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  #2581  
Old Posted Nov 20, 2018, 1:59 AM
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Very expensive... Why would someone even rent at that price? Might as well just own.

It all looks very nice though!
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  #2582  
Old Posted Nov 20, 2018, 3:07 AM
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  #2583  
Old Posted Nov 20, 2018, 4:40 PM
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Not sure why, but I'm also getting a surreal feeling from this. Maybe it's the scaling?
     
     
  #2584  
Old Posted Nov 20, 2018, 6:55 PM
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The amenities deck looks AMAZING!!!
     
     
  #2585  
Old Posted Nov 21, 2018, 4:51 AM
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You get a real sense of how much space you can get in Chicago from those pictures.
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  #2586  
Old Posted Nov 21, 2018, 2:28 PM
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Originally Posted by vandelay View Post
You get a real sense of how much space you can get in Chicago from those pictures.
Well, Chicago you get way more bang for your buck than NYC, that's for sure. However, I don't think these pictures do Chicago any justice as far as how much space you can get. Just looking at the floor plans for one unit that's over $4000 per month (https://www.relatedrentals.com/apart...m-1-bath-38349) By my measure this is somewhere between 650 or 700 square feet.

The apartment I had in Chicago before I moved (in Gold Coast, downtown) was around 700 square feet and today costs just over $2000 per month. My unit was completely gut renovated before I had moved in. The living room + kitchen in the link above is only 5 square feet larger than what I had, and my bedroom was slightly bigger. I also had a walk in closet which the OBP unit does not have, though I did not have in-unit W/D which OBP unit has. My buildings public areas like the amenity area (gym, pool tables, party rooms, public kitchen, grills, etc) was completely gut renovated around the same time as my unit too. Big lobby, doormans and all that which are common in downtown. The OBP unit looks pretty nice, better than my old one (mine was decent - not overly nice but not bad), but not so much that would make me want to pay almost literally double the price. Also, my old building's location is much nicer than where OBP is as far as having things right outside of your front door nor is OBP anywhere near as close to a train as mine was. OBP location is nice if you plan on going to the lake or Ohio Street beach all the time when it's nice out, but as far as things to do right outside of your door, it could be better. That area is not exactly one I'd be clamoring for if I want convenience right outside of my door.


$4000 per month at only 650-700 square feet is completely and utterly overpriced for downtown Chicago. For example, here are 2 bed/2 bath apartments at OneEleven, which are 1050 to 1150 sq ft, for the same price which are also from Related:

https://www.oneelevenchicago.com/flo...y=&param=price

There are 2 bedroom units in my old place at 1000 square feet that are just under $3000 per month. I don't think this shows how much space you can get in Chicago. These units are wildly overpriced versus most other buildings anywhere in the entire city. Most 1 bedroom places downtown of similar size are going to be around or under $2500/month now. Some of the newer buildings are more expensive, let's say closer to $3000/month now (For example, a 775 sq ft 1 bedroom at 640 N Wells is just under $3000/mo --> https://www.apartments.com/640-n-wel...go-il/3wk7rle/) but that's still $1000+ cheaper than OBP and a lot of them are in better locations. The location of OBP might be akin to living at like 45th and 11th in Manhattan except for 45th and 11th is still more industrial than this area of Chicago.
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Last edited by marothisu; Nov 21, 2018 at 2:53 PM.
     
     
  #2587  
Old Posted Nov 21, 2018, 3:12 PM
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Looks closer to 1000 sqft for a one bedroom.
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  #2588  
Old Posted Nov 21, 2018, 3:45 PM
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Originally Posted by vandelay View Post
Looks closer to 1000 sqft for a one bedroom.
It's not even close to 1000 sq ft. I did the calculations from the floor plan in the link I sent you - added over 100 sq ft to for things like bathroom, etc. It's not even close to 1000 sq ft. Not sure how you would get even close to that given the floor plan with dimensions on it. It's around 700 sq ft.

