| Welcome
Welcome to the second issue of The Rubloff Review, the quarterly newsletter from Rubloff Residential Properties.
Despite soft home sales Rubloff continued to outperform the market, with our sales volume down only slightly from last year’s record performance. Luckily, Chicago continues to maintain its ranking as a stronger market than most other areas in the country. In general, the Midwest markets have been less volatile than most of the nation, especially the west coast and Florida. At our recent all-company meeting, Diane Swonk, Senior Managing Director & Chief Economist for Mesirow Financial, predicted a likely turn-around by the summer of 2008, but did warn of some painful economic times between now and next summer.
Swonk also indicated that, even though we are experiencing a market correction, there is no reason to panic; this is a normal business cycle and it will be good for the long-term health of the real estate community (of course, it may be difficult to convince our clients of this!)
Remember that a soft market increases the need for good real estate agents. It is now more important than ever for buyers and sellers to work with a professional. Although these times may be stressful, most experienced agents continue to do well in a slow market. Many Rubloff agents have actually seen an increase in their business over 2006!
In response to these market pressures, Rubloff is constantly improving our office and marketing support in order to make our agents more successful. Our web site continues to be a top priority and we are striving to stay ahead of the competition in marketing technology.
Rubloff is increasing its share of the market for development projects. Over the summer we saw an increase in interest from developers in having Rubloff represent them for both existing and new projects. The combination of a strong, experienced sales agent base and complete marketing support is an attractive combination for developers and we will continue to build these relationships.
Hopefully, you all had fun at the summer beach party and we look forward to another great holiday party in December. We hope that the remaining weeks of the year are prosperous for us all.
Regards,
Howard and Tom 
Top Performer Tips
With news of a slower market circulating, we gathered advice from a few of our most tenured top performers on how to handle the changing times. “The most important thing to remember is that this too shall pass,” said 27-year veteran Eudice Fogel. “Keep being aggressive, stay ahead of the marketplace and remember that communication is more important than ever.”
Carol Ann Edwards-Nasser concurred, “Review pricing with your sellers on a weekly basis; its easier to address price adjustments when you consistently stay on top of pricing and communicate feedback to your sellers.”
“It is a tough market,” agreed Judy Howard. “But if people need to sell and their houses are priced right – the houses will sell.”
Getting back to basics helps. "Keep going to broker open houses, familiarize yourself with a variety of neighborhoods, and continue aggressive self-marketing,” said Suzan Bramson. “Work hard on behalf of both your sellers and buyers; that's your primary responsibility. If you represent your clients professionally and with integrity, you'll be given lots of referrals and repeat business and enjoy a successful career in this most lucrative field.”
Walter Stunard suggested to market as much as possible. "Work to collect as many listings as you can, work even harder to hold onto them and serve them well, as the market improves, you will have inventory to sell to the buyers," he said. "You must keep your clients realistic and push for a six-month listing. As long as you market, communicate weekly, and stay very honest and straight forward, they should we willing to stay with you until the end.”
Simply keeping a positive attitude can help promote success. “I try to keep my mind on being successful,” said JoAnne Shapiro. “Even when the market is in doubt, I know that with time things will change.” Perseverance could be the key to growth.
Each agent stressed that keeping ahead of the market and anticipating pricing shifts is key. Communicate to your sellers what may be happening down the road – although they may not want to hear it, if you back up your advice with facts, their houses will sell.
Rubloff in the News
Mark Pullinger, vice president of marketing for Rubloff Residential Properties, is quoted in the following article in the Daily Herald (circulation: 69,166) about home sellers offering incentives in order to better sell their home.
Offering More than Curtains
By Anna Marie Kukec
July 8, 2007
Sam Cicero is taking unusual steps to sell his million-dollar home so it doesn't end up like dozens of similar ones in the Plainfield and Naperville area wallowing in a tough housing market.
At 65, he wants to retire. He and his wife, Kathy, also aim to downsize. The 72,000-square-foot, seven-bedroom home is too big for them now.
So Cicero took things into his own hands. He hired a professional photographer and launched a Web site - www.cicerosdev.com/ thewaterford - to promote the home's highlights. But that's not all.
