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Old August 14th, 2009, 10:13 PM   #8821
simulcra
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UGH
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Old August 15th, 2009, 12:05 AM   #8822
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It will be good if it were attcked by a plane
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Old August 15th, 2009, 12:14 AM   #8823
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Quote:
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It will be good if it were attcked by a plane
wtf
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Old August 15th, 2009, 05:29 PM   #8824
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Is he a f***ing retard?
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Old August 15th, 2009, 05:37 PM   #8825
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I'm sure they will build it. I don't they would leave a hole in the ground... or would they??
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Old August 16th, 2009, 04:32 AM   #8826
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Quote:
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It will be good if it were attcked by a plane
it would be good if you shot yourself in the head
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Old August 16th, 2009, 08:54 PM   #8827
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It would be good if you got arrested for saying something like that...

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Old August 16th, 2009, 09:34 PM   #8828
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he has 7 days to rethink, and now come back to topic
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Old August 17th, 2009, 10:15 PM   #8829
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Spire Situation

Kind of makes me curious as to when the buyer's are going to be asking for their money back. Bad situation, that's for sure.

Hey, Trump might be pretty excited about this, however, as well as many other high end lux. condos--less competition? I guess that's the bright side....... if there is one for someone.
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Old August 18th, 2009, 02:52 AM   #8830
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More good news than bad... At least the company is still dedicated. Hopefully this $4.9m action will be more of a kick in the ass to get things rolling again.
Hmmm.... I'm not sure. At some point, the weight of claims will make it too expensive to keep the project alive for some unspecified future date. Can you (or someone else who might know) tell me how the real estate market in Chicago is doing these days - I've been a diehard fan of this one since the original Forham project (and even more now than back then (but still not enough to go trough 7000 posts to find out)) and each passing wave of news seem more to me like the rats leaving a sinking ship.

If he's personally guaranteed the money, it rides a lot on the shoulders of one man, and it must be draining to feel like everyone is against you.
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Old August 18th, 2009, 03:32 AM   #8831
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The condo market in Chicago is very slow right now. And particularly tough for luxury units (just look at the Trump Tower). The only units moving are at deeply discounted prices. Which is basically true for all over the US.

The developer did report 358 total sales by the second half of '08. Who knows how many they've added since. Probably not many. Unless they sell at least half, no bank is going to give them a construction loan.
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Old August 18th, 2009, 05:06 AM   #8832
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That's why they are waiting for the economy to get better. If the project was cancelled, they would have cancelled it already. Plain and simple. The longer this hold carries on, likely the more determined Shelbourne is to get the Spire built. I highly doubt taxes on the land are going bankrupt them, and it’s not like there are a line of developers fighting for the site.
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Old August 18th, 2009, 05:12 AM   #8833
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... nm
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Old August 18th, 2009, 05:53 AM   #8834
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One of 2 American buildings that will actually look GOOD when finished, the other one being the Freedom Tower. Thats just my opinion, and yes, I am American.
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Old August 18th, 2009, 05:54 AM   #8835
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I JUST HOPE IT IS BUILT! I dont want another case like the Russia Tower
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Old August 18th, 2009, 06:11 AM   #8836
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Quote:
Originally Posted by Onn View Post

That's why they are waiting for the economy to get better. If the project was cancelled, they would have cancelled it already. Plain and simple. The longer this hold carries on, likely the more determined Shelbourne is to get the Spire built. I highly doubt taxes on the land are going bankrupt them, and it’s not like there are a line of developers fighting for the site.
The taxes on the land shouldn't be a problem for a developer like Shelbourne, and I doubt their's anyone else who has the stomach to try and snatch it up. I'd say the biggest threat he has though is if a lot of buyers grow impatient and decide to ask for their deposit$ back. As it stands now, Shelbourne has to sell units in order to secure a construction loan. Plain and simple. Unfortunatly no one is buying high end luxury condos in this economy.

Most mortgages being done now are government backed FHA loans, and this building won't qualify for that type of loan. If you want a unit in the Spire, you've gotta have cash. I'd also be nervous if a lot of the sales they've had are to investors. Considering they marketed a lot overseas, I'd bet 10-20% of the buyers are flippers. Those buyers will probably be some of the first to bail. After all, why sit around and wait for a building to maybe get built when you can buy into somewhere else immediately and make money.

The housing market has to come around for this one to be built. And that's the luxury side of the market. The toughest one. I hope Shelbourne can wait it out, but the banks/sharks are starting to circle.
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Old August 18th, 2009, 06:15 AM   #8837
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spectre has a point. the market is back, and i think that by the time this building is done, they will have more requests than rooms availible. It WILL be built, unlike... well you kno.
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Old August 18th, 2009, 07:32 AM   #8838
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Quote:
Originally Posted by spectre000 View Post
Most mortgages being done now are government backed FHA loans, and this building won't qualify for that type of loan. If you want a unit in the Spire, you've gotta have cash. I'd also be nervous if a lot of the sales they've had are to investors. Considering they marketed a lot overseas, I'd bet 10-20% of the buyers are flippers. Those buyers will probably be some of the first to bail. After all, why sit around and wait for a building to maybe get built when you can buy into somewhere else immediately and make money.

The housing market has to come around for this one to be built. And that's the luxury side of the market. The toughest one. I hope Shelbourne can wait it out, but the banks/sharks are starting to circle.
Of course, but this is one of those once in a generation projects. Even if buyers pull out (and these would most likely be high rolling investors, like you said) new ones would take their place sooner or later. If the Spire were any other high end residential building I would probably agree with you, but this is a building of such monumental proportions and luxury, that people around the world are going to have to have a slice of it. Calatrava (assuming he gets paid) is uniquely designing each room. Owning a piece of the Spire is going to be automatic gold. And as the global economy recovers, that luxury market is going to increase once again; especially considering places like Dubai have, more or less, fallen by the wayside. Remember, this is a supertall primarily marketed towards the world, not the US.

Last edited by Onn; August 18th, 2009 at 07:47 PM.
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Old August 18th, 2009, 07:54 AM   #8839
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I'm not saying this building will be built, but pointing out that the situation may not be as hopeless as it seems. If the pieces come together correctly, so will the project. Shelbourne knows the potential of what they're sitting on, and that is why this project remains in the queue.
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Old August 18th, 2009, 04:15 PM   #8840
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I showed some of my friends this building and they said it was shaped like something


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