Joe,
I think everyone appreciates your efforts with the information, pictures and videos. Keep em coming!

235 W Van Buren
http://img19.imageshack.us/img19/6949/p1000934sn9.jpg

Too bad this one's getting painted. The best part about this project for me was the honesty and expression of the form and the materials--paint will counter that aesthetic substantially, IMO.

That's terrible news. I love the texture of the concrete; it brings life to the base. You're right, Jibba: The bare materiality was part of the justification for such an honest but otherwise severe podium. Now it will just be severe. :ohno:

Who's call is this? Ralph Johnson or the developer?

Did I hear correctly (in one of the you tube videos) about chase giving loans with 10% down and at 3.5%?

You heard correctly about 10% down payments. The 3.5% referred to the down payment on an FHA loan. FHA approval is being sought for the project.

There was no talk of a 3.5% mortgage interest rate.

235 West Van Buren
http://img26.imageshack.us/img26/7781/dsc0190l.jpg

http://img291.imageshack.us/img291/2664/dsc0200.jpg.......

Bovis, the construction manager, and CMK, the developer, were kind enough to provide us access to the construction site today.

We rode the construction elevator to the 33rd floor, then walked up to the 39th, the last full floor that's complete. We then climbed the construction ladder to the partially completed 40th floor.

I had a professional photographer along, so we'll have some great scenes for you early next week. We also shot about half an hour of video with the Bovis project manager and CMK's marketing director. Here's a brief teaser clip (http://newhomenotebook.ning.com/video/video/showFullScreen?id=2022616%3AVideo%3A1922&***********) - there'll be much more to see next week.

I'll post a batch of images at Flickr - including high-res versions - early next week. Here are a few teaser shots.

http://wibiti.com/images/hpmain/797/252797.jpg

Looking east from the partially-complete 40th floor onto the 39th.

http://wibiti.com/images/hpmain/798/252798.jpg

Southeast view from the 40th floor.

http://wibiti.com/images/hpmain/796/252796.jpg

Western part of 39th floor.

http://wibiti.com/images/hpmain/794/252794.jpg

Eastern part of 39th floor, showing construction of 40th.

http://wibiti.com/images/hpmain/795/252795.jpg

View northeast from the 39th floor.

Much more, later.

Added some raw video (http://newhomenotebook.ning.com/video/video/showFullScreen?id=2022616%3AVideo%3A1927&***********) which includes discussion of some of the construction techniques.

Great video. It's amazing there are over 300 guys working on this building at once, and scary what happens to all these guys when the project(s) dry up. It is no wonder the blue collar neighborhoods are getting creamed by foreclosures.

I often forget how big a 46 story building is south of Congress. The SE, South, and West views are amazing. Even the lake views are impressive.

So what side will the views be the best 10 years from now? If and when the lot on the east side of Wells north of Congress is developed with a high rise, obviously that willkill eastern views from people facing south. If it is not, well, thanks to the historic buildings of Printers Row the lower levels should have a decent partial view of the lake. On the West side, if 401 S. Wacker gets built, residents of the first 35-40 floors will likely lose their western views from the west side of the building. Same goes for NW views if they build a second/third tower at 311 S. Wacker. Southwest views should be protected, especially towards the river thanks to the Wacker/Congress/Eisenhower interchange. South views will be lost if and when the west side of Wells is developed. SE will be lost if that lot at Wells/Congress is developed (not in forseeable future). East is good in the upper floors unless something big goes up at the lot of the sales center. North is good.

My vote would be the East (in particular the SE corner of the building so you get the river and lake views).

http://wibiti.com/images/hpmain/820/252820.jpg

Our means of ascent from the 39th to 40th floors.

I've uploaded 55 high-res (3872 x 2592) photos from yesterday's visit to the 39th and 40th floors to a set at Flickr (http://www.flickr.com/photos/chicagohighrise/sets/72157614929267434/detail/). You can also view them as a slideshow (http://www.flickr.com/photos/chicagohighrise/sets/72157614929267434/show/).

These are my photos, so not the best. We'll have the ones from our staff photographer (http://kardasphotography.com) available next week.

So what side will the views be the best 10 years from now?

Due south and southwest: remember, it's next to the Wacker/Congress interchange, which isn't going anywhere. (Yes, these can be decked over, but there are far more readily developable parcels around.) Southwest is the thermal plant, which is too tied in to the infrastructure to be easily moved -- and can't have anything built above it.

It will be a long time before the parking garage to the north gets replaced by anything.

http://wibiti.com/images/hpmain/915/252915.jpg

Photo by Michael Kardas, Kardas Photography. See another Kardas panorama from atop 235 Van Buren at YoChicago (http://tinyurl.com/anhqas).

Joe-
Thank you and your staff for providing these exclusives..

http://wibiti.com/images/hpmain/992/252992.jpg

Michael Kardas photo, panoramic view of 39th and 40th floor construction.

I've added 70 Kardas photos to the set at Flickr (http://www.flickr.com/photos/chicagohighrise/sets/72157614929267434/detail/), bringing the total to 125 images. You can also view them as a slideshow (http://www.flickr.com/photos/chicagohighrise/sets/72157614929267434/show/).

In the first part of our edited video tour at YouTube (http://www.youtube.com/watch?v=ghuEN4fcxOA), Bovis Lend Lease Senior Superintendent Jason Etheridge shows us around a part of the 39th floor and gives us some details on the flying forms. Bear with the audio - it's hard to descibe how noisy the conditions were up there.

