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Old September 16th, 2007, 09:33 PM   #141
ardecila
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A parking lot and several 1-story shops, including a Chinese restaurant.
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Old September 16th, 2007, 10:35 PM   #142
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Quote:
Originally Posted by ardecila View Post
A parking lot and several 1-story shops, including a Chinese restaurant.
I think that the Chinese restaurant was the only 1-story shop demolished...the liquor store directly east of the Chinese Restaurant, as well as Cactus, are still in tact.
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Old September 18th, 2007, 01:58 PM   #143
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In response to Mokeman's concern whether this was a good investment or not, I don't feel you have anything to worry about. Remember, the economy historically has worked in cycles. Yes, factors have changed but as Chitowner said, our cities economy remains strong. Also, look into some of the reports on MSNBC (or your choice of information) showing which cities are still showing appreciation in property value. Yup, it's small but we are still in the positive despite all that is going on. Plus we should be hearing the winner of the 2016 Olympic site around the time the building reaches completion. The way things are going, Mr. Daley seems willing to relocate Lake Michigan if he has to, to win. Another thing to remember, like stock, you do not realize a loss until you liquidate your position. You said it is an investment, have confidence that it is a good one, it may not make sense to flip it right away but it will reward you in the long run for sure.
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Old September 19th, 2007, 02:03 AM   #144
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I agree with Yoolee - I think it is a great investment....especially since CMK's prices are quite a bit cheaper than what other condos in similar developments are being sold for.
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Old September 22nd, 2007, 01:39 AM   #145
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Thanks all for calming my nerves. I appreciate it. Now, I'm thinking I should have bought two units. Does anyone knows if they are offering price incentive(s) for people who have already bought unit (s)?
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Old September 24th, 2007, 09:24 AM   #146
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Hey Mokeman, In response to your question, I really doubt it. It have a unit at CMK's 1620 project and it did not help me at the negotiating table. It did however allow me to get into this project before pricing was even established. The advantage was that I had first "dibs" on the unit that I wanted. Everything was up for grabs at that point and allowed me to get into what seems to be the quickest selling tier, corner unit with South West views. You don't want to put all your eggs in one basket either. There will be other good projects with CMK as well as other good developers. Establish good relationships so you can get the inside scoop before everyone else. Diversify, I have a multi-unit in the Belmont/Cragin neighborhood, the condo in South Loop and now this one here in West Loop. I am currently looking for investors so that I can venture further South. I'm probably wrong but I am betting on the 2016 Olympics coming to Chicago. Worst case scenario, if we do not win the bid I will still have some good rental units. Good or bad feedback on my thoughts is greatly appreciated. Thanks
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Old September 27th, 2007, 07:36 AM   #147
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Yoolee, you are absolutely correct. I should not put all my eggs in one baskets. I will look to invest in other similar projects. Thank you for the insight and advise.

a friend of mine visited the sales office and was informed that 37% of the units have been sold. This is a far cry from the 75% discussed on this board. Anybody knows anything else?
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Old September 27th, 2007, 04:43 PM   #148
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No offense to anyone, but I sometimes laugh when I hear all this investor angst.

It's this flipping mentality that I don't get. Most of the world's wealthiest people stuck with something for years to get value out of it; why don't some people get that.

Somebody please explain to me why a housing unit within a 5 minute walk of three-quarters of a million well-paying jobs won't be a good long-term investment?

Markets fluctuate, but in the long run, you're simply suffering from Generalized Anxiety Disorder if you're at all worried about owning a unit here. Don't forget that this area is full of vacant land--ding ding ding! Lets think about this for a second...

Just my thoughts..
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Old September 28th, 2007, 04:53 AM   #149
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Thanks for you thoughts. I will incorporate them in my decision making process.
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Old October 2nd, 2007, 12:06 AM   #150
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any other new constructions with the same option.. put 5% down and closing in 2-3 years?

Hey Anyone know like this CMK 235 West Van Buren building... are there any new constructions in Chicago which gives the same investment option like reserve the condo with 5% down and closing after 2-3 years.


Also below 400- 500k

any comments are welcome
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Old October 2nd, 2007, 03:57 AM   #151
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I know this building has a lower price point and you can't expect lavish amenities, but looks like they're cutting a lot of corners.

For example, the web site says the building will have a "Two-pipe vertical heating and cooling system with individual controls." I think a building like this should have a four-pipe system.

Maybe the investors aren't as fussy as people who plan to live there, but things like that should affect the resale.
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Old October 2nd, 2007, 06:16 PM   #152
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Quote:
Originally Posted by Chiman View Post
I know this building has a lower price point and you can't expect lavish amenities, but looks like they're cutting a lot of corners.

