Chicago lofts have moved from “raw and rough” to “sleek and chic” luxury homes over the last 30 years. Availability in the Gold Coast, River North, and River West neighborhoods has increased significantly, providing home buyers with tremendous loft options in locations, amenities, and price points.

Year	Average Sales Price	Average Cost/Square Foot
1999	$262,920	$199.88
2000	$290,532	$220.08
2001	$312,167	$243.72
2002	$337,236	$258.17
2003	$329,617	$262.13
2004	$366,544	$282.67
2005	$393,446	$293.52
2006	$386,667	$311.15
2007	$407,564	$325.11
2008*	$386,604	$296.09

Trends:

1. Prices have steadily increased over the last 10 years, with loft sale prices holding fairly steady, even in recent months.
2. 2003 marked the greatest number of units sold – 376 – but year to date sales of 18.9/month compares favorably to 2006 (17.0/mo) and 2007 (19.2/mo).
3. The average size loft in 1999 was 1356.3 square feet, and this has remained pretty constant over the 10 year period, with 2008 lofts averaging 1320 sqft/unit.

How do you decide on which loft is right for you? Consider these variables as you conduct your home search:

Style

Are you a timber and brick fan or do you prefer concrete lofts? Do you want a “soft loft” with private bedroom(s) or an open, expansive feel?

Accessibility/Location

Is public transportation or access to the expressways a concern? Do you want sweeping skyline or “in the mix” building views?

Livability

Do you need total quiet to sleep? Maybe how the owner added soundproofing materials is a concern. Are you looking for a rougher, casual look or the sophisticated feel of top of the line finishes?

One unique luxury loft opportunity, represented by Sue Weeks and myself, is unit 404 at 1147 W. Ohio. The balance of location, finishes, and price make it an absolute “must see” for anyone considering Chicago loft living.

Location

This building is located in the trendy River West neighborhood just west of the Chicago River, close to the Kennedy Expressway and the Blue Line subway. The popular East Bank Club fitness facility and some of Chicago's finest restaurants are also nearby. Residents enjoy the neighborhood's low density while being close to the Loop and Michigan Avenue.

Style

This loft is the finest in brick and timber with soaring 12’ ceilings and sophisticated finishes, e.g. Miele and Fisher & Paykel, stainless and Birdseye maple, corian, and more. With details like arched ceilings, specialty lighting and new double paned windows, you won’t need to do a thing but move in. It’s the perfect combination of open space with a private master suite designed by the owner/architect. The sweeping skyline views will stun you.

Price

At $275/square foot, you will not find a loft lovelier than this 2100 square foot beauty that includes parking.

To view this unit, or learn more about luxury loft living in Chicago, please call today.

Posted By: Anne Rossley

Rubloff has developed a great way to differentiate the lowly “for sale sign” and listing page on Chicago real estate websites, and Chicago luxury homes are primed to benefit. Rubloff has introduced Individual Property Websites (IPWs) to their site recently. The traditional site has an agent name, company logo and phone number. Maybe even a photo of the agent (how that helps sell homes I don’t know).

Some enterprising companies have added a four or five digit number to the sign where someone can call for more info or plug into a website as an ID number. Or maybe you can even text to a number for more info (which will result in the listing agent having your number and calling you back). Great idea, but still not getting to the point – pushing information to the consumer quickly and easily. The IPW provides a quick an easy way for a consumer with a hand-held device to immediately call up interior photos, pricing information, etc. in a mobile-friendly format! Let’s say you’re walking by a luxury Rubloff listing on Chicago’s northside. You simply plug in the address in your handheld and voila, all the listing information populates, including high quality photos, contact information, etc.

For someone listing a high-end home or condo in Chicago, this is a great opportunity to differentiate the listing as your potential buyer strolls by!

Posted By: John D’Ambrogio

For all you sushi lovers, I would recommend RA Sushi located on the infamous Rush Street, or Tsunami which can be sited on Dearborn. RA, the perfect place to wind down from a day of shopping, offers a variety of signature cocktails. Try and catch happy hour between 4-7 for a sushi and Japanese blended dinner with a reasonable price tag. Named the Best Japanese Food in 2008 by City Search in Chicago, Tsunami offers any atmosphere suitable for your dining experience. For an informal summer lunch or dinner aim for their patio that is surrounded by beautiful single family homes in the Gold Coast. If you favor a candlelit contemporary ambiance, ask to be seated upstairs in the sake lounge and enjoy one of the many wine selections imported from around globe. While dining at either location you will savor every bite and sufficiently satisfy your tastebuds!

