85 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 10 AMERICORP - LARICY Although buyers may be hesitating as rates head northward, Laricy argues that there are other factors at play to hamper the Chicago condo market that may not be immediately obvious. He draws attention to the work-from-home philosophy that is stalling the return of many to the downtown offices and downtown living. He also points to the fear of crime in the downtown area as continuing to be a factor working against robust condo sales. ‘I tell people that you can’t worry about the rate because when the rates do go higher you can take your money and put it into a market for a completely safe harbor and money is to be made.” “We try to stress to our clients that there is money to be made and other avenues to get wealthy,” he stresses. The rates have been up for a few months now, he adds, and the initial shock is wearing off as people get used to the new higher rate environment. Working remotely for many, however, as well as those safety concerns among potential buyers continues to be a stumbling block for the downtown Chicago market. “A lot of people said ‘Hey I can work from anywhere’ so why not work somewhere that is hot,” he describes. Making waves in a market rebound Although firmly convinced that workers need to get back to downtown offices sooner rather than later and this will lead to better productivity and a revival of the downtown condo scene, he is starting to see the trend in this direction and views it as only a matter of time before most workers are back at their office desks. “We are starting to see a change. Our inventory levels are half of what they were at this time last year, but our prices have still dropped again for this year, not a lot, just by a couple of percent.” “I think we are in three and half years into a five-year cycle,” Laricy predicts. “Typically, real estate goes on a four to six-year cycle with an average of five and I think we are coming out of it. We have bottomed and we are seeing a glimpse of the light at the end of the tunnel.” Laricy says the Chicago market is now seeing some of those international buyers slowly coming back, as well as couples who plan to have children or those who already have a family who are willing to live downtown before switching gears in the suburbs. Making waves into the next couple of years It is clear that with the right mix of a relationship-driven approach and setting in place the mechanisms to make the process a stress-free experience, Laricy has been able to outperform its competitors. Being able to predict market fluctuations and
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