More video, later. In the meanwhile, our thanks to Scott Hoskins of CMK and Jason Etheridge of Bovis for providing access and showing us around.

Is delivery still on time?

I remember they were saying that they anticipate April/May Delivery for lower units.

My friend has a space on the 16th floor..he still has not received any papers/etc for closing ..or getting ready for closing

any ideas?

The latest word I had from the marketing director was that deliveries are currently anticipated to begin in mid-May / end of May. They had been expecting to begin deliveries a month earlier.

I was in units on the 16th floor that appeared to be very near completion. Check these pics:

http://www.flickr.com/photos/chicagohighrise/3344587427/
http://www.flickr.com/photos/chicagohighrise/3344587383/

Recent Exterior and Aerial Pics

http://farm4.static.flickr.com/3637/3393687167_466890b395_b.jpg

http://farm4.static.flickr.com/3465/3394498716_86f3577151_b.jpg

http://farm4.static.flickr.com/3471/3393687883_05e9004801_b.jpg

http://farm4.static.flickr.com/3575/3394499512_740675bb40_b.jpg

Looks like they are on schedule..or even in some cases ahead of schedule:banana:

The core appears to be topped.

the contemporaine is one of the best residential high rises built in the united states over the last 15 years. the collaboration between p & w and cmk made it so.

that being said, this building is everything the contemporaine isn't. it's fat, unelegant, awkward, cliched, and about 5 years too late as far as ground-breaking design is concerned. knowing how long things take to get built in this city, it probably was designed 5 years ago, but it lacks the timeless quality of contemporaine. the only saving grace is that most young architects recognize this and won't try to copy this one.

hydro, if you could, please take a definitive b&w shot of contemporaine and post it on this site, would you?

Helmet - I typically agree with you, but, I'm not sure that I can in this instance. I think they took a very simple form and made it moderately interesting on a tight budget. I applaud the building as a completely passable piece of infill - the Contemporaine it's not, but, it's not the Shoreham either.

Actually, I thought this building was proposed, designed, and built in extremely quick time (although they are topping it off, it probably was designed 2 years ago). I agree 100$ with geoff - built on a tight budget so they can offer the units to yuppies earning entry level salaries and investors who could cover their costs by renting out to the yuppies.

in regards to the previous comments. This building has absolutely minimal amenities (pool, fitness center, rooftop access etc) which also contributes to the fast construction phase of the building. I wouldn't necessarily call this building an eye sore either. It is a in a great location and is really tailored for those folks looking to be close to work or are simply investors or first time home buyers. If you look at the shots precast provided the building actually looks pretty nice and stands apart from neighboring structures. When looking at the skyline south viewing north....a few buildings stick out. The sears tower, cna bulding, at&t building and 235 to name a few. I agree that its not necessarily the most architecturally advanced structure out there...but its not like its a big concrete slab at the edge of the city. I am actually curious to see what the main areas will look like inside. If it is similar to 1720 s Michigan..then it will certainly bring a modern feel to the building.

My biggest concern is for all those pre construction sold units, now that closing time is near...how many of those folks will actually be approved. This could be an interesting time because it is hard to say what will happen to the prices of the building even if 10% of those people get denied for loan. How will it affect the rest of us that have units?

Therock473, I completely agree with you. I have the same concerns and also like how and where 235 W. Van Buren sits. I am extremely excited about the completion of this project but you can't help to think, if this is an investment, does it make more sense to walk away from a 5% initial investment or a depreciating asset that may take some time to reach bottom, which may be a loss much larger than 5%. I remain positive and do believe this was and still is a great investment. The only difference is, the holding period before considering selling will be longer. I am extremely happy with this developer and their product. Despite the current situation, I believe you will kick yourself if you do not do everything possible to find a way to close on the unit you may currently have a contract on. Different people are in different situations but this is definantely worth fighting for. I am speaking from experience. Financing options were extremely reduced at the start of this economic problem but banks are starting to work on this. Word is that B of A is working on some loan programs that will help alot of people. According to a "little birdie" it is their way of saying thank you to the people for the bailout. I will post details if I get any. Also, look to FHA options. Can anyone confirm if this project has been approved for FHA or the 3.5% down? Those loans are also becoming extremely flexible. To those of us struggling, DON'T GIVE UP! GO DOWN SWINGING!

Can anyone confirm if this project has been approved for FHA or the 3.5% down? Those loans are also becoming extremely flexible. To those of us struggling, DON'T GIVE UP! GO DOWN SWINGING!

I did not see it on the lsit of FHA approved buildings. Sometimes developments will pursue "pre-approvals" with a condition that 51% of the units must be owner-occupied. This is rare, even in the older buildings. I can't imagine half the units in this building will be owned by the residents. So be careful.

I'm thinking I will be better off walking away. Do not want to do that, but I will not be in a position to close in June (22 floor). Maybe a later closing might give me a better option. Any thoughts on how I can delay my closing?

I'm thinking I will be better off walking away. Do not want to do that, but I will not be in a position to close in June (22 floor). Maybe a later closing might give me a better option. Any thoughts on how I can delay my closing?

you should probably talk to a lawyer or some kind of financial advisor. asking people in a skyscraper forum with questionable credentials (heck I barely even trust people to get height on buildings right :)) may not be the best place to go for first-line advice.

chicago.craigslist.org/chc/reo/1125229180.html

Someone certainly wants out. I think it should be noted here..that 235 Will not allow you to sell/transfer your contract before you close. I spoke with them a few months ago and basically the bank will not allow the release of the condo and place it under a new "owners" name.

