CHICAGO | Boom rundown - everything over 12 floors. v5

[Alliance]

Originally Posted by AdrianXSands

this makes the grand plaza towers look like masterpieces of modern architecture.

Actually, the facade has more depth than I expected and a great verticality. Its not a good building, but its nowhere near as bad as Grand Plaza. It actually looked presentable before the paint.

[Chicagoguy]

Originally Posted by ardecila

Park 1000 - who the hell knows or cares anymore? Groundbreaking has been postponed so many times, I've lost all interest.

X/O - groundbreaking is planned for December 2008, but that's assuming they sell enough units before then to secure a construction loan.

Park Michigan - probably can't sell enough super-luxury units in the crowded market that exists in the city right now. Without pre-sales, they won't be getting any construction loans to start building.

GP3 - I think they want to sell most of OMP West before they start marketing on a third tower. From the looks of the OMP West construction site, they're in no hurry to finish, so I don't think they're selling out just yet. It may be 2 or 3 years before marketing begins.

I think the amount of buyers in these projects are not enough to justify construction on any of them just yet. The interested buyers are spread too thin, and if any of these are cancelled, many of the committed buyers will leave the market rather than looking elsewhere in the South Loop.

That sucks that they arent pushing these more. I feel if they marketing them better they would really sell fast. I mean Park 1000 is like 65% sold as of last month. And they are marketing all of the buildings going up along the river so well I cant imagine that people would be just as interested in these in the South Loop with amazing park views. OMP West is doing pretty good on sales as of what I have heard, about 30% sold thus far I think? And they just havent been able to really marketing Park Michigan very well with all of the problems they have had, but I know alot of people who were interested in it but when they emailed the sales center they never got any responses. And as for X/O I really hope that gets built soon, itll be a great addition to the south loop skyline. How tall is it planned to be...height and floors? I couldnt find a thread about them on here!

[jpIllInoIs]

Originally Posted by Chicagoguy

That sucks that they arent pushing these more. I feel if they marketing them better they would really sell fast.

However you FEEL makes no difference in the progress of this or any building. You speak like someone who has never stared a $4,000 monthly mortgage in the face. The reason buidings are not progressing from proposal to construction now is that there is a 6 month supply of built, but unsold condos on the market right now. And more in the pipeline. This is big business and marketing can only generate so much interest. People need job security before committing to homes. When the job market and economy settle into a more upbeat pattern, then new buildings will get uinder way.

[Chicagoguy]

Originally Posted by jpIllInoIs

However you FEEL makes no difference in the progress of this or any building. You speak like someone who has never stared a $4,000 monthly mortgage in the face. The reason buidings are not progressing from proposal to construction now is that there is a 6 month supply of built, but unsold condos on the market right now. And more in the pipeline. This is big business and marketing can only generate so much interest. People need job security before committing to homes. When the job market and economy settle into a more upbeat pattern, then new buildings will get uinder way.

First off dont assume things about me. I have just been blessed to never worry about money so that $4,000 mortgages arent something I have to worry about everyday. And I was just saying that I dont get why they couldnt marketing some of these buildings internationally or even other places in the country. The Spire is going to be mostly occupied by people from foreign countries as there second or third home. I just dont know why they dont marketing at least GP3 like that since it is a unique building with spectacular views!

[VivaLFuego]

Originally Posted by Chicagoguy

First off dont assume things about me. I have just been blessed to never worry about money so that $4,000 mortgages arent something I have to worry about everyday. And I was just saying that I dont get why they couldnt marketing some of these buildings internationally or even other places in the country. The Spire is going to be mostly occupied by people from foreign countries as there second or third home. I just dont know why they dont marketing at least GP3 like that since it is a unique building with spectacular views!

While I agree that a truly great design in a truly great location can indeed still sell in this market, do yourself a favor and start searching the MLS for condo listings in the central area. The picture ain't pretty. There is an extreme glut of supply that will only get worse over the next year.

The South Loop has reached saturation for luxury condos. The Columbian is starting to see major foreclosure issues and plummeting values. The only areas that have a fighting chance at still absorbing such high price points are limited slices of Gold Coast, Streeterville, and Lincoln Park.

[Chicagoguy]

Originally Posted by VivaLFuego

While I agree that a truly great design in a truly great location can indeed still sell in this market, do yourself a favor and start searching the MLS for condo listings in the central area. The picture ain't pretty. There is an extreme glut of supply that will only get worse over the next year.

The South Loop has reached saturation for luxury condos. The Columbian is starting to see major foreclosure issues and plummeting values. The only areas that have a fighting chance at still absorbing such high price points are limited slices of Gold Coast, Streeterville, and Lincoln Park.

Well I have alot of connections in real estate and my sources tell me that the market is starting to improve and that within the next year or 2 things will be back to normal. I sure hope things start improving soon. Why dont they make some of these new buildings rentals with the option to buy instead if the market is still bad now. That way they are still able to make money!

[budman]

Originally Posted by Eventually...Chicago

^^^^ while that building is not good i think the way you have to approach it to say that for the buildings entire life it will probably be cheaper to live in than all of its surroundings. So it will actually serve a nice urban role to maintain a lower income bracket in the west loop.

The price points in this building are rather high - around $2600 for a two bedroom without parking. So I would say this building may help to serve the middle income bracket, rather than the lower income bracket. And in 10 years they will convert it to condos.
With respect to the housing market, the crash is far from over. We have a long way to go, and we wont be back to normal in two years, whatever normal even means.

[Taft]

Originally Posted by Chicagoguy

Well I have alot of connections in real estate and my sources tell me that the market is starting to improve and that within the next year or 2 things will be back to normal. I sure hope things start improving soon. Why dont they make some of these new buildings rentals with the option to buy instead if the market is still bad now. That way they are still able to make money!

