CHSO August 2015 : Page 82
RISING REAL ESTATE IN CHICAGO CONTINUES TO BE PART SPECTATOR SPORT, PART INVESTMENT AND, ALWAYS, A NUMBERS GAME. BUT WHEN YOU’RE LOOKING FOR A SPACE TO COME HOME TO EVERY NIGHT, IT SHOULD ALSO BE PART LOVE AFFAIR. HERE ARE OUR MOST RECENT CRUSHES IN CITY LIVING. HIGHER By Amalie Drury, Laura Hine, Kerrie Kennedy, Sydney Price, Chandler Rollins, Rebecca Taras and David Zivan
Real Estate Rising Higher
In an amenity-filled building, the apartments hold their own with chef-inspired kitchens, beautiful views and nicely sized rooms.
REAL ESTATE IN CHICAGO CONTINUES TO BE PART SPECTATOR SPORT, PART INVESTMENT AND, ALWAYS, A NUMBERS GAME. BUT W H E N YOU'RE LOOKING FOR A SPACE TO COME HOME TO EVERY NIGHT, IT SHOULD ALSO BE PART LOVE AFFAIR. HERE ARE OUR MOST RECENT CRUSHES IN CITY LIVING.
HOME IN THE SKY
OUTDOOR YOGA STUDIO? COMPLIMENTARY COFFEE BAR? WHEN IT COMES TO INNOVATIVE AMENITIES FOR RENTERSPLUS EASY EXPRESSWAY ACCESS FOR REVERSE COMMUTERS-THIS SLEEK NEW WEST LOOP HIGHRISE HAS IT ALL.
The sixth floor lounge and game room at Arkadia has a billiards table, widescreen TV and room to relax.
From I - 90 / 94 near downtown Chicago, the gleaming 33-story blue-glass Arkadia Tower is hard to miss. The project is billing itself as the first true luxury rental building in the West Loop, and so far it's proving popular among "dual commuter" couples, or those with one person working downtown and one working in the 'burbs. Rents start at $1,850 for studios and go up to $7,900 for a three-bedroom penthouse, and the building has been 7 0 percent leased since it opened in March. In order to lure all those career-minded Chicagoans, Arkadia has packed in lifestyle features aimed to make residents feel like they're living at a resort every day (if you can ignore 20 inches of snow on the ground come February, that is). The neighborhood itself is eminently walkable—the restaurants of Greektown and Randolph Street, a Mariano's, a new Whole Foods and several grassy parks are at Arkadia's doorstep — and beyond that, the building is a smorgasbord of compelling reasons to sign on the dotted line. Arkadiatower.com
Increase in home sales in the city in May 2015, over last year. The Illinois Association of Realtors also notes that the median price of Chicago homes is up 6.8 percent. Can we call the recession over?
Outdoor Sundeck Twenty-four thousand square feet of lounge chairs for catching rays, and fire pits for hosting friends
Pool Party Swim when it's hot outside or ease into the hot tub in cooler weather.
Pet Perks There's a private dog run and grooming station.
Smoke-Free There's no smoking allowed anywhere in the building.
And More... A technology center with free coffee, a well-equipped fitness center, a game room with billiards and expansive city views also make the list.
"High-end properties are selling! Interestingly, as opposed to New York or Miami, most of the prospective buyers are already living downtown or in the suburbs and are moving to the city in droves to be within walking distance of everything our great city has to offer." –Janet Owen, Berkshire Hathaway HomeServices
UNDER CONTRACT One of Janet Owen's listings is this penthouse at 189 E. Lake Shore Drive, with an asking price of $12.9 million.
Whether you're an art collector, sunset worshiper or dog lover, these luxury amenities will make a building feel like home sweet home.
