The $6.5M Sale That Started With a Random Dinner Conversation
The $6.5M Sale That Started With a Random Dinner Conversation
Seven years ago, I started my own real estate team. My first teammate was David Diaz. Shortly after he joined, I took him out to dinner to talk about the industry and align on expectations for our future.
While we were sitting at Coda di Volpe in Chicago’s Southport Corridor, a gentleman seated next to us — who had arrived before his dinner date — leaned over and apologized for interrupting. He had overheard our conversation and asked what line of business we were in.
When I told him we worked in real estate, he offered to share some advice. I welcomed the conversation. We exchanged contact information, and I followed up shortly afterward to see if I could continue learning from him.
He invited me to his home.
That home was 1515 W. Wolfram.
I quickly realized the man I had met at dinner owned one of the most impressive properties I had ever seen — a home spanning more than 8,820 square feet on three city lots in Lakeview, Chicago.
At the time, I wasn’t pitching for business. We simply talked about real estate, finance, and the market. But before I left, I made sure he knew one thing: if he ever considered selling the home, I would be incredibly grateful for the opportunity to represent him.
Then I did something many agents struggle with.
I stayed in touch.
For the next seven years, I sent market updates, checked in periodically, dropped off gifts, and kept the relationship alive without pressure.
Eventually, the day came.
When the owner decided it was time to sell, he interviewed five agents. In the end, he chose me.
Preparing to Sell a Property Without True Comparables
Once I secured the listing, the real work began.
The property presented a unique challenge: there were no true comparables.
The home included:
8,820 square feet of interior space
Three Chicago city lots (75’ x 125’)
6 bedrooms
5 full bathrooms and 2 half baths
5-car garage with private rooftop deck
Geothermal heating and cooling
Private in-home movie theater
For context, the standard Chicago city lot is 25’ x 125’. This home occupied three.
The previous record sale in the 60657 zip code was $4,555,000, which closed in 2021.
Our pricing strategy would aim to surpass that record by nearly $2 million.
Without true comps, I analyzed similarly scaled homes across other luxury neighborhoods in Chicago. While they weren’t direct comparisons, they helped establish a framework for understanding how buyers might value a property of this scale.
Ultimately, pricing came down to recognizing the rarity of the asset, not simply applying traditional price-per-square-foot calculations.
Creating a Marketing Strategy for a Record Sale
Once pricing was set, we focused on preparation and exposure.
The first step was cleaning, decluttering, and preparing the home for market. We hired professional photographers and a cinematographer to produce high-end marketing assets. Because today’s buyers first experience a property online, the visuals needed to capture the home at its absolute best.
We photographed the property both during the day and at night to highlight how the home lived in different lighting conditions.
Next, we hosted a broker marketing event.
Rather than a traditional broker open, we created an experience. I personally invited the top 100 brokers in the area. The event featured live music, an open bar, passed hors d’oeuvres, and a team on-site to educate guests about the property’s unique features.
The feedback was immediate — and blunt.
Several agents told me they believed the property was overpriced by as much as $2 million.
I disagreed.
Many were evaluating the home strictly through traditional comps, rather than considering the rarity of a property with this scale, land size, and features in Lakeview.
However, one piece of feedback stood out: staging could elevate the presentation even further.
A Strategic Adjustment That Led to an Offer
We brought in two high-end staging companies. Each quoted roughly $15,000 for a three-month rental contract.
Instead of renting furniture, I recommended something different: purchase key pieces that could better match the scale and aesthetic of the home.
The owner agreed.
Working with his interior designer, he sourced furniture and implemented several updates based on our recommendations.
Once the staging was complete, we hired an editorial-style photographer to capture the refreshed space.
The result?
The very next showing produced an offer.
The Result: A New Record for 60657
The home ultimately closed for $6,500,000, setting a new record for the highest residential sale ever recorded in Chicago’s 60657 zip code.
Before closing, I asked the seller a simple question: Why did you hire me over the other agents?
His answers were instructive.
First, he liked me and trusted me. Real estate is still a relationship business.
Second, he felt I truly understood the value of the home’s rare features. Many agents relied too heavily on traditional comps and price-per-square-foot formulas.
Third, he valued that I would personally handle the listing. While I do have a team, he knew the property wouldn’t be delegated to someone else.
One agent had recommended listing the home at $4.6 million, while two others suggested $5 million.
