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Originally Posted by bhawk66
Well, you may be about to find out...
Maybe not this year, but it's coming. So predictable when a free market has greedy developers and bankers. All these million dollar condos by the hundreds, is not a sustainable situation in Chicago. I just read in the article posted here that the Bennet 2 bedrooms are starting at a cool 2 million each. It goes up from there. Vista? 1000 S. Mich? Nema? Essex? OCS? Really?? Now throw in Tribune Tower, LSD whatever-its-called? And Amazon said piss off because your weather and crime suck. Okay. Let's see.
Also, can we talk about the term "anchor tenant"? What percentage of the massive WPS building is Salesforce occupying?
Call me dubious.
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I'm not sure how old you are, but for those of us who are old enough to have lived through multiple expansion/recession cycles, we can bear witness to the fact that the 2008 financial crisis was unlike any recession in at least 35 years, and strong arguments can be made that it was the worst since the Great Depression. There's a reason its called The Great Recession.
The chances of the same sort of recession happening again are pretty slim.
There have been hardly any condos built in this cycle relative to the amount of housing added. And I'm not sure why you believe there isn't a market for hundreds of million dollar condos. There are nearly a quarter million people living in the Central area, in around 150,000 housing units. At a minimum, low single digits of them can afford million dollar homes. That's thousands of million dollar homes being in demand, even if only half those who can afford them choose to buy. And it actually wouldn't surprise me if the number of people or couples wanting to live in the Central Area, who could afford a million dollar home, was as high as 20% of the total housing market in the Central Area. And that's not even counting the non-residents who buy a home here - we may not have as many people doing that as New York, but it's still a thing here.
I'm not sure why you think Chicagoans are poor. Some are, yes, but there are still many, many wealthy Chicagoans.