Yeah, my step-mother-in-law is a real estate agent. She's been telling us for the last two years that "it's a great time to buy!" Nevermind record foreclosures, stagnant and dropping prices, properties on the market for *years*, etc., etc., etc. Outside of real estate agents and groups, I don't think I've seen an analyst predict we are going anything but down. Some are now predicting when the end of the pain will come, but most (if not all) are still pretty negative.

I'd take the advice of real estate agents with a grain (or two) of salt. They are in the business of being optimistic. In good markets or in bad markets the way they make money is the same: getting people to sell and buy houses.

Taft

[VivaLFuego]

Originally Posted by Chicagoguy

Well I have alot of connections in real estate and my sources tell me that the market is starting to improve and that within the next year or 2 things will be back to normal. I sure hope things start improving soon. Why dont they make some of these new buildings rentals with the option to buy instead if the market is still bad now. That way they are still able to make money!

Of course the real estate people will say that, not only do their livelihoods depend on it but they have an obvious financial interest in trying to keep the bubble dream alive.

We're almost out of the subprime mess, true enough. But we haven't even started on the Option ARM nightmare (google "Option ARM reset" or something similar), which isnt due to hit in full force until around 2009 when Option ARM borrowers reach their negative amortization trigger of 115-120% and their monthly payment doubles, with no hope of re-financing because of a loan-to-value ratio approaching 1.5:1. Option ARMs were loans that allowed negative amortization (i.e. the size of your monthly payment had a variety of "options"), basically predicated on eventually being able to refinance due to ever-increasing real estate values (oops!). These loans also were ARMs with rate reset periods from 0-5 years; if a certain level of negative amortization is reached, the borrower must begin making payments on a 30-year amortization schedule. Surveys show that about 75% of Option ARM borrowers make the minimum payment every month, i.e. negatively amortizing a loan on a devaluing asset they bought with 0-5% equity.

Double Oops!

Either things will get very rough for those folk, or Washington will pass a bailout mandating "re-negotiated terms" e.g. a writedown, driving up the cost of obtaining a loan for responsible borrowers. Sigh.

[Jibba]

353 N. Clark



theWit

[tennis1400]

[QUOTE=harryc;3564549]

Originally Posted by jboy560

Put up last year. - from Aug of 2007

There is also a nightclub on top of this building I believe! I think its called NVPenthouse!

Cheers

[Nowhereman1280]

^^^ Where is that building, I've never seen it before. I bet Adrian likes it.

Originally Posted by Taft

I'd take the advice of real estate agents with a grain (or two) of salt. They are in the business of being optimistic. In good markets or in bad markets the way they make money is the same: getting people to sell and buy houses.

I actually work in the RE business as the assistant of a Real Estate lawyer doing Foreclosure and Bankruptcy law, Representing a few RE trusts and a commercial real estate lender, as well as doing RE closings. The picture still isn't pretty, it is probably very close to the bottom now, but I would expect things to get a touch worse after the spring/early summer selling season pans out and there is a massive glut of unsold homes on the market. However, things will recover over the course of 2009. So really, now is literally the best time to buy, prices are rock bottom, interest rates are rock bottom, there is a massive supply of foreclosures you might be able to get your paws on, and we are nearing the bottom of one of the worse RE crashes in recent memory. The time to buy is when the blood runs in the streets my friends. Just make sure you can afford what you are buying!

If you are looking for a deal and in the market for a condo, wait for fall, there are many RE investors buying up huge blocks of foreclosed properties. There are literally companies forming over night to take advantage of this mess and they are buying all the foreclosures up right now for nothing in huge lots. They will probably start dividing up these lots and selling the individual units for dirt cheep in the fall, after the summer selling season is up. I just filled out the paperwork for two closings of this type today alone.

Many of these condo blocks are in buildings like the Columbian where they will get like 8 foreclosures at once and split them up later.

[harryc]

[QUOTE=Nowhereman1280;3566687]^^^ Where is that building, I've never seen it before. I bet Adrian likes it.


On Hubbard , tween LaSalle and Clark

[Chicagoguy]

Yea I understand that the market isnt back up to where it should be, but I was just saying that from what I hear it will start turning around soon...which from what everyone else posted is correct. All I was saying is that it is going to turn around soon...they were also talking about it on CNN the other day too.

[SolarWind]

Originally Posted by i_am_hydrogen

Nice shots of theWit, tom. Yesterday, I noticed that it's starting to have an impact on the view up State Street from the south. It will do a nice job of partially covering the ugly side of Unitrin.

It's also visible from Millennium Park. Here's a shot from May 12.

[harryc]

May 9th - looking at you across the building.

[i_am_hydrogen]

^You two should have a staring contest some time.

Originally Posted by SolarWind

It's also visible from Millennium Park. Here's a shot from May 12.

Judging from the render, I'm not sure if that's a good thing. Does anyone know what the backside of this architectural chimera will look like?

[aaron38]

Originally Posted by Nowhereman1280

Many of these condo blocks are in buildings like the Columbian where they will get like 8 foreclosures at once and split them up later.

That many forclosures in a new building sounds really bad. Are those real buyers who couldn't make their payments, or were those speculative investors who weren't able to resell as fast as they needed to, and had to dump the units?

The 2nd isn't nearly as bad as the first.

[Tom Servo]

so should i get my hopes up and believe the concrete will be left exposed???

i don't know anything about this koo and associates firm... honte, victor ??

[jboy560]

[QUOTE=tennis1400;3566655]

Originally Posted by harryc

There is also a nightclub on top of this building I believe! I think its called NVPenthouse!

Cheers

Wow...i really like this building. does anybody know the architects who designed it? it looks better from street level than it did in the aerial of One 11 W. Illinois (i think that's what the building was called...)