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Old September 9th, 2007, 10:38 PM   #3141
PresidentBjork
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Quote:
Originally Posted by izmir View Post
My friend, dont consider this like your mother's highrise condo. For many (including me) $900K for a small apartment is lots of money. However, as Spire is going to be an iconic building by its height, location and design, having a unit in Spire will be like (and, is going to be marketed as such) as if having a place/ownership in a world renown building. Think about how much people would bet if even a small section of White House, Buckingham Palace, Sydney Opera House, etc. you name it, was put on for sale. Think Spire prices in this context.

Also, like anything, this is relative. For those whose net worth at least in double digit millions, it is an expense not investment to allocate such money for a unit even at those prices.

As for my own curiosity about Spire's sales is that I know it will be marketed worldwide and world has enough rich to buy at prices asked for Spire. The big question is how much attractive this place will be for the world's riches and how fast/slow sales will be going?

I had read somewhere that Aqua was already 95% sold by the end of this summer. It was a 'wow' for me! Although it is different and similar at the same time, I wonder if Spire will have that type of sales performance. If it does, everyone will have to take hats off especially for the developer and architect of Spire for their vision and courage.
I was always surprised to read how this tower is going to be completely residential. An iconic tower like this one is obviously going to command exorbitant rents. For someone willing to invest that kind of money in what is, despite the huge positives, still a relatively small condo they would really have to be incredibly rich, or foolhardy. With great wealth its natural to expect people to spend their millions on mansions with huge amounts of land, where that kind of money can really be put into use. Owning a trendy city condo perhaps for business yes, but not one to spend the millions on. But, according to the developers this tower completely viable. However, we shall see.
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Old September 9th, 2007, 11:24 PM   #3142
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Originally Posted by spyguy View Post
http://www.chicagotribune.com/servic...,3120522.story

Spotting the architectural stars and events of the season

By Blair Kamin
September 7, 2007


Chicago Spire Interiors

Star architects typically design condominium towers exteriors and leave the interiors to decorators, but Calatrava is playing an unusually active role in shaping the Spire's nearly 1,200 units. He has crafted everything from floor plans to doorknob handles, which should make the skyscraper a rare instance of "total design." The Zurich-based architect will be in Chicago on Sept. 26 to preview his plans, whose staggering variety has helped push the opening of the Spire's sales center back from Sept. 27 to January.
A three month delay on the sales center? I have to see these units detail and layout. I hope they are nothing short of breathtaking. I do wonder though, with Calatrava having complete control of design, how much will the overall cost increase? Doesnt he have the tendency to be over budget with his projects because of his **** attention to detail? Nonetheless Im very anxious to see what he cooked up.
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Old September 10th, 2007, 02:36 AM   #3143
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What is the deal with SSP? I'm tired of getting the darn "Page is not found" message...
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Old September 10th, 2007, 02:49 AM   #3144
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What is the deal with SSP? I'm tired of getting the darn "Page is not found" message...
ssp is getting server upgrades i think. But yea i know its killin me since i primarily stick to SSP.
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Old September 10th, 2007, 03:31 AM   #3145
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What is the deal with SSP? I'm tired of getting the darn "Page is not found" message...
trust me, I wouldn't be here if it wasn't true
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Old September 10th, 2007, 05:19 AM   #3146
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Hey!

Let's not be negative toward SSC. I consider SSC and SSP sister websites. Both have their pro's and con's.
Now does anyone have any CS Update pics? I need my daily dose of construction photos.
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Old September 10th, 2007, 05:26 AM   #3147
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you're right. but, its so pathetic, I got so used to it. I can't believe how pathetic I am, cuz easily 90% of my internet time was spent on SSP. I don't even know what to do with all this time.

I'm so excited to see the previews of the spire units come end of september. I mean, no one has any idea what they could look like. I'm visualizing....a lot of....hmmmmmmm.... whiteness? Yeah, I'll guess whiteness. Maybe he'll surprise me

p.s. ssc strikes me as representing a higher percentage of people from world countries. But everything concerning ssc/ssp is, of course, off topic. Sorry. I don't condone this
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Old September 10th, 2007, 11:52 AM   #3148
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do you know of any possible petitions requesting an observation? We could definitly get a lot of signatures.
As with any other private development, the option to include any attractions such as an observation deck is at the discretion of the owner(s). While the subject may have been raised during the design phase, Shelbourne probably dismissed the idea since this building will be marketed as an exclusive, cachet place to live. I doubt multi-millionaires and billionaires will be thrilled at the thought of hundreds of people running around with cameras, binoculars and fanny packs.

