Selling the unique home

Dan Rafter
Wednesday October 05 2005

When people envision building their dream home, it's a good bet that climbing back into the top bunk of their childhood bed while the home is being built is not part of the picture. The property presented challenges. But it also had amazing potential. Fortunately, Millie Rosenbloom saw both facets of 303 W. Barry Ave.

Rosenbloom, president and chief executive officer of Chicago’s The Habitat Company Brokerage Division, in August sold the 1.6-acre property along Lake Shore Drive for $21 million.

The property, which since 1946 has been home to the Society of Helpers of the Holy Souls – a non-profit order of Catholic nuns – was far from typical. Four buildings sit on the lakefront grounds, including the truly unique Meeker Mansion, a four-story Georgian-style residence built in 1913 and 1914 by Arthur Meeker, the president at the time of Chicago’s Armour Meat Company. The mansion covers 14,256 square feet, and is filled with ornate touches. Other buildings on the site include an annex, coach house and a combination chapel and solarium.

Surely, the number of buyers for such a property was limited.

That, though, didn’t stop Rosenbloom, who sold the property this summer to Chicago-based LR Development Company. Officials with the company plan to restore the mansion and chapel and build a mix of high-end condominiums, row homes and townhouses on the rest of the site.

"This is a very high-profile property," Rosenbloom said. "This was not the type of listing you simply put in the computer, listed on the MLS and waited for the buyers. It was a piece of property that needed the right type of purchaser, a purchaser who understood the needs of the neighborhood, the neighborhood groups and the alderman. They had to deal with any historic regulations. We needed someone who had deep enough pockets to get a project done on such a site."

Rosenbloom succeeded in moving the property because she took bold steps, steps that agents don’t need when they are selling traditional homes or properties.

Rosenbloom is not alone. Real estate agents across Chicago and its suburbs frequently market and sell unique properties, those properties that, for whatever reason, appeal only to a small number of buyers. Maybe the properties are so expensive that only a fraction of the homebuying population can afford them. Maybe they are so unique – such as was the case with Rosenbloom’s 303 W. Barry property – that only a few developers would be skilled enough to transform them into another use. Maybe they have oddities inside – a record studio, say, or a full basketball court – that would chase away most buyers.

The most skilled of local agents, though, overcome these obstacles and successfully move their unique properties. Here are a few examples, complete with tips from the Realtors® who helped move along the sales of such unique homes.

Brokering a big deal on the lakefront

How did Rosenbloom move her property at 303 W. Barry? How did she achieve, with a sale of $21 million, top dollar for it?

Simple. She was smart.

After earning the listing, Rosenbloom immediately hired a second appraisal. The original appraisal was already a year old, and Rosenbloom wanted fresh numbers to support her marketing efforts. She also ordered new title work and a new land survey.

These reports became key components of Rosenbloom’s marketing efforts. But her next step might have been the most important. Rosenbloom decided not to place the property on the Multiple Listing Service. Instead she searched out the top five developers in the industry who had in the past already dealt with historic lakefront properties. After interviewing this first group, Rosenbloom then contacted another 10 potential developers, developers whom she had determined possessed the skill necessary to properly develop the West Barry property.

In all, Rosenbloom attracted the attention of 15 interested, and qualified, buyers. She still had work to do, though. Rosenbloom met with the qualified bidders and discussed the plans they had for the property. Some wrote detailed proposals. All made some sort of offer.

Rosenbloom finally picked the three top bidders from this pool, and eventually selected the top bidder from this narrower list.

If that feels like a long process, it was. Rosenbloom didn’t simply list her property and wait for the buyers to come to her; That never would have worked with 303 W. Barry. But to Rosenbloom, the creative approach, the intense marketing and the careful interviews of prospective buyers -- in short, all the hard work -- more than paid off.

