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  #61  
Old Posted Jul 1, 2008, 5:57 PM
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Originally Posted by BVictor1 View Post
Oh hush!

Quite always being Mr. Negative

Someone's already that this is a common European practice.
Always? Name another time?

O"' Hush Hush yourself! Calm down my brethren, it's obvious something a little odd is cracking by Kelleher suddenly offering this deal out of "NO-Where"! This was never mentioned, or a conceived plan?

I'm not being Mr. Negative Vic, common sense tells ya there is a meaning to why Kellher is doing what he is. Would love to hear your thoughts on why he is "Renting" all-of-a-sudden? Is this a coincidence, a marketing ploe, or...What? My opinion stands.

Last edited by Steely Dan; Jul 2, 2008 at 1:58 PM.
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  #62  
Old Posted Jul 1, 2008, 6:04 PM
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Not a good sign in the slightest IMO...

This just shows Shelbourne's expectations of sales were cut short, they obviously expected a more progressive sales launch. YES indeed, this does sound to be desperation on Kelleher's part (he did say he expects a sell-out).
Ummm no. I was told of the 7.5% return for rental many many months ago when the sales office opened, it was one of the selling points.
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  #63  
Old Posted Jul 1, 2008, 6:11 PM
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Ummm no. I was told of the 7.5% return for rental many many months ago when the sales office opened, it was one of the selling points.
Thanks Harry... Appreciate someone acually having an answer to what I said, other then a negative feedback response. Did you hear this with you own ears? I know you went to the sales center, just a wonder?

Have you mentioned this before? Never heard/read about this, and been all over Spire since day 1? Why have we not heard about this? Much appreciated.
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  #64  
Old Posted Jul 1, 2008, 8:55 PM
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Quote:
Originally Posted by PIZ View Post
Thanks Harry... Appreciate someone acually having an answer to what I said, other then a negative feedback response. Did you hear this with you own ears? I know you went to the sales center, just a wonder?

Have you mentioned this before? Never heard/read about this, and been all over Spire since day 1? Why have we not heard about this? Much appreciated.
Now that i've spoken to my contact this is what I can post:


Quote:
The rental guarantee is a standard
procedure in Europe. There you'll find 90-95% of purchases overseas
include a rental guarantee. It's been part of the plan since the very
beginning and only available on one type of unit
.



I hope this quells any fears.
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  #65  
Old Posted Jul 1, 2008, 9:29 PM
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^ well then, i'm annoyed with crain's again. not knowing much about the subject, my first reaction after reading the article was "uh oh... is this bad?"

Why is it that I feel I can trust Kelleher better than any agencies reporting on him?
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  #66  
Old Posted Jul 1, 2008, 9:31 PM
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Bvic, I dont have any doubt this is a standard practice overseas. As i mentioned in an earlier post, Invesco did this same thing to overseas investors and all their buildings have gone to shit. I know were not really comparing apples to apples but it is what it is. Also, how are they going to get 400+ units rented at those prices. Anyway, this conversation is probably more suited for a real estate thread then a construction/skyscraper thread.
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  #67  
Old Posted Jul 1, 2008, 11:04 PM
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Smile new update video online!

Hiya fans and friends,

new thread and my first video update for the awesome Spire in it for you all to enjoy :

http://www.youtube.com/watch?v=GdzFp4X6GEw

Music: Megara vs. DJ Lee - Full Intention (Club Mix)
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  #68  
Old Posted Jul 1, 2008, 11:13 PM
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Though I love the building design, I really hope there are no problems with ice sheathing/falling. That could be terribly dangerous next to that highway. CN Tower in Toronto has had this problem in the past.

Any thoughts anyone?
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  #69  
Old Posted Jul 2, 2008, 2:10 AM
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Originally Posted by BVictor1 View Post
Oh hush!

Quite always being Mr. Negative
^ I hate to say this, but in all fairness you were kind of saying this to some of the critics of the Waterview Tower's financing, and...well...look where we are with that.

