CHICAGO SPIRE - Ultra-Luxury Condo Project On The Lake - Crosses 30% Sold Benchmark!
BREAKING SALES THRESHOLD INDICATES AMBITIOUS PROJECT LIKELY TO GO AHEAD! 
Situated near the Chicago Lakefront, Navy Pier, and the trend-setting, forty-year old Lake Point Tower Condominium, The Chicago Spire will feature 1,194 high-end units, many featuring panoramic Lake Michigan and Skyline Views. Price tags range from $750,000 for a low-floor studio unit, to $40 Million for the highest-priced penthouse unit. Target completion date: 2012.
The best way to describe the appearance of The Spire - picture a twisted drill bit, standing on its base, and rising nearly 2,000 feet - 150 stories - into the air. The building has been designed by noted Spanish architect Santiago Calatrava. (This Artist's rendering appears on Wikipedia.com).
This week, Project Developer Ireland-based Shelbourne Group announced that 352 units have been sold, to buyers from all over the world. Purchasers have actually placed contracts on the units - not simply "Letters of Interest." A 15% minimum pre-construction deposit - a high deposit for luxury condo purchases - was required. Actual construction of the project has yet to begin in earnest.
According to industry analyist Steven Hovany, of Strategy Planning Associates, Inc., passing the 30%-sold benchmark increases the chances the building will obtain the necessary financing. In today's comparatively sluggish Chicago Real Estate Market, however, those offering construction financing may require a higher units sold percentage.
One of the buyers in the new project is James Weber, co-owner of the Arizona Diamondbacks MLB Team, and a part-time resident of Chicago. Currently living in the nearby Streeterville Neighborhood, Weber paid over $1.5 Million for his 10th floor, 2 Bedroom/2 Bath unit - with a Chicago Skyline and partial Lake Michigan view. "You will never tire of that view!" says Weber.
To date, buyers in The Chicago Spire are about equally split between U.S. residents and affluent international buyers. The weakness of the U.S. Dollar compared to international currencies make these condos a comparative bargain for those living abroad.
For more information, as well as a video animating construction of The Chicago Spire, see Robert Manor's story in today's Chicago Tribune. Review the project history via its posting on Wikipedia.com.
DEAN MOSS & DEAN'S TEAM CHICAGO
