assessment increase commencing on January 1. Because of the late notice, my January assessment payment was slightly short, and I was assessed a $50 late fee for not paying the January assessment in full. I appealed to the board for reconsideration and was rejected. Do I have any remedies to force the Board to reimburse me for the late fee assessed?

A: As long as the revised budget was approved by the Board and notification was provided to unit owners before the month when the increase commenced, unit owners are required to pay the increased assessment in full. Assuming the Association rules and regulations call for a late fee for assessments not paid in full when due, unit owners would be liable for the late fee and there is no remedy to successfully seek reimbursement.

Q: I am a unit owner in a condominium association and our governing documents contain a weight limit for dogs. I understand that the doctrine of reasonable accommodation per the Federal Fair Housing Amendments Act would invalidate a dog weight for a unit owner granted a reasonable accommodation due to a disability; however, the president of our board trains therapy dogs and is currently training a golden retriever over the weight limit. The president claims the doctrine of reasonable accommodation applies because the dog is being trained as a therapy dog. Is this true?

A: The doctrine of reasonable accommodation pursuant to the Federal Fair Housing Amendments Act allows a resident living in a condominium an exception to animal restrictions in the Association’s governing documents such as no pet restrictions or weight limits. The law guarantees persons in housing equal opportunity to housing. However, to be entitled to a reasonable accommodation, and thus an exception from the weight limit, the person (president of the board in this case) must have a qualified disability under applicable federal law and be prescribed the assistance animal to ameliorate the effects of their disability. The doctrine of reasonable accommodation does not apply to animals alone because they may be used as a therapy animal.

Q: I am a disabled unit owner in a condominium association who needs accessible parking and it is my understanding the Illinois legislature is considering legislation to address the issue of accessible parking spaces in condominium associations. What is the status of the legislation? 

A: On May 24, 2024, the Illinois legislature approved legislation amending the Condominium Act to impose new requirements for condo associations related to accessible parking. If the approved legislation is either signed by Governor Pritzker or not vetoed by Governor Pritzker by July 23, 2024, the new law shall become effective on January 1, 2025.

In sum, the proposed amendment to the Condominium Act imposes two new requirements on condominium boards. The first requirement is to adopt a policy to reasonably accommodate a unit owner who is a person with a disability who requires accessible parking. The second requirement requires condominium boards to make reasonable efforts to facilitate a resolution between unit owners to provide accessible parking in situations where the association does not own or control parking that meets the accessible parking needs of a disabled unit owner.

Got a question for the Condo Adviser? Email ctc-realestate@chicagotribune.com.

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15971989 2024-06-09T05:00:24+00:00 2024-05-31T20:22:58+00:00
Operator of John Hancock Center’s observation deck buys iconic Signature Room space, promises ‘something spectacular’ will take its place https://www.chicagotribune.com/2024/06/07/operator-of-john-hancock-centers-observation-deck-buys-iconic-signature-room-promises-something-spectacular-will-take-its-place/ Fri, 07 Jun 2024 22:21:01 +0000 https://www.chicagotribune.com/?p=15974295 The operator of the 360 Chicago observation deck near the top of the former John Hancock Center has purchased the building’s 95th and 96th floors, which until September housed the Signature Room restaurant and Signature Lounge.

360 Chicago hasn’t decided how it will use the two floors, which are located directly above its 94th-floor observation deck. A representative said the space will no longer be used as a restaurant.

Operating a restaurant “simply isn’t our business model,” said 360 Chicago Managing Director Nichole Benolken. But the space will remain open to the public.

“We’re not going to put an exclusive private club up there,” Benolken said. “We’re uniquely suited, given our investment into and presence in the building, to create something spectacular.”

The abrupt closure of the Signature Room, one of the city’s iconic tourist attractions, was a blow to the Magnificent Mile, where the retail vacancy rate has soared as a result of online shopping trends and the pandemic. A message posted last September to the restaurant’s social media pages cited COVID-19 and subsequent “severe economic hardship.”

The shopping district’s vacancy rate hit about 30% last year, a historic high, said Magnificent Mile Association CEO Kimberly Bares, but 360 Chicago’s investment shows new uses can be found for empty properties.

“360 Chicago is breaking all kinds of records, so they clearly understand what consumers crave,” she said. “And having this space used by someone who we all agree is a successful and sophisticated operator will spill over to the rest of the Magnificent Mile.”