1 Heavy Weight River North's Grand Plaza is a fitness buff's dream, with a private outdoor pool, running track, basketball court and putting greens. You've now got game! $1,925- $7,429, 540 N. State St., grandplazachicago.com
2 Room With a View Rain or shine, Optima Chicago Center has it covered, literally. Enjoy gorgeous panoramic views of the city on its Skydeck Garden, a 42nd-floor rooftop oasis, or from its massive 32nd-floor covered terrace. $1,878-$12,878, 200 E. Illinois St, optimachicagocenter.com
3 At Your Service State & Chestnut brings the hotel concierge experience home with wake-up calls, housekeeping, personal gift services and complimentary transportation. $2i110-$3,988, 845 N. State St, stateandchestnuf.com
4 Top Dog Grooming, walking, feeding, boarding and veterinary house calls—all under one roof. And, that's just for Fido. For its two-legged occupants, 500 Lake Shore offers a gorgeous outdoor deck and pool, plus a fitness center by Equinox. $1,810-$8,515, 500 N. Lake Shore Drive, 500lakeshore.com
5 Work of Art Chicagoborn artist Terrence Karpowicz's "Lotus" sculpture graces Hubbard Place's front plaza. It's a perk for any art enthusiast. Want more? A few blocks away sits the River North Gallery District. $1,909-$4,119, 360 W. Hubbard St, hubbardplacechicago.com
The west lobby of E2 is one of the inviting open spaces for residents to enjoy.
IT'S THE SUBURB THAT FEELS LIKE A CITYEVANSTON'S GOT NIGHTLIFE, STUDENTS, RESTAURANTS-AND NOW, IT'S ALSO GOT A HIGH-END RENTAL BUILDING, MAKING IT THAT MUCH MORE ATTRACTIVE TO URBANITES OF ALL AGES.
The exterior of E2.
This spring, Fifield Companies and Carroll Properties opened E2 near the Davis Street Metra station. Boasting an amenity-filled fourth floor with a full-size basketball court, fitness center, coffee bar, theater and conference room, and an outdoor space with a swimming pool, spa, cabanas, a grill and a lounge area, the building is bringing luxuries that are expected in the city up north. And it has suburban features as well, like being just steps away from the weekly Evanston farmers market, close to extensive bike trails and dedicated bike lanes, and a short walk to the lakefront. The building launched with a Designer Showcase in May featuring nine apartments decorated by the likes of Morgante Wilson Architects and Cindy Galvin of Bardes Interiors. While the styled apartments were all one- and two-bedrooms, the building ranges from 500-square-foot studios to three-bedroom townhouses, with rents running from $1,645 to just under $ 4,000 for the townhouses. According to Randy Fifield, vice chair and principal of Fifield Companies, "The beauty of E2 is that it was easy for the designers to imagine so many different people living here and appreciating the building's location, its amenities and its overall design." 1890 Maple Ave., Evanston, 847. 733.1300, e2apts.com
"Lately, it seems to take losing a place before buyers understand the speed of this market. A lot of people are buying their second- or thirdchoice homes because they wanted to 'start low' when bidding on the place they really wanted." -Mat t Farrell, Urban Real Estate
This model apartment at Webster Square shows off the stunning views of the city skyline.
BACK IN TOWN
Sales are brisk at Chicago's two hottest luxury condo buildings of the moment, proving that the days of the recession's "rent, don't buy" wisdom are done.
Strata (stratachicago.com) in River North and Webster Square (webstersquare.com) in Lincoln Park are technically both rehabs of pre-existing buildings, but that's where the similarities end. Strata is a relatively small, sleek, all-glass collection of 27 unitsthree buildings combined to look like one—with high-quality, superminimalist European finishes (think kitchens by Ernestomeda and bathrooms by Antonio Lupi). It's a sexy, modern addition to the neighborhood and should appeal to the tech-set movers and shakers who just might (conveniently) work on the other side of Larabee Street at Groupon or Dyson.
