Who said that speculation is dead in the Chicago real estate market?
According to Crain’s, the Chicago Spire in Streeterville is offering a special “investor package” that guarantees to rent out your unit at a 7.5% rate of return for two years.
Sound familiar to some, um, other buildings we’ve chattered about?
From Crain’s:
About 400 of the smallest units are […]
The Chicago Spire is apparently 30% sold, according to a press release by the developer.
They’ve been criss-crossing the globe marketing the building for the last four months.
Apparently, you need to put down a 15% deposit in order to purchase.
From the Chicago Tribune:
Spire spokeswoman Kim Metcalfe said the sales were achieved in just four months of […]
The Spire, at 400 N. Lake Shore Drive, in Streeterville, is now on the MLS.
Apparently The Spire sales team feels it is in their best interest to list some of their units - just in case a possible buyer is looking around and hadn’t heard of the building yet.
Right now, I count 12 units.
Here’s one of […]
By now, I’m sure many of you have seen yesterday’s Chicago Tribune article talking about the opening of The Spire’s sales center. The Spire was also featured on some of the local tv stations.
There were some interesting stats in the article, though, which I thought I’d post here. It seems that interest in The Spire is pretty high:
Already […]
As we head into 2008, I thought I would post about what the “big” real estate stories will be in Chicago in 2008.
THE story, in my opinion, will be the opening of the sales center for the Chicago Spire. Slated to open next month with a full unit model- we will finally be able to […]
Apparently, Shelbourne, the developer of the Chicago Spire, and the disgruntled next door neighbors, the River View Condominium Association, couldn’t reach an agreement on an underground easement.
Off to the courts they go!
According to Crain’s, the Condo Association filed suit in Cook County Court asking, not for money damages, but a court order nullifying the easement. As […]
Problems continue to mount with The Spire. Is anyone really surprised? The developer, Shelbourne Development, has never built anything over 40 stories. And now they’re expected to navigate constrution of this monster building?
As reported previously, the official opening of the sales center was delayed several months because they didn’t have the right permits. And now, […]
Crain’s has posted information from the press “sneak peek” at the Chicago Spire today.
The rumors about prices weren’t too far off. They will range from $750,000 to $40,000,000 (not the $10 million that was talked about.)
Several things:
The $750,000 cheapest unit will be for only 534 square feet. I’m assuming that is a studio apartment. Who […]
The world’s tallest residential building, the Chicago Spire, is under construction near Navy Pier in Chicago. Chicago is already home to the current tallest residential building in the world, the John Hancock Building, built in the 1970s (all of the more recent “tallest” buildings have been purely commercial). The Hancock is a mixture of residential and commercial however. The […]