Comments ( 8 )

• […] Changes from Condo to Rental August 7, 2009 at 12:30 pm | In 1 | Leave a Comment Just checked Yo Chicago and got the […]

• […] checked Yo Chicago and got the […]

• This is great to finally get confirmation on, but I still cannot understand how this move makes sense. How do you make a better profit when the first year you are unlikely to get more than 20% rented? At least the prices are not insane. Isn’t Burnham Pointe still very well under rented?

• Andy,

  Having been there I can tell you that when the choice is “no income” or “some income” you choose the latter.

• Joe- thanks for the up-to-the-minute post and info.

  The aftershocks of this are going to be felt primarily by South Loop investors who currently rent out their properties. The growing student population may still help, but will it be enough to offset this continued influx of rental inventory?

  http://www.chitowndailynews.org/Chicago_news/Students_downtown_climb_25_percent_in_last_five_years,28349

• If I was a condo investor, I would be jumping for joy hearing that I was getting my money back.

  This place would have had vacant units for another 5 years at the prices the investors were locked in at.

  This is a great time for them to find something else, at a better price. This place has some long term potential, if the retail turns out.

  Can’t wait for the theater!

• Andy,
  This way they can at least get the retailers on board…

  The finishes are condo-quality and with the easy retail access, buildings like Amli 900 are going to have to fight to keep a full building.

• thecondoist,

  What “easy retail access” are we talking about here? If it’s retail at the RC, this year’s tenants won’t get to see it until they renew their leases, if then.

  Crain’s is quoting one of Centrum’s partners to the effect that the retail won’t open until late 2010.

  Centrum, in what strikes me as a blatantly dishonest fashion, is touting the retail as if it exists today.