Dining Room: 11'8" x 6'6" ==> 75.83 sq ft
Kitchen: 11'0" x 9'7" ==> 105.4166 sq ft
Living Room: 14'1" x 14'0" ==> 197.1667 sq ft
Bedroom: 11'8" x 12'2" ==> 141.94 sq ft

All these together are 520.35 sq ft but not counting the bathroom/washer dryer area which I'd probably estimate at another 120 sq ft so that brings us to around 640 sq ft. Say you add another 100 sq ft for some closets, that little entry way (100 sq ft is probably way over what this all actually is) and say you're around 740 sq ft. Not even close to 1000 sq ft.

Other 1 bedrooms which basically have the same dimensions (but for even more money...):
https://www.relatedrentals.com/apart...m-1-bath-38493


The kitchen/living room area is almost identical in size to what I had in Chicago - OBP one is only 5 sq ft larger than what I had for the living room/dining room/kitchen area. The bedroom is slightly smaller than what I had - and I had a walk in closet and a similar sized bathroom. Mine was 680 sq ft according to my old building's website.


Sorry, but the 1 bedrooms I see here aren't even close to 1000 sq ft. Not even some of the 2 bedrooms are that:
https://www.relatedrentals.com/apart...-2-baths-38236

The areas with the dimensions is about 650 sq ft. Add 200 more square feet for the other areas and you're up to 850 - again, not that close. Not to mention that paying these prices for a 1 bedroom in this location would be like paying $7000 or $7500/mo for a 700 sq ft place at 44th and 11th in Manhattan. Wildly overpriced on every aspect compared to most other things downtown with better locations.
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Last edited by marothisu; Nov 21, 2018 at 4:00 PM.
     
     
  #2589  
Old Posted Nov 21, 2018, 4:10 PM
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Originally Posted by BonoboZill4 View Post
Very expensive... Why would someone even rent at that price? Might as well just own.

It all looks very nice though!
Funny - I was thinking the starting rents aren't really all that expensive....And can you not really think of reasons somebody would rent over own?!
     
     
  #2590  
Old Posted Nov 21, 2018, 4:25 PM
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Originally Posted by Investing In Chicago View Post
Funny - I was thinking the starting rents aren't really all that expensive....And can you not really think of reasons somebody would rent over own?!
There's a difference between thinking something is expensive and thinking something is ridiculously/over priced. Like a $3500/mo 1 bedroom apartment to me is not terribly expensive if I'm in NYC, but in Chicago I'd think it's ridiculously priced even if I don't think it's "expensive." At least in 2018.

These units are extremely overpriced - that is a fact. It doesn't matter what you personally think is expensive and not expensive. It matters what other apartments in the area cost of similar size and similar quality. Even if you argue the quality is better here, it's not "over $1000 more expensive than the most expensive rental building in town" quality.
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  #2591  
Old Posted Nov 21, 2018, 5:01 PM
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Where are the other rentals of this quality?
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  #2592  
Old Posted Nov 21, 2018, 5:41 PM
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Originally Posted by vandelay View Post
Where are the other rentals of this quality?
Thinking this is worth $1000 - $1700 more per month than the most expensive rental buildings in downtown Chicago (i.e. the same area) is ridiculous. Even if you think this is better quality, it's not THAT much better quality to warrant these prices. Sorry - you can say what you want about the building's architecture itself, but the prices are insane currently for a rental. If you actually understood the rental market in Chicago, you would understand this. The only people foolish enough to pay this are either people from Manhattan or San Francisco (or somewhere like Hong Kong) who did absolutely no homework about the rental market in Chicago or those who think living in this building is some sort of status symbol. Again, it's like paying $7500 per month in Manhattan at 44th and 11th for a normally sized 1 bedroom for something you might be able to get of just a little lesser (but still good) quality in a better area for $5000 or $5500 per month. If OBP was actually in a better location, then I could say oh maybe a little better (still ridiculous), but it's not. The rental prices make no sense on this one in any manner. You won't find any or many people who understand the rental market in Chicago who would think that $4000 - $4700 for a ~700 sq ft apartment in Streeterville is a legitimate price. The interiors are decently nice, but nowhere even close to nice enough to warrant these prices. It doesn't matter even if you think these are the best interiors for a rental in downtown Chicago - they aren't THAT special to warrant that large of an increase of price. These are rentals, not condos.
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  #2593  
Old Posted Nov 21, 2018, 6:41 PM
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It'll be interesting to see the vacancy rates in a year.
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  #2594  
Old Posted Nov 21, 2018, 6:44 PM
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It'll be interesting to see the vacancy rates in a year.
Yes, though I don't think it'll be vacant or anything. I think it'll do OK. The prices for a rental are overkill right now, but there are definitely people who will pay for it - don't get me wrong. There's more than enough people/families who can afford it in Chicago.