To read the full article, click here.
Rubloff Residential Properties sponsored the 7th annual Evanston Historical Center Ice Cream Social. Information on the event is included in the following calendar listing in the Evanston Review (circulation: 10,731).
Community Calendar
July 19, 2007
The seventh annual Ice Cream Social, hosted by the center with support from Rubloff Residential Properties, will take place from 1 to 4 p.m. July 28 on the grounds of the Dawes house. The event features free tours of the Dawes House, live music by the Ridgeville Band (1 to 2 p.m.), Kevin Kelly's Magic Show (2 to 3 p.m.), face-painting and juggler Adam Zeisler. Free ice cream, popcorn, lemonade and games for kids will be provided.
To read the full article, click here.
John D'Ambrogio, vice-president and director of relocation for Rubloff Residential Properties, is quoted in the following Crain’s Chicago Business (circulation: 50,281) article about executive relocation.
They Looked Hard, Then Leapt into Renovation
By Ed Avis
July 30, 2007
Keith Williams, president and CEO of Underwriters Laboratories Inc., has lived around the world during the past 20 years, from Tokyo to Beijing to Minneapolis — to Northbrook.
When Mr. Williams became CEO of UL in 2005, he and his wife, Kaori, were living in Minneapolis, where he had been senior vice-president of Medtronic Inc. They knew the job change meant a move. But they enjoyed their custom townhouse, built by high-end residential builder Keith Waters, and were in no rush to leave.
To read the full article, click here.
Karen Strohl, sales agent in the Harbor Country office, and Doug Horwich, vice president of Rubloff Residential Properties, is quoted in the following News-Dispatch (circulation: 12,877) article about second-home buying trends along Lake Michigan.
Rustic Appeal – Second Home Buyers Opting for Rural Retreats Instead of Homes on Lake Michigan
By Amanda Haverstick
September 24, 2007
Second home buyers are moving away from Lake Michigan's shore and looking at the countryside to build.
A 90-minute drive from Chicago, Harbor Country has long been a favorite summer destination because of its beaches and lakefront homes. Once dubbed by the New York Times as the "Hamptons of the Midwest," the area is now becoming popular for its rural appeal.
Those who choose to live inland are able to buy homes with more square footage and larger lots than beachside quarters.
"You can't find that amount of land on the lake. It's very, very expensive," said Karen Strohl, a real estate agent with Rubloff Residential Properties Harbor Country. "(Areas) with a private beach are the most expensive. You can have a township beach, which is the least expensive."
To read the full article, click here.
James Kinney, president of Rubloff Residential Properties, is quoted in the following Chicago Tribune (circulation: 566,827) article about Chicago luxury living.
The Redefining Price of Luxury Living
By Susan Diesenhouse
September 27, 2007
The Chicago Spire developer has distinguished the tower he is building by its height, 2,000 feet, and by the cost, at least $1.5 billion to complete what will be the world's tallest residential high-rise.
But Wednesday, Garrett Kelleher, chief executive of Shelbourne Development Ltd., left real estate circles here agog with the news that unit prices would reach as much as $40 million, or about $4,000 a square foot, for the two-floor penthouse.
"We've never seen anything like this in Chicago," said James M. Kinney, president of Rubloff Residential Real Estate. "There are people who are holding property that's worth a lot, but nothing at that price has traded here."
"[The developer] must be looking for someone with a large ego and large wallet who wants to say, 'I live in the highest condo in the world,'" added Kinney.
To read the full article, click here.
Hot Topics
10 Most Expensive Blocks in the U.S.
Forbes.com has generated a list of the most expensive blocks in 10 affluent cities across the country. They are:
1. Boston, Louisburg Square: A private square in the middle of Beacon Hill, Boston's most exclusive neighborhood. The block has long been home to the most expensive homes in the city.
2. Chicago, between Willow, Howe, Burling, and Orchard: A once middle-class area that, due to zoning changes, has seen the rise of mega-mansions.
3. New York City, between Madison Avenue, Fifth Avenue, 70th St., and 69th Street: This Upper East Side zip code is the most expensive in Manhattan, so it makes sense it should contain the city's most expensive block.