Magnicity, the French company that owns 360 Chicago, invested about $17 million into the building after buying the 94th floor more than 10 years ago, adding attractions such as Tilt, a moving glass ledge that for two minutes dangles guests more than 1,000 feet above the street, and CloudBar, now the highest bar in Chicago. The company operates similar attractions atop buildings in Rotterdam, Berlin and Paris. It plans to open next year an observation deck, rooftop terrace, garden and bar on the top floors of Warsaw’s Varso Tower, the European Union’s tallest skyscraper.

“We know the challenges of operating at the top of a superstructure,” Benolken said. “We’ll lean into what we’re good at.”

The skyscraper formerly known as the John Hancock Center, located at 875 N. Michigan Ave., has a complex ownership structure, with different investors owning its residences, offices, retail and rooftop broadcast antennas. In 2012, New York-based Madison Capital and Newark, New Jersey-based PGIM, Inc. bought the ground-floor retail and the Signature Room and Signature Lounge spaces for $141 million, and Magnicity paid $18.5 million for the 94th floor, according to county property records. The price paid by Magnicity this week for the 95th and 96th floors was not disclosed.

Signage for 360 CHICAGO and the Signature Room outside the 875 North Michigan Avenue building on May 30, 2024. (Eileen T. Meslar/Chicago Tribune)
Signage for 360 CHICAGO and the Signature Room outside the 875 N. Michigan Ave. building on May 30, 2024. (Eileen T. Meslar/Chicago Tribune)

The Signature Room’s closure remains controversial.

After the previous owners abruptly shuttered the restaurant and lounge in September, a union representing the Signature Room and Signature Lounge employees sued in federal court, alleging staff were fired in violation of the Worker Adjustment and Retraining Notification Act.

The law, known as the WARN Act, requires certain large employers to provide 60 days’ notice of some business closures or mass layoffs. In March, a federal judge issued a default judgment against the Signature Room’s management firm, Infusion Management Group Inc., after it failed to respond to the lawsuit. The company owed former workers $1.5 million in back pay and benefits, the judge ruled, giving the company 30 days to comply with the order.

That deadline has since passed and workers have not received payouts, according to Unite Here Local 1, the union representing the former employees. A representative from Local 1 said the union is pursuing legal action to enforce the order.

Benolken said the Magnificent Mile still faces challenges as it recovers from the retail industry’s shakeup. But tourists and other visitors have returned in big numbers, and several empty spaces along Michigan Avenue have new uses, including the former Crate & Barrel store at 646 N. Michigan Ave., now the five-floor Starbucks Reserve Roastery, where the company showcases its coffees, its history, as well as the roasting process.

“That shows there is room for new experiential retail on the avenue,” she said. “And we’re seeing tourists coming from all areas of the world. Foot traffic is fully recovered.”

The sale to 360 Chicago will definitely provide the Magnificent Mile with another boost, said Anthony Ciaravino, a retail broker and director at Cushman & Wakefield, but the district still needs a full range of restaurants to be a true hub, and his restaurant clients say operating on North Michigan Avenue is costly.

“I don’t see them salivating to get on the Magnificent Mile,” he said.

Ciaravino said downtown’s Riverwalk, where city investment and incentives created a new food and beverage district, could be a model for North Michigan Avenue.

“We have every type of cuisine in Chicago, and that should be showcased on the Magnificent Mile,” he said.

Bares said the district’s vacancy rate should tick down later this year when women’s fashion boutique Aritzia opens for business at 555 N. Michigan Ave., the former home of The Gap.

“It’s a long-term lease for the entire space,” she said.

The Magnificent Mile could soon see other far-reaching changes. In 2021 Bares’ group, along with the Chicago Department of Planning and Development, asked the Urban Land Institute to brainstorm ideas to refresh the blocks between Oak Street and the Chicago River. The institute’s 2022 report envisioned North Michigan Avenue becoming more like the Champs-Élysées in Paris, with a pedestrian bridge linking the street with Oak Street Beach, new pocket plazas and sidewalk cafes, and a grand public common stretching from the historic Water Tower complex to Lake Shore Drive.

“Michigan Avenue has always evolved,” Bares said.

