Quote of the day: Kinney takes Spire's sales appointments with a grain of salt

“In this market, for the Spire to get several hundred contracts to move ahead with construction will be difficult. If they introduce 600 units priced at $2 million or more, that’s a 7 1/2-year supply for the downtown Chicago luxury market. People who buy new have the patience to wait one to three years for a unit, and they’re holding back to see how the economy and job market sort out.”

James M. Kinney, president of Rubloff Residential Properties, offers his spin on Chicago’s luxury housing market as Shelbourne Development opens The Chicago Spire’s sales center.

The Spire’s 1,194 condominiums go on sale today, with most units priced at $750,000 to $15 million. (No word in the latest report on whether Shelbourne and Savills will seek $40 million for the Spire’s duplex penthouses.)

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