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  #341  
Old Posted Oct 30, 2014, 4:00 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by 123fakestreet View Post
I don't mean NYC price per sqft. I just mean NYC has a lot of $10m+ condos and Chicago doesn't. I don't think there is a big market for that here. Trump was selling his at $1,400 sqft back in 2008, right? Now units are going for $1,100 or so. I would think full floor units in this building would get a premium on trump. Maybe $1,500? Then how big will the floors be? 10,000 sqft?
That's the thing, the face price doesn't matter at all in a comparison, it's the price per square foot. $1,500/SF is still less than half what condos in the supertalls in NYC that are building built right now are going for. These condos will probably all sell to wealthy Chinese who are looking for neighborhood to immigrate to with fantastic schools. LSE is perfect for them in that regard.
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  #342  
Old Posted Oct 30, 2014, 4:25 PM
RC Cola 23 RC Cola 23 is offline
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Originally Posted by 123fakestreet View Post
I don't mean NYC price per sqft. I just mean NYC has a lot of $10m+ condos and Chicago doesn't. I don't think there is a big market for that here. Trump was selling his at $1,400 sqft back in 2008, right? Now units are going for $1,100 or so. I would think full floor units in this building would get a premium on trump. Maybe $1,500? Then how big will the floors be? 10,000 sqft?
I agree there is not a large market for that here, at all. That is why I anticipate the units will be marketed to the Chinese wealthy, whom very well may see opportunity/value given the extreme discount in Chicago prices vs. NYC. Chicago does a meaningful amount of business with China, which likely will help penetrate an untapped market.
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  #343  
Old Posted Oct 30, 2014, 4:30 PM
123fakestreet 123fakestreet is offline
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Last edited by 123fakestreet; Feb 23, 2016 at 6:32 PM.
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  #344  
Old Posted Oct 30, 2014, 4:41 PM
RC Cola 23 RC Cola 23 is offline
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Originally Posted by 123fakestreet View Post
I know a lot of rich Chinese guys and let me tell you, most of them are very frugal. They like investing in real estate but they also like getting a deal. I sincerely doubt they would just think oh NYC real estate is $4,000 sqft and this wanda building in Chicago is $1,500. Let's buy them all. No way. Why haven't the rich Chinese bought the trump penthouse, the 2550 lincoln park penthouse, the Ritz Carlton penthouse, Vince Vaughn's penthouse, etc. There's a lot of expensive real estate that can't find a buyer and I guarantee those sellers are marketing those units to rich Chinese and Russians.
I think the fact that this is a Chinese developer gives them a distinct advantage when attempting to market their expensive products to the Chinese, when compared with the efforts from Trump and the groups behind 2550, Ritz, etc.

Last edited by RC Cola 23; Oct 30, 2014 at 6:34 PM.
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  #345  
Old Posted Oct 30, 2014, 4:51 PM
SamInTheLoop SamInTheLoop is offline
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^^ This is a completely ridiculous conversation. You pulled this $10 mil+ figure for all these top floors completely out of your ass. That's the basis for this 'discussion'. They will certainly be expensive units for Chicago, 'chunk' price. They may not necessarily be record-setting on a price per sq ft basis. We'll see what price Magellan/Wanda target here for an opening offer......


I do agree with the point that they will at least make a push to market to Chinese and potentially other international prospective buyers, particularly for the more expensive units. One advantage is that foreign buyers - and those in general further away from the market, whether it be within the country or from outside - are typically your more 'naive' prospective buyers. It's simply easier for them to overpay, to buy too many units ('too much real estate'), etc, etc. Some of it is just that you lack some inside, local market knowledge, expertise, and perspective, some of it is lack of sophistication (being uber wealthy very often is poorly correlated with investment sophistication), some of it is just being stupid.


And, finally, if we're talking above the final setback for where these 'uber' units will all be, these are clearly well under 10,000 sq ft floorplans. Just look at the rendering. What would that size be (factoring out est. core, stairwell space, etc - maybe 5,000-7,000 sq ft at the absolute most??


And, finally/finally, ^, yes very much agree with this....it's a quite clear advantage for Magellan/Wanda in this respect....
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  #346  
Old Posted Nov 4, 2014, 2:18 PM
Skyguy_7 Skyguy_7 is offline
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Drove past a soil-testing rig on site last night.
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  #347  
Old Posted Nov 4, 2014, 5:24 PM
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Quote:
Originally Posted by 123fakestreet View Post
I know a lot of rich Chinese guys and let me tell you, most of them are very frugal. They like investing in real estate but they also like getting a deal. I sincerely doubt they would just think oh NYC real estate is $4,000 sqft and this wanda building in Chicago is $1,500. Let's buy them all. No way. Why haven't the rich Chinese bought the trump penthouse, the 2550 lincoln park penthouse, the Ritz Carlton penthouse, Vince Vaughn's penthouse, etc. There's a lot of expensive real estate that can't find a buyer and I guarantee those sellers are marketing those units to rich Chinese and Russians.
Hey newbie. Let's not lump all Chinese into one bucket.
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  #348  
Old Posted Nov 4, 2014, 11:11 PM
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Drove past a soil-testing rig on site last night.
They were drilling with it on the east side of Field Drive this morning. . .