Also, 61 E Banks which is currently U/C (maybe getting done soon) in Gold Coast is going to be even more expensive for rentals. I think that one is even worse given the market (starting at $7400/mo for 2 bedrooms). I've yet to see any renderings of the interior on that one though. I think the 2 bedrooms start at 1700 sq ft, so they're quite a bit larger than the ones at OBP.

https://www.buzzbuzzhome.com/us/61-banks-street1

There's also some "penthouses" at Elevate Lincoln Park just north of downtown that are up there in price (one is about $12,500 for a 3 bedroom + den, 2.5 bathroom - 2 level penthouse):
http://elevatelincolnpark.com/find-your-home
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  #2595  
Old Posted Nov 21, 2018, 7:07 PM
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Does anyone have any idea of when they will begin lighting the crown?
     
     
  #2596  
Old Posted Nov 21, 2018, 9:41 PM
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Originally Posted by Busy Bee View Post
Very David Lynch-y[/url]
It is kind of scary...

A lot of the furniture looks dated already. The built stuff looks mostly timeless, thankfully. My favorite space shown is that grill area.
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  #2597  
Old Posted Nov 21, 2018, 9:53 PM
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It is kind of scary...

A lot of the furniture looks dated already. The built stuff looks mostly timeless, thankfully. My favorite space shown is that grill area.
We just need their promo videos to be some kind of weird sequence with people talking in reverse and we're all set!
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  #2598  
Old Posted Nov 21, 2018, 10:12 PM
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Does anyone have any idea of when they will begin lighting the crown?
I would imagine not until a single resident moved in, wouldn't make sense to waste thousands of dollars lighting something up until then from the developer's perspective. Maybe they'll test it out soon though. We'll need some snoopers to keep an eye out
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  #2599  
Old Posted Nov 22, 2018, 12:19 AM
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Originally Posted by marothisu View Post
Thinking this is worth $1000 - $1700 more per month than the most expensive rental buildings in downtown Chicago (i.e. the same area) is ridiculous. Even if you think this is better quality, it's not THAT much better quality to warrant these prices. Sorry - you can say what you want about the building's architecture itself, but the prices are insane currently for a rental. If you actually understood the rental market in Chicago, you would understand this. The only people foolish enough to pay this are either people from Manhattan or San Francisco (or somewhere like Hong Kong) who did absolutely no homework about the rental market in Chicago or those who think living in this building is some sort of status symbol. Again, it's like paying $7500 per month in Manhattan at 44th and 11th for a normally sized 1 bedroom for something you might be able to get of just a little lesser (but still good) quality in a better area for $5000 or $5500 per month. If OBP was actually in a better location, then I could say oh maybe a little better (still ridiculous), but it's not.
Agreed and good examples to illustrate the point. These rental prices are bonkers! I'll be interested to see how they do. I bet the condos will still do ok. I wonder if they would potentially convert to all units to condo if the rentals don't do as well.
     
     
  #2600  
Old Posted Nov 22, 2018, 12:21 AM
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Originally Posted by BonoboZill4 View Post
Very expensive... Why would someone even rent at that price? Might as well just own.
Is it known whether some of the units are for sale? I had liked Chicago for a very long time but after spending a full weekend sightseeing earlier this month, I now like it even more and fancy moving there at some point, ideally living in one of the many tall residential buildings. A few hours ago I went to the NEMA thread and asked how much the cheapest units would cost, only to learn that it doesn't sell any of its apartments. If One Bennett Park will have condos for sale, does anyone know how much the cheapest ones will cost? Under half a million I hope!

UPDATE: *Sigh*, they are super expensive:

https://www.onebennettpark.com/condo/availability

I was hoping for a fairly small unit, like 700 square feet.

Last edited by pianowizard; Nov 22, 2018 at 12:31 AM.
     
     
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