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Old January 26th, 2009, 03:59 PM   #41
cbotnyse
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$535 a sq foot is just too high in this market.
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Old January 26th, 2009, 04:04 PM   #42
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but it's correct for that site......thus the dilemma.
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Old January 26th, 2009, 04:08 PM   #43
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Quote:
Originally Posted by Helmet Yawn View Post
but it's correct for that site......thus the dilemma.
it might be a long time until its "correct" again.
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Old January 27th, 2009, 12:17 AM   #44
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not in that neighborhood. streeterville's still the best location in the city.

the areas where cost/sf will plunge are the inflated fringe areas that shouldn't have been getting 4 & 500 per sf in the first place.....problem is a lot of these developments only pencilled out at that number.
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Old January 27th, 2009, 12:22 AM   #45
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its obviously not correct for that location or sales would be stronger. Supply is far exceeding demand and I think many developers, not just here but everywhere, all assumed prices would keep rising. They have in fact fallen hard and it will be a long time until they come back to those levels. The demand has been artificial because of easy credit for both developers and consumers. There was a time once when people bought homes to live in them. I think we are returning to those times.

Spending 600K on a one bedroom condo, even in Streeterville, will not be as common as it once was. The demand(easy credit) is gone.
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Old January 27th, 2009, 01:45 AM   #46
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actually, it is correct. this is the 3rd largest city in the country and streeterville is the most affluent part of it. the prices in streeterville did not jump like they did in other fringe locations. they rose gradually. the only jump was the only real failure: the spire.

this building isn't selling for a number of reasons...read today's crain's. if they say the design is bad, you may believe them.

by the way, a realtor friend of mine told me that as of last weekend, 600 lakeshore drive is still selling on average, 2 units per month.
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Old January 27th, 2009, 02:54 PM   #47
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We can go back and forth all, day but the reason these condos aren't selling is because they are priced too high, just as the Spire was. end of story.
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Old January 28th, 2009, 11:07 PM   #48
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I like it. Its unique.
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Old January 29th, 2009, 01:55 AM   #49
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...and only about 5- no wait, 7- years out of date stylistically.
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