Chicago's Spire Condos May Be a Tough Sell

Developer plunges pricey skyscraper into lousy housing market
By Sam Gale Rosen,  Newser Staff
Posted Jan 14, 2008 12:00 PM CST
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)
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(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.