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Old June 5th, 2009, 07:31 PM   #301
Flubnut
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Definitely helps balance out that corner of the skyline. I always thought 311 South Wacker could use aa (shorter) friend or two.
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Old June 5th, 2009, 11:31 PM   #302
235WVB
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235 Van Buren

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!
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Old June 6th, 2009, 12:03 AM   #303
spidergirl
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Legal Issue with the Purchase Agreement

Quote:
Originally Posted by 235WVB View Post
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.
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Old June 6th, 2009, 02:39 AM   #304
JoeZekas
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A status report on 235

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.
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Old June 7th, 2009, 06:00 PM   #305
235WVB
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Thanks Joe

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.
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Old June 7th, 2009, 08:56 PM   #306
JoeZekas
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235 Van Buren Official Residents' Group

235WVB,

At CMK's request, I've created an "Official Residents' Group" 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.
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Old June 9th, 2009, 04:00 PM   #307
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First closings occurred yesterday

CMK is reporting that it received full Fannie Mae project approval for 235 Van Buren yesterday and the first closings also occurred yesterday.
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Old June 9th, 2009, 05:09 PM   #308
therock473
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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?
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Old June 9th, 2009, 07:32 PM   #309
JoeZekas
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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.
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Old June 11th, 2009, 11:08 PM   #310
spidergirl
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Can anyone tell me what happens if the appraised value is lower than the purchase price.
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Old June 12th, 2009, 12:10 AM   #311
Flubnut
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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.
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Old June 12th, 2009, 12:31 AM   #312
spidergirl
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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.....
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Old June 12th, 2009, 07:41 AM   #313
Flubnut
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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.)
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Old June 13th, 2009, 12:28 AM   #314
Tylow
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June 12th 2009





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Old June 13th, 2009, 12:36 AM   #315
The Urban Politician
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^ 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)
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Old June 13th, 2009, 12:40 AM   #316
Flubnut
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It's certainly darker than I expected, but I think that's a good thing. Looks more purposeful and less foofy.
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Old June 13th, 2009, 06:49 AM   #317
i_am_hydrogen
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Taken today:
__________________
flickrgallery
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Old June 16th, 2009, 09:27 PM   #318
therock473
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Building

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



I dont close for a while either
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Old June 20th, 2009, 06:52 AM   #319
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Quote:
Originally Posted by Flubnut View Post
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.

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Old June 22nd, 2009, 07:34 AM   #320
Mokeman
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Anyone closed yet?

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