CHICAGO | Highrise Projects & Construction, v7 - Page 512

KWillChicago · #**10221** Posted **Jan 16, 2018, 1:44 PM**

Quote:

Originally Posted by marothisu

60th and Woodlawn is great. Hope it turns out well.

Source:
https://chicago.curbed.com/2017/5/11...benstein-forum

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Why cant the Obama library go for somthing more like this?

Jibba · #**10222** Posted **Jan 16, 2018, 3:20 PM**

Quote:

Originally Posted by KWillChicago

Why cant the Obama library go for somthing more like this?

Because that's aspiring to be a part of the zeitgeist, and a Presidential library should be a monument to a legacy.

10023 · #**10223** Posted **Jan 16, 2018, 4:17 PM**

Quote:

Originally Posted by Jibba

Because that's aspiring to be a part of the zeitgeist, and a Presidential library should be a monument to a legacy.

That makes no sense. Have you ever seen the Clinton library?

Jibba · #**10224** Posted **Jan 16, 2018, 8:25 PM**

Quote:

Originally Posted by 10023

That makes no sense. Have you ever seen the Clinton library?

Of course it makes sense--it's my opinion. It's shared by many informed persons in the profession, and a realized deviation from it doesn't invalidate its rationale.

A further opinion is that the Clinton library is uninspiring. The obelisk-like form of the Williams Tsien concept for the Obama building is very fitting for its purpose. Some hack, trick box setup doesn't communicate the function of the place (but it sure would be gawked over online for 2 days).

Randomguy34 · #**10225** Posted **Jan 17, 2018, 1:49 AM**

Another condo to rental conversion

Big Lincoln Park condo tower to become rentals

Quote:

The owners of condominiums in a Lincoln Park high-rise are joining the "deconversion" trend, voting narrowly to sell the building for as much as $78 million to a developer that plans to turn it back into a rental property.

Strategic Properties of North America has agreed to buy all 268 units in Kennelly Square, a 22-story tower at 1749 N. Wells St. Owners of 75.8 percent of the condos in the building voted to approve the sale, with 23.2 percent voting against it, according to an email sent out to unit owners.

http://www.chicagobusiness.com/reale...dos-in-lincoln

PKDickman · #**10226** Posted **Jan 17, 2018, 3:52 AM**

Quote:

Originally Posted by Randomguy34

Another condo to rental conversion

Big Lincoln Park condo tower to become rentals

http://www.chicagobusiness.com/reale...dos-in-lincoln

Geez, that's less than $300k a unit.
All the elevators must be broken.

10023 · #**10227** Posted **Jan 17, 2018, 11:16 AM**

Jesus Chicago is cheap.

bgsrand · #**10228** Posted **Jan 17, 2018, 2:29 PM**

Quote:

Originally Posted by 10023

Jesus Chicago is cheap.

They were facing a 35K special assessments for the smaller units. Seems like they got got a hell of a premium considering what the alternative was. Yes, still cheap in relation to other markets.

LouisVanDerWright · #**10229** Posted **Jan 17, 2018, 3:25 PM**

What happens in the event of a condo deconversion to anyone who is underwater on their mortgage at the buyout price? Is that just a case of "too bad, so sad" for the bank and the owner? This type of stuff is exactly why I'll never own a condo, you could be living there, making payments just fine, loving the place, loving the location, and 3/4 of your neighbors decide to sell and you are just SOL. If you don't like the price, too bad. If you are underwater, too bad...

the urban politician · #**10230** Posted **Jan 17, 2018, 3:55 PM**

Quote:

Originally Posted by LouisVanDerWright

What happens in the event of a condo deconversion to anyone who is underwater on their mortgage at the buyout price? Is that just a case of "too bad, so sad" for the bank and the owner? This type of stuff is exactly why I'll never own a condo, you could be living there, making payments just fine, loving the place, loving the location, and 3/4 of your neighbors decide to sell and you are just SOL. If you don't like the price, too bad. If you are underwater, too bad...

Well, if it’s underwater you’re actually lucky!

