CR Magazine - Spring 2017 (Sales Awards)

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Other Predictions for 2017 The challenges of low inventory and the responsibility of REALTORS ® as economic stewards were the main points of discussion for the panel. However, each brought their own unique focus and professional niche to the table. Moderated by Dennis Rodkin, residential real estate reporter at Crain’s Chicago Business, they presented their individual forecasts before coming together and taking questions from attendees. ECONOMICS CHARLES WURTZEBACH, PhD REAL ESTATE CENTER AT DEPAUL UNIVERSITY Developing technology is making the search process less cumbersome and financial decisions easier. While people are pretty good at marketing and sales, they are less proficient at evaluating risk. Chicago’s real estate market is doing well because suburban companies are moving downtown to be where the action is. NEW CONSTRUCTION DAVID WOLF COLDWELL BANKER RESIDENTIAL BROKERAGE New construction needs to take place to fix the low inventory problem, or new sellers need to be encouraged to list their properties. It is important to know that in order to build new, you need to make almost half on the pre-sale. Brokers need to get into the mindset of selling new construction. Currently, there is a 23% price difference between pre-sale and re-sale prices. COMMERCIAL DEENA ZIMMERMAN SVN CHICAGO COMMERCIAL Chicago continues to see vacancy rates at an all time low. The new hit thing is creative office space, especially to attract young, top talent. Major corporations are shifting from the suburbs to the city for this reason. Creative space will be moving west and south due to lack of inventory, and the best thing commercial investors can do right now is scoop up west and south industrial suburban warehouses for the growing medical marijuana industry. Shopping centers are not going away, but they will be going more lifestyle and less retail. And if you’re thinking of investing in restaurant franchises, drive-through potential is key. DOWNTOWN RESIDENTIAL GAIL LISSNER APPRAISAL RESEARCH COUNSELORS Since 2011 it has been a primarily rental market, although rental development is projected to slow in 2017. We’re seeing strong for-sale market demand in prime locations, but the number of units being developed are very small. 76% of new development units being marketed for sale are selling at at least $ 700 per square foot; in 2017 we should start to see more of a diversity in pricing, sizing and product type. Developments taking place are for the high-end market because that demographic is less price and market sensitive. De-conversions are a trend right now, with best candidates being buildings with strong rental market and smaller units facing capital improvement expenses. from the twitter-verse Paul Swanson @PaulESwanson What will 2017 bring for #realestate in the #Chicago area? I’m hearing it now at the 2017 Market Outlook Event. #CARoutreach #realtor Nick Libert @NickLibert @BrianBernardoni is a great advocate for #RealEstate… always good to hear his view. #CAROutreach Nykea @JustNykea #housing affordability on the decline. #buynow #realestate @SmokeonHousing #CARoutreach @ChicagoREALTORS Inez Valadez @homesbyinez Yes! Spent my childhood years in B.O.Y. RT @ChicagoREALTORS Ray Lopez recommends visiting The Plant in Back of the Yards, as well as an urban farm in Englewood. Pathways to opportunity. #CARoutreach Carmen Rodriguez @Only1RealCarmen At my fave @ChicagoREALTORS event of the year, getting my economic forecast on w @BrianBernardoni #realestatenerd JOHN VRANAS Retweeted Ginger Downs @gingerdowns Yes! Consumer confidence is at a 15 year high! #CARoutreach job creation favors the Millennials. @SmokeonHousing @ChicagoREALTORS Stephanie M. @ChitownSteph My @DePaulU education continues with Charles Wurtzebach, Real Estate Center at DePaul University #CARoutreach #marketforecast 36 Chicago REALTOR ® Magazine
ECONOMIC DEVELOPMENT IN OPPORTUNITY WARDS As C.A.R.’s Senior Director of Government Affairs Brian Bernardoni is well known for saying: “There is a city west of Western and south of Roosevelt called Chicago.” It’s important to remember that there are many neighborhoods that aren’t booming with development — places where opportunity is ripe. Our Economic Development panel, featuring Keith Lord from The Lord Companies, 15 th Ward Alderman Ray Lopez and 2 nd Ward Alderman Brian Hopkins, was formulated with the intent to help you understand what the needs are in neighborhoods outside of the downtown area. Here are a few key ways that you can best effect change, work with the aldermen and spur development. START WITH EDUCATION Just like in residential transactions, emerging communities provide many opportunities for potential