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Old September 30th, 2008, 09:30 AM   #7661
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Quote:
Originally Posted by Capn Jef View Post
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.
The only thing we do know is that they "slowed down the construction".

Since nothing visible is happening right now it's hard to guess if they mean starting the construction but work slow or wait until starting a little longer.

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
The market did slow down for this kind of units. In a recent article it was mentioned that there was a big drop in sales for luxury apartments in Chicago, and the majority of sales that still went ahead were in the Spire. There's a reason why Trump only sold 75% of it's units and that the Waterview Tower has stalled.
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Old September 30th, 2008, 12:04 PM   #7662
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I wrote some analytical posts about this potentially happening because of the credit industry several months ago (incidentally i also compared the US market to the Dubai market in terms of the Dubai market being accussed of being some kind of make-believe market, and showed that the same could in some ways be attributed to the modern US market, if not much more so), when the waterview first went on hold, it led to some kind of "internet quarrel" and my post was deleted meh... the truth is no defense.

I do hope that it gets built eventually.

P.S. Its not the lack of growth that is the problem, its the constantly credit expanding system that makes growth neccessary which is. The stock markets are at roughly the same level but at the same time the dollar has gone down in buying power which needs to be taken into account. I do not personally predict a crash because the turnabout of production and services is just so huge in the nation. Still if you look at the kind of easy big-risk loans/mortgages that have been given out in the past years this should come to no surprise for anyone and lessons need to be drawn, it could not keep going on forever so maybe its good that the shit hits the fan.
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Old September 30th, 2008, 04:14 PM   #7663
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PENTHOUSE SELLS FOR $40 MIL

Here is some good news to make your morning a little bit better:
http://www.chicagobreakingnews.com/2...all-price.html
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Old September 30th, 2008, 04:15 PM   #7664
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Quote:
Originally Posted by Dmbphish13 View Post
Here is some good news to make your morning a little bit better:
http://www.chicagobreakingnews.com/2...all-price.html

link is broken!

try this

http://www.chicagobreakingnews.com/2...all-price.html

The buyer was Beanie Babies magnate Ty Warner, chief executive of Oak Brook-based Ty Inc., whose personal fortune has been estimated by Forbes magazine in excess of $4 billion.
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Old September 30th, 2008, 04:16 PM   #7665
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http://www.chicagobreakingnews.com/2...all-price.html
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Old September 30th, 2008, 04:25 PM   #7666
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so lets hope the economy gets better very soon
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Old September 30th, 2008, 04:31 PM   #7667
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Spire's penthouse sells for tall price

http://www.chicagobreakingnews.com/2...all-price.html

The buyer was Beanie Babies magnate Ty Warner, chief executive of Oak Brook-based Ty Inc., whose personal fortune has been estimated by Forbes magazine in excess of $4 billion.
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Old September 30th, 2008, 04:35 PM   #7668
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Now at least we know that we have to wait a bit longer for the start of the main construction.
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Old September 30th, 2008, 04:41 PM   #7669
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Hmm, I think all the 'big' constructions in the world will slow down, cause almost every economy is going down by those banks.
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Old September 30th, 2008, 06:22 PM   #7670
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I was thinking 'oil sheik...russian business magnate...internet pioneer...' Somehow, I left 'stuffed animal king' off my list...

At least he's American, and local!
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Old September 30th, 2008, 06:26 PM   #7671
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Beanie Babies Magnate Buys Chicago Spire Penthouse

WGN | September 30, 2008 09:47 AM

Beanie Babies magnate Ty Warner has bought the duplex penthouse in the not-yet-built Chicago Spire, WGN-TV reports.

The 10,000 square-foot, duplex is expected to be the 141st and 142nd floors of Santiago Calatrava's 2,000 foot-tall lake shore skyscraper.

The penthouse was listed at $40 million, but it's unclear how much the reclusive local billionaire actually paid.

A spokeswoman for the developer told WGN that the Spire's foundation is finished and the building will begin rising when the economy improves. They still expect to complete the building by 2012.

http://www.huffingtonpost.com/2008/0..._n_130508.html

* * * *

Spire's penthouse sells for tall price

September 30, 2008 at 6:50 AM

The penthouse of the not-yet-rising Chicago Spire has been sold, but the developer won't say precisely for how much.

The 10,000-square-foot, two-floor duplex slated for the 141st and 142nd floors had an asking price of $40 million, according to a spokeswoman for developer Shelbourne Development Group.