For example, the web site says the building will have a "Two-pipe vertical heating and cooling system with individual controls." I think a building like this should have a four-pipe system.

Maybe the investors aren't as fussy as people who plan to live there, but things like that should affect the resale.
You are rite, the price of the condos in this building is lower if you see the location and compare it with other new constructions around it.

Though they are using 2 pipe system to reduce the cost a little.. I dont think they will use cheap stuff in other areas and build this condo out of cheaper material. I saw the 1620 and 1720 they are both made well, not really sure what pipe system they used.

I think its the lower price that makes this condo attractive, and it will be price again which will help a lot in resale.

So lets sit tight and watch !
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Old October 2nd, 2007, 07:53 PM   #153
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Relax

Ive been reading the thread and just wanted to say a couple of things

1) RELAX. The closing for this place isnt until early-mid 2010. You have plenty of time to see how the market will fluctuate. If it gets worse it gets worse (but highly doubt it). If you think its such a BAD investment guess what guys you can sell the condo after holding it for 6 months. So if you dont think its a good idea just sell it i doubt you will lose any money

2) as for cutting corners, listen Perkins & Wills are top tier developers. Iti s one of the best award winning companies in the highrise market. THey will do absolutely fine with this building. THey are also "cutting corners" to keep their costs low..but also KEEP OUR COSTS low. have you seen the estimated assessments? they are known for keeping them low to eliminate unnecessary assessments that cost a lot of $$ which help save money for the owner. Plus this is highly attractive to potential buyers..."LOWER ASSESMENTS"

3) Look at the potential renter market. CBOT, DEPAUL, COLUMBIA COLLEGE< ROOSEVELT, UIC, and anyone that works in the loop.

this is a GREAT INVESTMENT BOTTOM LINE
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Old October 3rd, 2007, 03:43 AM   #154
Sir Isaac Newton
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Quote:
Originally Posted by akhoja View Post
Do anyone know if there are other new constructions in downtown which do marketing and sales in the same way CMK did for 235.. I mean to say make a 5% down and reserve the condo and availability is after 2-3 years?

Rock u got any idea?

thanks

Terrazio is only 5% down, although that is in the South Loop.
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Old October 3rd, 2007, 10:49 AM   #155
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Does anyone have any information on the old post office becoming a Casino? I read something about it in the newspaper (Sun-Times) yesterday
(10/02/07). It seemed more of a rumor than anything. Just curious since it is just over the river from this project.

One last thing, in reference to "The Urban Politician" and "therock473" comments. EVERYONE, PLEASE PLEASE PLEASE don't worry so much. I agree with both their previous comments. This is an investment whether you will rent it out or live in it. The market has changed and you will not maximize your profit with a "flip" mentality. Think of it as an investment not a get rich quick opportunity. The developer, designer, architects and everyone else involved know what they are doing. I don't see CMK dropping the ball with design flaws on their largest and most defining project yet. People, this is downtown Chicago (New York who?). You really can't go wrong, especially half a block away from JJ Peppers. Just kidding. I love their greasy burgers.

Any information on that Casino rumor is greatly appreciated as is any other feedback.
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Old October 15th, 2007, 06:35 PM   #156
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Casino

It is illegal to have a casino that is not on water (hence riverboats) in the Midwest and specifically in Illinois.

The post office will be turning into condo/hotel/retail center. Yes they are going to build condo units there but also build a lot of retail.

will benefit 235 van buren.
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Old October 16th, 2007, 12:38 AM   #157
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The Post Office has river frontage, remember?
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Old October 16th, 2007, 01:15 AM   #158
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Quote:
Originally Posted by therock473 View Post
It is illegal to have a casino that is not on water (hence riverboats) in the Midwest and specifically in Illinois.

The post office will be turning into condo/hotel/retail center. Yes they are going to build condo units there but also build a lot of retail.

will benefit 235 van buren.
Also the new casino proposal that is getting talked about would allow a license for a land based Chicago casino and make an exception to the water based casino law.
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Old October 30th, 2007, 07:22 AM   #159
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50%

Ok, so i just went in the sales center and asked the sales agent how many percent they are sold so far. She said 50%.

any idea? why do they keep changing their sales percentages?
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Old October 30th, 2007, 07:46 PM   #160
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percentage Sold !

Quote:
Originally Posted by therock473 View Post
Ok, so i just went in the sales center and asked the sales agent how many percent they are sold so far. She said 50%.

any idea? why do they keep changing their sales percentages?
May be all of us here.. we should count how many units are sold among us so that we will rough idea of how many are sold here

what you think?
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