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Originally Posted by Bonsai Tree
I thought Tribune was having pretty good sales? I'm not sure where I heard this but I thought they were looking at around 25% sold or under contract right now?
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Of the existing building, possibly... but the new tower hasn’t even been approved yet. 25% is not a great sales figure for a building that’s already under construction, where the anxiety about the project getting off the drawing board has been eliminated. And Tribune is a
massively better location, especially for people who want to live in their condo full-time. Tribune is literally on Michigan Avenue and easy walking distance to the entire Mag Mile and River North entertainment areas, grocery, transit, etc. Hard to imagine a better condo site, so if even that is struggling, it’s a poor sign for the strength of the high-end market.
The Spire site offers good views of the lake, and that’s it. A lot of the condo buyers today (elder Millennials and some retirees, but it’s not a huge buyer pool overall) want to buy in an area that offers urban amenities right out the front door, and not just a birds eye view of those amenities from a mile away.
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