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Old September 29th, 2009, 07:46 PM   #361
PDC1987
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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.
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Old October 1st, 2009, 06:52 AM   #362
therock473
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Quote:
Originally Posted by jcmty View Post
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
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Old October 17th, 2009, 04:27 AM   #363
Mokeman
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Where is everyone?

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?
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Old October 17th, 2009, 07:34 AM   #364
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I'll try to get an update for you first thing next week.
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Old October 17th, 2009, 11:44 PM   #365
Reinsdorf Sucks
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10/7/09

image hosted on flickr
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Old October 18th, 2009, 02:08 AM   #366
The Urban Politician
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I may go so far as to say this is my favorite building of the boom, even beating out Aqua
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Old October 18th, 2009, 02:16 AM   #367
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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.
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Old October 18th, 2009, 06:38 PM   #368
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Quote:
Originally Posted by Satan's Mile Boy View Post
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.
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Old October 20th, 2009, 12:47 AM   #369
therock473
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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
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Old November 10th, 2009, 08:20 AM   #370
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Please reply if this applies to you!!!!!!!!!!!!!

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????
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Old November 11th, 2009, 11:02 AM   #371
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Quote:
Originally Posted by Morphiuzzz View Post
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.
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Old November 12th, 2009, 08:26 AM   #372
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[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.
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Old November 17th, 2009, 07:16 AM   #373
JoeZekas
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Closings

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.
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Old November 17th, 2009, 10:23 PM   #374
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200 closings

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!
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Old November 18th, 2009, 08:00 AM   #375
Mokeman
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Quote:
Originally Posted by 235WVB View Post
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.
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Old November 18th, 2009, 06:44 PM   #376
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Quote:
Originally Posted by 235WVB View Post
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.
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Old November 18th, 2009, 08:18 PM   #377
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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...
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Old November 19th, 2009, 04:10 AM   #378
Mokeman
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Quote:
Originally Posted by aleks1981 View Post
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?
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Old November 19th, 2009, 05:47 AM   #379
aleks1981
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Quote:
Originally Posted by Mokeman View Post
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.
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Old November 19th, 2009, 06:37 AM   #380
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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?
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