Jan 14, 2008 6:29 pm US/Central
Chicago Spire Condos Put On Sale Monday
CHICAGO (CBS) ―
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Shelbourne Development / Santiago Calatrava
Developers of the Chicago Spire, put the ultra-luxury condos on sale Monday. Bargain hunters need not take a look. CBS 2's Derrick Blakley reports on the sky-high building with sky high prices to match.
Walking into the sales office for the Chicago Spire is like stepping into a modern art museum. In the lobby, a large egg with white doves rest on a blue background, created by architect Santiago Calatrava. Elsewhere, Calatrava's sculpted door handles rest -- emphasizing people are at the heart of architecture, while other handles in the lobby are molded from his own grip. The theory: that wealthy buyers will be eager to purchase the art within Calatrava's architecture.
"We've had a tremendous amount of interest from people around the world who want to live in a Santiago Calatrava building," Laura Sherman of the Shelburne Development Group.
At 2,000 feet, the Spire will be the world's tallest residential building and Chicago's most expensive, with units priced from $750,000 to $15 million each -- prices that clearly trump Trump Tower.
"For the high end market, really this is a choice that's compelling for people and financially people are in a position to commit to a purchase," Sherman said.
Most Chicago luxury condos are priced at $750 to $1,000 a square-foot. Trump Tower checks in at $1,100 a square-foot. But the Spire is costlier still at $1,400 for every precious square-foot.
"They're taking the a global perspective on this, thinking their market is much bigger than Chicago, and frankly with 1,200 units, their market needs to be bigger than Chicago," said Gail Lissner of Appraisal Research Counselors.
The fact is, even though the Spire is still just a hole in the ground, no one's ever tried to sell Chicago condos at those price levels, especially in a depressed real estate market which makes it not just a huge building, but a huge gamble.
"It's in uncharted waters at this point," Lissner said.
The Spire plans to allow move ins in 2012. The developers say 600 appointments are on the books for lookers at the sales center; they then take the Spire on tour around the world.
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