Those micro units will almost certainly sell to investors who would plan to lease them out.
Problem is, that only works if: A. Rents are high B. Association fees are low C. They don’t have too many association rules that make it hard to lease them out |
I can imagine people using such studios as "luxury hotel rooms" for themselves if they travel to Chicago often.
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I can imagine a three-way with Elizabeth Olsen and Taissa Farmiga... |
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Right, a lot of these reports seem unrealistically positive, but hey, who knows. Wouldn't mind if this thing got built :shrug: |
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More than likely they will serve as rentals. $300k for a studio is far too high, though. |
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It's my understanding that airbnb is up to the condo association (which also has to follow overall city regulations).
My building had to formally ban it and I'm very glad. Having HS kids rent out units for weekend parties would be terrible (and potentially dangerous). Going to lots of events I feel I know a lot of the people I live with and would not feel as comfortable with randos roaming the halls (even if it means forfeiting a small chunk of potential rental change) Anyways, as noted, at $1K a sqft before HOA fees, this would be nuts for a crash / bang pad. I doubt this will get off the ground based on its current proposal. I would rather rent in NEMA and maintain some flexibility at those rates... |
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I don't think these numbers are so ridiculous. They work for someone who is well-off and who maybe spends a week a month in Chicago for work. I do something similar in DC. Also, some companies I've worked at will do this for executives who travel to a location that's not their primary home with some frequency. The purchase price is not that much for a company, whether mortgaged or paid outright, and condo fees are a lot less than 7 days a month in a hotel. And it's an asset that can eventually be sold as needed or desired. The question is how many such people exist that there is a market for this in Chicago? In New York or DC, there is a market for this.
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https://www.apnews.com/b4a14193475540acaf3c031ee31355ee
Helmut Jahn-Designed, Luxury Condominium Tower 1000M Introduces New Selection of Residences Dubbed the “International Collection” Feb 4, 2019 Quote:
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^ Nice, article says that 20 of the 133 "International collection" homes are already sold.
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Exactly, they basically want to do what the Legacy does, but without the option of opting out of said program. I know that residents of that building can obtain University Club memberships fairly easily, but for 1000M, it would be like you were forced to buy into said program... Those HOA fees are going to be more than most people's rent
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$1/sqft is a lot in a new building, even luxury. Older ones with shit elevators and inefficient heating cost a lot, but even my 15yo building it's ~75c with what I would consider top notch 'core' amenities (pool, gym, etc.) That includes cable TV & fast internet (like a separate $70 line item)--I just pay electricity.
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Remember a few weeks ago when this thing was canceled? :P
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