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  #981  
Old Posted Nov 24, 2018, 8:13 PM
Donnie77 Donnie77 is offline
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Although I like the original design I do believe the current design fits it's surrounding better!

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  #982  
Old Posted Nov 24, 2018, 9:39 PM
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We need to fill those gaps on Michigan Ave in front of Grant Park. They are embarrassing...
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  #983  
Old Posted Nov 24, 2018, 10:00 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by Zapatan View Post
Not sure if anyone has posted this (from May) but apparently the sales are doing extremely well.

http://blog.uniquehomes.com/1000m-to...-condo-market/

1000M, the 74-story, super-luxury high-rise, designed by Helmut Jahn with interiors by Kara Mann, has been the best-selling condominium development in downtown Chicago since launching sales last October.



We seem to keep talking about a slow-down of the market but I guess that's not happening anytime soon?
"This is from May, but it sure seems to indicate the market six months later isn't slowing down"...
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  #984  
Old Posted Nov 24, 2018, 10:32 PM
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Originally Posted by LouisVanDerWright View Post
"This is from May, but it sure seems to indicate the market six months later isn't slowing down"...
So? If sales were going well back then it's still a good sign. I'd imagine six months isn't *that* long for the market to be drastically different in most cases.
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  #985  
Old Posted Dec 13, 2018, 9:28 PM
Suiram Suiram is offline
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That article was only referencing Q4'17 and Q1 2018 data. What I was saying was that knowing Vista reached ~45-50% sold and subtracting those units from the luxury condo sales announced for this year, seemed to imply very few 1000M units. So that was based on Q2/Q3 2018.

Thats also me doing suspect math based on a single public number.

That article linked sounds quite a lot like an advertorial you'd see in Asia paid for by a developer, potentially one worried about losing sales momentum.

My, maybe, irrational fear is that there is a very finite market for luxury condos on South Michigan and they are not getting any new buyers after winning the hearts of the early adopters in that niche market.

To put it another way. Lets reasonably assume they need at a minimum 30% of units sold to break ground, maybe 40%. So they need 96 to 128 sales. If they got 40 through Q'18 and continued that pace into the summer (assume summer is high season for pre-sales just like everything else? Maybe not...), you'd expect them to have already passed 90-100 units under contract. And considering the importance of that, I would have expected them to make some announcement more recently about ground breaking or confirming sales.

Vista is always very eager to tell you their sales % because they are happy with it. Its 43% or its up to 47% sold whatever. The silence from 1000M and the extrapolation of their early pace is worrying.
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  #986  
Old Posted Dec 13, 2018, 10:31 PM
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Originally Posted by Suiram View Post
That article was only referencing Q4'17 and Q1 2018 data. What I was saying was that knowing Vista reached ~45-50% sold and subtracting those units from the luxury condo sales announced for this year, seemed to imply very few 1000M units. So that was based on Q2/Q3 2018.

Thats also me doing suspect math based on a single public number.

That article linked sounds quite a lot like an advertorial you'd see in Asia paid for by a developer, potentially one worried about losing sales momentum.
Oh okay, and yea could be

Quote:
My, maybe, irrational fear is that there is a very finite market for luxury condos on South Michigan and they are not getting any new buyers after winning the hearts of the early adopters in that niche market.
You'd think rich people would want to be closer to the park than anywhere else?

Quote:
To put it another way. Lets reasonably assume they need at a minimum 30% of units sold to break ground, maybe 40%. So they need 96 to 128 sales. If they got 40 through Q'18 and continued that pace into the summer (assume summer is high season for pre-sales just like everything else? Maybe not...), you'd expect them to have already passed 90-100 units under contract. And considering the importance of that, I would have expected them to make some announcement more recently about ground breaking or confirming sales.

Vista is always very eager to tell you their sales % because they are happy with it. Its 43% or its up to 47% sold whatever. The silence from 1000M and the extrapolation of their early pace is worrying.
Yea, it could be they are just more discreet about it. Last we heard groundbreaking was next month but of course things could change.

I guess if the condo market in this area is that weak then NEMA's twin/second tower has no chance this cycle
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  #987  
Old Posted Dec 13, 2018, 10:47 PM
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Quote:
Originally Posted by Suiram View Post

That article linked sounds quite a lot like an advertorial you'd see in Asia paid for by a developer, potentially one worried about losing sales momentum.
This is what I have perceived as well. We have seen, what, two articles that mention sales? Both read as PR pieces meant to paint a positive picture but lacked anything in terms of concrete numbers.

Matter of fact, if you go to the contact us section of the unique homes website, the site the most recent puff piece came from, you can see that the editorials on their website are noting more than an ad buy.

From their media kit, the website:
Quote:
offers a content-rich environment in which top agents can effectively promote both their listings and themselves
This whole development has seemed rather doomed from the outset

Last edited by jc5680; Dec 13, 2018 at 11:13 PM.
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  #988  
Old Posted Dec 13, 2018, 11:01 PM
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You guys are probably right, I just wanted to convince myself that this thing had a chance.

I guess it's better to be cynical than have false hope, but we have plenty go good stuff going on so whatever
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  #989  
Old Posted Dec 14, 2018, 3:18 PM
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I would rather wait for a better design, and more height.
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  #990  
Old Posted Dec 15, 2018, 12:19 AM
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Not mad either. Hope we get a better design in the next cycle with the same height.
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  #991  
Old Posted Dec 15, 2018, 2:10 AM
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Hi everyone - first post here .