Don't take this the wrong way. You're the shit and we all know that, me especially, but I'm just saying..
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  #70  
Old Posted Jul 2, 2008, 1:21 PM
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Are the center rock caissons already installed?
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  #71  
Old Posted Jul 2, 2008, 3:33 PM
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Originally Posted by harryc View Post
Ummm no. I was told of the 7.5% return for rental many many months ago when the sales office opened, it was one of the selling points.
Out of curiousity, does that mean a million dollar unit would rent for a minimum of $6250 per month, or am I misunderstanding?

($1,000,000 * 7.5% / 12 months)

My gages might be off, but wouldn't a normal rent for a unit selling for nearly a million be around $4000 to $5000 per month?
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  #72  
Old Posted Jul 2, 2008, 3:50 PM
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^^ if you're numbers are correct, that is a ridiculous amount of money for a one bedroom unit in the area. you could get a similar size unit for half that, easy. I can't imagaine people paying that much of a premium just to rent in the Spire.

I'm assuming a million bucks buys nothing more than a small 1 bedroom unit, and you can get 1 bd apts in the area for 2500, no problem.
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  #73  
Old Posted Jul 2, 2008, 4:02 PM
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Just for comparison purposes, there are 1 BR rentals available at 340 OTP. They go for $2800 - $3200 per month. These units are roughly half the price of the Spire. Can you imagine people paying $6000 for a 1 BR rental in the spire. I cant.
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  #74  
Old Posted Jul 2, 2008, 4:34 PM
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Just for comparison purposes, there are 1 BR rentals available at 340 OTP. They go for $2800 - $3200 per month. These units are roughly half the price of the Spire. Can you imagine people paying $6000 for a 1 BR rental in the spire. I cant.
I can. I know people paying more than that in New York.

Granted Chicago isn't New York, but their buildings aren't the Spire, either.
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  #75  
Old Posted Jul 2, 2008, 4:37 PM
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I can. I know people paying more than that in New York.

Granted Chicago isn't New York, but their buildings aren't the Spire, either.
but in NY that price is comparable to other units. You think people will pay at least a $2000 premium just to live in the Spire? If someone could afford to do that, they should just buy a unit.
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  #76  
Old Posted Jul 2, 2008, 5:42 PM
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Originally Posted by cbotnyse View Post
but in NY that price is comparable to other units. You think people will pay at least a $2000 premium just to live in the Spire? If someone could afford to do that, they should just buy a unit.
Not necessarily. Sometimes people like to keep their capital in something other than real estate. There are people who rent for $20,000+ per month in Manhattan. One would assume these are people who could afford to buy if they so chose.

Also, you're neglecting the market for corporate apartments. Most companies lease rather than own their real estate, and it wouldn't surprise me if this extended to corporate apartments as well. They'd rent for $6,000-$7,000 per month before they'd dump $1 million into real estate assets, because their cost of capital exceeds this 7.5%.
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  #77  
Old Posted Jul 2, 2008, 5:48 PM
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^^ very true. But I have a hard time believing people would pay such a high premium when you could get more space and similar views (obviously Spire will have the best views) for half the price.
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  #78  
Old Posted Jul 2, 2008, 8:56 PM
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^^ very true. But I have a hard time believing people would pay such a high premium when you could get more space and similar views (obviously Spire will have the best views) for half the price.
And you could get almost as nice a meal as you'd get at Masa or Per Se for less than half the price, but you still have to book weeks in advance.

There are people in this world that have enough money that they are simply not price sensitive. There is a market for "the best" at almost any price, as long as what you're offering is truly the best. Kelleher knows this, of course.
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  #79  
Old Posted Jul 2, 2008, 9:02 PM
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You are forgetting why the builder is doing this rent gimmick...it's to increase sales figures.

$1m in the builders pocket right now (or a sale on the books to help facilitate financing) is totally worth making up the gap between what the buyer actually gets for renting out his unit vs. what was guaranteed (the 7.5%).
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  #80  
Old Posted Jul 2, 2008, 9:13 PM
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And you could get almost as nice a meal as you'd get at Masa or Per Se for less than half the price, but you still have to book weeks in advance.

There are people in this world that have enough money that they are simply not price sensitive. There is a market for "the best" at almost any price, as long as what you're offering is truly the best. Kelleher knows this, of course.
I know, but it just doesn't make sense to us mere mortals I guess. Is the Spire really worth that much more? I guess we'll see.

I'll be one of those price insensitive people one day.
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