Agent, Prudential Rubloff
Do you think the inventory of luxury properties on the market will increase, decrease or stay the same? Our inventory and absorption rate in the luxury market has improved significantly over last year. As the market begins to improve, however, more properties may come on the market. This has also been the first year in a long time that no new major developments have begun to take occupancy. There are only two in progress now – 2520 N. Lakeview and the Ritz Carlton Residences – and occupancy will begin in 2012.
Do you think the amount of luxury buyers will increase, decrease or stay the same next year? Why? There will always be a need for luxury homes, fortunately. I broke two records last year; the highest sale of a single family home in the Gold Coast and the highest sale of a single family home in Lincoln Park. This year, top buildings have been selling at around $1,000 per square foot. I think luxury home buyers will increase. The luxury buyer may take a pass in 2012 on a yacht or a plane, but they still need a roof over their heads, and they want it to be a luxurious one!
How will your business change in 2012? I will continue to emphasize results. Sellers don’t really want to hear about all of the marketing they are receiving (even though I will certainly continue fabulous marketing plans for each listing). Sellers want honest advice and they want results! And I will not take listings that are overpriced. It does not benefit anyone, especially the seller.
What other changes do you think will happen to the luxury market next year? I think fewer of the top-selling brokers will take overpriced listings. I think sellers will finally realize that the market pertains to their home, too. I think everyone will become more realistic, which will result in more sales and a healthy market.
What indicators are you watching to keep up with the market and its changes as we move into next year? Unemployment. Without jobs, people cannot buy houses. Also, housing starts, the global economy, the stock market and the presidential election.
What will you do in 2012 to grow your business? Continue to provide the best service and results for my clients. I do not take more than 10 or 12 listings, because for me, it is quality of service, not quantity of listings. More is not necessarily better. I want to provide the best service and the best results possible.