Chicago Condos Reach New Heights – Literally

The official sales program has begun for what will be the tallest residential and environmentally sound building in the world.  There has been a lot of buzz around these new luxury Chicago condos and the global marketing campaign will include a road show hitting major cities across the world.  The project is of course called The Chicago Spire and has one of the most unique designs created by architect Santiago Calatrava. 

The tower reaches 2,000 feet into the Chicago skyline and has the appearance of a futuristic drill bit.  The amazing Chicago condos are scheduled to be completed in 2011,  The Spire will have 1,194 new condos all with unique floor plans ranging from 500 square feet to well over 10,000 square feet.  The building will also have 52,000 square feet of amenity space including retail space, business facilities, and a children’s playroom!  The condos will start at $750,000 and go to $40,000,000 for the largest two-story penthouse.  Chicago condos have been continuing to sell quite well considering the national housing market statistics.  The absorption rates are still healthy and new developments are moving forward.  The market is expected to have corrected by 2011 but pre-sales are always the most challenging part of the sales cycle in a down market.  Like New York, Chicago is a city that attracts buyers and investors from around the world and is really the original birth place to the sky-scraper.  The global marketing campaign will be crucial in attracting buyers  for pre-sales. 

The fact that this will be the tallest residential building in the world is a marketing campaign all in itself and wealthy buyers will want to own there simply to be a part of this phenomenon.  These are by no means inexpensive homes and I doubt that there will be too much speculation and investment from the non-savvy types.  People buying these Chicago condos will be buying to live there or keep as a legitimate second home.  It will be interesting to see how quickly the condos are absorbed and how effective the road campaign will be for the pre-sale effort!