The option is to hold for six months and then sell.

Now I dont know if thats 100% entirely true. I think they just said this to prevent people from trying to get out of their contracts. I understand that from their perspective it would require a lot of work to get it transferred

Just wanted to share some information with those of you who would like to walk away from your signed contract for 235 Van Buren. Not only you will lose your 5% of the earnest money, which you have paid, but also you will need to pay the additional 10% of the purchase price. You probably have signed the "promissory note" on the contract, which means that you will be liable for the entire 15% of the purchase price if you cannot close. CMK will go after you for the additional 10%. With that being said, you will lose the total of 15% of the purchase price on the contract. I have been doing research, trying to see what do I need to do to walk away the contract. The worse case is to lose 15%, not 5%, which is pretty substantial. I was told by one of the sale agent, that CMK did pursue a lawsuit to collect the remaining balance on the promissory note against 40 buyers who failed to close for 1720. I guess 15% is just too much to lose.:ohno::ohno:......

More of a legal question here...

If 235 decides to offer incentives (they currently are not)..such as free parking or 1 year paid assesments...do the people that bought at pre-construction get to take advantage of this?

what happens if they close..then they offer incentives are we SOL?

i havent closed yet..but am seeing a lot of places around the loop offer good incentives such as above. I am thinking to stay competitive 235 may do something similiar. anyone have any idea how this would work?

More of a legal question here...

If 235 decides to offer incentives (they currently are not)..such as free parking or 1 year paid assesments...do the people that bought at pre-construction get to take advantage of this?

what happens if they close..then they offer incentives are we SOL?

i havent closed yet..but am seeing a lot of places around the loop offer good incentives such as above. I am thinking to stay competitive 235 may do something similiar. anyone have any idea how this would work?

I am almost positive you are SOL. Happens a lot. Why would they extend any incentives to people who have already signed a contract? If they raise prices, can they extend that to people who signed a contract (no Trump comments please). That is the risk you run by agreeing to a contract. You can opt out of it, but you lose your earnest money.

Hello all, Just wanted to let you all know that as of 5/6/09, the FHA website shows the 235 Van Buren project is in a Pending status for FHA approval. The record was last updated on 1/9/09. Just an FYI.

Hello all, Just wanted to let you all know that as of 5/6/09, the FHA website shows the 235 Van Buren project is in a Pending status for FHA approval. The record was last updated on 1/9/09. Just an FYI.

But even if they approve it, won't it carry the condition that 50% of the units must be owner-occupied? This is rare in the downtown/south loop area.

PrintersRowBoiler:

Not sure how this will work. They are not going to know an accurate percentage of the owners who will occupy the units in comparison to non-owner occupied, because of the staggered closing dates. I am under the impression that if the project receives a status of approved then FHA benefits will be available. To my knowledge (correct me if I'm wrong) to qualify for a FHA loan on a condo, it must be owner occupied anyway. I will try to find more facts than assumptions on my part.

Should be topped out within a week?

http://img14.imageshack.us/img14/844/dsc09755r.jpg

Anyone close yet? Anyone been inside to see what it looks like?

Anyone close yet? Anyone been inside to see what it looks like?

The first closings are in the beginning of June, but inspections/walk throughs will be going on, before the end of the month. I have a unit and won't be able to check it out myself, but my realtor will be doing the walk through so I will try to post the pictures she sends me...

Sir Isaac, are you getting excited, nervous, etc.? What do you think of how the building has turned out so far?

Personally, when the plans for 235 Van Buren came out, I thought ok, I'm glad this building will fill the random lot, but now I am pretty much in love with the outside of the building. I'm glad they chose dark glass and the contrast of the balcony railings look great. I'm not even a huge fan of most concrete buildings but I really like how this one looks!

http://chicagoismynewblog.wordpress.com

http://img35.imageshack.us/img35/1497/tacodip.jpg

getting back to discussing design.....in my opinion, this building is not very appealing. where contemporaine was elegant and decisive in it's moves, and skybridge was bold and daring in it's moves, this one just feels a little too cliche-ridden.

Definitely apart of the skyline

http://img34.imageshack.us/img34/1497/tacodip.jpg

I believe this is topped-out now, with the roof and fin being placed in the past few weeks. If anyone can get close shots of the top of the building, it would be appreciated. :banana:

^ Its a little pipsqueek building in the Chi skyline, but this would be a major addition to any other midwestern skyline. In fact, only Cincy with the GAT tower has a taller building UC or proposed.

btw, I love Jibba's photo that shows how this building has extended the Franklin Street canyon wall.

I like the balconies and how they're arranged, that parking garage though. :ohno:

This building is starting to look MUCH BETTER with the paint job to the parking podium.

Cool. Chi-town keeps building. :)

I am wondering have any of you that have gone through the walk throughs ...have any thoughts you would like to share?

-Unit size compared to what you saw in floor plan
-overall feeling of craftsmanship of the units
-overall feeling of the unit/building as a whole

June 5th 2009

http://www.izipik.com/images/200906/05/lj87lxlk262hn22i1l-1.jpg

http://www.izipik.com/images/200906/05/j6rmf3n28xadkyyloc-2.jpg

http://www.izipik.com/images/200906/05/grrp1aij6hi1l6z7pz-3.jpg

Definitely helps balance out that corner of the skyline. I always thought 311 South Wacker could use aa (shorter) friend or two.

