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O"' Hush Hush yourself!:D Calm down my brethren, it's obvious something a little odd is cracking by Kelleher suddenly offering this deal out of "NO-Where"!:cool: This was never mentioned, or a conceived plan? I'm not being Mr. Negative Vic, common sense tells ya there is a meaning to why Kellher is doing what he is. Would love to hear your thoughts on why he is "Renting" all-of-a-sudden? Is this a coincidence, a marketing ploe, or...What? My opinion stands. |
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Have you mentioned this before? Never heard/read about this, and been all over Spire since day 1? Why have we not heard about this? Much appreciated.:) |
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I hope this quells any fears. |
^ well then, i'm annoyed with crain's again. not knowing much about the subject, my first reaction after reading the article was "uh oh... is this bad?"
Why is it that I feel I can trust Kelleher better than any agencies reporting on him? |
Bvic, I dont have any doubt this is a standard practice overseas. As i mentioned in an earlier post, Invesco did this same thing to overseas investors and all their buildings have gone to shit. I know were not really comparing apples to apples but it is what it is. Also, how are they going to get 400+ units rented at those prices. Anyway, this conversation is probably more suited for a real estate thread then a construction/skyscraper thread.
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new update video online!
Hiya fans and friends,
new thread and my first video update for the awesome Spire in it for you all to enjoy:) : http://www.youtube.com/watch?v=GdzFp4X6GEw Music: Megara vs. DJ Lee - Full Intention (Club Mix) |
Though I love the building design, I really hope there are no problems with ice sheathing/falling. That could be terribly dangerous next to that highway. CN Tower in Toronto has had this problem in the past.
Any thoughts anyone? |
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Don't take this the wrong way. You're the shit and we all know that, me especially, but I'm just saying.. |
Are the center rock caissons already installed?
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($1,000,000 * 7.5% / 12 months) My gages might be off, but wouldn't a normal rent for a unit selling for nearly a million be around $4000 to $5000 per month? |
^^ if you're numbers are correct, that is a ridiculous amount of money for a one bedroom unit in the area. you could get a similar size unit for half that, easy. I can't imagaine people paying that much of a premium just to rent in the Spire.
I'm assuming a million bucks buys nothing more than a small 1 bedroom unit, and you can get 1 bd apts in the area for 2500, no problem. |
Just for comparison purposes, there are 1 BR rentals available at 340 OTP. They go for $2800 - $3200 per month. These units are roughly half the price of the Spire. Can you imagine people paying $6000 for a 1 BR rental in the spire. I cant.
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Granted Chicago isn't New York, but their buildings aren't the Spire, either. |
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Also, you're neglecting the market for corporate apartments. Most companies lease rather than own their real estate, and it wouldn't surprise me if this extended to corporate apartments as well. They'd rent for $6,000-$7,000 per month before they'd dump $1 million into real estate assets, because their cost of capital exceeds this 7.5%. |
^^ very true. But I have a hard time believing people would pay such a high premium when you could get more space and similar views (obviously Spire will have the best views) for half the price.
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There are people in this world that have enough money that they are simply not price sensitive. There is a market for "the best" at almost any price, as long as what you're offering is truly the best. Kelleher knows this, of course. |
You are forgetting why the builder is doing this rent gimmick...it's to increase sales figures.
$1m in the builders pocket right now (or a sale on the books to help facilitate financing) is totally worth making up the gap between what the buyer actually gets for renting out his unit vs. what was guaranteed (the 7.5%). |
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I'll be one of those price insensitive people one day. :notacrook: |
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