G-L-A-S—H-A-U-S…I can hear that jingle from the radio…

I have bought into the Glas Haus unit and they have adjusted the timetable out to Spring of 09'. I also heard that one of the partners at Piedmont has also bought a penthouse unit here so he is taking his time in awarding winning bids to retail shops (hopefully not another starbucks).

Does anyone know the current amount of units sold?

John:

We haven't had the best of luck getting the developer or the marketing team to give up such numbers, but we'll keep trying.

The most we've gotten from them in the past few months were these price points and projections for spring '09 deliveries. I haven't been past the construction site in a couple of months, but the last time I was there, it pretty much looked like the picture above.

101 units sold since 7/10/2008.

Has anyone been able to get their deposit back?

I also bought into GlasHaus and asked about a refund today. No luck of course. I walk by the site everyday and its just a big hole in the ground. Does anyone have any reliable info on whats going on with this project? With the financial markets in ruins as they seem to be today were they able to get a construction loan?

Don't you have to be at least 50% sold to get a construction loan? They are at less than 35% sold. They have had my money since 4/07. I am supposed to be moved in this winter. I walk by all the time…now there are weeds growing in the dirt that's been moved. Is this even going to be built???

Barbara,

A pre-sale requirement is not mandatory and, if there is one, the requirements vary widely.

Will this be built? We don't know, but at least one (competing) developer has told us it's not going to happen in the near future.

Is anyone interested in meeting up in a group and going to the developer for some answers? I'm a little concerned about it taking this long and would prefer to get a refund if there will be no activity in the near future. It's been close to two years for me…If so, please email me at mrmanishs@gmail.com.

We spoke to the sales office a month ago & informed us there was not a construction loan just yet. We were assured all materials (glass & steel) were ordered & ready to have "an aggressive building schedule" as soon as the loan was approved. We were also told to expect a winter 2009 delivery.

Would love to hear updates from all you who are in the area. I'll be sure to check this posting.

I live in the area, and in fact, have a direct view to the ground where construction is to take place. I can tell you that as of this morning, when I left for work, NO work was done, and weeds are growing in.

I agree… I would rather get my money back as well. I read this morning the St. Clair project was scrapped and the land was sold off. Not a good time right now for condo developers.

All,

One person has contacted me that has a contract with Glashaus. We are going to work together through options. If other folks are interested in working together with us to see if we can do something and/or get some answers, please get a hold of me at mrmanishs@gmail.com.

Thanks.

Manish

An update… two people have contacted me about trying to get out of Glashaus contract with no success, given the unknownness of the project…. please contact me at mrmanishs@gmail.com if you are interested in joining us about discussing options.

Looks like the project is postponing delivery until 2010 based upon the "Chicago real estate market". One of the @Properties sales managers said that there will be an official letter sent to all purchasers this week or next. Looks like my attorney will be getting a call soon…

All,

I met up with two other folks last night and we're trying some routes. If you would be interested in helping/being a part of this, please let me know.

My email is mrmanishs@gmail.com.

Thanks.

Manish

Manish -

What are you really trying to accomplish? At this point in the process I would advise that you contact your attorney if you are looking to get out of your contract. I'm not sure banning together with torch in hand knocking at the developers door is the way to go.

One more person has emailed me to work with us.

Luke: All of us have tried the attorney route, but the contract is airtight with no real timing or channel to get our downpayment back. Let me know if you are interested in working with us. We want to try different routes to see if we can do something about this unethical situation.

Manish

I'm working with my lawyer to get my deposit back.

This has been a terrible experience for me purchasing my first property.

Manish, I think we're all on the same boat. I don't know what else we can do on top of what our lawyers are already working on, but I'm willing to help. (sent you an email)

The move by the Piedmont Group on this one was a smart business decision for all. Timing is a little off for those betting on moving in 09', but take a look at X/O who keep adjusting their delivery date as much as they have been adjusting prices. Be patient GlasHaus owners. You're not losing money on this one. Mortgage market is a nightmare and 2010 is not that far off.

1. Contract - this is why any normal Real Estate
attorney would always recommend a clause on
timing. Don't buy their BS, they can't hold it
indefinately, especially if they promoted
delivery dates - a good attorney will get you
out of it.

I have heard buyers that forced Enterprise to
refund money for their unit price because the
unit did not appraise out to the contract
price, and threatened to walk away. Guess
what, they got the money.

2. Luke, you seem to be missing something.
The market is far worse than people realize
and we have yet to get into the 2ndary and
tertiary effects of jobs, new administration,
etc. Predicting 2010 turnaround is
rediculous; not only will projects like this
and X/O not get built, but it will be
interesting if these developers don't go
bankrupt.

Name another project like X/O, which 'claims'
to be over 50-60% sold, yet can't start
construction, nor has not reported
contruction financing? This does not seem
to stop Enterprise or other developers.
Please, this smells awfully fishy to me, and
makes me wonder how real the numbers are, and
how many are primary investors who expect to
be paid when the construction loan is
approved. When those guys start squaking,
look out.

If a guy like trump is having problems with
a far superior project, I am calling BS on
projects like X/O getting started by 2012, if
ever.

Jeff -

Most of the enterprise projects kicked off before the mortgage financial market started to turn. Plus, it seems that the Trump project is having issues due to poor project planning and resource constraints. I can't speak upon any developers going bankrupt, those are harsh words. I did do some research on Piedmont and they seemed pretty legit on delivering their previous properties to date. Unless you have any inside info that negates those assumptions, there is no tangible facts to point me in the wrong direction.

I looked into purchasing a unit @ 1400 Museum Park and very happy I did not. Looks they are having trouble with their water main that caused considerable floods in many of the units. My fiend is having a hellish time trying to recomp damages from the flood and tells me stories that just make me cringe.

As far as X/O is concerned, I don't think this dump will ever be built. You can only dangle the carrot in front of people so long before the smoke clears and reality sets in. I am optimistic about GlasHaus though. The cats from Piedmont seem pretty savy about this game, unless you know otherwise about them…

All,

So there are 7 of us up to date working together. We have made some in-roads (Especially with city officials, which are frowning upon this situation) and do hope that our path we are on does give results. If anyone else is interested, please email me at mrmanishs@gmail.com

I don't think any of us believe GlasHaus will be unsuccessful, however, at least 4-5 years of holding down payments is a long time. It's opportunity costs lost with such high amounts of our hard earned personal income locked up.

Manish

Manish -

Don't know who your real estate lawyer is, but the way my contract was written, I am able to get my down payment back if I choose to walk. I wouldn't have signed it otherwise. Are you a lawyer looking for clients? Sure sounds like it…

Luke,

Has your attorney asked the builder for down payment back, or is this through just his review? If he is able to get the downpayment back, please send me his information, because I am sure we would like to approach him with our situation. The rest of our attorneys that looked at the situation were unable to work the developer into getting our funds back.

I am not an attorney, but do hold a contract for GlasHaus.

Manish

Ive met with Manish … he definitely does not have alterior motives …He is just looking for a way out of the deal same as many of us. I have no interest in a property that may or may not be ready by 2010… there are many better deals out there to be had for someone looking to purchase real estate. It just seems unlikely to me that this project will get off the ground given the fact that only 30 percent of the units are under contract.