Author: Mary Mendoza

Magazine-worthy living in an Art Deco landmark

On the 12th floor of the Palmolive Building, this condo’s interior—by two of the top names in Chicago architecture and design—has the same subtle elegance as the building’s 1920s architecture.

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Moving to Chicago from San Francisco a few years ago, Steven Aiello looked at “probably 30 to 40 condos from South Michigan Avenue to Lincoln Park until I found the exceptional one, this one.

”The condo, on the 12th floor of the Palmolive Building, an Art Deco landmark built in 1929 on North Michigan Avenue, was “sophisticated,” Aiello said. “It’s warm and stylish.”

That was thanks to architectural design by Booth Hansen two decades ago when the longtime office building went residential, and to the more recent work on the interior of this condo by Soucie Horner.

With Deco-inspired layers of trim banding the ceiling, light fixtures that evoke the same era, and a large living room, the condo had a refinement that stood out, Aiello said.

“The others were just plaster and drywall boxes if you took away the furniture,” Aiello said.

Aiello, who came to Chicago for a job as chief development officer at a commercial real estate firm, has now moved again, taking on the role of chief operating officer of a hospitality firm based in Florida. He’ll put the 3,000-square-foot three-bedroom Palmolive Building condo on the market Feb. 10, priced at a little below $2.48 million.

Represented by Phil Skowron of @properties, the condo comes with two parking spaces.

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The living room, 33 feet long, naturally breaks into two nodes at the columns seen at the right in this photo. On the left is “a nice sitting room for a few people to talk,” Aiello said, and on the right, “it’s more formal,” a place for gathering before dinner.

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The condo has east, west, and north exposures. The long side of the living room is its north side, with views out the windows of the gracious façade of the Drake Hotel, and beyond to Lake Shore Drive and the north lakefront.

The Palmolive is two blocks from Oak Street Beach and the lakefront path. Shopping and dining are abundant in the neighborhood.

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The dining room faces west, where diners can see the sunset’s glow.

All the windows have recessed blinds concealed in the window works that can be operated electronically, and decorative blinds, seen partially deployed here. All the window fabrics throughout the condo are new since he moved in, Aiello said. All were selected by Soucie Horner. The firm did the original design for the previous owner, and Aiello brought them back to make his changes.

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The kitchen is entirely new, completed in the summer of 2020. While the layout of the space didn’t change, all the surfaces did, including cabinetry, appliances, and the quartzite countertops that replaced a darker stone.

At the far end of the room, a television is inset into the backsplash. Aiello worked with his contractor, Soffer Construction, to ensure that it fits flat into the backsplash for a seamless look. The unit is spring-mounted so it can pop out for repairs.

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Aiello uses the third bedroom as a den. He replaced a pair of swing doors with a single opening and pocket doors. The wallcovering is fabric.

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A bold wallpaper print lines the walls of a room at the entrance to the main bedroom suite. It’s large enough to be furnished with a desk or chairs.

The door at left leads down a hallway to the two walk-in closets, the bath, and the bedroom. It gives the bedroom a feeling of remove from the rest of the home.

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In the main bedroom, one wall is padded with fabric and supports a pair of pendant lamps.

While the dining room had two types of window coverings, here there are three, including blackout shades.

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The materials in the main bathroom were darker when Aiello bought the condo. He brought in lighter replacements all around.

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The former owners had bright colors and bunk beds in the second bedroom. Aiello had it redone with versions of the materials that were already in the main bedroom.

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In the powder room is another large-print wallpaper selected by Soucie Horner. The toilets in the condo, four of them, are all touchless models, Aiello said.

The Palmolive Building was a superb place to live for his few years in Chicago, Aiello said. Not only is the building, originally designed by Holabird & Root, beautiful inside and out, he said, but “it’s probably the best place to live in an urban center. My experience in Chicago was nothing but wonderful.”

Lincoln Park mansion sells for city’s highest price since mid-2018

The Howe Street property went for $11.9 million, the most anyone has paid for a home here since another mansion two blocks away went for the same price 29 months ago.

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A Lincoln Park mansion sold this morning for $11.9 million, the highest sale price recorded for a Chicago home since August 2018.

The sale of the 12,000-square-foot mansion on a double lot on Howe Street, which was not openly listed for sale, is the highest-priced purchase of a single residential property in the Chicago area in 2020. But a situation in Winnetka, where the Chicago Tribune has reported that three different multimillion-dollar mansions may have been bought by a single entity, prevents the Howe Street mansion from taking this year’s crown at the moment.