The bank loses if the condo sells for less than the mortgage, although I guess that is tricky....do the mortgage holders on the condos also have to approve the sale if the sale price is less than the principal? That would be like a short sale. Illinois law must have some way to address that

Steely Dan · #**10231** Posted **Jan 17, 2018, 5:09 PM**

Quote:

Originally Posted by LouisVanDerWright

This type of stuff is exactly why I'll never own a condo, you could be living there, making payments just fine, loving the place, loving the location, and 3/4 of your neighbors decide to sell and you are just SOL.

then just buy a condo in 3-flat. there's no way to get to 3/4 without your consent.

west-town-brad · #**10232** Posted **Jan 17, 2018, 5:15 PM**

Quote:

Originally Posted by LouisVanDerWright

What happens in the event of a condo deconversion to anyone who is underwater on their mortgage at the buyout price? Is that just a case of "too bad, so sad" for the bank and the owner? This type of stuff is exactly why I'll never own a condo, you could be living there, making payments just fine, loving the place, loving the location, and 3/4 of your neighbors decide to sell and you are just SOL. If you don't like the price, too bad. If you are underwater, too bad...

These types of sales involve condo buildings with decades of deferred maintenance with most units owned by accidental landlords who can't screen tenants or maintain their unit.

Vlajos · #**10233** Posted **Jan 17, 2018, 5:31 PM**

Quote:

Originally Posted by 10023

Jesus Chicago is cheap.

It really is. I am constantly amazed at my quality of life here vs. other large US cities. I have a 30 minute train commute downtown and live in a 3000sf+ historically significant home on a double lot. What would that cost in Boston, NYC, SF or LA?

LouisVanDerWright · #**10234** Posted **Jan 17, 2018, 5:57 PM**

Quote:

Originally Posted by west-town-brad

These types of sales involve condo buildings with decades of deferred maintenance with most units owned by accidental landlords who can't screen tenants or maintain their unit.

Not always actually, the River City sale involved a deconversion because it was basically a rental building anyhow since the condo conversion failed in the recession. There were no huge assessments. But regardless, that doesn't mean people aren't underwater and my question is mainly, does that mean anyone caught under water gets a foreclosure? Is it a short sale? What happens to the bank? Are they just SOL?

Quote:

Originally Posted by Steely Dan

then just buy a condo in 3-flat. there's no way to get to 3/4 without your consent.

That's why I just own the whole three flat instead.

Stunnies23 · #**10235** Posted **Jan 17, 2018, 6:10 PM**

Quote:

Originally Posted by LouisVanDerWright

What happens in the event of a condo deconversion to anyone who is underwater on their mortgage at the buyout price? Is that just a case of "too bad, so sad" for the bank and the owner? This type of stuff is exactly why I'll never own a condo, you could be living there, making payments just fine, loving the place, loving the location, and 3/4 of your neighbors decide to sell and you are just SOL. If you don't like the price, too bad. If you are underwater, too bad...

If you’re underwater, it’s likely many of your neighbors are underwater too. In that event, it is doubtful that you’d agree to sell. Something like this happened to the mondial in 2011 when that went from condos to apartments. The few people who actually had bought in the condo were offered to sell it to the apartment company at the price they paid for the unit and were allowed to rent for two years at their monthly mortgage cost. They all agreed to the deal since they were underwater.

SolarWind · #**10236** Posted **Jan 18, 2018, 3:08 AM**

January 16, 2018

SolarWind · #**10237** Posted **Jan 18, 2018, 3:09 AM**

January 16, 2018

Fvn · #**10238** Posted **Jan 18, 2018, 3:41 AM**

Anyone been up to old town park recently? Any signs of a tower crane?

Steely Dan · #**10239** Posted **Jan 18, 2018, 3:01 PM**

all amazon HQ2 discussion has been moved to the chicago economic development thread: http://forum.skyscraperpage.com/showthread.php?t=225033

Stunnies23 · #**10240** Posted **Jan 18, 2018, 6:53 PM**

The tribune plot of land development proposal at Chicago and halsted was approved;

From the Chicago planning and development commission twitter feed
https://mobile.twitter.com/ChicagoDPD

“Commission OKs a four-building plan at 700 W. Chicago. It includes three office buildings and one 330-unit residential building. The project will proceed in four phases. The first phase is set to break ground later this year and will include a 440,000-square-foot office building.”

“When complete, more than 70 percent of the site will be public open space, and all 469 parking spaces will be located underground”