CHICAGO | St. Regis Chicago (Vista) | 1,191 FT | 101 FLOORS - Page 72

Steely Dan · #**1421** Posted **Jul 12, 2016, 7:52 PM**

^ things appear to be ramping up right on schedule.

good.

nergie · #**1422** Posted **Jul 12, 2016, 9:25 PM**

Quote:

Originally Posted by Steely Dan

^ things appear to be ramping up right on schedule.

good.

Indeed, I directly overlook the site, hopefully I'll be able to post some pics of a the "fun"

maru2501 · #**1423** Posted **Jul 13, 2016, 2:45 PM**

yes please

munchymunch · #**1424** Posted **Jul 13, 2016, 7:47 PM**

Quarter of luxury Wanda Vista Tower units under contract, developer says
July 13,2016

Quote:

A little over a quarter of the units have gone under contract in Chicago's planned 95-story luxury Wanda Vista Tower, and developer Magellan hopes to begin construction this month or next.

As the project awaits approval of building permits for its riverfront location at 363 E. Wacker Drive, Magellan National Marketing Director Jim Losik said 110 of the 406 condominiums are under contract. Among them are entire-floor units in the $9 million price range.

http://www.chicagotribune.com/business/ct-wanda-vista-tower-sales-0714-biz-20160713-story.html

LouisVanDerWright · #**1425** Posted **Jul 13, 2016, 8:58 PM**

^^^ Hope they don't need a certain pre-sales threashold, seems like the numbers hit about 20-25% and flatlined.

TimeAgain · #**1426** Posted **Jul 13, 2016, 10:54 PM**

How many could they possibly be expecting to sell for a building that won't open for four years? 25% is a damn good number for this stage.

LouisVanDerWright · #**1427** Posted **Jul 13, 2016, 10:56 PM**

Of course, but the Spire was something like 38% sold and already under construction and it failed to land financing. I know it's a more ambitious project, but just goes to show nothing is built until it's built.

the urban politician · #**1428** Posted **Jul 13, 2016, 11:04 PM**

^. Right, but the Spire was being developed by a tiny nobody, at the cusp of a worldwide mortgage meltdown. It also didn't include a hotel, which this will, which certainly diversifies the asset.

I agree that it seems that sales have hit a plateau, unless I'm missing something. But with the above factors and the team behind the project, I think we are far less likely to have a repeat of the Spire situation. Also, as the tower rises and we actually see the building become a reality, that will likely spur more sales. That's got to be what the development team is thinking.

pilsenarch · #**1429** Posted **Jul 14, 2016, 12:05 AM**

So, don't want to start another fight, but I heard the design is still being ve'd to death and the glass colors are kinda hideous...

LouisVanDerWright · #**1430** Posted **Jul 14, 2016, 12:18 AM**

Nothing to fight about, no one will know what the final details are until the thing is finished. I certainly hope they aren't totally cheaping out on this, buildings this big should not be skimped on. I actually saw samples of the glass a while ago (only squares of it, not a whole mockup or anything) and they seemed to have a decent degree of variability in shade and color up close, but who knows how much of that will translate to reality.

Skyguy_7 · #**1431** Posted **Jul 14, 2016, 1:50 AM**

They can't VE it too much, they're selling units based on renderings and models in the sales center. They would be firting with a false advertisement case.

TimeAgain · #**1432** Posted **Jul 14, 2016, 2:56 AM**

Quote:

Originally Posted by LouisVanDerWright

Of course, but the Spire was something like 38% sold and already under construction and it failed to land financing. I know it's a more ambitious project, but just goes to show nothing is built until it's built.

Spire didn't fail to land financing. It had financing. The trouble is its financier hit massive trouble in the global recession.

BVictor1 · #**1433** Posted **Jul 14, 2016, 6:24 AM**

Quote:

Originally Posted by TimeAgain

Spire didn't fail to land financing. It had financing. The trouble is its financier hit massive trouble in the global recession.

That, and the bank that was to finance the project had its own issues and was nationalized.

jsbrook · #**1434** Posted **Jul 14, 2016, 11:00 AM**

Quote:

Originally Posted by Skyguy_7

They can't VE it too much, they're selling units based on renderings and models in the sales center. They would be firting with a false advertisement case.

Most people/prospective buyers don't care about the outside of a building the way architecture and development buffs on this forum do. I doubt they will VE the units, which is what most buyers care about. Doesn't mean they won't VE the exterior. Hope not.

urbanbydesign · #**1435** Posted **Jul 14, 2016, 12:50 PM**

Sorry, what does VE stand for?

401PAS · #**1436** Posted **Jul 14, 2016, 1:01 PM**

Quote:

Originally Posted by urbanbydesign

Sorry, what does VE stand for?

Value Engineer.... cheapen...

sox102 · #**1437** Posted **Jul 14, 2016, 1:08 PM**

Quote:

Originally Posted by pilsenarch

So, don't want to start another fight, but I heard the design is still being ve'd to death and the glass colors are kinda hideous...

Right you are. You can thank the ridiculously low enclosure numbers used for the budget.

MakeChicagoGreatAgai · #**1438** Posted **Jul 14, 2016, 2:51 PM**

Quote:

Originally Posted by munchymunch

Quarter of luxury Wanda Vista Tower units under contract, developer says

Do you know what kind of deposits Magellan is demanding? Last cycle they only asked for 10% but after the crash hit a lot of developers are demanding 50% to make sure buyers follow through and close.

Kngkyle · #**1439** Posted **Jul 14, 2016, 3:15 PM**

Quote:

Originally Posted by MakeChicagoGreatAgai

Do you know what kind of deposits Magellan is demanding? Last cycle they only asked for 10% but after the crash hit a lot of developers are demanding 50% to make sure buyers follow through and close.

I can't imagine they are demanding 50% four years from delivery. Perhaps 10% now and another 5% per year till delivery or something of that nature.

Chris1jt · #**1440** Posted **Jul 19, 2016, 3:22 AM**

Quote:

Originally Posted by the urban politician

^. Right, but the Spire was being developed by a tiny nobody, at the cusp of a worldwide mortgage meltdown. It also didn't include a hotel, which this will, which certainly diversifies the asset.

I agree that it seems that sales have hit a plateau, unless I'm missing something. But with the above factors and the team behind the project, I think we are far less likely to have a repeat of the Spire situation. Also, as the tower rises and we actually see the building become a reality, that will likely spur more sales. That's got to be what the development team is thinking.

Not sure what's giving you and Louis the impression that sales have "flatlined" after hitting "20-25%." The May 31 figures (http://www.scmp.com/property/hong-kong-c...joint-venture-luxury-residential-project) stated that "about 80 units" were under contract.

This July 13 article (http://www.chicagotribune.com/business/ct-wanda-vista-tower-sales-0714-biz-20160713-story.html) states that 110 are under contract. A difference of 30 units... The sales center has only been open since April, so if you assume an average of about 27 units going under contract per month (over four months), then the pace is staying pretty steady.