CHICAGO — HIGHLIGHTING THE CITY’S GOLD COAST AND INNOVATION OF ITS TOP AGENTS
WITH CARYL DILLON
Over the last five months, the ‘City of Big Shoulders’ has been tasked to go toe-to-toe with many of the same hurdles that have been looming large over the nation’s luxury real estate market. What was once a seemingly uphill battle at the onset of the COVID-19 outbreak, has now evolved into a situation where the cream of the crop is certainly rising to the top. With state restrictions altering traditional marketing initiatives and selling tactics, it has challenged agents to adapt on the fly.
The frequently shared consumer sentiment of an exodus from city life to the suburbs certainly exists in Chicago’s current climate. But in the eyes of Gold Coast specialist and Compass Chicago founding agent, Caryl Dillon, it has allowed opportunity to capitalize. New listings in the Gold Coast are up 16% compared to this time last year. That may come as a surprise to some considering the daily news; but to Caryl it makes sense, “The inventory of luxury listings seems to have gone underground. Sellers are asking their brokers to quietly market their properties through the Top Agent Network, the Private Network and word of mouth.” Premiums are being placed by both sellers and buyers on agents that have access to these exclusive assets to secure what the client desires. On top of the change in inventory practices, it has helped tremendously with, “maintaining price integrity in the city” as evidenced by a YTD 8% increase in price per square foot and 2% increase in median sales price for luxury listings across Chicago.
Buildings barring non-residents from showings compounded with consumer trepidation has thrust innovation into the limelight for an agent’s success during this period. With one listing Caryl recalls, “drone access was an option, having the seller walk through with a live video feed was another.” Fortunately the listing sold before any action was needed, however the top agents around the area have certainly embraced Virtual Agent Services to generate buzz.
The innovation rolls on with forecasting consumer interests and advising on what the future will bring. The luxury market in Chicago is shifting in Caryl’s eyes, “Prices are being driven by new construction luxury buildings with space, views, finishes and amenities. These properties offer instant gratification for busy lifestyles. Whereas the more classic options, like East Lake Shore Drive (6th most affluent street in America), provide an abundance of privacy, stature, forever views and grand square footage but there is a price to pay in the time it takes to design, build and deliver a custom home in a vintage shell.”