Hey,

You guys should all be aware that the building is pushing back its closing dates because it could not get fannie mae approval. I heard that CMK is negotiating with buyers to give them approximately 12% back on their purchase price as there is an error in the purchase agreement. Anybody know which law firm is doing the legal work for the buyers side of this? Any help would be greatly appreciated!

Hey,

You guys should all be aware that the building is pushing back its closing dates because it could not get fannie mae approval. I heard that CMK is negotiating with buyers to give them approximately 12% back on their purchase price as there is an error in the purchase agreement. Anybody know which law firm is doing the legal work for the buyers side of this? Any help would be greatly appreciated!


I just received the following email from a fan of 235 Van Buren on Facebook:

"How are you? I saw that you were a fan of 235 Van Buren, and I figured you most likely bought a unit in the building. I bought a unit and was supposed to close on Monday, but they pushed it back due to the fact that the building is having issues getting Fannie May approval. I also spoke with my attorney, and he informed me that approximately 40 people were getting ready to undergo a class action law suit against CMK for a legal error they had in their purchase agreement. He said he expected approximately 12% of each owner's purchase price to be refunded to them. I messaged you to make you aware of the fact that this lawsuit was going and if you were already aware, I was hoping you could give me details of exactly which law firm was undergoing this suit. Any details that you can provide will be helpful."

Would anyone please confirm this with me? I just left a message to the seller's attorney hoping that they will confirm this with us.

I just spoke with ownership, and here's what I believe to be an accurate report on the status of 235.

The City of Chicago issued an occupancy permit late today.

The Federal National Mortgage Associaton (FNMA, a/k/a Fannie Mae) had previously granted conditional approval for 235. Some ministerial items will be completed early next week and final approval is expected from FNMA on Monday or Tuesday of next week, June 8 or 9.

Buyers' lenders can't complete their loan packages until the computer system at FNMA reflects issuance of final approval for the project.

CMK expects closings to begin next week, the week of June 8th.

CMK has refused a purchase price reduction to any buyer who has requested one and will continue that policy.

No lawsuits have been filed relating to purchase price reductions.

I'll do what I can to provide accurate updates if anyone has further questions.

Thanks Joe! Whenever you hear anything else, please let us know. I should also clarify my statement above. There has not been a suit yet against the developer, and there is no problem with the purchase price. According to my lawyer, there is something wrong with one of the legal agreements in the building. I think it may be the purchase agreement. I have gone ahead and contacted the attorney who is heading up the legal work, and soon as I get more information, I will relay it to you guys.

235WVB,

At CMK's request, I've created an "Official Residents' Group (http://www.facebook.com/group.php?gid=89719257307)" for 235 Van Buren buyers at Facebook. CMK currently plans to use that group, which is open only to 235 buyers, to keep residents up to date on the status of the project.

If you have a Facebook account and are a 235 buyer, click the link above and request membership in the group.

As you know, in this kind of a market, all sorts of people spread all sorts of rumors, often for unknown and unknowable reasons. This group will ensure that only buyers are participating and that they're receiving accurate information from CMK.

CMK is reporting that it received full Fannie Mae project approval for 235 Van Buren yesterday and the first closings also occurred yesterday.

Does that mean this lawsuit is no longer valid?

I am not aware of the details of this lawsuit and according to my lawyer the contract is pretty rock solid

They talk about "legal error" but are there any specifics as to what the error is?

I dont think cmk is going to refund anyone 12% of the purchase price and if you decide not to close your out 15% + any upgrades you have put money down for

Joe any thoughts on this?

CMK has had requests for price reductions and has denied them. CMK also reports that no lawsuit has been filed over the purchase price.

Can't comment on what the contracts provide without having seen them - everyone should consult their own attorney in that regard. In general, though, your analysis is probably correct.

Can anyone tell me what happens if the appraised value is lower than the purchase price.

The only good news I can think of: your taxes should be lower. But knowing the City of Chicago, I can see them using the purchase price, just to get more revenue out of you.

What I meant is that if the appraised value is lower than the purchase price, how does it affect the the loan value, the contract price and the closing cost.....

Ah. Well, I can't imagine the contract price changing, since both you and CMK already agreed on that. The bank's not going to like a lower appraised value, so they might be the ones to cause trouble (i.e. hike your rate, ask for more $ down, jack up closing costs.)

June 12th 2009

http://www.izipik.com/images/200906/12/kj159vjeqtlmn8yi0g-1.jpg

http://www.izipik.com/images/200906/12/jojwv9mje8nqlnn3hi-2.jpg

http://www.izipik.com/images/200906/12/mzsjcklka8t0kvwz1g-3.jpg

^ WOW.

I really like this tower. Despite being a long time hater of parking podia, for some reason this particular example works for me. I also really like how the balconies are arranged and how they actually enhance the facade instead of just getting in the way.

This is my 2nd favorite u/c tower in the boom (1st being Aqua, 3rd being EnV)

It's certainly darker than I expected, but I think that's a good thing. Looks more purposeful and less foofy.

Taken today:
http://img193.imageshack.us/img193/5378/235wvb.jpg (http://img193.imageshack.us/i/235wvb.jpg/)

LOOKS GREAT
thanks for the pics guys.

Now...if you can only some how slow down the interest rates ...

went from 4.75 a month ago to 5.50 today

:bash:

I dont close for a while either:ohno:

It's certainly darker than I expected, but I think that's a good thing. Looks more purposeful and less foofy.


100% agree...but I think Chicago needed the return of the dark colored high rise.

http://chicagoismynewblog.wordpress.com

Anyone closed yet? How are the prices holding up given the current housing market?