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15974295 2024-06-07T17:21:01+00:00 2024-06-08T08:34:50+00:00
Lurie Children’s Hospital expands Streeterville campus by buying its next-door neighbor https://www.chicagotribune.com/2024/06/06/lurie-childrens-hospital-expands-streeterville-campus/ Thu, 06 Jun 2024 22:32:20 +0000 https://www.chicagotribune.com/?p=17272430 Ann & Robert H. Lurie Children’s Hospital of Chicago expanded its Streeterville medical campus by closing Wednesday on the purchase of 211 E. Chicago Ave., its next-door neighbor and the headquarters of the American Dental Association. The move gives Lurie more space while also preventing big vacancies from opening up in the 23-story tower as ADA consolidates lab space out-of-state and shrinks the amount of square footage its office uses.

“(Lurie Children’s) needed some additional space and this will help them meet their strategic goal,” said ADA Executive Director Dr. Raymond Cohlmia.

The tower was home to the ADA for nearly 60 years, but with staff now going to the office just two or three days each week, the organization no longer needs the same amount of office space, he added. The group will instead move its office headquarters into the top four floors of 401 N. Michigan Ave. on the Magnificent Mile. The ADA also plans to consolidate its research laboratories from both 211 E. Chicago Ave. and other facilities in Maryland into a new facility in the Boston metro area.

The price paid for the ADA property was not disclosed.

The organization is financially healthy, Cohlmia said, so selling the building wasn’t done to generate a windfall.

“That really wasn’t a factor in our decision,” he said. “Ultimately, we wanted to stay in Chicago and this allows us to reconfigure our space while meeting the needs of today’s work environment. And we also thought, ‘why don’t we help Lurie at the same time?’”

The nonprofit Lurie Children’s completed the 1.4-million-square-foot, 24-story hospital at 225 E. Chicago Ave. in 2012, and soon expanded into the ADA building, becoming its largest tenant. Although it has not finalized an expansion plan, hospital officials said buying the tower will allow Lurie to serve more patients.

“As we continue to experience strong demand for our services, we plan to expand clinical capacity by moving more administrative offices out of the main hospital to our new building next door,” Kary McIlwain, senior vice president at Lurie Children’s, said in a statement. “This is an exciting milestone that coincides with the June anniversary of the hospital’s move 12 years ago to the state-of-the art facility we built in Streeterville. Acquiring this adjacent building will help ensure a sustainable and impactful future for our organization and the communities we serve.”

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17272430 2024-06-06T17:32:20+00:00 2024-06-06T17:33:09+00:00
Pilsen’s St. Adalbert Church wins landmark recommendation, will face council https://www.chicagotribune.com/2024/06/06/pilsens-st-adalberts-church-wins-landmark-recommendation-will-face-council/ Thu, 06 Jun 2024 21:53:01 +0000 https://www.chicagotribune.com/?p=17272009 Pilsen’s St. Adalbert Church building cleared a key hurdle Thursday in the yearslong fight by former parishioners to have it declared a landmark to spare it from demolition or a complete overhaul.

The Commission on Chicago Landmarks voted unanimously to recommend it get the protection, setting up a final decision next week by the City Council.

The fight over the closed church has pitted Catholic leaders against many former parishioners.

While the Archdiocese of Chicago wants to sell the church building to help fund St. Paul’s Church, which is still operating nearby, former St. Adalbert churchgoers have tried to block the sale with the landmark designation. Many onetime St. Adalbert parishioners hope their former church, closed in 2019, may one day celebrate mass again.

The controversy over the church was not a factor for commissioners, Landmarks Chair Ernest Wong said. The church “met all the criteria,” he said.

“The alderman and the archdiocese have a serious problem on their hands, and they have got to deal with it,” he said. “We as the commission, though, are doing our duty in terms of the structures within the city of Chicago to figure out what is worth preserving and what is not. We are holding by that.”

If approved by the City Council, landmark status would trigger a series of restrictions and landmarks commission reviews of any redevelopment plans in order to protect the church complex’s “significant features” — including its Renaissance Revival facade, as well as a former rectory, convent and school on the half-block plot. Still, a landmark designation would not completely ban renovations and interior changes.

After the vote, Archdiocese general counsel James Geoly promised to “vigorously oppose” the designation as it moves to the City Council. The landmark status could prevent the church from finding a buyer for the site, he added.