Regarding a petition, inevitably one will be started (if not already) but any attempt will be a waste of time. Shelbourne is under no legal, civic, or social obligation to consider any petition. More importantly, the final design has been approved, materials ordered, and construction has started. To alter the plan to include an observation deck would require additional regulatory approval, thus delaying the project and increasing construction costs.

Basically, one must accept Chicago Spire will not have an observation deck and move on (or get obscenely rich by the time condos go on sale).
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Old September 10th, 2007, 01:13 PM   #3149
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Does anyone of you know what a high floor apartment (550m+/1700feet+) in the CS will cost?
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Old September 10th, 2007, 01:19 PM   #3150
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Not exactly.

Why? Are you planning to rent a 550 meter apartment? I wish I could!
Personally, I don't know, but I'd put an estimate at about 2 million dollars. The lower apartments were 900,000 dollars, so double that and then some. That number could be off though.
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Old September 10th, 2007, 01:33 PM   #3151
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das eney one hae photo update of the plot ?
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Old September 10th, 2007, 01:44 PM   #3152
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Quote:
Originally Posted by NoAllegiance View Post
Why? Are you planning to rent a 550 meter apartment? I wish I could!
Personally, I don't know, but I'd put an estimate at about 2 million dollars. The lower apartments were 900,000 dollars, so double that and then some. That number could be off though.
There were no actual price figures given. The $900,000 was just a forumers guess.
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Old September 10th, 2007, 01:47 PM   #3153
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We need 1000 people and everyone spends 2000 dollars.
We make an OD with an entrance fee of 15 dollars, just small groups due to the elevator capacity.
We need 150.000 visitors to be amortized.
Lets say we take 5 years to do that...
These are 82 people per day...
This means 7 people per hour (from 10am. to 10pm)
After refinancing the 2 million dollars, everyone gets 1 Dollar per day, 30 dollars per month!


Isn't it a fantastic idea
After five years your are amortized and have an OB for free :-)

We all could become rich so easily!
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Old September 10th, 2007, 02:34 PM   #3154
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OD can't be worth 2 million dollars. You are buying a whole floor at the top level so imagine the price tag for that. Probably, at least 4 - 6 apartments per floor so you are paying at least 14 - 16 million dollars plus taxes, condo fee, hidden fees, etc.
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Old September 10th, 2007, 04:13 PM   #3155
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If it were profitable, I'm sure the developer would already be doing it!
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Old September 10th, 2007, 09:20 PM   #3156
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OD would kill the prices in the rest of the building. People who buy/rent exclusive properties don't want the looky-loos screwing with their exclusivity.
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Old September 10th, 2007, 10:01 PM   #3157
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Quote:
Originally Posted by dougbennion View Post
It's a stunning building for sure. I wish it was going up at Bloor and Yonge in Toronto

Are the prospects for it actually being built (1) poor, (2) fair, (3) good, (4) excellent, (5) rock-solid guaranteed?
It's under construction. What more do you want?
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Old September 10th, 2007, 10:02 PM   #3158
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There were no actual price figures given. The $900,000 was just a forumers guess.
I'm sure it'll be in the $5 million + range. $900,000 will get you a 10 floor unit in a loft here in downtown LA.
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Old September 10th, 2007, 10:03 PM   #3159
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Well, a completion bond might be nice.

What if Anglo-Irish Bank pulls the plug after the concrete is up 30 floors?
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Old September 10th, 2007, 10:42 PM   #3160
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^ Unlikely to happen for a number of reasons. They forsaw all the current market conditions, and their target clientelle isn't exactly affected by interest rates as the other 99.999999999999999% percent of the people in the world. Unless another enormous blow hits the american economy and takes the EU with it, it's unlikely that it won't go through. If we get the olypmics, it becomes pretty much a sure thing. Kelleher has a solid record, Anglo-Irish is behind this project with Shelbourne, and once you spend upwards of nearly 3/4 billion by the time you get to 30 floors, I think it's safe to say that it's going to go all the way unless some unprecedented economic disaster affects it- ala 911. At this time, yes, it's not for sure that it will be completed, but it's very likely that it will be. The unforseen, unpredictable future can change that quickly as we all know, but every major project in the US- if not the world- would run into big problems if an economic/financial disaster occurred, so what's the difference? It's like that for projects like 300n lasalle, legacy, aqua, waterview, trump... etc.
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