Had he followed those recommendations, he might have left $1.5 to $2 million on the table.
The Lesson
This sale wasn’t the result of a single strategy.
It was the result of seven years of relationship building, thoughtful pricing, strategic marketing, and listening to the right feedback — while ignoring the wrong kind.
In real estate, the biggest opportunities often come from the relationships you start long before the listing agreement is signed.
And sometimes, those relationships begin with a simple conversation at dinner.
What Homebuyers and Sellers Need to Know About Brokerage Industry Changes
Starting August 17, 2024, significant updates will impact how real estate agents work with buyers and sellers in our industry. These changes include the requirement of Buyer Broker Agreements and a shift in how buyer-broker compensation is handled in the MLS (details on that below). At @properties & the Justin Lucas Group, we’re embracing these shifts and are ready to guide you through this evolving landscape with confidence. Here’s what you need to know:
Buyer Brokerage Agreements Are Now a Must
Just as sellers sign a listing agreement that outlines their broker’s services and compensation, buyers will now need to sign a buyer-broker agreement before an agent can assist with brokerage-related tasks—such as searching for properties or scheduling showings, even if it’s for just one property.
Although this may seem like a big change, buyer-broker agreements have been commonly used in the industry for years. This update simply makes them standard practice. The benefit? It protects buyers by clearly defining the broker’s services and compensation structure.
Flexible Options for Buyer-Broker Compensation
With buyers and sellers now determining their respective broker compensation independently, buyer-broker compensation will no longer be displayed in the MLS.
For buyers, this means there could be uncertainty about whether a seller will cover all or part of their agent’s fee. When making an offer, buyers can still request that a portion of the sale proceeds be used to cover the broker’s fee or opt to pay directly out of pocket—or a combination of both.
If covering a broker’s fee upfront isn’t practical for some buyers, they might consider adjusting their down payment to accommodate this cost. Additionally, there may be credits or grants available through certain loan programs. We have many lenders that we can recommend, and they can help you explore your options—just ask for an introduction.
Sellers Can Still Offer Buyer Broker Compensation
Sellers retain the option to pay the buyer’s broker, whether this is decided upfront or negotiated as part of the offer process. Many sellers may choose to fund all or part of the buyer’s broker compensation, as it can increase their pool of potential buyers and lead to a smoother sale. Ultimately, the decision remains with the seller.
Expect Varied Compensation Scenarios in Offers
Since most buyers work with a broker, sellers should be prepared to see offers that include requests for buyer-broker compensation. Your listing agent will play a key role in evaluating all aspects of the offer, including broker compensation, to help you achieve the best possible outcome.
In summary, while certain aspects of real estate transactions are evolving, many remain consistent. Most importantly, whether you’re buying or selling, all of us at the Justin Lucas Group are here to provide expert guidance and act in your best interests every step of the way.
5 Essential Qualities to Look for in an Experienced Real Estate Agent
When it comes to buying or selling real estate, having the right agent by your side can make all the difference. An experienced real estate agent can navigate the complexities of the market, provide invaluable guidance, and help you achieve your goals efficiently. But what are the essential qualities that set an experienced agent apart? In this article, we'll explore five qualities to look for when choosing a real estate agent.
1. Expert Market Knowledge: One of the key qualities of an experienced real estate agent is their in-depth market knowledge. They should have a deep understanding of the local real estate trends, neighborhoods, and pricing dynamics. By staying up to date with market changes, an experienced agent can provide accurate and reliable information, helping you make informed decisions about buying or selling a property.
2. Strong Negotiation Skills: Negotiation is a critical aspect of any real estate transaction. An experienced agent knows how to advocate for your best interests and negotiate effectively on your behalf. They possess excellent communication skills and can navigate the complexities of the negotiation process to secure the best possible deal for you. Look for an agent who has a proven track record of successful negotiations.
3. Problem-Solving Abilities: Real estate transactions can sometimes encounter unexpected challenges. That's where an experienced agent's problem-solving abilities come into play. They have the expertise to identify potential issues (many times before they arise) and find creative solutions to overcome them. Whether it's dealing with financing hurdles, inspection complications, or legal complexities, an experienced agent will guide you through the process and help you navigate any obstacles that arise.