“We’re at risk. If this comes out the wrong way, the future ministry in Pilsen is at risk. St. Paul’s is not sustainable if they cannot monetize this asset,” Geoly said.

The church was called “one of the finest in Chicago” by the Tribune when completed in 1914 and, at its peak, served about 4,000 families. But its membership declined as Pilsen shifted from a more heavily Polish community to predominantly Mexican.

Protesters, many of them proudly Polish, have ardently pushed back since the archdiocese shut down the church five years ago. They decried the removal of a statue from the site and led the charge for its landmark status. A 73-year-old woman last year was arrested for trespassing while protesting the removal of stained glass windows and art.

That fervent support was on display again Thursday as supporters and opponents of the landmark status filled the City Council chambers, just as they did during a May hearing.

Former St. Adalbert parishioners highlighted in public comments the importance of the site to Chicago’s Polish community and shared hopes that it could become a Catholic shrine. Ald. Byron Sigcho-Lopez, 25th, again backed their landmarking effort.

Speakers opposed to the designation, many parishioners of St. Paul’s, warned the landmarking designation will make their church unable to sell the St. Adalbert site it now owns and leave it crippled with debt. They criticized as too harsh protests by St. Adalbert supporters, including a man running into St. Paul’s to demonstrate during a mass last week.

The crowd backing the landmark designation shouted its dissent — often in Polish — as archdiocese representatives argued the closure and sale of St. Adalbert is a necessary move to keep Catholic churches afloat in Pilsen amid declining attendance.

“It’s a painful thing for a church to close. But if we did not do it, there would be no church in Pilsen at all,” Geoly said. “The church has the right to make this decision. And public entities and governments should not be used as tools to interfere with these core ecclesiastical decisions.”

The main church building’s facade is now covered in scaffolding while it faces major structural issues. Needed repairs could cost as much as $8 million. The landmark designation would deter demolition, but would not compel rehabilitation.

After the decision, Geoly said the archdiocese has no plans to use the church buildings if the City Council passes the protective status.

“As long as we own it, there will not be a future use of the buildings,” he said. “The parish has been closed. The building is unusable. It is not entirely safe. You wouldn’t go in there without a hardhat.”

The archdiocese tried to turn the church into affordable housing, a museum and an event venue in past redevelopment efforts that would have included repairs to the church building, he said.

jsheridan@chicagotribune.com

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17272009 2024-06-06T16:53:01+00:00 2024-06-07T08:34:10+00:00
Bucktown 5-bedroom house with glass and gold staircase: $3.8M https://www.chicagotribune.com/2024/06/06/bucktown-dream-home-glass-gold-staircase/ Thu, 06 Jun 2024 10:00:37 +0000 https://www.chicagotribune.com/?p=15954608 Address: 2015 W. Shakespeare Ave., Chicago

Price: $3,845,000

Listed: April 15, 2024

This five-bedroom, 4½-bathroom home was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system integrated throughout the home. The kitchen has The Cut brand ceramic kitchen cabinets and waterfall countertops from the Nativia color collection that blend into the cabinetry. Access to the top floor is through an outdoor tree atrium and a glass and gold staircase. The primary suite has two walk-in closets, a glass shoe cabinet and designer wall coverings. Outdoor spaces include custom heaters, a fire pit, a built-in grill and pizza oven. The house also has a three-car heated garage with an electric charger.

Agent: Danielle Dowell, Berkshire Hathaway, 312-391-5655

5-bedroom Bucktown house with glass and gold staircase: Staircase
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Bedroom
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Bedroom
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Exterior
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Bathroom
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Kitchen
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Living space
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Deck
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)
5-bedroom Bucktown house with glass and gold staircase: Outdoor space
(Chicago Home Photos)
This five-bedroom, 4½-bathroom Bucktown home, which was renovated by Italian designer Pininfarina and features espresso hardwood floors, a color-changing Aquafire built-in marble fireplace, backlighting and a sound system, recently went on the market for nearly $4 million. (Chicago Home Photos)

Some listing photos are “virtually staged,” meaning they have been digitally altered to represent different furnishing or decorating options.