Anyone closed yet? How are the prices holding up given the current housing market?

I closed last week....although I'm not sure exactly what you mean by prices holding up. In terms of the remaining unsold units in this building, I don't believe that CMK has made any price reductions, if that is what you are asking....

Congrats Ike -- it's a beautiful building (IMO)

If anyone is interested in taking over my contract, please contact me directly. I have purchased a 1 bedroom and 1 bathroom on 27th floor.

I closed last week....although I'm not sure exactly what you mean by prices holding up. In terms of the remaining unsold units in this building, I don't believe that CMK has made any price reductions, if that is what you are asking....

What I mean are the condos holding their values given the economy and the downturn in the housing market.

Hey.. so whats going on.. ppls who bought it are they closing? or moving away.. ppls who have closed..hows everything with you guys...

:cool:

Hey.. so whats going on.. ppls who bought it are they closing? or moving away.. ppls who have closed..hows everything with you guys...

:cool:

Where is everyone?

I havent closed yet so I am also wondering

The main lobby is open for you to take a look at. Looks nice..very high ceilings...

I went and looked at a unit for rent last month and the building is just AWFUL on the inside. Perhaps there are other floorplans, but I don't see how that's possible as the layout of the hallways leads me to believe that all the 1 bedrooms are like this:

LONG.

Laid out like a box car. The industrial look is cheap and tacky. The kitchen/living room is super tiny, and im not quite sure how you could live in it. Anything you cooked would get all over your furniture. The bedroom has no windows, and the only source of natural light in a 10' by 2' opening which abuts the kitchen wall. There is so much underutilized space taken up by a SUPER long, dark hallway. There is ONE airconditioning vent, in the kitchen. The bathroom and bedroom have no ventilation other than a small, ceiling, suction vent in the bathroom.

The landlord wanted $1250/month for the one bedroom. I wouldn't pay 1/2 of that. It's simply not a livable building. I was sad for him, I cant imagine how he will ever recoup his money let alone that the property could go up in value.

The ONLY positive was the VERY VERY tiny balcony which has a beautiful view.

He didn't go to the same building I was at on Thursday.

I visited half a dozen of the furnished models and can guarantee you that the units and the common areas are nothing like his description.

The balconies, just for one example, are much larger than many other buildings, and the corner units have very large wraparounds. Anyone can see from the exterior of the building what the balcony size is.

Looks like a first-time poster with some sort of agenda here - not someone who's reporting accurately about the building.

Disclosure: CMK is an advertising client of my firm.

Wow SHOCKER that you would defend the building then.

I have no agenda other than being a Chicagoan on the lookout for his fellow man. I'm a law student, I have no interest in the building, don't represent a competitor.

There are BOATLOADS of condos in this building for rent on Craigslist (A lot of people bought before looking I would assume) so anyone that's curious can go take a spin for themselves.

Just as anyone can look at the building and compare what they see with what you say you saw, anyone can look at Craigsist and verify that there are not, in fact "boatloads" of condos for rent in this building.

What you will see is a few units with multiple ads. And, as per usual on Craigslist, some of those ads will be bogus, with rental services using an attractive building as bait for naive renters.

11 Unique posts for the building just posted today. Find me another building in Chicago that has 11 ads per day posted.

11 Unique posts for the building just posted today. Find me another building in Chicago that has 11 ads per day posted.

How about hearing from someone who has actually closed on their unit??????

Also JoeZekas, what's up with the FB page? Noting new posting on that page. I do not live in Chicago now, I'm scheduled to close soon and I will love to hear ppls' opinion of the finished building.

Mokeman,

CMK will be updating the Facebook group page later this week. As of last Thursday when I was at the building, just over 100 units had closed.

HalfManHalfAmazing,

Give it up. Anyone can follow this link and see (http://chicago.craigslist.org/search/reo?query=%22235+van+buren%22&catAbbreviation=apa&minAsk=min&maxAsk=max&bedrooms=) that, today, July 27, at this late time in the evening, there are only 5 posts today at Craigslist. Five, not 11. Anyone who believes that those 5 posts represent 5 actual units just doesn't know anything about the apartment brokers and other slime who post at Craigslist.

Check this listing (http://chicago.craigslist.org/chc/apa/1291827214.html), for example, which bills 235 as "in the heart of River North."

Actually, there are 12 listings on that link.

Most of them are realty companies though, not individuals.

But only 5 posted yesterday.

Mokeman,

CMK will be updating the Facebook group page later this week. As of last Thursday when I was at the building, just over 100 units had closed.

HalfManHalfAmazing,

Give it up. Anyone can follow this link and see (http://chicago.craigslist.org/search/reo?query=%22235+van+buren%22&catAbbreviation=apa&minAsk=min&maxAsk=max&bedrooms=) that, today, July 27, at this late time in the evening, there are only 5 posts today at Craigslist. Five, not 11. Anyone who believes that those 5 posts represent 5 actual units just doesn't know anything about the apartment brokers and other slime who post at Craigslist.

Check this listing (http://chicago.craigslist.org/chc/apa/1291827214.html), for example, which bills 235 as "in the heart of River North."

Thanks Joe for the update.

I closed on a 2 bedroom/1 bathroom condo about a month ago and am looking to rent it out, as was my original plan.

