Crib Chatter

I’ve been saying for awhile that sales are slowing in the red hot luxury market (just as the Spire is to begin marketing the most expensive units ever sold in Chicago.) The Donald still has 200 units for sale in his building. The Legacy still has dozens of units. Same with Waterview Tower.

Now, some of the new buildings that have yet to start construction are reporting just how bad the market is.

YoChicago reports on Canyon Ranch, the 67 story luxury building with the built in spa that is to be built in the middle of River North at 680 N. Rush St.:

It’s unclear at this stage whether Chicago buyers are enthusiastic about Canyon Ranch’s brand of healthy living. The project, which began marketing in the spring of 2007, has sold about 20 units, according to Kerry Dickson, senior vice president of Related Midwest, the developer.

“The market now is different than it was two years ago or even eight months ago,” he says. “One of our strengths as an organization is to ride the ups and downs of the market. On top of that, we feel the products we bring to the market allow us to differentiate ourselves.”

20 units? They started marketing this building about 6 months ago. What do they think they’re going to sell in the winter then, 5 units?

According to YoChicago, the building will have 257 condos and 126 hotel condos priced from $800,000 to $4.5 million.

For now, the developer is showing a brave face. But let’s face it. This building will never be built. There is far too much inventory in the luxury category and simply not enough buyers.

Makes you wonder about the fate of the Spire, doesn’t it?