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Residents of the 398-unit conversion at 1400 Lake Shore Drive recently got a new 2,700-square-foot fitness center, according to Karen Goodman Cable, vice president of marketing for RDM Development.
RDM is investing approximately $500,000 in the center, with nearly $100,000 of that going to equipment such as free weights, elliptical trainers, treadmills and weight machines. There will also be six plasma screen televisions. These improvements “bring the building into the 21st Century,” Goodman Cable says.
The Hooper & Janusch-designed building was constructed in 1927 and has 22 stories. It is also on the National Register of Historic Places.
The condos at 1400 Lake Shore Drive are nearly 65 percent sold, according to Goodman Cable. The residences range from studios to three-bedrooms, and prices start in the $140s.
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{ 12 comments }
Now all they need are some sales. Look at the floorplans on their website. It will tell you all you need to know about why people aren’t buying in this building and why the sales slowdown here started way before the market downturn as a whole.
Well, Jane, the VP of Marketing says they’re 65% sold. That translates to over 250 units. Do you know something she doesn’t?
These generalizations are tiresome. Tell us exactly when the “sales slowdown here” started and when “the market downturn as a whole” started.
I’m guessing you’re making this up as you go along. Show me that I’m wrong with some hard numbers. You do have them, don’t you?
Numbers have been all over the news since about October 2006. Even in the real estate friendly Tribune. If you want to see some, take a look at this site: thehousingbubbleblog.com. Look at the articles they link to, and search for some on Chicago. Even better, talk to some people trying to sell their homes right now, and see what they say about this “hot” market. That will tell you more than you’ll find out by looking at averages and statistical data extracts.
As to the number of units sold in this disaster of a project, it would be impressive if they hadn’t been trying to sell them for over 2 years now. I rent right down the street from this place; I’ve seen their For Sale banners that are so old and worn out from one open house after another. At their prices for this location, the units would have sold in an instant if they were any good.
Jane,
As I suspected, you have no facts to back up what you said.
I’d look to The Onion for facts before I’d look to thehousingbubbleblog.
I don’t expect you to assign much credibility to a blog that talks about something you clearly deny. But the articles they link to are real.
Jane,
I’ve never denied the reality of recent distortions in the housing market or the possibility that they’ve risen to “bubble” level in some locales..
I’ve repeatedly questioned the wild-eyed unsupported claims that people have made. That doesn’t make me a denier in any real eense of the word.
Jane, save your time. Joe is a realtor. He has a vested interest in real estate prices going up and buyers returning to the market.
Reading the housingbubbleblog was one of a couple of influential factors in my decision NOT to buy a house two years ago. You could say that it saved me untold thousands of dollars – no real estate agent has ever done that for me.
Those “wild-eyed unsupported claims” don’t seem so incredible now that the real, live statistical data (S&P Case-Shiller) shows house valuations declining across the entire country.
If the issue were limited to “‘bubble’ levels in some locales”, why would the declines (and resulting financial-sector fall-out) be so broad-based? Yet you still think the claims are “unsupported”???
Here, have some more kool-aid.
Yup, it’s the same everywhere. You question a realtor and they say “Show me the facts.” Be careful – they never have any facts themselves, that’s why they want yours.
Sigh.
Yet more evidence of the crying need for remedial reading programs.
Here’s one simple fact, not that facts matter to you: I’m not a Realtor.
OK, real estate developer, same disease…
Joe Zekas works at adding to his used-to-be’s: dirt-poor Pennsylvania coal-town kid, shortest in class through 8th grade, New Jerseyan, hitch-hiker, motorcyclist, statistical typist, library clerk, delivery boy, classical scholar wannabe, gas station attendant, tuxedo salesman, psychiatric aide, social worker, civil rights activist, draft-dodger, gun-toting truck driver (Brinks), bartender, temp secretary, Lucey’s Raider, Wisconsinite, large-firm attorney, real estate developer, condo converter, tax shelter syndicator, multi-level marketer, married person, newspaper publisher, money-losing tech gadfly, software developer to name a few.
Joe is Chairman of Data Based Ads and dabbles in YoChicago.
Lost in Utah,
I was a real estate developer more than 20 years ago. You’re 2 for 2 at seeming a fool.
I’d suggest you read the thread.
The commenter was simply making up numbers about the sales pace at a particular project.
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