I am using a few different apartment finder companies, although I don't think that any of them are using Craigslist. One of the apartment agents informed me that CMK is renting out some of there unsold inventory. Between all of this, and that closings started a month or two ago on I think in the ballkpark of 400 contracts, of course there are going to be many units in this building available for rent right now. I'm not sure what Halfman's point is, about mentioning that he saw 11 ads on Craigslist for units in this building.

I will agree with Halfman in that the layout for some (but not all) of the units are not that great...a little bit too long and narrow, and the living rooms are a little bit on the smaller side. While the units are nothing like the Manhattanesque shoeboxes that Halfman makes them out to be, someone who highly values a HUGE living space may not want to live in this building. There are quite a few apartments in Chicago that are very spacious - but not the majority of apartments downtown are not. And contrary to what Halfman said, the balconies are actually QUITE spacious.

That being said, I don't think that the landlord will have too much difficulty in recouping his money. The biggest selling point for these condos is that they are/were being sold at an incredibly cheap price for being downtown. I know that in my own situation, the rent I'm offering is $160 greater than my mortgage payment and assessments combined...and while I haven't rented my place out yet (which is primarily due to there being an insanely high amount of rentals on the market downtown due to the recent construction of numerous high rise rental buildings), I've had many showings and am pretty confident that I'll have my place rented out soon, at or very close to the rental price that I'm currently marketing.

Sir Isaac,

Quoting from an e-mail from Scott Hoskins, CMK's marketing director: "the developer is absolutely not renting unsold units. For sale only."

I have a personal policy of believing absolutely nothing I hear from any apartment finder. That policy has served me well over the years.

Laid out like a box car.

That's pretty much how most "loft-style" one-bedrooms built in the past several years have been. The front is an LDK combo, the middle is the bedroom with a partial-height wall to the kitchen, and the back is the bathroom. To make a 2BR unit, just add another bedroom to the side.

The following is per Scott Hoskins, CMK's marketing director:

- The 27th floor was turned over for occupancy this week

- 12 furnished model residences now open

- 9 new contracts in July

- Sales office is now located in the building

- Open 7 days a week – Monday thru Friday from 11 am to 6 pm, Saturday & Sunday from noon to 5 pm

layout, and size is of course something to consider and some may say 235 wvb lacks this as its STRONG POINT...but one thing you need to note is that price point is directly correlated to size and LOCATION. .this is a very attractive price point for most urban professionals looking to stay in the downtown area. And to be perfectly honest, aside from Michigan ave and parts of state street, this corner of the loop is the liveliest in the financial district. Because of its close proximity to the sears tower many local establishments are still open even when the rest of the loop shuts down. Places like cactus bar and grill and Franklin tap to name a couple will serve nicely as a neighborhood hangouts well after the financial district shuts down.

bottom line (half man) you STILL cant buy a two bed two bath with comparable or even greater sq feet in the loop at a starting price of 300K. I would challenge you to show me this. South loop? possibly..west loop? maybe. But loop no, and river north, gold coast DEFINITELY NOT.

this building is marketed to professionals that want to be in the financial district and don't necessarily want to pay $400K Starting for a 2bd/2ba in a condo highrise. You just wont find it anywhere in our "loop" neighborhood.

if you bring up VETRO please note this is NOT THE LOOP..this is SOUTH LOOP

You just wont find it anywhere in our "loop" neighborhood.


There is no doubt there is great value in the 2 BR in the building if all you want is a place to eat, sleep, use a laptop, and watch TV. But it is not underpriced in my opinion. My wife and I considered a 2 BR as we start to grow out of our condo in Printers Row. The 2 BR / 1 BA at what I remember being a little under $300K seemed like a good deal, but there was virtually NO storage space. Even with balcony, it was less than 800 SF (our studio is almost that big and cost half as much). It was something in the neighborhood of $370/SF, which did not seem like a great deal. The 2nd BR left more to be desired for. The kitchen was a wall (with optional island). There was no space to put a kitchen table and the living room was just big enough for standard TV, couch, and coffee table. We couldnt even find a place to set up a desk and computer (maybe next to the TV?).

This building is ideal for young professionals who have the few items they have left from college or "in-towns" and that is about it. Not much for the kitchen (very little counter space, minimal cabinets), small closets, and very little storage outside of the kitchen and bedroom. The building does not come with the bells and whistles you get with a lot of the new buildings. I suppose it is exactly what some people are looking for (low assessments, cheap mortgage, simple design without the bells and whistles). But it doesn't feel like a "home" and it would seem residents would "grow out" of them very fast (making me believe it will be mostly renters).

Not to mention 22 units per floor! There is a market for cheap housing and CMK is providing it. Not everyone can afford high end housing. The problem to me with this is that it was marketed to investors. Very low end to keep the price down. 5% down preconstruction pricing. Selling to flippers/landlords is OK, but ultimately this won't be a nice place to live unless units end up in the hands of owners. Not sure this will happen any time soon.

That being said, I'm impressed with the pictures of the models. I love the design of the building. The location is OK for the target market. I hope it works out.

Any new pictures? All the facade should be done. Any pictures from inside?

Hello all,
I am considering buying 2 bed/1 bath at 235. I intend to live in the unit and am a first time home buyer. I do not have an agent or lawyer, I know some but haven't reached out to them yet. My question is how does pricing work when buying at 235? Is it a fixed price schedule per unit/amenity? Is there any price negiation? Should I even approach them without an agent?

Thanks for any feedback.

v5000 -

1. If you are considering using an agent, you should involve them before heading over to the sales center.

Developers offer buyer's agents commission only if they are the procuring cause (the person who brought about your purchase). By visiting the sales center without them, the developer can refuse to pay them a commission which will make it a challenge for you to find an agent who will work for free.