To feature your luxury listing of $1,000,000 or more in Chicago Tribune’s Dream Homes, send listing information and high-res photos to ctc-realestate@chicagotribune.com

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15954608 2024-06-06T05:00:37+00:00 2024-05-31T20:16:26+00:00
River North home once owned by actor Vince Vaughn sells for $1.7M https://www.chicagotribune.com/2024/06/05/river-north-home-vince-vaughn/ Wed, 05 Jun 2024 18:41:11 +0000 https://www.chicagotribune.com/?p=17268948 A four-bedroom, 4,063-square-foot River North townhome that actor Vince Vaughn owned from 2005 until 2015 sold Tuesday for $1.725 million.

A native of Buffalo Grove and Lake Forest, Vaughn, 54, hit it big in Hollywood films starting in the mid-1990s, and he made headlines locally in 2005 and 2006 for dating actress Jennifer Aniston. Though Vaughn, who now lives in Southern California, is no longer known to own any homes in the Chicago area, he owned two expensive properties in Chicago in the 2000s and 2010s.

In River North, Vaughn paid $1.4255 million in 2005 to buy the townhome in the 26-unit City Club development from its builder, Silvermoon Properties. The following year, he paid $12 million for the top three levels of the Palmolive building on the Gold Coast.

Vaughn later rented out the River North town home before selling it in 2015 at a loss, for $1.4 million. He then sold the Palmolive triplex in two pieces in 2016, unloading the top two floors for $8 million and selling the 35th-floor unit for $4.1 million.

Recently renovated, the extra-wide town home has four bathrooms, an open floor plan, a kitchen with custom cabinetry, an island and Viking, Sub-Zero and Wolf appliances. The town home also has a balcony off the main level, a living room with a gas fireplace, a primary bedroom suite with a custom walk-in closet and a primary bathroom with a double vanity and a marble steam shower. The top floor has an additional living space with a wet bar and wine refrigerator and opens to a rooftop terrace.

One unusual feature of the town home: a three-car garage, which opens to a special gated courtyard.

The sellers paid $1.725 million for the town home in 2020. They first listed it in 2022 for $1.85 million and cut their asking price to $1.75 million later that year. They increased their asking price to $1.8 million early this year before reducing their asking price to $1.75 million and then to $1.725 million before finding a buyer in April.

Listing agent Diana Grinnell did not respond to a request for comment.

Public records do not yet identify the buyers.

The town home had a $30,766 property tax bill in the 2022 tax year. It also has a $7,944-a-year homeowners association fee.

Goldsborough is a freelance reporter.

 

Elite street: Join our Chicago Dream Homes Facebook group for more luxury listings and real estate news.

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17268948 2024-06-05T13:41:11+00:00 2024-06-05T13:48:27+00:00
Should I wait until August to sell my home to save on commission? https://www.chicagotribune.com/2024/06/04/should-i-wait-till-august-to-sell-my-home-to-save-on-commission/ Tue, 04 Jun 2024 19:28:25 +0000 https://www.chicagotribune.com/?p=17266994&preview=true&preview_id=17266994 By Holden Lewis | NerdWallet

If you sell your home after the middle of August, cheers: You could end up pocketing the money that previously would have gone to the buyer’s agent.

But before you celebrate, consider the downside of waiting until late summer to list your home for sale: House prices tend to fall after August. The price drop might surpass the money you save on commission.

New policies governing real estate commissions are set to go into effect Aug. 17 as a result of the settlement of an antitrust lawsuit. The amended policies give home sellers more room to negotiate what to do about the buyer’s commission — whether they want to use it to induce competitive bids or keep it to themselves entirely.

The choices complicate this season more than usual, for both buyers and sellers. Here’s what to know to help you and your agent come up with the best strategy for you.

What, exactly, is changing?

Starting Aug. 17, sellers will no longer set the commissions for real estate agents who represent buyers. Buyers will decide how much their agents will be paid. Even when sellers are willing to pay some or all of the commission for the buyer’s agent, the amount will no longer appear on the multiple listing service.

For decades, and up to Aug. 17, MLS listings have been required to advertise how much commission the seller is offering to buyer’s agents. The information wasn’t visible to home buyers but could be viewed in agent-only fields of the MLS.

When sellers set commissions for buyer’s agents, they’re sometimes advised that offering a low commission will attract fewer buyer’s agents — and therefore fewer competing offers. The plaintiffs in the antitrust suit argued that the policy of requiring commission info on the MLS was designed to discourage them from negotiating lower commissions for buyer’s agents.

Can sellers start offering 0% to buyer’s agents today?

