As part of a special feature, Real Estate Visionaries showcased Silver, and included a launch of the issue with a panel luncheon hosted by the magazine, owned by Modern Luxury, for 100 of the city’s preeminent leaders in real estate. Silver, a Highland Park resident who works in both the city and North Shore markets, moderated and contributed to a discussion on industry topics including the market’s direction and today’s consumer.
The Chicago market is “slow and steady”, said Silver, adding that growth can be expected as Chicago’s 77 neighborhoods ebb and flow at different speeds. Silver noted, “When an area gets hot, people flock and because inventory is low, it sells quickly and they turn attention to neighboring community. Rates remain constant and yet any movement will as always push the buyers and encourage the sellers. The price must be reasonable as this is a sophisticated marketplace, and people know when it's overpriced.”
A general theme resonated with the crowd which by and larger agreed that Chicago’s 77 neighborhoods still share one common theme, said Silver, “Chicago is favored for the ample opportunities it offers residents and businesspeople, alike, to invest here.” The city's architectural magnificence, parks, cultural and athletic presence, community commercial offerings including small retail, etc., and civic and public services, consistently are popular talking points, Silver contributed, that people buying here often come to appreciate most.
When the panel discussed factors which could change the trajectory of real estate as we know it, policies surrounding Mortgage Industry Deduction (MID), and the 1031 Exchange, the Internal Revenue Section which allows owners of certain kinds of asses to defer capital gains taxes on any exchange or like-kind properties, were among the issues Silver raised with concern for their national implications. As real estate represents nearly 20% of the National GDP, Silver adds, “Any loss is a huge hit - This is not a real estate issue; It's an economic issue." Adverse policy in areas such as these, Silver believes, will hinder the appetite and ability of buyers to make sound investments in real estate.
“Chicago continues to remain attractive to and at the forefront for international investors who are coming in and buying up fantastic deals in our city, unit by unit,” noted Silver. “We are seeing buyers from every corner of the world attracted to all Chicago has to offer, and buy everything from the most inexpensive homes, to the most lavish residences we have to offer. Take note, if they see potential in our market, those on the fence locally need to consider their next move before prices and interest rates create a new climate in our city.”