Skip to: Content
Skip to: Site Navigation
Skip to: Search
Newser - Current News - Breaking Stories

« Back to the grid | Next story »

Chicago's Spire Condos May Be a Tough Sell

Posted Jan 14, 08 12:00 PM CST in US,  Business 

(Newser) – The Chicago Spire residential tower isn't even under construction yet, but its luxury condos—slated to be sold for unprecedented prices—will come face-to-face with a lousy housing market when the sales office opens today. Prices for units in the twisting skyscraper start at $1,400 per square foot, but developers worry that buyers will be slow to snap them up.

Flooding the Chicago market with ultra-luxury housing when most buyers are waiting to see how the slump unfolds may not work out well for developers, reports the Chicago Tribune. "In this market, for the Spire to get several hundred contracts to move ahead with construction will be difficult," says a Chicago broker.
Source: Chicago Tribune

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Trump in Trouble on Chicago Tower

    Oct 29, 08 6:16 AM CDT
    Trump in Trouble on Chicago Tower Donald Trump's 92-story Chicago tower has been hit by a triple-whammy of the credit crunch, the housing slump, and sagging retail sales, making foreclosure a real danger, the Wall Street Journal reports. Trump, who developed the tower without partners, owes $1 billion on the project but has so far sold only $600 million in condo units and condo-hotel units. He's looking for an extension on a key loan due this Saturday.
    More »

  • Economy May Cripple Chicago Spire Project

    Oct 19, 08 2:06 PM CDT
    Economy May Cripple Chicago Spire Project The sputtering economy could topple plans to erect the nation’s tallest skyscraper, reports the Chicago Tribune. Consultants on the construction of the Chicago Spire have filed liens, with celebrity architect Santiago Calatrava seeking more than $11.3 million and a Chicago-based firm demanding $4.85 million. The developer’s spokesman acknowledged the economy’s effect on the project, calling the market “the 800-pound gorilla in the room.”
    More »

  • Surprise! Existing Home Sales Jump

    Mar 24, 08 10:45 AM CDT
    Surprise! Existing Home Sales Jump Existing home sales stunned Wall Street today with an unexpected spike, Bloomberg reports. The metric rose 2.9% in February to an annual pace of 5.03 million. Analysts had predicted yet another decline, to a 4.85 million pace. But one economist said this was only a “temporary pause.” “We’re still a long way from a recovery in housing,” he warned. More »

  • Condo Glut Floods Cities

    Mar 22, 08 8:17 AM CDT
    A deluge of new condos is about to hit many American cities already flooded with an unprecedented number of unsold units, the Wall Street Journal reports. This year, thousands of projects started at the height of the housing boom will be completed; oversupply and economic slowdown are likely to cause prices to plummet in condo-heavy cities like Miami, Atlanta, and Dallas.   More »

  • Top Chicago Homebuilder Goes Bankrupt

    Oct 24, 07 5:16 AM CDT
    Top Chicago Homebuilder Goes Bankrupt Neumann homes, a top Chicago homebuilder, will file for Chapter 11 bankruptcy protection, the Chicago Tribune reports, making it the second-largest builder felled by the dive in the housing market. The company has laid off all but 20 of its 110 workers. “I’m not overly optimistic about the future of this industry right now,” said CEO Ken Neumann. Other area builders could follow, Bloomberg warns. More »

Italian architect Santiago Calatrava looks at a model as he talks about The Chicago Spire, a 150-story lakefront tower he designed, during a media tour of the sales office in Chicago, Wednesday, Sept....   (Associated Press)
An artist's rendering released by Shelbourne Development Ltd. of Dublin, shows the base of a 2,000-foot twisting spire that would be the tallest building in North America if Spanish-born architect Santiago...   (Associated Press)
A model living area is shown at the sales center for Italian architect Santiago Calatrava's Chicago Spire, a 150-story lakefront tower he designed, during a media tour of the sales office in Chicago,...   (Associated Press)
A bedroom model is displayed at the sales center for Italian architect Santiago Calatrava's Chicago Spire, a 150-story lakefront tower he designed, during a media tour of the sales office in Chicago,...   (Associated Press)
An artist's rendering released by Shelbourne Development Ltd. of Dublin, shows a 2,000-foot twisting spire that would be the tallest building in North America if Spanish-born architect Santiago Calatrava's...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Related Threads

(1 of 2)

Tags

Chicago • housing market • housing crisis • skyscraper • condominium • new construction • Chicago Spire


Loading...

Today's Most Popular

[ Stories ]

Threads

Loading...
SPONSORED NEWS ARCHIVE

The Chicago Spire Emerges Below Ground. (Construction Digest)

A-Spire-ing (Chicago Sun-Times (IL))

Changing fortunes in Streeterville; Spire threatens views but draws fans; new... (Crain's Chicago Business)

News Briefs. (Building Design & Construction)

Spire architect files lien, says he's owed $11M (Chicago Sun-Times (IL))


Other Business Stories