Technically, sellers have always had the option of offering zero or minimal commission to the buyer’s agent. But most sellers have offered such commissions to motivate buyer’s agents.

Even though they will set their agents’ commissions, buyers won’t necessarily pay out of pocket. Buyer and seller will negotiate who will pay. Scenarios include:

  • The money may come directly out of the seller’s pocket, as has been the norm.
  • The money may come directly out of the buyer’s pocket.
  • The buyer and seller may split the payment.
  • The buyer may pay indirectly, by adding their agent’s commission to the price of the house when they make an offer.

Here’s an example of how an indirect payment might work for a buyer who is paying a 3% commission. The buyer finds a house costing $400,000. The 3% commission is $12,000. The buyer offers $412,000 and asks the seller to transfer $12,000 to the buyer’s agent at closing.

Keep in mind that sellers, having equity, tend to have more access to cash than first-time home buyers, who accounted for 33% of buyers in April. A seller who’s willing to pay all or some of the buyer’s commission may end up with more offers, and a higher final price, than one who flatly takes that commission off the table.

How much money could sellers keep, though?

As a home seller, you stand to save thousands of dollars on commissions if the buyer pays their agent directly or indirectly.

Let’s say the agents in your town typically collect 2.5% on each side of the transaction, and you sell your house for $400,000. Each agent earns $10,000. If you pay both agents, you’ll shell out $20,000 and end up with $380,000.

But if the buyer pays their agent, you would pay your agent $10,000 and walk away with $390,000. That’s $10,000 more.

On the other hand, buyers might request bigger closing cost credits, subtracting from the seller’s bottom line, Chuck Vander Stelt, a real estate agent in Valparaiso, Indiana, said in an email. Or buyers might offer less because they will bear the expense of paying their own agents.

Even after Aug. 17, sellers might keep offering commissions to buyer’s agents as motivation, Vander Stelt added. These offers could remain standard in many markets, multiple agents said. Offering commissions to buyer’s agents will still be permissible under the new policies, but those offers will no longer appear on the MLS. Listing agents can communicate the information on brokerage websites, or in phone calls, emails and texts.

What would be the cost of waiting?

You might be tempted to keep your home off the market until the new policy goes into effect. But waiting might not be a wise move, because it would mean sitting out homebuying season.

Home prices peak from May through August, then drop off. In 2023, the median existing home cost $410,100 in June, $405,600 in July, $404,200 in August — and $392,700 in September, according to the National Association of Realtors. If you list your house after mid-August, you probably won’t close until October or later, when prices are even lower.

With house prices peaking in summer, you might come out ahead by selling during the busiest time of the year, even if you end up paying the buyer’s agent’s commission.

“I don’t really have anybody holding off until after August to list their house because they want to save a couple bucks,” says Michelle Doherty, an agent in northern Virginia with RLAH Real Estate. She says her clients will be ready to sell in June or July, “depending on how things progress with prepping the house.”

Can I negotiate the listing agent’s commission too?

You might save money if you don’t pay the buyer’s agent’s commission. But what about the commission that you pay the listing agent for selling your home? You might not see an immediate reduction. If a cut in commissions from 3% to 2% is your hope, you’ll probably mope.

“First of all, nothing’s going to change quickly, OK?” says Stephen Brobeck, senior fellow for the Consumer Federation of America. “The industry will resist, and consumers don’t really focus on this much.”

Vander Stelt said that he sees headlines that proclaim “the end of the 6% commission.” That’s a mistaken belief, he said. “Overall, the average commission costs per transaction on a percentage is likely to come down over the coming years,” he said. But not instantly.

What if I list before Aug. 17 but sell after?

Months can pass between the day you put your home on the market and the day you hand over the house keys at closing. What if the Aug. 17 policy change happens in the middle of this period? The National Association of Realtors provides guidance for two scenarios:

  • Your home’s MLS listing offers to pay the buyer’s agent’s commission, and you sign the contract accepting the purchase offer before Aug. 17: You’ll pay the commission, even if the closing occurs on Aug. 17 or after.
  • Your home’s MLS listing offers to pay the buyer’s agent’s commission. But in accordance with the new policy, that offer is removed from the MLS on Aug. 17. Sometime after that date, you accept the purchase offer: That defunct commission offer on the MLS is no longer valid. You and the buyer will negotiate how to take care of the buyer’s agent’s commission.