2. Starting Without an Agent

You may be able to visit the sales office without your agent as long as you make it clear that you have agent representation when speaking with the sales team. Remember that they are there as employees of the developer so keep your disclosures to a minimum.
*If you are planning to work with an agent, I would avoid this situation. The reason you work with an agent is to protect your best interests - its hard to do if they aren't there.

3. The Pricing

Pricing varies by floorplan and increases with upgrades and floor level. Most of the units already have the upgrades completed because of construction time frame. There is almost always some room for negotiation. If you want to gauge possibilities you can look at Chicago Tribune Public Record to look at recent unit sales in the building, consider the remaining number of units with the same floorplan, and the amount of upgrades.

Disclosure: I am a licensed Real Estate Broker and have worked with CMK in the past but have no direct affiliation.

Does anyone else look at the balconies and see T V D M T R D I . . .?
About August 12th:

http://i32.tinypic.com/24nmiyg.jpg

hate the podium, but otherwise i like how it's turned out.

I used to despise this building. But the darker facade really makes it work.

As a hater of parking podiums, I think this podium is the sexiest thing ever.

Somehow, this building just makes it happen

I used to despise this building. But the darker facade really makes it work.

Agreed. The deep gray looks phenom.

235 stands out in this photo

http://img4.imageshack.us/img4/6480/3878205185f50fa9c4ebb.jpg
Karl Agre, M.D./ flickr (http://www.flickr.com/photos/21475135@N05/3878205185/)

^Stands out like a pawn protecting a King.... in a good way.

http://i44.photobucket.com/albums/f21/cbotnyse/my%20photos/DSC_00529.jpg


http://i44.photobucket.com/albums/f21/cbotnyse/my%20photos/DSC_05024.jpg

^Stands out like a pawn protecting a King.... in a good way.

comment of the day :)

9/2

http://farm3.static.flickr.com/2648/3885487451_374fb67114_b.jpg

^^ awesome balcony shot!

^ Thanks, simulcra. Two more from 9/2:

http://farm4.static.flickr.com/3424/3850671026_3352c9d373_b.jpg

http://farm3.static.flickr.com/2421/3885753665_a2850fe4b2_b.jpg

Hi...i put $ down on a unit, but lost money on stocks and couldnt afford to close on the unit...I lost the 5% I put down, but wonder if they will come after the promissary note (15%)...does anyone have experience on how that works? hopefully CMK will have mercy and let us off the hook...

Great building.

I went to their website and looked at floor plans. There's one penthouse suite on the 46th floor that blows all the other units out of the water. It's on the corner of the building, has 2 levels, is over 2,200 sq. ft., has a balcony on the first floor, another balcony and a *1,400* sq. ft. terrace and a garden off the 2nd level.

Hi...i put $ down on a unit, but lost money on stocks and couldnt afford to close on the unit...I lost the 5% I put down, but wonder if they will come after the promissary note (15%)...does anyone have experience on how that works? hopefully CMK will have mercy and let us off the hook...

Sorry to hear that...best of luck

Where is everyone? No activity on this blog for a while. Interested in peoples take on 235 WVB sales activities and pace of closing on contracted units. It seems like people are defaulting on their contract to purchase. Anyone have information to share on this topic?

I'll try to get an update for you first thing next week.

10/7/09

http://farm3.static.flickr.com/2644/4019680265_72d77ffa48_b.jpg

I may go so far as to say this is my favorite building of the boom, even beating out Aqua

That's a nice looking building (on the outside) and a good break from the look of recent CMK buildings. The only thing I wouldn't like if I lived there (in certain units) is that the balcony sticks out of the building since you'd be able to easily see your neighbor. It's not a big deal though. I don't like the look of Aqua at all... too 80ish.

That's a nice looking building (on the outside) and a good break from the look of recent CMK buildings. The only thing I wouldn't like if I lived there (in certain units) is that the balcony sticks out of the building since you'd be able to easily see your neighbor. It's not a big deal though. I don't like the look of Aqua at all... too 80ish.

I don't think seeing your neighbor on their balcony is unique to this building. I can reach out and touch my neighbors balcony in my building.

Well if anyone is interested I have a unit on the 43rd floor closing November. Facing south 1bd 1 bath

Looking to unload it. Willing to sell $5K under pre-construction price. Also this includes parking.

Private message if interested

I had requested an extension from CMK for my closing(originally in September) as I was waiting for the FHA lending to be approved. They had initially granted a verbal approval to my lawyer but I just received a letter asking me to close within 20 day and pay $250 per day since December for the delay. Is anyone else in this same situation? I can't close without the FHA Approval so I am afraid I will have to default. Ant thoughts????

I had requested an extension from CMK for my closing(originally in September) as I was waiting for the FHA lending to be approved. They had initially granted a verbal approval to my lawyer but I just received a letter asking me to close within 20 day and pay $250 per day since December for the delay. Is anyone else in this same situation? I can't close without the FHA Approval so I am afraid I will have to default. Ant thoughts????

I would tell your lawyer to play hardball with CMK. CMK doesn't want another contract to be cancelled, and have another unit added to their unsold inventory, given the way the market is. He should be able to use that as leverage.

[QUOTE=Sir Isaac Newton;46028199]I would tell your lawyer to play hardball with CMK. CMK doesn't want another contract to be cancelled, and have another unit added to their unsold inventory, given the way the market is. He should be able to use that as leverage.[/QUOTE

Does anyone have an idea as to how many pre-construction sales have been cancelled/defaulted? Pre-construction sales was above 50% of the total units, but I think the rate of closure is very low.

