Quote:
Originally Posted by The Pimp
Spire developer adds a new twist
By: Eddie Baeb June 28, 2008
The world's tallest residential tower is turning into rent-a-spire.
To boost condominium sales in the proposed Chicago Spire, Irish developer Garrett Kelleher is catering to investors by offering to rent out the high-priced units at a guaranteed 7.5% return for two years.
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This is certainly not a very positive story in my eyes. It shows desperation from a developer. These are the same practices that Invesco has done over the years and all of their buildings lead the city in foreclosures. Look at Invesco's reputation now. It's also telling me that the developer is saying that their condos are severely over priced and they will reimburse you over the next two years. This is a way of reducing price without actually doing so. But yeah, if it can get the spire built, more power to them.