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  #981  
Old Posted Nov 4, 2018, 4:39 PM
marothisu marothisu is offline
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I don't think these count pending sales (i.e. ones at Vista or even OBP) but RE/MAX does study on the Chicago area market for luxury home sales ($1M+) per quarter. Every quarter this year has set a record for the most sales in the area, but as far as the city goes..

https://www.prnewswire.com/news-rele...300739697.html

Quote:
In the attached luxury market, the Near North Side retained its leadership position with 95 sales during the quarter, a gain of +10.5%, while the Near West Side continued its emergence as the city's hot new luxury attached market with 43 sales. In contrast, it had just 16 sales a year earlier and none five years ago. Luxury sales were little changed elsewhere, falling by four units in the Loop and two units in Lincoln Park, while gaining a single unit in both Lake View and the Near South Side.

In the detached category, luxury sales set records in Lake View at 40 units and Logan Square at 20 units. North Center tied its third-quarter high with 37 $1-million-plus sales. Detached luxury sales were also higher in Edgewater, Lincoln Square, the Near North Side and West Town, but were lower in Lincoln Park and Uptown.
The Loop is not necessarily doing as well as its neighbor to the north in this regard. Of course, not all units at 1000M are over $1M but there are many that are which are probably necessary to put under contract to get this thing going. I agree above though the area is more desirable now than it was even 5 years ago.
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  #982  
Old Posted Nov 4, 2018, 5:12 PM
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Sorry for whining but I miss the old design!
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  #983  
Old Posted Nov 4, 2018, 7:01 PM
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This is going to be a nice tower in an area that needs one.

And despite how many times I have seen this thread, I still initially see "1000 meters!" lol.
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  #984  
Old Posted Nov 24, 2018, 4:43 PM
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Not sure if anyone has posted this (from May) but apparently the sales are doing extremely well.

http://blog.uniquehomes.com/1000m-to...-condo-market/

1000M, the 74-story, super-luxury high-rise, designed by Helmut Jahn with interiors by Kara Mann, has been the best-selling condominium development in downtown Chicago since launching sales last October.



We seem to keep talking about a slow-down of the market but I guess that's not happening anytime soon?
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  #985  
Old Posted Nov 24, 2018, 4:51 PM
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Quote:
Originally Posted by Zapatan View Post
Not sure if anyone has posted this (from May) but apparently the sales are doing extremely well.

http://blog.uniquehomes.com/1000m-to...-condo-market/

1000M, the 74-story, super-luxury high-rise, designed by Helmut Jahn with interiors by Kara Mann, has been the best-selling condominium development in downtown Chicago since launching sales last October.



We seem to keep talking about a slow-down of the market but I guess that's not happening anytime soon?

Well in that case they will be breaking ground in January if this article is true .
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  #986  
Old Posted Nov 24, 2018, 6:50 PM
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I sure hope it's true, because we can see how big 600 feet looks on Michigan avenue down there, one can only imagine what nearly 850 feet will do when viewed from the park/lake
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  #987  
Old Posted Nov 24, 2018, 7:16 PM
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Originally Posted by BonoboZill4 View Post
I sure hope it's true, because we can see how big 600 feet looks on Michigan avenue down there, one can only imagine what nearly 850 feet will do when viewed from the park/lake
I know, this and NEMA will look really cool.
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  #988  
Old Posted Nov 24, 2018, 8:03 PM
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We need a damn insider
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  #989  
Old Posted Nov 24, 2018, 8:13 PM
Donnie77 Donnie77 is offline
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Although I like the original design I do believe the current design fits it's surrounding better!

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  #990  
Old Posted Nov 24, 2018, 9:39 PM
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We need to fill those gaps on Michigan Ave in front of Grant Park. They are embarrassing...
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  #991  
Old Posted Nov 24, 2018, 10:00 PM
LouisVanDerWright LouisVanDerWright is offline
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Quote:
Originally Posted by Zapatan View Post
Not sure if anyone has posted this (from May) but apparently the sales are doing extremely well.

http://blog.uniquehomes.com/1000m-to...-condo-market/

1000M, the 74-story, super-luxury high-rise, designed by Helmut Jahn with interiors by Kara Mann, has been the best-selling condominium development in downtown Chicago since launching sales last October.



We seem to keep talking about a slow-down of the market but I guess that's not happening anytime soon?
"This is from May, but it sure seems to indicate the market six months later isn't slowing down"...
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  #992  
Old Posted Nov 24, 2018, 10:32 PM
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Originally Posted by LouisVanDerWright View Post
"This is from May, but it sure seems to indicate the market six months later isn't slowing down"...
So? If sales were going well back then it's still a good sign. I'd imagine six months isn't *that* long for the market to be drastically different in most cases.
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  #993  
Old Posted Dec 13, 2018, 9:28 PM
Suiram Suiram is offline
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That article was only referencing Q4'17 and Q1 2018 data. What I was saying was that knowing Vista reached ~45-50% sold and subtracting those units from the luxury condo sales announced for this year, seemed to imply very few 1000M units. So that was based on Q2/Q3 2018.

