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Old September 30th, 2008, 01:00 AM   #7641
spire1000
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ok ok sorry.but its just wierd
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Old September 30th, 2008, 01:25 AM   #7642
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more like funny to me

but back to the topic or subject whichever don't matter.
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Old September 30th, 2008, 01:30 AM   #7643
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Quote:
Originally Posted by Birdboy08 View Post
You are an idiot.
ha i hope it's not cruel that I'm laughing at the fact that his first post was "You are an idiot" We should have a moment of silence for Birdboy there.
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Old September 30th, 2008, 02:35 AM   #7644
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CAN THE CHICAGO SPIRE BE CANCELLED BY THE ECONOMIC CRISIS?


The economic crisis can make throw the project so, it is possible if the Anglo Irish Bank are Financing this building??? i Hope no!!
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Old September 30th, 2008, 03:45 AM   #7645
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I'd guess that it's definitely not a good sign that work is not continuing straight away - my guess is that Shelbourne does not have a viable business plan given the current property market so they can't get the financing, even from sound investment banks outside the 'credit crisis' situation.

It's pretty horrible to think about, but Chicago could just end up with a very expensive koi pond and recreational diving centre. OTOH, I suspect that work will progress at some point. Right now though, that hole in the ground makes a poingnant metaphor for the finance markets...
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Old September 30th, 2008, 03:55 AM   #7646
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Quote:
Originally Posted by Momo1435 View Post
That was already posted a few pages back.


Will they be losing more money with a hole in the ground for a couple of months or a completed tower with only 50% of the units sold?
Exactly. There is no reason at all to cancel this project yet. Also, keep in mind that the only economic crisis the US is experiencing is a credit related one. That doesn't mean it will be impossible to invest in something like this, but definitely harder.

SWFC and IFC both were delayed for several years after they had only finished the foundation because of the Asian crisis in the 90s. But neither of them was canceled. It's hardly uncommon for this sort of thing to happen. Many visionary skyscrapers are canceled just as the world/country goes into some sort of economic slump. Some put on hold...
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Old September 30th, 2008, 04:05 AM   #7647
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I think this buliding is not going to be bulit because of what is hapining in the ecomomy. We are going to be in a depression era again. 80 years ago NYC was buliding supertalls and I know one that is a 28 story buliding instead of 100. so at best this buliding could have a much shorter. If we do the math 28/100=42/150 we would see a 42 story buliding and 666 feet tall.
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Old September 30th, 2008, 04:20 AM   #7648
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I'm thinking the developer is just waiting for the contractor to set up on site and start construction on the building itself. This process usually takes several weeks.
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Old September 30th, 2008, 04:22 AM   #7649
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Quote:
Originally Posted by Krattle View Post
Exactly. There is no reason at all to cancel this project yet. Also, keep in mind that the only economic crisis the US is experiencing is a credit related one.

What do you think a builder does to build?
He goes and gets money from a bank (construction loan).
What is that called?
Credit.
What caused the credit crunch?
Decline in real estate prices.
Might banks then be afraid to extend credit to new real estate projects?
You bet.
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Old September 30th, 2008, 05:28 AM   #7650
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Quote:
Originally Posted by DrT View Post

What do you think a builder does to build?
He goes and gets money from a bank (construction loan).
What is that called?
Credit.
What caused the credit crunch?
Decline in real estate prices.
Might banks then be afraid to extend credit to new real estate projects?
You bet.
I always said: the problem of Chicago Spire is money.
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Old September 30th, 2008, 05:35 AM   #7651
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If they have no plans on starting construction soon if at all, there wouldn't be surveyors and construction equipment on site.
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Old September 30th, 2008, 06:04 AM   #7652
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I doubt that the market for THIS type of residences is slowed down by an economic crisis. What are the prices for those units? If I am not mistaking, those are the highest priced units in Chicago?

Here in Los Angeles, in Century City, we have a project called The Century. Those are also elite condos, with cheapest units being priced around $3million. And according to the realtors, the demand for the elite housing has risen. The top units (that were priced between $20million and $47 million) were among the first to sell. Now all of the top units are sold, and just some "cheap" 3 million condos are left to sell. I guess that $3m is too cheap for the elite, too close to the middle class....


BTW, the Century is about half-way complete, but it is a smaller tower and it took much less time than what Spire is taking.
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Old September 30th, 2008, 06:08 AM   #7653
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That building with the twist in it is a wonder in itself.
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Old September 30th, 2008, 06:34 AM   #7654
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Quote:
Originally Posted by DrT View Post

What do you think a builder does to build?
He goes and gets money from a bank (construction loan).
What is that called?
Credit.
What caused the credit crunch?
Decline in real estate prices.
Might banks then be afraid to extend credit to new real estate projects?
You bet.

Wow Dr. T, way to quote only part of my post. If you had read the SECOND sentence, you would have seen that I said this credit crisis doesn't making lending impossible, but definitely harder.
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Old September 30th, 2008, 06:44 AM   #7655
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Quote:
Originally Posted by elrusodan View Post
I doubt that the market for THIS type of residences is slowed down by an economic crisis. What are the prices for those units? If I am not mistaking, those are the highest priced units in Chicago?

Here in Los Angeles, in Century City, we have a project called The Century. Those are also elite condos, with cheapest units being priced around $3million. And according to the realtors, the demand for the elite housing has risen. The top units (that were priced between $20million and $47 million) were among the first to sell. Now all of the top units are sold, and just some "cheap" 3 million condos are left to sell. I guess that $3m is too cheap for the elite, too close to the middle class....


BTW, the Century is about half-way complete, but it is a smaller tower and it took much less time than what Spire is taking.
NYTimes: "For Stocks, Worst Single-Day Drop in Two Decades" / "Economic Calamity" / "No Credit" / Nasdaq -9% / trillions in losses.

Forget the yesterday. The world, from today, is different, is in the hole.
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Old September 30th, 2008, 06:46 AM   #7656
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Please, someone who actually knows something please remind everyone what is happening in the next couple months.

Don't post uneducated guesses as opinions or facts.
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Old September 30th, 2008, 06:50 AM   #7657
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Quote:
Originally Posted by Soroban View Post
NYTimes: "For Stocks, Worst Single-Day Drop in Two Decades" / "Economic Calamity" / "No Credit" / Nasdaq -9% / trillions in losses.

Forget the yesterday. The world, from today, is different, is in the hole.

There are economic slumps, crashes, etc. every 10 years. We had one just 8 years ago with the internet bubble. And if you actually look at the percentage drop in 2000 you'll see it was as great as the Great Depression.

The world isn't over, chill OUT.
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Old September 30th, 2008, 06:51 AM   #7658
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actually, from what ive heard, it was pretty bad today...
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Old September 30th, 2008, 07:09 AM   #7659
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The stock market didn't crash. 700 points is not a crash especially if the DOW Jones Industrial is at approx. 11,000 points. There have been far larger drops PROPORTIONALLY. And that's what matters. We have yet to have anything near a real crash. We aren't even in a recession yet, since that is defined as two quarters of negative growth. We haven't had EVEN ONE yet.

There cannot be such a thing as no credit since banks couldn't operate at all if there were, it's not a calamity but if the government keeps interfering it will become one.
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Old September 30th, 2008, 07:28 AM   #7660
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Quote:
Originally Posted by Krattle View Post
There cannot be such a thing as no credit since banks couldn't operate at all if there were, it's not a calamity but if the government keeps interfering it will become one.
Leaves bankruptcy. The hole is big.
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