The sellers on Howe Street, William and Sandra Sterling, could not be reached for comment. The agent who represented them, Tim Salm of Jameson Sotheby’s International Realty, declined to comment, as did the buyer’s agent, Phil Skowron of @properties. The buyers are not yet identified in public records.

The Sterlings’ asking price for the six-bedroom house was $14.5 million. They sold for 18 percent less than that.

William Sterling is the managing partner of Sandia Point, a quantitative research and trading firm with offices in Chicago and New York.

In 2013, the Sterlings paid $3.95 million for the land the house is built on. There is no public record of what they spent to build the house.

No photos of the interior of the home are available, and neither are details such as a bedroom count.

Built by BGD&C, a firm that has built several of the multi-lot mansions in the section of Lincoln Park south of Armitage, the house, according to marketing information from Salm, has “grand living and dining rooms which open onto south terrace. Beautiful stone and wide plank hardwood flooring throughout. Jaw-dropping sculptural staircase topped by skylight and one-of-a-kind chandelier.”

The $11.9 million sale price is the highest in the city since buyers paid the same amount in August 2018 for a mansion two blocks west on Burling Street. That one was also built by BGD&C.

In 2019, the highest anyone was recorded paying for a Chicago-area home was $11.3 million.

Until this sale on Howe, the highest sale price for a Chicago-area home in 2020 was $9.5 million, which a buyer paid in October for a lakefront mansion in Winnetka. The purchaser, according to the Cook County Recorder of Deeds, was a land trust that obscures the buyer’s name. The Chicago Tribune has reported that the buyer is also behind the purchases of two other mansions, one that went for $8.2 million in July, and another that went for $6.2 million in November. The total, $23.9 million, would be for the land alone, minus some swapped out to the local park district, and a single house would be built on the site, according to the Tribune.

Crain’s could not independently confirm that all three properties have one purchaser, as public records do not yet show a buyer in two of the transactions.

The Local – Time Out Market Chicago

Have you checked out the new Time Out Market in Chicago’s Fulton District yet?

Spread across 50,000 square feet, the curated dining destination packs 18 eateries, three bars, a demo kitchen, a rooftop terrace and a video-installation wall into one space that encompasses the best food, drinks and culture that Chicago has to offer.

5 Real Estate Pricing Myths Sellers Need to Know

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When it comes to selling homes, the price is very often the “hot topic” whether you are the seller or buyer. The process involved in determining the appropriate listing price isn’t always what one might think, though.

In fact, it ultimately comes down to a position within the existing competition. Let’s take a moment to delve into some common misconceptions about pricing…

Overpricing isn’t a big deal since you can always lower the list price

No homeowner wants to leave money on the table. But starting with an unrealistic or overly-ambitious asking price isn’t the way to achieve the highest possible sales price for your home.

In fact, overpriced homes tend to linger on the market, making them harder to sell. And yes, you can always lower the list price but you should keep in mind that the largest pool of buyers sees your home within days of it hitting the market – and if you keep reducing the price, they may assume there’s something wrong with the property. Buyers also factor in market time when determining their offer price and what they perceive to be fair market value.

To generate maximum exposure and interest, it’s essential to price your home accurately during that critical “New Listing” period.

Your home is worth the amount you paid (or more)

Every market is different and trends vary block by block. The market shifts constantly which can lead to upward and downward price trends.  However, just because a high-level report shows an increase in pricing, it doesn’t necessarily mean that trickles down to every property.

While all homeowners wish to make a profit, it’s important to be mindful of pricing trends in your hyper-local market. In sum, what you paid for the home and the period of time you owned it do not necessarily impact the list price. As mentioned above, it actually comes down to how you are positioned (price-wise) amongst the current competition.

Your neighbor just sold their home for $X, so you can sell yours for $X too

Like we said, trends vary block by block – but even homes on the same block vary in price. Every home is unique, and beyond location, you’ll need to consider other property attributes such as features, condition, and other criteria that affect the price. Maybe one home has a finished basement and the other doesn’t, or one has 4 bedrooms and the other has 3 – these are all factors that go into pricing a home.

A lack of inventory means you can be aggressive with pricing

Supply and demand vary by location, product type, and price. If homes in your sub-market are flying off the shelf, you might be able to be more aggressive in your pricing strategy, but if you live in an area that doesn’t see a lot of activity, a more conservative pricing strategy will serve you better.