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  #349  
Old Posted Nov 5, 2014, 5:51 AM
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Hey newbie. Let's not lump all Chinese into one bucket.

jeezus..the PC police is out...he is talking about people that he knows. what's the big deal? peace and love.
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  #350  
Old Posted Nov 5, 2014, 3:51 PM
123fakestreet 123fakestreet is offline
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Last edited by 123fakestreet; Feb 23, 2016 at 6:32 PM.
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  #351  
Old Posted Nov 5, 2014, 5:05 PM
SamInTheLoop SamInTheLoop is offline
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^

1) That was an asking price. It's not unreasonable to think that the actual purchase price is much lower, particularly considering the poor sales performance at
that project, all things considered.

2) That is one unit. One unit at a location right on N Michigan Ave. Far different from, what - a dozen or more of these units located in LSE......
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  #352  
Old Posted Nov 5, 2014, 5:34 PM
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jeezus..the PC police is out...he is talking about people that he knows. what's the big deal? peace and love.
I didn't really have a problem with it myself, but it's pretty apparent that he's invoking the ones he knows to generalize about the rest.
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  #353  
Old Posted Nov 5, 2014, 6:18 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by SamInTheLoop View Post
^

1) That was an asking price. It's not unreasonable to think that the actual purchase price is much lower, particularly considering the poor sales performance at
that project, all things considered.

2) That is one unit. One unit at a location right on N Michigan Ave. Far different from, what - a dozen or more of these units located in LSE......
The Ritz is also a garbage building that doesn't even come close to cracking the plateau of the skyline, is ugly as sin, and doesn't include a hotel component (none of the fancy amenities like Trump or Aqua). Also, that unit just went on the market like a few days ago, it sold nearly instantaneously. The economy is continuing to rev up and the rich are getting ready to start spending lavishly after several years of flashing your cash being out of style.

Honestly though, the Ritz isn't even in the same class as the real ultra luxury towers like Water Tower Place, Olypmia Center, One Mag Mile, Legacy, Trump, etc. It doesn't even have lake views except for a few glimpses here and there. Hard to compare living at 350' to living at 700'+.

Last edited by LouisVanDerWright; Nov 5, 2014 at 6:32 PM.
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  #354  
Old Posted Nov 5, 2014, 7:35 PM
123fakestreet 123fakestreet is offline
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Last edited by 123fakestreet; Feb 23, 2016 at 6:31 PM.
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  #355  
Old Posted Nov 22, 2014, 5:23 AM
UrbanLibertine UrbanLibertine is offline
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I can't wait to drive up Lake Shore and turn the corner in front of the Field Museum and see this...



Well, you know an actual building, instead of a cut/paste job using PPT, Google Streetview, and a backward view of the Site O rendering. Anybody who has a functioning version of Photoshop, feel free to edit.
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  #356  
Old Posted Nov 22, 2014, 5:29 AM
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Originally Posted by UrbanLibertine View Post
I can't wait to drive up Lake Shore and turn the corner in front of the Field Museum and see this...



Well, you know an actual building, instead of a cut/paste job using PPT, Google Streetview, and a backward view of the Site O rendering. Anybody who has a functioning version of Photoshop, feel free to edit.

Not bad, this building is always is getting better to look at. First, I was sceptical but now I think it's quite good looking. We just need to wait, another 5 years.
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  #357  
Old Posted Nov 22, 2014, 4:16 PM
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Given the design, it almost looks as if this is several buildings right next to each other instead of a single structure. Maybe just a matter of perspective on that photoshop/image job in the post above.
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  #358  
Old Posted Nov 22, 2014, 5:25 PM
joeg1985 joeg1985 is offline
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The image is facing the wrong direction, if that makes a difference as looking like one structure. The image being that of the rendering inside the street view image.

It should have been flipped as the direction it is right now is the Wacker side.
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  #359  
Old Posted Nov 22, 2014, 5:37 PM
UrbanLibertine UrbanLibertine is offline
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Yeah I know, that's why I said that it was a backward view of the Site O rendering. Just not doable to flip the image using MS Office.

But the scale, location, and overall bulk of the building should be pretty comparable. So if you're driving up LSD, it could possibly look like 3 buildings.


Quote:
Originally Posted by joeg1985 View Post
The image is facing the wrong direction, if that makes a difference as looking like one structure. The image being that of the rendering inside the street view image.

It should have been flipped as the direction it is right now is the Wacker side.
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  #360  
Old Posted Nov 22, 2014, 9:32 PM
rlw777 rlw777 is offline
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Originally Posted by Ryan81 View Post










That pic above reminded me of this post. Enjoy.
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