I think they are saying that lenders want 50% sales these days.
However, if the developers/investors are putting in a lot more equity (ie Wanda putting in a couple hundred mil) perhaps the standards are much lighter?
I think they are saying that lenders want 50% sales these days.
However, if the developers/investors are putting in a lot more equity (ie Wanda putting in a couple hundred mil) perhaps the standards are much lighter?
Yeah 50% is nice, though I think Wanda is a little interesting since the cheapest units basically start around $1M. Not your typical even half expensive $500K 1 bedroom condo tower.
$500K - not at the upper echelon of expensive buildings, but not cheap either. It's in the middle for a downtown "expensive" building. My point is that the units in Wanda are expensive - basically a minimum of $1M. Although it didn't sell 50%, it sold 30-33% which is still, in my opinion, positive, for this type of building.
$500K - not at the upper echelon of expensive buildings, but not cheap either. It's in the middle for a downtown "expensive" building. My point is that the units in Wanda are expensive - basically a minimum of $1M. Although it didn't sell 50%, it sold 30-33% which is still, in my opinion, positive, for this type of building.
500k for a one bedroom is extremely expensive.
1M + for a one bedroom is a drugged fantasy for 99.5% of people.
500k for a one bedroom is extremely expensive.
1M + for a one bedroom is a drugged fantasy for 99.5% of people.
That wasn't my point. $500K for a 1 bedroom isn't in the upper echelon of expensive places in Chicago. but yes, it's expensive for Chicago. No denying that, but the $500K types of places sell more in pre-sales. $1M is much more than $500K
March 29, 2016 Jeanne Gang-designed tower boasts a novel sales tool
By Dennis Rodkin
Quote:
The sales center for a proposed 93-story tower designed by Jeanne Gang offers buyer a chance to see views that don't even exist yet.
A virtual elevator ride will let prospective buyers stop at various points in the nearly 1,200-foot-high tower to look out over downtown and Lake Michigan.
As visitors gaze out through three full-sized walls of glass showing a 73rd-floor view over the Chicago River and up the lakefront at dusk, the building's sales staff can take them to another place with a mere swipe on an iPad.
Quote:
Losik said prices will average $1,000 a square foot, and another Magellan sales executive recently told Crain's they go as high as $1,750 a foot, which will put these units in the upper tier of the Chicago condo market. Each floor from 71 through 91 will be a full-floor condo, with 360-degree views.
To get around the paywall, copy and past the name of the article into your preferred search engine. That should do it.
The changeable, simulated view is accomplished via 52 flat-screen monitors filling three walls and knitted together electronically to show one gigantic image, as shot by drone cameras that were sent up from the site last summer.
The design details of this project are fantastic. The prismatic ceilings of the lobby, the slanted columns, the subtle tapering of the tower by slightly reduced floorplates (like a more subtle, cohesive 56 Leonard). It looks pretty damn good in the skyline, too. But good God, is luxury real estate marketing ever cheesy.
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The design details of this project are fantastic. The prismatic ceilings of the lobby, the slanted columns, the subtle tapering of the tower by slightly reduced floorplates (like a more subtle, cohesive 56 Leonard). It looks pretty damn good in the skyline, too. But good God, is luxury real estate marketing ever cheesy.
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