For Matt Laricy, CEO and owner of the highly successful downtown Chicago-based boutique real estate agency, Laricy Properties, a division of Americorp, predicting real estate trends is in his DNA. He argues that real estate is merely a reflection of human nature. Understanding how buyers react and sellers think is the golden nugget that leads to continuous success in a business that is known for its cutthroat competition. Specializing in Chicago condo sales, one only has to look at Laricy Properties’ year-over-year numbers to see that his predictive abilities, along with his highly experienced and motivated team, are paying dividends. Despite hitting agency number lows, Laricy’s 2023 numbers reflect the highest in the Chicago condo real estate market. “We are up about 20% year-over-year,” Laricy notes. “In 2023, I finished number one in every category— number one for sales, number one for several buyer transactions, and number one for sellers transactions.” This is quite a real estate feat given that “2023 was [technically] one of the worst years I have had. It was the first year I’ve ever gone backwards in my career.” “This year we are on pace for 2022 numbers and could finish as our best year ever,” Laricy adds. A TOUGH CHICAGO CONDO MARKET Laricy’s business model is working. This is welcome news given the continued challenges that face realtors navigating Chicago’s downtown condo market. “We still have a tale of two cities here in Chicago. The high-rise market is very soft, and it is a buyer’s market.” Laricy argues that this is attributed largely to the reality that people are still nervous about buying in downtown Chicago. “This is due to the lack of people back to work at the office, an increase in crime, and the perception of ‘badness’ downtown,” he continues. “Lincoln Park, Lakeview, and other similar neighborhoods— those outside of the immediate downtown area—are on fire; however, there is not enough inventory available to meet this demand.” It is still the norm for there to be several offers 31 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 10 LARICY
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