"You feel really positive after closing a deal like that," she said. "Here you have brought a buyer and seller together at a fabulous location. It’s the only property left with a Lake Shore Drive address in that area that can be redeveloped. It is a very special property. It is far from a typical house or a typical listing. When it all works, you walk away feeling good about it."

This is far from the first time that Rosenbloom has successfully sold a unique property. For example, she also brokered the sale of the former Augustana Hospital facility at Armitage and Lincoln avenues. That property sold for $17 million.

Again, that sale called for different tactics than would a traditional home or property sale. Rosenbloom, though, has a piece of advice for other agents hoping to mirror her success with unique properties: The key to success lies in always giving your best, no matter what property you are representing.

"I conduct myself in the same way no mater what property I am listing," Rosenbloom said. "I am very professional, no matter what it is I am working on. I’m a very, very thorough person. No matter what I am doing, I do it the right way, with knowledge and style."

Selling a Mediterranean palace

Honore Frumentino, a real estate agent with the Deerfield office of Koenig & Strey GMAC Real Estate, is no stranger to selling unique properties.

Two years ago, Frumentino sold for $7 million a David Adler-designed home that sat on 350 feet of lakefront property in Highland Park.

Frumentino says the home was magnificent: It featured antique fireplace mantles, dazzling chandeliers, craftsmen-designed staircase railings and room after room filled with the kind of detail common to an Adler home. The home featured that lake view, too, and 7-and-a-half acres of property.

"It was like walking into a museum," Frumentino said. "It was jaw-dropping. You’d drive down this long road and then all of this land opens up and you see this towering French Normandy home. It was an amazing sight."

It was also a tough sell in one way: It was such a unique home that only a limited number of buyers could even dream about purchasing it.

Frumentino developed a unique plan to move her unique listing. It just so happened that when Frumentino earned the listing a David Adler exhibit was running at the Art Institute of Chicago. Frumentino used this fact in her marketing efforts, promoting the event along with her listing, a trick that reminded potential buyers of Adler’s talents and historic reputation.

Frumentino offered the property as a site for the David Adler Foundation’s annual fund-raising benefit, something that also triggered interest in the home. She held an open house at the property, sending out invitations to all the subscribers of WTTW-Channel 11.

Frumentino currently has another unique listing, a $6.5 million home in Highland Park that she refers to as a Mediterranean palace. The house features marble floors, glass chandeliers, Venetian plaster figurines on its walls and Italian-themed statuary.

It’s a very formal, elaborate home, one perfect for a very shallow pool of buyers.

Again, Frumentino is relying on some creative measures to help move the property. She is running an ongoing online auction now at LuxuryBid.com to attract the right buyers for the residence. She’s landed the property a feature spot in the Wall Street Journal’s Home of the Week section, and has even gotten the home on Home & Garden Television.

"You have to take a certain approach with these properties," Frumentino said. "Do they have spectacular gardens? Do they feature a wonderful lake view? Are they designed by someone like David Adler? If so, I like to see what’s going on in the community that I can feed into and then tie that into my marketing."

An example? If Frumentino is trying to sell a unique property that sits on 170 feet of lakefront, she’ll advertise the listing at boat shows.

"What makes the property distinctive and different?" Frumentino said. "Emphasizing that has been very successful for me."

Anyone need a recording studio?

The home at 1010 W. George certainly qualified as unique. It featured its own recording studio, an indoor basketball court and lap pool, and boasted walls covered with murals from the cartoon movie "Space Jam," you know, the one starring Michael Jordan and Bugs Bunny.

The "Space Jam" motif makes sense. The home was once owned by Chicago music phenom R. Kelly, whose song, I Believe I can Fly, was featured prominently in the film. The murals, not to mention the recording studio and basketball court, though, made the home a tough sell. There aren’t a lot of buyers, after all, interested in recording their own albums.

Fortunately, Rob Keleghan, a Realtor® with the West Loop office of Century 21 Sussex & Reilly, knew the perfect buyer: his client, a buyer who happened to work in the music industry.