School zone-conscious buyers and renters, on the other hand, have put their names on the waiting list in droves for Webster Square in Lincoln Park, a 95-unit mixed-use building on the site of the former Lincoln Park Hospital. The building's mid-rise height in the predominantly low-rise neighborhood offers beautiful views of leafy streets, parks and the lake, and there's a lot of space up for grabs: The building's penthouses clock in at about 3,100 square feet each, and units on the fifth floor have jawdropping 1,000-square-foot outdoor terraces. Plus, it's a prime location for families: An easy Saturday morning might include a walk to Oz Park, brunch at Toast, shopping on Halsted Street or a jaunt to the zoo.
BY THE NUMBERS
2. 3 Number of years it now takes Chicago homebuyers to break even on a purchase including factors like closing costs (according to zillow.com)
30 Percentage of units currently sold at Strata
100 Percentage of rental units currently occupied at Webster Square
600 Interested buyers and renters who put their name on the list at Webster Square
$600,000 to $2 Million Asking prices for units at Strata
$459,000 to $2.3 Million Asking prices for units at Webster Square
FROM JANUARY TO JUNE 2015, QUITE A FEW HIGHEND CONDOS SOLD IN SOME FABULOUS BUILDINGS. WITH HELP FROM CRAIG HOGAN, PREVIEWS DIRECTOR FOR COLDWELL BANKER, WE CRUNCHED SOME NUMBERS TO COME UP WITH THE AVERAGE PRICE PER SQUARE FOOT FOR CONDOS WITH A SALES PRICE OVER $3 MILLION.
The previous record for Chicago real estate was $17 million paid (in cash) by Sanjay Shah for the 89th-floor Trump International Hotel & Tower Chicago penthouse.
Record-breaking millions paid by buyers (reported to be George Lucas and Mellody Hobson) for the 65th-floor penthouse of Park Tower. The space will offer the Star Wars director and Ariel Investments president a bird's-eye view of the action on Michigan Avenue.
The techy-cool green scene is hotter (and cooler) than ever.
500 Lake Shore Drive
This LEED-Gold paradise boasts killer views of Lake Michigan, as well as perks like a Zagster bike-share program and parking for fuel-efficient cars. $1,810-$8,515, 500 Lake Shore Drive, 500lakeshore.com
The Homes of Serosun Farms
While there's currently only one model home, the planned luxe LEED-certified residences on the 410-acre agricultural preserve will include geothermal heating and air conditioning, and a cutting-edge home automation system featuring Control4 technologies. $600,000-$2.5 million, 45W489 Berner Road, Hampshire, serosunfarms.com
This 230,000-square-foot high-rise is pursuing LEED-Gold certification, with strategically placed balconies that also serve as sunshades, Energy Star appliances and a heating system that both warms and cools the units. $1,453- $4,413, 601 W Jackson Blvd., jeffjackapartments.com
The open interior and gorgeous finishes are a sophisticated city touch in the agricultural perserve of Serosun Farms.
“Everyone has such a busy schedule, so having the ability to get outside easily is essential.” –Tom Oslund, CEO, Oslund & Associates
LET THE SUN SHINE
The rooftop deck at 500 Lake Shore Drive has green space galore and plenty of sun and shade. Below: CEO Tom Oslund of Oslund & Associates
BUYERS AND RENTERS LOOKING FOR GREEN SPACE IN CHICAGO ARE SETTING THEIR SIGHTS HIGH-UP O N THE ROOFTOP, TO BE PRECISE. LUXURY BUILDINGS HAVE TAKEN ROOFTOP DECKS TO NEW HEIGHTS, ENLISTING TOP LANDSCAPE ARCHITECTS TO DESIGN FULL-FLEDGED SANCTUARIES IN THE SKY. WE CAUGHT UP WITH OSLUND & ASSOCIATES (OAALA.COM) CEO TOM OSLUND, DESIGNER OF A NUMBER OF CHICAGO ROOFTOP INSTALLATIONS, INCLUDING 500 LAKE SHORE DRIVE.
