Quote:
Originally Posted by marothisu
Why would it not exist here? People need to stop acting as if Chicago is magically devoid of money now. This place is about equal to a monthly payment on an $8M or so property. I know it's hard to believe but there's actually a fair number (relatively) of people in the region who could afford this.
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Because in 2020 Chicago's most expensive residential sale was on par with this at $8.4 million in Park Tower.
https://www.chicagotribune.com/real-...f5q-story.html
In 2019 the top 2 condo sales were both in No. Walton at $8.2 and $11.2 million.
https://www.chicagonow.com/getting-r...sales-of-2019/
Meanshile NYC has several in the $60m range with the top being $167 million, so like a 6-7x multiple on Chicago's top range.
https://therealdeal.com/2021/12/21/i...s-led-the-way/
So if this were to be listed/sold converting the rental price to $8 million then it's in the ultra top tier in Chicago, in a much 'lower tier' building so I am a little surprised that it would compete with other higher end buildings at a similar price. Though I suppose those are sales so maybe there is a niche for people who what to rent in that tier without committing to a $10 million pad. I mean its a good thing for us SSP heads that shows the strength of the market - but that's why I was suprised.