"Soon as I saw it, I knew I had the right buyer for it," Keleghan said. "My partner, Chad Kowal, and I know people who are going to be able to buy these high-end homes. We know people who are going to be interested in something different."

Keleghan’s client paid $2.4 million for the 10,000-square-foot mansion, which Kelly had converted from a Gothic-style church about 10 years ago.

This illustrates another truth in selling a unique home: If you’re selling a home with a recording studio, you can count yourself lucky if it happens to attract the attention of a Realtor® who boasts music-industry veterans among his clientele.

Kowal and Keleghan, of course, have sold their own share of unique homes. They currently have a $3.69 million listing in Lincoln Park that qualifies. The home, located at 1960 Orchard, is loaded with quaint touches, everything from custom cabinets to real masonry fireplaces.

"To sell a house like this you have to differentiate it from the rest of the properties out there," Keleghan said. "The way to do that is to highlight all these unique features. That means you have to truly educate yourself about them. You have to go after those people who are perfect for it, who won’t have to change a lightbulb once they get into it. You have to find that perfect niche buyer."

Listing an architectural wonder

Carol Ann Olsen and Marcee Gavula, agents with the Oak Park office of Baird & Warner, recently earned a dream listing: The Huertley House.

The house, located in Oak Park, lists for $5.75 million and covers more than 6,000 square feet. It’s a national historic landmark. It sits on .82 acres of land, a large lot for Oak Park. And, best of all, it’s designed by Frank Lloyd Wright.

"This is a true restoration. It’s amazing," said Gavula. "The owner determined the original paint colors and brought them back. Every piece of art glass has been refinished and restored. The Frank Lloyd Write style furnishings have been brought in. It is just a phenomenal property."

The Huertley House easily qualifies as a unique home. But Olsen and Gavula are fortunate to already know their target audience: those buyers who love the work of Frank Lloyd Wright.

"This house would be for someone who wants the wonderful status of owning a work of art," Olsen said. "It’s also for people who, at the same time, want all the modern things that have been added to this house. It’s a very livable house. This is a house that will appeal to anyone who loves wonderful homes."

The Realtors® are still early in the listing process. But already they’ve formulated their marketing strategy. This is critical: Agents must carefully craft their marketing efforts when selling unique homes. It’s the only way they can make sure that the smaller number of appropriate buyers learn quickly about the homes’ special features.

To market the Huertley House, Olsen and Gavula have nearly memorized a movie that details the restoration of the property. This makes sense: The film’s maker had free access to the home’s owner and the project. He was the owner’s brother.

"Because so many things were done to restore this home to its original state, we took that movie and pretty much memorized it to help us show the house properly," Gavula said. "Anyone in the office who is involved with the property, even if they’re only going to be answering telephone calls about it, have watched the movie, as well. We’ve had training sessions about this house, with groups of 10 to 12 people. We want everyone who’s going to be involved with the marketing of this house to be fully aware of its amazing features and history."

Some of these features include elements common to all Wright-designed homes. The Huertley House, for instance, has no window treatments. The windows are positioned perfectly so that residents inside the house can see out to the gardens and trees surrounding the property. Those outside, though, cannot see inside the home.

The Huertley House also benefits from the extensive renovation work. Not only is it as accurate a time capsule of Wright’s style as buyers can find, it’s also been updated to include the modern amenities today’s homeowners desire: high-speed wiring, hidden television screens, radiant heat.

"A lot of people are enamored with Wright’s architecture. Those are the people we want to hit," Olsen said. "But this house appeals to so many people. It could be someone who wants a house that is unique, someone who wants to live in Oak Park or close to Chicago. We want to hit every button when we’re marketing this house."

And there is a final lesson: When listing a unique property it doesn’t hurt to show exactly how, despite its unique nature, the property can appeal to as large a group of buyers as possible.

 

 

 
     

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