Renovation costs should be added to the price

While renovations can add value to your home and help your home sell faster, you shouldn’t automatically assume that you will recoup all the costs for home improvement projects (i.e. kitchen and bath remodels or a new deck). Consult a local real estate agent to learn which pre-sale renovations will maximize the value of your property.

At the end of the day, setting the right listing price right out of the gate is crucial when it comes to generating interest and top dollar for your home. So, if you’re a seller, how can you be sure to do that?

Here at @properties, we leverage our exclusive digital Comparative Market Analysis (CMA) tool, which helps determine the current value of your home based on factors like market activity and comparable properties. Here’s why a CMA helps sell your home.

For more information on pricing or to receive your own CMA, click here.

Meh to Wow

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The condition of a home is one of the most critical drivers of its sale price. Most buyers are looking for “move-in ready” homes, hoping to avoid the stress and expense of fixing up a property after purchase. Homes that are outdated or in need of repair tend to sit on the market, attract low-ball offers from flippers, and eventually sell for well under fair market value.

Nevertheless, many homeowners don’t renovate their homes before listing, assuming it will be too overwhelming, too expensive or take too long. They dread the process of finding a reputable contractor, selecting materials, and coming up with the cash to pay for it all. Instead, they list their home in its current condition, drastically reducing their potential proceeds and lengthening their time on market.

Ask me how Curbio and I are able to assist with it all and sell your home for top dollar;

📲 312-612-0303
✉️ phil@philskowron.com
🌎www.philskowron.com

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The Best Midwest Winter Getaways

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Coastal lifestyle magazines often get the Midwest wrong. There’s almost always a portrait of farmers and hectares upon hectares of corn fields and images of a frozen Chicago. And sure, the sweet yellow crop may be Iowa’s single largest export, and yes, Chicago can and does get incredibly cold in the winter, but throughout the Great Lakes region, there is history to explore and an infinite number of outdoor recreation opportunities.

It’s a theme that Chicago-area residents are well versed in — adventure awaits in any direction you decide to drive.

And just like the thousands of towns scattered throughout the region, there is something for everyone. Those looking for a thrill will find miles upon miles of groomed cross-country skiing paths in Door County, Wisconsin. But say you just want some much-needed rest and relaxation — you can get that too. Here are just a few of our favorite sites for adventure, small town charm, and relaxation within a few hours’ drive from downtown Chicago.

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Sites for the adventure-seekers:

Looking for some outdoor fun and exploration in serene environs? Pack your hard-shell coat and gloves and head north towards Sturgeon Bay in Door Country, Wisconsin for some of the best cross-country skiing within reach of the Chicago area. Some of the best locations include the 48-mile-long Ahnapee State Trail, which stretches from Sturgeon Bay to Kewaunee, and the Crossroads at Big Creek and Door County Land Trust nature preserves.

If downhill skiing is more your speed, consider a trip to Wilmot Mountain Resort in Wilmot, Wisconsin. It may not be Vail, but with 23 trails and seven lifts spanning 120 acres, Wilmot Mountain is the closest thing a Midwesterner gets to the true spirit of Alpine skiing and snowboarding. They even have snow tubing, which is a blast for all ages. And then there’s the recently remodeled base lodge, perfect for warming up before the next lift.

Winter hiking may sound like an oxymoron, but in reality, steady cardio activity combined with cooler temps can make for a quite comfortable experience. That, and you can expect to see far fewer crowds at popular attractions such as Starved Rock State Park in Utica, Illinois. Filled with unique geological features such as miniature canyons and waterfalls, this outdoor attraction is a staple for those living in and around the Chicago area. Bring your camera to capture breathtaking images of frozen waterfalls.

 

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Escape to cozy small-town charm:

The Midwest is full of picturesque small towns with historic main streets that appear as though they’ve been trapped in amber over the last 100 years. One of these historic towns is Galena, Illinois, located about a three-hours’ drive from downtown Chicago. The main drag feels almost like a European-style mountain town with rows of Victorian-era buildings brushing shoulders down a gently winding road. And a light dusting of snow adds even more charm to this already enchanting place.

Lovers of classic Americana will appreciate Three Oaks, Michigan. With less than 2,000 residents, this village is truly a small town by definition, but there’s plenty to see and do. The quaint downtown boasts numerous independent shops and cozy restaurants. And then there’s the Journeyman Distillery where spirits such as gin and whiskey are produced and poured for tourists’ enjoyment.