investors to tap into, but educating them on resources available — like special loan programs — is key. After all, wealth in many communities is created through the buying, selling and leveraging of real estate. Therefore, the first key to evoking change is through education, so that these communities can move forward, stay connected and get the markets moving. IDENTIFY OPPORTUNITY Keith Lord noted that Chicago is a huge magnet city — people want to live and work here. Millennials are driving companies back downtown and that’s driving many others back here, as well. Take, for example, McDonald’s relocation to Fulton Market— there’s 2,000 plus jobs, in addition to their Hamburger University, which will require 17,500 hotel rooms in a year. So if you’re a business that works with McDonald’s, you’re coming downtown, too. Corporate relocations are an intriguing option for spurring redevelopment for an entire area — something Alderman Brian Hopkins is interested in seeing happen to the 2 nd Ward’s old Finkl Steel site. Alderman Ray Lopez noted that there has to be a major, significant economic driver in communities with challenges. In the 15 th Ward, industrial areas are waiting to find the perfect use. Neighborhoods like Back of the Yards and Austin have been newly designated as retail enterprise zones to help deal with vacancies and get businesses flowing so that the stagnation that has taken hold is broken. And, keep in mind that transformative development goes beyond just one Ward and incorporates numerous neighborhoods — the 606 trail is a good example of this. Lord encouraged REALTORS ® to get to know the opportunity wards, particularly on the south side. If a REALTOR ® has the right idea or suggestion to help fulfill a vision or need for the ward, there’s no place easier to get something going. Opportunity wards make the process relatively smooth to get zoning and permits. KEITH LORD The Lord Companies RAY LOPEZ 15 th Ward Alderman BRIAN HOPKINS 2 nd Ward Alderman IDENTIFY PARTNERS Next, it’s important to identify businesses and partners who are willing to work with the community to effect change. Alderman Lopez indicated an enterprise in Back of the Yards that has a brewery, and aquaponics farming in an old industrial space. Another example is an urban farm in West Englewood that works in connection with the new Whole Foods and neighboring commercial tenants. WORK WITH THE ALDERMAN Iif you don’t understand what the Alderman wants and the community needs, you’ll likely fail. Lord said that the best place to make an impact as a REALTOR ® is to work with a forward-thinking alderman; they will guide the path to get you where you need to go. Each alderman works differently, so get to know them! Both Alderman Hopkins and Alderman Lopez have community members and business leaders they turn tobecause they have a vested interest in making the community better. Working with them to ensure you are having the best impact possible is key to effecting change and rallying support. Coming together at the negotiating table and finding a close consensus for the good of the neighborhood is important for residents, REALTORS ® and developers. IMPORTANT QUESTIONS TO ASK WHEN PLANNING A DEVELOPMENT: • What do you want to see? • Will it fill a need or help drive the market? • What defines the character of the community? How to Approach an Alderman 1. Find out who the alderman is, what’s important to them, what they ran on, what their goals are and what the community needs. 2. Ask for a meeting with the alderman. 3. At your one-on-one, lay out your plan: this is what I want to do, this is how many jobs we’ll bring, this is the tax base we’ll bring, and this is why it’s good for the ward. 4.. Ask for feedback: what can be tweaked? Who do you need to liase with in the community? How do I get through this process? 5. Listen! www.ChicagoREALTOR.com 37
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Page 5 and 6: 2016 MAJOR INVESTORS Elite Champion
Page 7: STERLING R continued MAURICE HAMPTO
Page 10 and 11: 2016 Platinum Level — Volume Indi
Page 12 and 13: EDITOR’S NOTE 2016 Gold Level —
Page 14 and 15: 2016 Silver Level — Volume Indivi
Page 16 and 17: 2016 Bronze Level — Volume Indivi
Page 18 and 19: 2016 Top Rental Agents & Rookies Re
Page 20 and 21: Congratulations Top Producers of 20
Page 28 and 29: 2016 Top Producers by Neighborhood
Page 30 and 31: PRESIDENT’S PERSPECTIVE In my Ina
Page 32 and 33: FROM THE CEO Congratulations, 2016
Page 34 and 35: EDITOR’S PICKS 2017 Predictions I
Page 38 and 39: Serve Your Older Clients With Empat
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Page 46 and 47: Michaela Gordon, @properties, and T
Page 48: SPRING LINEUP! CERTIFICATIONS & DES
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