Thats also me doing suspect math based on a single public number.

That article linked sounds quite a lot like an advertorial you'd see in Asia paid for by a developer, potentially one worried about losing sales momentum.

My, maybe, irrational fear is that there is a very finite market for luxury condos on South Michigan and they are not getting any new buyers after winning the hearts of the early adopters in that niche market.

To put it another way. Lets reasonably assume they need at a minimum 30% of units sold to break ground, maybe 40%. So they need 96 to 128 sales. If they got 40 through Q'18 and continued that pace into the summer (assume summer is high season for pre-sales just like everything else? Maybe not...), you'd expect them to have already passed 90-100 units under contract. And considering the importance of that, I would have expected them to make some announcement more recently about ground breaking or confirming sales.

Vista is always very eager to tell you their sales % because they are happy with it. Its 43% or its up to 47% sold whatever. The silence from 1000M and the extrapolation of their early pace is worrying.
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  #994  
Old Posted Dec 13, 2018, 10:31 PM
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Quote:
Originally Posted by Suiram View Post
That article was only referencing Q4'17 and Q1 2018 data. What I was saying was that knowing Vista reached ~45-50% sold and subtracting those units from the luxury condo sales announced for this year, seemed to imply very few 1000M units. So that was based on Q2/Q3 2018.

Thats also me doing suspect math based on a single public number.

That article linked sounds quite a lot like an advertorial you'd see in Asia paid for by a developer, potentially one worried about losing sales momentum.
Oh okay, and yea could be

Quote:
My, maybe, irrational fear is that there is a very finite market for luxury condos on South Michigan and they are not getting any new buyers after winning the hearts of the early adopters in that niche market.
You'd think rich people would want to be closer to the park than anywhere else?

Quote:
To put it another way. Lets reasonably assume they need at a minimum 30% of units sold to break ground, maybe 40%. So they need 96 to 128 sales. If they got 40 through Q'18 and continued that pace into the summer (assume summer is high season for pre-sales just like everything else? Maybe not...), you'd expect them to have already passed 90-100 units under contract. And considering the importance of that, I would have expected them to make some announcement more recently about ground breaking or confirming sales.

Vista is always very eager to tell you their sales % because they are happy with it. Its 43% or its up to 47% sold whatever. The silence from 1000M and the extrapolation of their early pace is worrying.
Yea, it could be they are just more discreet about it. Last we heard groundbreaking was next month but of course things could change.

I guess if the condo market in this area is that weak then NEMA's twin/second tower has no chance this cycle
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  #995  
Old Posted Dec 13, 2018, 10:47 PM
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Quote:
Originally Posted by Suiram View Post

That article linked sounds quite a lot like an advertorial you'd see in Asia paid for by a developer, potentially one worried about losing sales momentum.
This is what I have perceived as well. We have seen, what, two articles that mention sales? Both read as PR pieces meant to paint a positive picture but lacked anything in terms of concrete numbers.

Matter of fact, if you go to the contact us section of the unique homes website, the site the most recent puff piece came from, you can see that the editorials on their website are noting more than an ad buy.

From their media kit, the website:
Quote:
offers a content-rich environment in which top agents can effectively promote both their listings and themselves
This whole development has seemed rather doomed from the outset

Last edited by jc5680; Dec 13, 2018 at 11:13 PM.
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  #996  
Old Posted Dec 13, 2018, 11:01 PM
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You guys are probably right, I just wanted to convince myself that this thing had a chance.

I guess it's better to be cynical than have false hope, but we have plenty go good stuff going on so whatever
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  #997  
Old Posted Dec 14, 2018, 3:18 PM
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I would rather wait for a better design, and more height.
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  #998  
Old Posted Dec 15, 2018, 12:19 AM
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Not mad either. Hope we get a better design in the next cycle with the same height.
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  #999  
Old Posted Dec 15, 2018, 2:10 AM
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Hi everyone - first post here .

I saw a new 1000M ad targeting Chinese buyers saying the building will start construction next spring and complete between 2021 and 2022. Not sure how reliable this info is but just thought to throw it out there.
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  #1000  
Old Posted Dec 15, 2018, 2:19 AM
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Quote:
Originally Posted by jyx View Post
Hi everyone - first post here .

I saw a new 1000M ad targeting Chinese buyers saying the building will start construction next spring and complete between 2021 and 2022. Not sure how reliable this info is but just thought to throw it out there.
Yeah, I know I've seen a lot of people talking about the start date for this, and the only date I've heard is Q1 of 2019, so a spring start is feasible if that ends up being March. That timeline has been pretty consistent for the last year I think. We'll know pretty soon I guess
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