To access the full article, click here
Home sales up or down? Take your pick
For those of you keeping score, the nation's housing prices are down 3.2 percent.
No, they're up 3.2 percent.
Somewhere in the middle, maybe?
Depending on your housing mind-set, in recent days you could have chosen from a trifecta of housing-market analyses released on three consecutive mornings.
There was something to cheer bull and bear alike.
Popping up on the newswires like a cherry and two lemons on the housing slot machine, we first heard from the National Association of Realtors, which said July existing-home sales had slipped a mere 0.2 percent between June and July -- which might merit at least a feeble cheer -- until one noticed further in the announcement that sales were down 9 percent from a year earlier.
To access the full article, click here.
Living Life Like Eloise:
More Hotels Add Condos
Just north of downtown Dallas, Crescent Real Estate Equities Co. is building a 218-room Ritz-Carlton hotel designed by star architect Robert A.M. Stern. When it opens next month, guests will be able to get a facial or a massage at the spa, or get room service from celebrity chef Dean Fearing's new spot downstairs.
But the new property isn't just for tourists or businesspeople. It will come with 166 Ritz-Carlton-brand condos and four lavishly appointed homes the developers call "freestanding manors." Condo residents will be able to enjoy the hotel's spa, room service and other amenities. Crescent is including the condos because the amount the Ritz-Carlton will charge for visitors -- about $450 a room -- isn't enough for the company to make money.
To access the full article, click here.
Illinois Median Sale Price at $211,000 in July
Sales Down 9.9 Percent from a Year Ago
SPRINGFIELD, Ill. — The Illinois median home sale price makes gains in the Chicago area in July while fractionally lower statewide. According to the Illinois Association of REALTORS latest report, the Illinois median home sale price in July was $211,000, down 0.5 percent from $212,000 one year earlier. The median is a typical market price where half the homes sold for more, half sold for less. The statewide average home sale price in July was $271,389, up 2.9 percent from $263,836 a year earlier.
To access the full article, click here.
Chicago Home Sales Plunge While Price Data Mixed
(Crain’s) — Home sales in the Chicago area plunged 20.1%, according to the Illinois Assn. of Realtors, the 17th straight monthly decline.
In August, a total of 9,736 single-family homes and condominiums were sold in the nine-county Chicago region, compare with 12,192 during the same month a year ago.
Statewide, sales dropped 17.9% to 14,349 homes.
To access the full article, click here.
Featured Properties
1521 N. State Street
George W. Maher built 1521 N. State Street, also known as the J. Lewis Cochrane House, in the mid-1890s. The approximately 8,155 square foot, Beaux-arts grand single family home features 15 rooms, six bedrooms and five baths. It includes the original woodwork, hardwood floors and crown moldings along with a brand-new kitchen, and includes tremendous ceiling heights and room sizes. The semi-detached home also boasts five fireplaces a one-car garage and carport.
For more information, click here.
38 E. Elm
This beautifully redone 7,200 square-foot home built in 1920 greets you with two gracious foyers and winding staircase leading to a two-story living room and dining room flooded with light by 9-foot cathedral windows. The home includes four bedrooms, 3.5 baths, a library, elevator, DeGuilio kitchen, two family rooms, au pair apartment, entertainment room with 31-foot professionally landscaped rooftop terrace and 2.5 car attached garage.
161 E. Chicago, #34B
This stunning high-floor 2154 square foot two bedroom/two and one-half bath condo is located in the prime Southeast corner with spectacular lake and skyline views. It features beautiful hardwood and marble floors, a kitchen with granite countertops and top-of-the-line appliances, marble bathrooms with whirlpool tub in the master and a separate shower. The full amenity luxury building boasts an indoor pool, exercise rooms, party rooms, concierge and 24-hour doormen.
1807 N. Honore
Re-sale of Environs Development 2006 luxury home tour show house! This sophisticated, excessively upgraded, contemporary five bedroom 4.1 bathroom home on 43' lot features an incredibly open plan with dramatic two story living room, penthouse room with wet bar and roofdeck with amazing skyline views. The lower level includes a 1,000 bottle wine cellar and media room that fits a 92" screen. The front loaded two-car attached garage allows for huge rear yard. |