The buyer was Beanie Babies magnate Ty Warner, chief executive of Oak Brook-based Ty Inc., whose personal fortune has been estimated by Forbes magazine in excess of $4 billion.

Spokeswoman Kim Metcalfe said more than 30 percent of the 2,000-foot condo tower under construction just north of the Chicago River at Lake Shore Drive has been sold and that units are still selling despite the dire nature of the economy. When finished, it will have 1,194 units.

The foundation is 100 percent completed, she said, adding that the Spire will begin rising as the economy gets better. The completion date for the tower is 2012, she said

--Pat Curry, WGN-Ch.9

http://www.chicagobreakingnews.com/2...all-price.html
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Old September 30th, 2008, 06:26 PM   #7672
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Beanie Babies Magnate Buys Chicago Spire Penthouse

WGN | September 30, 2008 09:47 AM

Beanie Babies magnate Ty Warner has bought the duplex penthouse in the not-yet-built Chicago Spire, WGN-TV reports.

The 10,000 square-foot, duplex is expected to be the 141st and 142nd floors of Santiago Calatrava's 2,000 foot-tall lake shore skyscraper.

The penthouse was listed at $40 million, but it's unclear how much the reclusive local billionaire actually paid.

A spokeswoman for the developer told WGN that the Spire's foundation is finished and the building will begin rising when the economy improves. They still expect to complete the building by 2012.

http://www.huffingtonpost.com/2008/0..._n_130508.html

* * * *

Spire's penthouse sells for tall price

September 30, 2008 at 6:50 AM

The penthouse of the not-yet-rising Chicago Spire has been sold, but the developer won't say precisely for how much.

The 10,000-square-foot, two-floor duplex slated for the 141st and 142nd floors had an asking price of $40 million, according to a spokeswoman for developer Shelbourne Development Group.

The buyer was Beanie Babies magnate Ty Warner, chief executive of Oak Brook-based Ty Inc., whose personal fortune has been estimated by Forbes magazine in excess of $4 billion.

Spokeswoman Kim Metcalfe said more than 30 percent of the 2,000-foot condo tower under construction just north of the Chicago River at Lake Shore Drive has been sold and that units are still selling despite the dire nature of the economy. When finished, it will have 1,194 units.

The foundation is 100 percent completed, she said, adding that the Spire will begin rising as the economy gets better. The completion date for the tower is 2012, she said

--Pat Curry, WGN-Ch.9

http://www.chicagobreakingnews.com/2...all-price.html
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Old September 30th, 2008, 06:36 PM   #7673
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The Spire's New penthouse Residents:

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Old September 30th, 2008, 07:02 PM   #7674
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So it's officially waiting for the economy to get better, that's news to me, kind of.
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Old September 30th, 2008, 08:28 PM   #7675
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Beanie Baby magnate signs contract for Spire penthouse

By Mary Ellen Podmolik | Tribune reporter
10:29 AM CDT, September 30, 2008


The Chicago Spire is nothing more than a concrete hole in the ground but reclusive Beanie Baby magnate Ty Warner has decided he wants the best views from the proposed building.

Warner has signed a contract to buy the 10,000-plus square-foot, two-story penthouse at the Spire, which originally carried a $40 million asking price. The sales price was not disclosed...

http://www.chicagotribune.com/busine...,6195117.story
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Old September 30th, 2008, 10:39 PM   #7676
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Quote:
Originally Posted by Reinsdorf Sucks View Post
So it's officially waiting for the economy to get better, that's news to me, kind of.
but still on pace for 2012. im confused too
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Old September 30th, 2008, 11:47 PM   #7677
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Sounds like developerspeak to me.
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Old October 1st, 2008, 02:16 AM   #7678
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Sounds like they are expecting the economy to get better by next year or so. Depending on when in 2012 they're talking about, that's about 4 years from now and the foundation is said to be 100% complete and they're still progressing slowly so all they would have to do is build up once the economy starts to improve. So if they were to start building up late 2009 or early 2010, they could be done by mid to late 2012.
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Old October 1st, 2008, 03:41 AM   #7679
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do u guys mean this building has 50/50 chance of being built.i didnt look what the article said and rushed through,so i dont know.(its easier than looking back a few pages).
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Old October 1st, 2008, 04:25 AM   #7680
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It sounds as if the Spire's construction might halt just like the Waterview did. Not saying they wont get done, they will, but it may take an additional few years depending on how bad the economic picture really is.....
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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