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PROMOTIONAL MARKETING

Coolest Homes on America’s Poshest Streets

By Jerold Leslie
BOSTON -- New York’s Central Park West, Chicago’s Michigan Avenue and other famously
upscale U.S. addresses offer people who buy homes there a special cache recognizable
around the globe. “If you’re talking to a business associate in South America and you tell
them you live on Michigan Avenue, that automatically means something,” Chicago real estate
broker Phil Skowron says. “It’s one of the most prestigious brand names in the entire country
-- if not the entire world.”
Of course, all of those positives don’t come cheap.
Posh addresses typically command higher prices than similar properties just a few blocks
away do. For instance, Skowron says Michigan Avenue condos typically cost $1,000 per
square foot -- 10% to 20% more than you’d pay if you bought something four or five blocks
away. But the broker thinks the extra price is worth it. “You’ll get you that initial premium
back when you sell,” Skowron says. “Michigan Avenue is the place where everyone in Chicago
wants to live -- and it always will be.”

Six-bedroom condo, Michigan Avenue, Chicago
Price: $6.3 million
Listing agent: Janet Owen,
Prudential Rubloff Properties, 312-268-0700
This condo takes up almost the entire 51st floor of the Park Tower complex at 800 North
Michigan Ave. -- generally considered Chicago’s most prestigious address. The 67-story
building hosts a Hyatt hotel on its lower levels, with 117 private residences taking up the top
floors. Current or former Park Tower condo owners range from ex-Chicago Mayor Richard
Daley Jr. to reality TV star Bill Rancic. The unit for sale features six bedrooms, 5.5 bathrooms,
two terraces, two fireplaces, a chef’s kitchen and 30-foot great room. There are also two
deeded parking spaces, as well as special access to the Hyatt’s spa, pool and other amenities.
The Park Tower is in the heart of the “Magnificent Mile,” a short walk from the Chicago Loop,
Lake Michigan, Water Tower Place and Chicago Museum of Contemporary Art.
Original Link: http://www.thestreet.com/story/11329218/1/coolest-homes-on-americas-poshest-
streets.html