4. Exceptional Client Focus: An experienced real estate agent understands that their success is built on satisfied clients. They prioritize your needs and preferences, actively listen to your requirements, and tailor their approach accordingly. Whether you're a buyer or seller, they should be responsive, transparent, and dedicated to providing personalized service throughout the entire real estate journey. Look for an agent who demonstrates a genuine commitment to your satisfaction.
5. Extensive Professional Network: An experienced agent has built a strong network of professionals in the real estate industry. This network may include mortgage brokers, home inspectors, contractors, attorneys and more. By leveraging these connections, they can recommend reliable and reputable professionals to assist you during the transaction process. This network also provides them with valuable resources and insights that can benefit you as their client.
Choosing the right real estate agent is a crucial step in your property buying or selling journey. By seeking an experienced agent who possesses expert market knowledge, strong negotiation skills, problem-solving abilities, exceptional client focus, and an extensive professional network, you're setting yourself up for a successful and seamless transaction. Remember, an experienced agent will not only guide you through the process but also provide valuable advice and support along the way. Invest the time in finding the right agent, and you'll be well on your way to achieving your real estate goals.
Justin Lucas | Broker
@properties | C: 312-989-0512
1875 N. Damen Ave. Chicago, IL 60647
2 N. Whittaker St. New Buffalo, MI 49117
https://zenlist.com/a/justin.lucas
Navigating the Spring Real Estate Market: Tips for Homebuyers and Sellers
Spring is a popular time for buying and selling real estate. The weather is warmer, tax refunds are coming in, and the end of the school year is near. With all of these factors in play, the spring real estate market can be a great time for both buyers and sellers to make a move. However, there are also some unique challenges that come with the spring market. In this blog post, the Justin Lucas Group will offer tips and advice for navigating the spring real estate market as a homebuyer or seller.
Why Spring is a Popular Time to Buy and Sell Real Estate
First, let's talk about why spring is such a busy time for real estate. As we mentioned, the weather is one factor. People are more likely to be out and about when the sun is shining – here in Chicago, it’s hit or miss with the weather this time of year. Additionally, tax refunds are a common reason why people choose to buy or sell a home in the spring. Many homebuyers use their refunds to help with their down payment, while sellers can use the extra cash to make improvements or pay off debt. Finally, the end of the school year is a major factor. Families with children often prefer to move during the summer months so they can get settled in their new home before the new school year begins.
Tips for Homebuyers in the Spring Market
If you're a homebuyer, there are a few things you can do to make the most of the spring market. First and foremost, get pre-approved for a mortgage! This will give you a better idea of how much house you can afford, and it will make you a more attractive buyer to sellers. Additionally, be prepared to act quickly. The spring market can be competitive, so you'll want to be ready to make an offer as soon as you find a home you love. Finally, be open to exploring different neighborhoods and types of properties. The spring market can be a great time to find a home in an up-and-coming area that you might not have considered otherwise.
Tips for Sellers in the Spring Market
If you're a seller, there are also some things you can do to make your home stand out in the spring market. First, prepare your home for sale. This may mean decluttering, making repairs, and staging your home to showcase its best features. Next, price your home correctly. The Justin Lucas Group can help you determine a fair price based on local market trends and the condition of your home. Finally, our team of professional Realtors can help you market your home effectively and navigate the selling process.
Potential Challenges of the Spring Market
While the spring real estate market can be a great time to buy or sell a home, there are also some potential challenges to keep in mind. One major challenge is increased competition. With more buyers in the market, it can be harder to find the right home. Additionally, home prices may be higher in the spring market due to increased demand. The process of buying or selling a home can take longer in the spring market due to higher volumes of transactions, but many buyers are tightening the closing timeline to make their offer seem more attractive to sellers.
In conclusion, the spring real estate market can be a great time to buy or sell a home. However, it's important to be prepared for the unique challenges that come with the season. Whether you're a homebuyer or seller, take the time to do your research, work with an experienced professional (Hi, it’s me), and be patient throughout the process. By following these tips, you can navigate the spring real estate market with confidence and find the perfect home for your needs.
If you're thinking about buying or selling a home this spring, we're here to help. Contact us today!
Justin Lucas | Broker
@properties
1875 N. Damen Ave. Chicago, IL 60647
2 N. Whittaker St. New Buffalo, MI 49117
C: 312-989-0512
Chicago Association of Realtors Sales Award 2021 Top Producer
One of the best participation awards I’ve ever received! 2021 was a great year for real estate and was my best year as a Realtor. I’m honored that the Chicago Association of Realtors has recognized and acknowledged my hard work and my teams’ hard work. Most importantly, I’m grateful for my clients – for trusting me to help them navigate one of the most stressful decisions and processes they face. We’re excited to grow and continue to help people throughout Chicago…and now expanding into Southwest, MI (known as Harbor Country).