Small towns in Wisconsin have a specific kind of charm. Towns like Cedarburg have a distinct European flavor with sturdy, stone-clad buildings and gristmills. And fortunately for today’s visitors, much of the historic center of Cedarburg remains in-tact and thriving. Take a step back in time and explore this town’s collection of over 200 buildings listed on the National Register of Historic Places.

 

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Places ripe for rest and relaxation:

Maybe you’re just looking to get away from the city and have a weekend of quiet relaxation. One of the more premier resort destinations within reach of the Chicago area is the American Club in Kohler, Wisconsin. The grand century-old Tudor-style manor which houses the resort harkens to the wealth and glamour of The Great Gatsby era — and rightfully so. Guests can expect to be pampered at the hotel’s spa and enjoy gourmet room service.

Even closer to the Chicago area is the Grand Geneva Resort in Lake Geneva, Wisconsin. You can either choose your own adventure or let the resort do all of the planning by choosing one of its many different package deals. There’s also special holiday and winter-specific programming and events.

The Emergence of West Loop Luxury

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Perhaps no other Chicago neighborhood has seen such an explosion in new development in the last decade as the West Loop. The neighborhood’s transition from a warehousing and meat packing district to a luxury live-work-play destination has produced Michelin-starred restaurants, multi-million-dollar home sales, and the arrival of Fortune 500 companies, including Google, McDonald’s, and many others.

But what is it like to actually live in the area? And what should buyers look out for when considering this downtown neighborhood?

“It’s a great place to work, a great place to live, it has a fabulous elementary school, awesome transportation, great food, and actually a couple of decent parks,” says @properties co-founder Thad Wong in his conversation with Mike Golden in the latest @/The Market installment.

And with rising land and construction costs, we can expect to see prices for new construction continue to climb in the neighborhood, Golden adds.

“I think because of the infrastructure, because of the restaurants, and because of the vibe of the neighborhood, we can start to see the push in pricing as high as we’ve seen in other neighborhoods,” Golden says. “I don’t know if it’ll match some of the top, top tier, $1,200-per-foot pricing yet, but it’s going to be a pretty spectacular neighborhood over the next decade.”

Managing broker George Schultz adds some context, offering an early look into EVEQ, a new, condominium development featuring larger floor plans at relatively moderate prices for new construction.

“What we have at EVEQ and in the West Loop that seems to be the hot product is having three or four bedrooms on one level,” Schultz says, contrasting the plans with traditional townhomes where the living is more vertical. “This allows for a flexible lifestyle where you can work from home, be a single person and have great entertainment space, and you also get a lot more outdoor space.”

Hear more about the burgeoning Fulton Market and West Loop in the video below.

At this 55th-floor condo, the view trumps everything

The vistas from a unit with a 90-foot span of floor-to-ceiling windows in Trump Tower convinced a Glen Ellyn couple to move downtown. Now they’re off to Florida, and it’s soon for sale at $2.99 million. Take a photo tour.

n the kitchen, the Spanglers added some cabinets and replaced out-of-date dark granite countertops with a lighter cream version. They bought the condominium in 2010 for $2.3 million, and spent an additional amount afterward on improvements such as these in the kitchen, the tile wall, and others. They declined to say what their total investment in the property is.

n the kitchen, the Spanglers added some cabinets and replaced out-of-date dark granite countertops with a lighter cream version. They bought the condominium in 2010 for $2.3 million, and spent an additional amount afterward on improvements such as these in the kitchen, the tile wall, and others. They declined to say what their total investment in the property is.

 

There’s another fireplace in the master bedroom, set into the tile-lined wall at left. “Before the sun comes up in the morning, it’s nice to turn on the fireplace and sit and look out the windows,” Ed Spangler said. The tile here is a light green, selected to match green frosted glass doors in the adjacent master bath.

There’s another fireplace in the master bedroom, set into the tile-lined wall at left. “Before the sun comes up in the morning, it’s nice to turn on the fireplace and sit and look out the windows,” Ed Spangler said. The tile here is a light green, selected to match green frosted glass doors in the adjacent master bath.

 

Other than new lighter countertops and a television, the master bath is largely as the developers built it, in a neutral look that matches their later design of the rest of the condo.

Other than new lighter countertops and a television, the master bath is largely as the developers built it, in a neutral look that matches their later design of the rest of the condo.

 

There are two more bedrooms in the condo, this one used as an office.