When you put up your home for sale, you’ll sign a listing agreement with your agent. NAR says that listing agreement might have to be amended if it says that an offer to pay the buyer’s agent must be made “on the MLS.” As of Aug. 17, that clause in the listing agreement will conflict with the new policy. Your agent might ask you to sign an amended listing agreement before that date.

Holden Lewis writes for NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL.

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Pullman continues push to revive retail sector by bringing in new Chick-fil-A https://www.chicagotribune.com/2024/06/04/pullman-continues-push-to-revive-its-retail-sector-by-bringing-in-new-chick-fil-a/ Tue, 04 Jun 2024 10:00:40 +0000 https://www.chicagotribune.com/?p=15939481 Pullman residents will soon get a chance to try the chicken sandwiches at Chick-fil-A, a fast-food chain popular on the North Side and in many suburbs but so far absent on the city’s Far South Side. A partnership between the nonprofits Chicago Neighborhood Initiatives and the Hope Center Foundation has broken ground on the new restaurant, the anchor tenant of Pullman Gateway, an 8-acre commercial center taking shape on the former site of an offtrack betting facility.

“We once had to drive far outside our community to go to a restaurant or to a grocery store,” said the Rev. James Meeks, president of the Hope Center Foundation, the philanthropic arm of Salem Baptist Church of Chicago. “There was no sit-down restaurant or even a pizza place that would deliver to our homes.”

Other initiatives by the developers over the past decade brought in restaurants such as Potbelly, Culver’s and Lexington Betty Smokehouse, along with a new Walmart. The initiatives established a community center and created jobs at several new manufacturing and distribution centers. Meeks said it’s all meant to replace the thousands of jobs lost starting in the 1970s when the decline of heavy industry gutted the economies of both the Pullman and nearby Roseland neighborhoods.

“Back in the ’70s, Michigan Avenue in Roseland was almost like North Michigan Avenue downtown,” he said. “We had stores, movie theaters and restaurants.”

The Culver’s, opened in 2021, did about $3 million in sales last year, said David Doig, president of Chicago Neighborhood Initiatives, and that attracted other retailers such as Chick-fil-A.

“I think we’ve proven that this is a viable retail corridor,” he said. “And we’ve learned that once you get Chick-fil-A, other folks want to be there as well. They drive traffic.”

The developers are close to signing deals with other retailers, and Pullman Gateway, located just east of Pullman National Historical Park, could soon see a bank and other fast casual and sit-down restaurants, he said. They expect to finish construction of the Chick-fil-A at 11201 S. Corliss Ave. by the end of 2024. The 5,200-sqaure-foot restaurant will provide about 145 construction jobs and 125 permanent jobs. It will start out as corporate-owned, but Doig expects Chick-fil-A to eventually seek out a franchise owner.

Ald. Anthony Beale, 9th, said many national retailers may not have realized that Pullman and Roseland restaurants can make money.

A piece of land on S. Corliss Avenue near 111th Street in Chicago is seen on May 30, 2024. A Chick-fil-A restaurant is slated to be built on the site.(Terrence Antonio James/Chicago Tribune)
A Chick-fil-A restaurant is slated to be built on this site at South Corliss Avenue near 111th Street in Chicago, seen here on May 30, 2024. (Terrence Antonio James/Chicago Tribune)

“I don’t think they were looking at our neighborhoods, but we have a dynamic team in place and we’re going after their business,” he said. “We get in front of them and we’re salespeople for our community. We’re not sitting back and waiting for them to come to us.”

Beale said other initiatives, including a proposed 480,000-square-foot medical campus in Roseland, at 111th Street and South Michigan Avenue, will help revive the Far South Side. The Chicago Plan Commission approved the Roseland Medical District Master Plan in 2022, and the state later awarded the effort $25 million for land acquisition, environmental cleanup and infrastructure improvements.

“This could be a potential Northwestern Memorial Hospital or University of Chicago Medical Center, but for the Far South Side,” Beale said.

Meeks looks forward to the launch of the Chicago Transit Authority’s Red Line extension project, which will extend the train line from 95th Street in Roseland to 130th Street in the Altgeld Gardens neighborhood.

“People will be able to travel here, and people who live here will be better able to get out and go other places to work,” he said. “We’re praying and believing that with the Red Line extension, we will see the old glory days of Michigan Avenue return.”

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