What's the attraction of the luxe rooftop?
For one thing, it's a great place to socialize and entertain. Rooftop spaces are being designed to allow for large social gatherings with the option of smaller, private entertaining as well. Beyond that, everyone has such a busy schedule these days, so having the ability to get outside easily, even if it's just for 10 to 15 minutes in the morning or evening, is essential. It's therapeutic.
Besides the obvious, like pools and sundecks, what are some of the musthave features?
An outdoor fireplace is essential now, as are overhead structures and cabanas that provide scale and relief from the sun. Outdoor dining has also become very important—we're installing high-end outdoor kitchens with flexible seating. And of course, lush landscaping is part of every rooftop design.
We're also seeing a bit of a dog revolution on the roof.
Literally every luxury building we've worked on in the last eight years or so has had a dog run on the deck. The challenge is to create a space that's as park-like as possible but also durable and simple, making it convenient and easy to take the dog for a walk and clean up afterward.
TOM OSLUND PHOTO BY B. LLOYD TELL; SEROSUN FARMS PHOTO BY JILL BUCKNER
What makes a rooftop deck eco-friendly?
The hallmark is a simple system that captures water and reuses it to sustain plant materials, which helps insulate the building below by dropping the mean temperature on the roof. It may not sound dramatic, but it is—because if it wasn't an amenity deck, it would be a heat sink. The amount of square footage on these decks is pretty staggering—it can range from a xh acre to an entire square block.
WATER WORKS Milena and Leo Birov—founders of Heritage Luxury Builders—built their Winnetka dream home from the ground up. Julia Buckingham of Buckingham Interiors + Design helped them take the space from ordinary to extraordinary.
DESIGNED TO SELL
A master bathroom can be more than a place to get cleaned up—it’s a luxury asset buyers love.
1 Guiding Light
The owners wanted a fi xture with a “girly” touch, and this whimsical piece defi nitely fi t the bill. It’s feminine yet contemporary, and while the Eurofase fi xture is commanding, it doesn’t overpower the bathroom. $4,400, Lightology, 215 W. Chicago Ave., 866. 954.4489
2 Soak It
In With sweeping views of Lake Michigan, a deep soaking tub was the only option for this bathroom. Though simple in design, the classic cast-acrylic freestanding bath with center toe-tap drain matches the elegant sophistication of the space. $8,660, Kohler, 222 W. Merchandise Mart Plaza, #100, 312. 755.2510
3 Set in Stone
At 24 feet in length, the stunning custom-made millwork features Calacatta-cut marble countertops and maple base cabinets, which come together for an art deco look. $15,000, Heritage Luxury Builders, 1741 Harding Road, Northfield, 847. 446.3330
4 Sweet Seat
This vintage hooded porter’s chair from the 1960s was spotted by Julia Buckingham on a Phoenix trip. She reupholstered it with luxurious Dedar Kati Ametista fabric and Fishman’s purple linen fabric, which adds a pop of color and texture to the otherwise neutral space. $6,000, buckinghamid.com
5 Made in the Shade
The custom-made fabric Roman shades were made by Drapery Avenue from a sheer, monochromatic fabric with a textural pattern. While usually kept up, they soften the wall and frame the window. $3,000, 1536 Brook Drive, Downers Grove, 630. 652.9999
“This spring, we have seen an aggressive amount of buyers out looking at homes. In Near North, the total volume of homes sold jumped from 305 units last June to 341 units.” –Samuel Ciochon, Coldwell Banker Previews
Accoring to Ciochon, Near North units sold were up 11.8 percent over last year.
The number of homes for sale at over $10 million according to Jamie Connor, a broker with Conlon Real Estate. The homes range from a lakefront estate in Wilmette to downtown penthouses, but all are built (and priced) to impress.
Read the full article at http://digital.modernluxury.com/article/Real+Estate+Rising+Higher/2233426/267684/article.html.