I saw a new 1000M ad targeting Chinese buyers saying the building will start construction next spring and complete between 2021 and 2022. Not sure how reliable this info is but just thought to throw it out there.
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  #992  
Old Posted Dec 15, 2018, 2:19 AM
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Originally Posted by jyx View Post
Hi everyone - first post here .

I saw a new 1000M ad targeting Chinese buyers saying the building will start construction next spring and complete between 2021 and 2022. Not sure how reliable this info is but just thought to throw it out there.
Yeah, I know I've seen a lot of people talking about the start date for this, and the only date I've heard is Q1 of 2019, so a spring start is feasible if that ends up being March. That timeline has been pretty consistent for the last year I think. We'll know pretty soon I guess
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  #993  
Old Posted Dec 15, 2018, 2:42 PM
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Why are people here making negative assumptions about sales?

Too much assuming around here, which gets us nowhere.
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  #994  
Old Posted Dec 15, 2018, 5:04 PM
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Originally Posted by the urban politician View Post
Why are people here making negative assumptions about sales?

Too much assuming around here, which gets us nowhere.
Yea, people have the idea this (from the article I posted) was fake, which it could be I guess, but doesn't seem like something to lie about.

And again, I don't know why Grant park adjacent wouldn't be the most desirable area of the city.


Quote:
1000M’s sales are more than double the next fastest-selling development, the 94-story Vista Tower, and represent approximately 34 percent of all development sales downtown. The figures are based on data from two sources: Midwest Real Estate Data, LLC, which operates the Chicagoland Multiple Listing Service, and the 4Q17 Downtown Chicago Condo Report compiled by Intregra Realty Resources.
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  #995  
Old Posted Dec 18, 2018, 5:59 AM
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Last edited by Loopy; Jun 21, 2021 at 3:54 AM.
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  #996  
Old Posted Dec 18, 2018, 4:11 PM
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Originally Posted by Zapatan View Post

And again, I don't know why Grant park adjacent wouldn't be the most desirable area of the city.
I can't really think of any reasons why Grant Park adjacent housing would be the most desirable area of the city.
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  #997  
Old Posted Dec 18, 2018, 5:30 PM
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Originally Posted by the urban politician View Post
Why are people here making negative assumptions about sales?

Too much assuming around here, which gets us nowhere.
I don't really see much in the way of negative assumptions being made. If anything there were too many of the rah rah comments based off misleading information.

There hasn't been much in the way of anything reported since the initial marketing push for this building. What has come out has been in the form of PR pieces trying to paint a specific picture. Had those pieces existed along side anything remotely credible, then sure maybe the outlook is good. But in the absence of it, you should probably be a little skeptical at this point.

For a building that is allegedly supposed to start in the next 3 months we are pretty far into they typical window where we hear whispers about financing or Crains gets some sort of more complete scoop. But there is nothing.
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  #998  
Old Posted Dec 19, 2018, 5:14 AM
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Originally Posted by Loopy View Post
I lived one block from this site for 18 years. The location may be desirable to some but I finally fled from frustration.

The park is lovely and proximity to the lake shore (trail) and loop is great, but unfortunately, the Mayors office has decided that this area shall be a full-time staging area for public events.

Public events are great, I understand. But try living with every weekend (your time off) with Celtic Festival, Country Festival, Blues Festival, Gospel Festival, Taste of Chicago, Lolapalooza (five band stages playing simultaneously for 4 days), Chicago Bears at Soldier Field, Concerts at Charter One Pavilion, Run for the This, Run for the That, Chicago Marathon etc.

For most of you, every day in your neighborhood, you can walk out of your door and see someone one you know. It may not be a friend, but just a neighborhood person you see every day.

In the South Loop you will not have this experience. Everybody you encounter is someone that is there for some event, meeting someone for dinner, or otherwise not a neighbor.

No other downtown neighborhood in Chicago has this dynamic, except for possibly River North.

It was fun for a few years, but I couldn't take it in the end.

For absentee investors in 1000 S. Michigan, none of these issues will be a problem. But for anybody who actually wants to live there, good luck.
I've dealt with the exact same festivals and traffic as well, and I have no complaints about it at all. Quite the opposite really... I guess I could see it growing tiresome for senior citizens since they just lack the energy to keep up with so many festivals and events, but for me it's the perfect location. The energy of it all, just being in the center of what is the highlight of someone's month or even year and having that be an ordinary thing is just fantastic.

Not sure how you could compare it to River North which is just a giant club and pricey restaurant/bar scene. Apples to oranges... hell, apples to skateboards.

I would imagine that the people ages 35-50 buying there will more than likely love the place.
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  #999  
Old Posted Dec 20, 2018, 4:46 AM
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Last edited by Loopy; Jun 21, 2021 at 3:52 AM.
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  #1000  
Old Posted Dec 25, 2018, 1:09 AM
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Looking at Jahn's website and at some renderings. Found this one. Wow! Will it really dominate the skyline like this?? I know its a similar height to 1BP and that towers over Streeterville, which already has its fair share of 500+ footers. And I knew this one was a big boy, so this feels right, but god damn. Makes me want this one waaaaay more.

Screen Shot 2018-12-24 at 8.06.17 PM by Andrew W, on Flickr
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