CHICAGO | Aqua | 858 FT / 262 M | 87 FLOORS - Page 98

Mojava · #**1941** Posted **Nov 17, 2007, 9:28 PM**

Quote:

Originally Posted by EarlyBuyer

Magellan's standard contract contain's a clause which they stick to, stating that all units must be closed on and contracts cannot be assigned/transferred prior to close. Additionally, the purchaser must reside in the unit for one year post close. If the purchaser wishes to sell inside of that first year, Magellan retains the first option right to repurchase the unit at the original pre-construction price.

this is very common in most new construction contracts. however, if they are indeed virtually sold out, magellan may waive this clause. the reason for this clause is because the developer does not want to compete with flippers to sell units. if the developer is sold out, they dont have to worry about that.

Dr. Taco · #**1942** Posted **Nov 17, 2007, 9:58 PM**

Quote:

Originally Posted by aaron38

Not that surprising. They're the speculators who bought at pre-construction prices. And now that the building is sold out, they're trying to make a profit.

kind of like selling a PS3 on ebay...

Rocket1 · #**1943** Posted **Nov 18, 2007, 12:32 AM**

Quote:

Originally Posted by Mojava

this is very common in most new construction contracts. however, if they are indeed virtually sold out, magellan may waive this clause. the reason for this clause is because the developer does not want to compete with flippers to sell units. if the developer is sold out, they dont have to worry about that.

If the profit potential was good enough, though, wouldn't Magellan be interested in purchasing the units back at pre-construction prices and flipping the condos themselves?

Adam186 · #**1944** Posted **Nov 18, 2007, 1:05 AM**

Quote:

Originally Posted by Rocket1

If the profit potential was good enough, though, wouldn't Magellan be interested in purchasing the units back at pre-construction prices and flipping the condos themselves?

Yes they would, but if they don't have to compete with the flippers why would they? They left the option open so they could purhase at the earlier price and flip, but also left themselves an out. Perfect contract for the developer in my eyes.

EarlyBuyer · #**1945** Posted **Nov 18, 2007, 6:16 PM**

Taken by EarlyBuyer 11/18/07

harryc · #**1946** Posted **Nov 18, 2007, 6:29 PM**

Quote:

Originally Posted by EarlyBuyer

Taken by EarlyBuyer 11/18/07

- unfortuantely I now see that it is the podium/garage ( red crane ) I see looking down Lake, not the tower itself. Great photos, thx

10023 · #**1947** Posted **Nov 18, 2007, 9:39 PM**

Quote:

Originally Posted by harryc

- unfortuantely I now see that it is the podium/garage ( red crane ) I see looking down Lake, not the tower itself. Great photos, thx

Yeah, that could have been planned better...

Northwest · #**1948** Posted **Nov 18, 2007, 10:55 PM**

May I ask, what is the structure going up directly east of the fire station in EarlyBuyer's photos? Is that part of Aqua's podium? It looks too big/deep to be park homes.

EarlyBuyer · #**1949** Posted **Nov 18, 2007, 11:20 PM**

Quote:

Originally Posted by Northwest

May I ask, what is the structure going up directly east of the fire station in EarlyBuyer's photos? Is that part of Aqua's podium? It looks too big/deep to be park homes.

Northwest, most of the construction in that corner (east of the fire station and south of the Swissotel) is the expansion of the Swissotel's meeting space and new ballroom. This construction is part of the Aqua project's master plan.

Edit: my response refers to the real estate north of the concrete wall poured (best visualized in the 7th photo). The work south of this wall is the continuation of the Aqua podium (this yet-to-be-built section of the podium will be parking and amenities).

Northwest · #**1950** Posted **Nov 19, 2007, 4:03 PM**

Quote:

Originally Posted by EarlyBuyer

Northwest, most of the construction in that corner (east of the fire station and south of the Swissotel) is the expansion of the Swissotel's meeting space and new ballroom. This construction is part of the Aqua project's master plan.

Edit: my response refers to the real estate north of the concrete wall poured (best visualized in the 7th photo). The work south of this wall is the continuation of the Aqua podium (this yet-to-be-built section of the podium will be parking and amenities).

Thanks for the info. I hope the Swissotel part of the development wont be left as an awkward blank wall, at least it doesnt directly face the park. If the Aqua developers have a hand in this Im sure they will leave it looking good in some way, at the very least clad in something better than raw concrete. Are there any renderings of what the entire west side of LSE park will look like when Aqua is complete?
Its too bad that the view down Lake Street wont have a spectacular tower like Aqua at the end of the urban canyon, but due to the plot layout I see this would have been difficult to execute. I guess the El tracks covering most of Lake Street makes this view less important. Hopefully pedestrians on Michigan Ave will at least get a glimpse of Aqua, but it looks like it will be largely hidden. Too bad, indeed a missed opportunity.

EarlyBuyer · #**1951** Posted **Nov 20, 2007, 2:51 AM**

Quote:

Originally Posted by Northwest

Are there any renderings of what the entire west side of LSE park will look like when Aqua is complete?

This rendering was posted by archytype 5/07. It may in part answer your question.

EarlyBuyer · #**1952** Posted **Nov 21, 2007, 12:01 AM**

H.M. Witt & Co. Installed yesterday and this morning hundreds of feet of banners promoting Aqua and the Village Market Center along the LSE park circle drive. I was going to take a picture today to post, however it was too foggy. Not sure what promotional displays have been/will be installed along Columbus Dr. for Aqua.

jrickw · #**1953** Posted **Nov 21, 2007, 5:51 AM**

Quote:

Originally Posted by EarlyBuyer

H.M. Witt & Co. Installed yesterday and this morning hundreds of feet of banners promoting Aqua and the Village Market Center along the LSE park circle drive. I was going to take a picture today to post, however it was too foggy. Not sure what promotional displays have been/will be installed along Columbus Dr. for Aqua.

Why would they put up banners promoting a building that is basically sold out? That seems like an unnecessary expense.

BVictor1 · #**1954** Posted **Nov 21, 2007, 3:50 PM**

Quote:

Originally Posted by 10023

Yeah, that could have been planned better...

Well, you'll probably be able to see the second tower down Lake Street when it's built.

10023 · #**1955** Posted **Nov 21, 2007, 5:43 PM**

Quote:

Originally Posted by BVictor1

Well, you'll probably be able to see the second tower down Lake Street when it's built.

Isn't there a drive being built down at the end of Lake Street?

BVictor1 · #**1956** Posted **Nov 21, 2007, 7:10 PM**

Quote:

Originally Posted by 10023

Isn't there a drive being built down at the end of Lake Street?

Look at the first photo above posted by Early Buyer. There will be a tower on that little sliver of land south of the podium. I think that it'll be visible.