Please reach out with any real estate related questions – we love what we do and we’d be honored to help you in your real estate journey.
Justin Lucas | Broker
@properties
1875 N. Damen Ave.
Chicago, IL 60647
C: 312-989-0512
Our team is growing
I’m thrilled to announce that the Justin Lucas Group is expanding! World, please meet Eric Taylor - the rockstar / realtor.
Mr. Taylor studied music and continues to play and teach guitar and piano. He’s always enjoyed educating his students and looks forward to transitioning that mentorship approach to his clients looking to buy and sell real estate. “Teaching someone a new skill and watching them grow is one of the most exciting things to witness” says Eric. “Now I’m excited to help my clients learn everything they need to know in their buying and selling process.”
Originally from Libertyville, now living in the Ukrainian Village, he understands the differences between the many Chicago neighborhoods and surrounding suburbs.
Please join me in welcoming Eric to our team and be sure to reach out to us for all of your real estate needs.
David Diaz (left), Justin Lucas (middle), Eric Taylor (right)
Turning Back the Clock on This ’50s Apartment’s Floor Plan Let the Light Shine In - By Tim Latterner
https://www.domino.com/content/studio-cak-mies-van-der-rohe-apartment/
DominoMag recently featured our listing at 880 N. Lake Shore Dr. #14F. A remarkable transformation of a home in a Mies van der Rohe building. Click the link above to read the article.
Andersonville Smart Home For Sale
We've discussed how smart home technology can improve our lifestyle by creating a more efficient environment. Here's a video (just released today) from Justin Lucas Realty showcasing how easy it is to incorporate tech into our lives and create an automated / connected home.
Please watch until the end. I promise you've never seen an ending like this to help sell a home.
For more information or to schedule a private showing, please reach out to me directly.
From all of us at Justin Lucas Realty & @properties, thanks for watching!
Smart & Automated Homes
Tech-savvy couple wire their house with smart home technology. Currently for sale in Andersonville, Chicago for $1,100,000
As home automation increases in popularity, one home in Chicago stands above the rest in this category.
Smart home technology and home automation may be somewhat intimidating to some home buyers, but simple and easy to use technologies (such as our smart phones) can help transform our homes into more efficient and “Green” properties.
One couple in Andersonville was not intimidated when they took on the transformation and converted their house into a Smart Home.
What does it mean to have a “Smart Home?” A smart home is a home equipped with internet-connected lighting, heating, and electronic devices that can be controlled remotely by phone, voice, or computer. Now what does that look like in practice and how does it help me? Good question.
The owners of this Andersonville Smart Home located at 1614 W. Winona St., Chicago, IL 60640 wanted to create a more efficient lifestyle and they wanted the ability to automate many of the activities most home owners currently endure.
For example, many of us currently have an Amazon Echo or Google Home, and while these devices are great at giving us the headline news or telling us the weather forecast, they are also capable of converting our properties into smart homes. With the addition of Lutron dimmable light switches and Belkin WeMo electrical switches, this home now has the technology to turn on, turn off, or dim the lights throughout the house. By simply saying: “Alexa, dim the kitchen lights to 20%” one can change the ambiance without touching a thing.
The owners of this property took it a step further and installed the ecobee smart WiFi thermostats, which are also connected to their Amazon Echo. This enables them to control the temperature in the house with simple voice commands.
Additionally, they’ve included the Chamberlain myQ garage door opener, which allows you to open and close the garage door from your phone. If you’ve ever driven away from your home in the morning before finishing that cup of coffee and thought for a second “Did I close the garage door?” this solves that problem and helps answer that question – even if you’ve already reached the office! This property is also wired with state of the art security systems from Xfinity and connected cameras from Blink for added privacy and peace of mind.
The owners have also integrated many of the technologies together to make the home truly smart. When the security system is armed, for example, the lights shut off and the thermostat is set to away mode to save energy.
The Andersonville Smart Home is for sale and listed by Justin Lucas with @properties at $1,100,000. Mr. Lucas can be reached at 312-989-0512 or JustinLucas@atproperties.com for showings and smart home consultations.