There are two more bedrooms in the condo, this one used as an office.

 

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The view, ever-changing with the season and the time of day, is the main event at this condo. Because of the building’s fortuitous siting at a prominent bend in the river, from inside some condos it looks as if the tower was built over the river itself. From the Spanglers’ unit, the view encompasses everything from Cloud Gate, aka The Bean, out to O’Hare, Glenda Spangler said. They plan to divide their time between Florida and California, two beautiful parts of the world, but “there’s nothing like this” in either place, she said.

The Future of Gold Coast Luxury Real Estate

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Sales numbers from the last few years paint the picture of a down market in the Gold Coast – the upscale lakefront pocket that has long been known for ultra high-end condos and co-ops. But another evident trend that sales reveal is a wide gap between new construction and existing housing stock, particularly in dated inventory.

While new construction in the Gold Coast now can hit $1,200 to $1,300 per square foot, a lot of the inventory in ‘last generation’ buildings will be priced at half that level, and older condos will sell for even less.

However, a variety of options and slow sales can present an opportunity for buyers who are willing to put in some sweat equity, says Rick Sobin, managing broker and VP of Brokerage Services for @properties.

“A lot of people are seeing great opportunity in large units with good pricing, who are [then] able to gut a unit down to the studs, start over again, and when it’s finished, end up with a very well appointed unit at a price point with there still being an opportunity for a profit.”

And for the new construction side? Expect to pay top dollar. The cost to build in this exclusive neighborhood is some of the highest in the region, says @properties co-founder Thad Wong.

“The land value in the Gold Coast is the highest in the city,” Wong says. “You’re not able to build anything in the Gold Coast for under $1,000 per square foot.”

What does all of this mean for the Gold Coast market in 2020? Tune in and listen as Rick Sobin, Thad Wong, and Mike Golden offer their insight and predictions for the coming years.

 

How to Incorporate Neutral Holiday Decor

Whether you’re listing your home during the holidays and want to tone down the decorations, or you want to simplify your holiday decor theme, a neutral palette can help you avoid a cliche holiday scene. Another benefit of choosing a neutral theme is that no matter your home’s existing style, neutral holiday decor can seamlessly integrate into the look and feel of the space. It’s easy to get caught up in the traditional holiday color combinations, but if you’re looking to create a serene seasonal backdrop, read on for insight into how you can integrate a neutral holiday decor palette into your home.

Bring the outdoors inside

Incorporating natural elements indoors creates an organic seasonal backdrop. Whether it’s displaying a bowl of pinecones, draping evergreen garland on the bannister, hanging wreaths throughout the interior, adding evergreen boughs to light fixtures, or displaying birch tree logs in a basket, bringing these outdoor elements inside is the perfect starting point for your holiday decor plan. Or, if you prefer to keep things minimal, consider these elements your decor plan for the season.

Emphasize light

The holidays should be about warmth and spending time with the ones you love. A house decked with white string lights or twinkle lights provides the ambience for cozy nights spent on the couch watching holiday movies. The mantle, light fixtures, greenery, banister, and of course, the tree, are all excellent areas to light up.

Be deliberate with your color scheme

Avoid a hodgepodge of colors or cliche holiday themes by sticking to an edited, neutral color scheme. Possible color combinations include: creams and metallics; white and brown; green and brown; green and white; green and navy; or blue, white and green. Carry the color scheme throughout your various holiday vignettes.

Carefully edit

Be selective with the holiday decor items you put on display, and be discerning with any new items you purchase. Resist displaying or purchasing something unless you are certain it will seamlessly integrate with the neutral palette.

Display textured, neutral fabrics

Displaying neutral toned throw pillows and blankets in materials like faux fur and chunky knits create a welcoming, comfortable atmosphere. An oversized, cable knit blanket and plush faux fur pillow basically begs you to take a few minutes to recharge, while taking in the ambiance of the atmosphere.

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Simmer neutral scents

No holiday decor theme is complete without a seasonal scent, but be careful not to select one that is too overpowering. An alternative to strongly-scented candles is to boil a pot of water, fill it with oranges, cloves and cinnamon sticks, and bring to a simmer. The subtle scent will fill your home with a pleasant holiday aroma.

Set a neutral tablescape

If you want your tablescape to remain neutral, but are looking to add some drama to your dining decor, set the table with dark dinnerware. Matte, black plates and bowls create a stunning contrast against a centerpiece made of winter white flowers and evergreens.

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