Posted By: Terra Ewing

On Tuesday, President-Elect Barack Obama laid a wreath at Soldier Field in honor of Veterans’ Day. Soldier Field was finished in 1924, and while it was originally called Grant Park Stadium, it was renamed to honor soldiers killed in World War I.

This Sunday, November 15, is the annual Mum Bowl – the city Football Championship for the Junior Bear football league. The program serves 600 boys and girls ages 9 - 13 in 14 city parks throughout Chicago, culminating in a fantastic day at Soldier Field.

Last year, I cried with pride as my son pinned a mum on my jacket at center field. The Welles Park Cowboys won their 3rd place game, having lost only one game all season (by 1 point in overtime in the semi-final game). Thanks to Mike at Welles, Coach John Billhorn, and the Bears Organization for giving us, the boys and their families a day we’ll never forget!

This was particularly meaningful to me, as my late father’s fondest memory growing up was playing for Fenger High School in the City Championship against Weber in 1946, also played at historic Soldier Field.

Grant Park Stadium was designed by Holabird and Roche, and its Classical Revival Style earned it the National Historic Landmark Designation in 1987. In 2003, however, a renovation was begun to modernize the stadium. Because so many of the historic features were removed, Soldier Field was removed from the register as an Historic Landmark on February 17, 2006.

While watching a Bears game is much more comfortable today, I still mourn the loss of this graceful historic giant.

Posted By: Anne Rossley

It seems president-elect Barack Obama has found his way into my building at Rubloff three times in recent months (including last week, celebrating his victory no doubt). I am well aware of the second time – I had to wait while the parking garage was shut down to let his secret service group out! No great bother though.

Seems Mr. Obama is a fan of one of the best views in Chicago – The view overlooking Oak Street Beach and Lake Shore Drive from the second floor dining room at Spiaggia, an upscale Italian restaurant in the Mag Mile Building at Oak and Michigan in Chicago. Curiously, that view is identical to the seven floors up at the Rubloff offices. Us locals as Rubloff tend to hit Spiaggia Café, adjacent to the building, for lovely crispy thin pizza and a great Italian wine list – with a little more casual setting.

North Michigan Avenue actually has a number of venues with haute cuisine and fantastic city views. The dining room at The Drake Hotel is immediately across from Spiaggia and has a similar vista. For a higher perspective people in the know love NoMI at The Park Hyatt. Tourist and locals alike are fans of the dining room at the 95th in the John Hancock Building. Although at that height Chicago looks a bit more like an ant farm!

So dine like a president, or a regular ‘ole Chicago politician, at one of North Michigan Avenues many fine local haunts!

Posted By: John D’Ambrogio

With so many French bistros in the city, it is often difficult to find one that truly emulates the concept and cuisine of a true Parisian Bistro. An exception to this is the Gold Coast’s own Bistro Zinc. Tucked away on North State Street, the restaurant remains true to its origins with an interior graced by mustard colored walls and a checkerboard floor. The menu is quintessentially French and although both the lunch and weekend brunch are excellent, dinner is the best way to truly experience this gem. As it turns out, a night in Paris may not be as far off as it seems.

Posted By: Kate Santo

Our own blogger, Kate Santo, was acknowledged as an expert speaker at the Leading Real Estate Companies of the World^® regional conference recently held in Chicago. Complete coverage can be found at the link below:

http://chicagoagentmagazine.com/news/index.asp?id=2160

Posted By: John D’Ambrogio

I just ran over an interesting stat from Zillow’s quarterly homeowner confidence survey which showed that an estimated 74% of homes nationwide had lost value in the last 12 months, but only 51% of those homeowners polled thought THEIR home had lost value. Seventy-two percent of Midwest homes had lost value vs. a 51% perception. If we extrapolate that to the luxury market, there are millions of dollars of imaginary money floating around in the minds (and on the listing sheets) of certain Chicago homeowners – about 21% to be exact! How can we tell which ones those 21% are? Well, average days on market (DOM) is a sure giveaway, as would be a slow, trickling policy of tiny price reduction after tiny price reduction.

Don’t chase the market – Even in the Chicago Luxury Market the price is set daily by the demand.

Another survey released by advertising J. Walter Thompson shows that, interestingly, optimisim in “The American Dream” seems to increase as our paycheck grows. While about 2/3 of Americans with household incomes under $40,000/year believe in “The American Dream” – a full 3/4 of those earning $40,000-$70,000 and 82% of those with an income passing $70,000 a year seem to share that belief! No stats on Chicago’s uber-rich, but I would bet that they’re more optimistic than any of us. Especially those in that 21% who think their house has not declined in value!

Posted By: John D’Ambrogio