Per Scott Hoskins, CMK's marketing director, more than 200 units had closed as of early last week.

Floors up to 42 were available for delivery, with the balance expected to be available by the end of the year - except for the units serviced by the skip elevator.

Joe - are you saying that out of 700 plus units in the building..only 200 have closed? How do they plan to unload the last 500 units? Thanks in advance!

Joe - are you saying that out of 700 plus units in the building..only 200 have closed? How do they plan to unload the last 500 units? Thanks in advance!

I closed today and I'm the 200 person. Just got back FL. and I will give full review plus pics tomorrow.

Joe - are you saying that out of 700 plus units in the building..only 200 have closed? How do they plan to unload the last 500 units? Thanks in advance!

Per Cook Country Records, 153 units out of 714 total have closed 06/01/09 - 10/26/2009. So unless 47 units closed in 3 weeks...a little hard to believe.

Developer always claimed the building was around 65% pre-sold. Even if you take into consideration that not all units are ready to close, it looks like:

1. Close to 60% of buyers are not closing.
2. Developer lied about being 65% pre-sold.

You do the math.

Isn't it a bit difficult to lie about the number of pre-sold units, since it's such a huge factor in securing financing? Just askin...

Per Cook Country Records, 153 units out of 714 total have closed 06/01/09 - 10/26/2009. So unless 47 units closed in 3 weeks...a little hard to believe.

Developer always claimed the building was around 65% pre-sold. Even if you take into consideration that not all units are ready to close, it looks like:

1. Close to 60% of buyers are not closing.
2. Developer lied about being 65% pre-sold.

You do the math.

There is no doubt that the rate of closure is slow in relations to pre-sold units. The question is, how up to date are Cook County records? Of the 153 closed units on record, what was the closed date of the latest unit?

There is no doubt that the rate of closure is slow in relations to pre-sold units. The question is, how up to date are Cook County records? Of the 153 closed units on record, what was the closed date of the latest unit?

See above. Last unit per Cook County Records closed on 10/26/09.

As almost everyone knows, Cook County recording info is not available on an up-to-date basis. It's not unusual for closing data to lag 30 days or more.

Anyone citing Cook County data should cite the source. Direct counts in the Recorder's office itself? An online source? Which?

As almost everyone knows, Cook County recording info is not available on an up-to-date basis. It's not unusual for closing data to lag 30 days or more.

Anyone citing Cook County data should cite the source. Direct counts in the Recorder's office itself? An online source? Which?


http://chicagotribune.public-record.com/realestate/search/cook

my condo was closed on 04/28 but on tribune's website it says 06/04 for closing date. (my condo is not in this building.)

my condo was closed on 04/28 but on tribune's website it says 06/04 for closing date. (my condo is not in this building.)

Homemania,

Tribune shows date recorded, not closing date. Usually there is a 30 day log before Cook County records it.

I closed on my unit on Nov. 17 and have spent some time at the building putting the unit together. I cannot believe the huge amount of traffic to the sales office and the models. With that many people showing interest in the building, the sales office should be able to closed on at least 5 contracts a week. The feeling inside the building is very alive and vibrant. My only takeaway so far is still the amount of construction work and workers in the building. I can't wait to have them all done and gone.

Just saw on CribChatter that BofA has filed against developer of Silver Tower in River North which also has about 33% closed. Not looking good for these downtown developments that were a little late to the party.

I just talked to the sales center and they are 70% sold. Hopefully this means that they don't auction the rest of the units off or do anything to ruin the property values of the owners.

This building is an abortion... Im surprised Perkins and Will would release something this contrived.

...but at least the units are going for fairly cheap :dunno:

What a great design. I like the design on the top most of this building.

hi....i cannot close on my unit, and now cmk has hired a collection agency to come after me for the promissary note....does anyone know anything to help me? are their lawyers to help or how do i get help? please, any info will help!

I just talked to the sales center and they are 70% sold. Hopefully this means that they don't auction the rest of the units off or do anything to ruin the property values of the owners.

^ As of yesterday they claim to be 65% sold.

Not sure why this number doesn't seem to be going up after all this time.

Either way, I did meet a few people who are renting in the building and they don't appear to have any complaints.

All in all, I think it's biggest appeal is the location as well as the south-facing balconies, which have a better view than one would think.

Good for an investment, I'd say, presuming it doesn't take too long to get a renter.

http://farm2.static.flickr.com/1437/5107504225_61a94133d7_b.jpg (http://www.flickr.com/photos/yochicago1/5107504225/)
Aerial view of 235 Van Buren, Chicago (http://www.flickr.com/photos/yochicago1/5107504225/) by YoChicago1 (http://www.flickr.com/people/yochicago1/), on Flickr.

Shot during a 90-minute helicopter fly-around yesterday. Within a few days we'll have tons of photos up on Flickr (http://flickr.com/photos/yochicago1). We've posted a few videos at our YouTube channel (http://youtube.com/yochicago1), and we'll be adding more.

I'm a new resident of 235 W. Van Buren. I love this building and this area. :banana:

I just noticed the obnoxious blinking lights on the roof, they must be new. It was actually broad daylight when out of the corner of my eye they caught my attention, and I was in Pilsen! They appeared to be "white" in the daylight and red at night? I just thought they were too much.

^ I never seen it but by the sound of it I already like it (signifies life imo)