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Those of you who keep track of the big comings-and-goings of Chicago’s real-estate brokerage industry will want to take notice of today’s news. Crain’s reports this afternoon that Sudler Sotheby’s International Realty has acquired Century 21 Sussex & Reilly, a move that “doubles the size of Sudler to about 500 residential brokers and gives it a total of 10 Chicago offices, including the Gold Coast, Lakeview, Hyde Park and North Center and in the Loop.”
As the story points out, the two companies have tried to cultivate different niches in the market, with Sudler focusing on higher-end homes in Lincoln Park and the Gold Coast and Sussex & Reilly operating primarily in the North Side’s gentrifying neighborhoods. As Jim Kinney of Rubloff says in the article, “they have to decide on their identity. That’ll be the real challenge of this merger.”
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Crain’s also describes Sussex and Reilly as “meat and potatos”; such as the “meat and potatos” $2.7M dollar new construction home I just viewed on the North Side being marketed by S+R’s Jeff Lowe…
I agree with my president’s suggestion that they’ll have to reconcile their brand. However, I’d like to see a number on their average listing price of homes, Sudler v. Sussex.
I’d add brand names like “Joe Sudler” (for those meat and potatoes neighborhoods like Roscoe Village and Lincoln Square) and “Sudler Premium Blend” for Gold Coast…since they are paying more for their premium coffee there anyway.
Eric,
If the Gold Coast is defined as broadly as most brokers do, i.e. to include Sandburg Village, the average price in the GC may be lower than Roscoe Village. Different mix of housing.
Everyone seems to leave out of their thinking about the Gold Coast the large number of 60s high-rises that don’t carry very steep price tags.
It sounds like Crain’s bought into someone’s PR spin.
I agree. It would make more sense to see a price per sq/ft of each listing to see who’s “meat and potatos”. Ha!
They are selling similar volumes, but obviously with Christie’s, Sudler has a nice brand name and does list more near downtown.
I just love those comments about “gentrifying neighborhoods”. I was gentrified right out of Roscoe Village 6 years ago! They need a stoplight IN the Starbucks at Roscoe and Seeley.
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