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If you wanted to live above the 50th floor in a US city where else would you look except Manhattan? Only Chicago comes close although the choices are fewer than in NY.
I'm a big fan of really tall condos, like more than 50 stories. And so I'm really disappointed that a great city like NYC doesn't build more of these. Almost every condo that has gone up in the last several years is either a conversion or a low-mid rise building. A lot of this is due to stupid NIMBY regulations and zoning restrictions. They're really hurting the city. Places like Dubai, Hong Kong, and Chicago, are erecting SICK condo buildings.
The cost to buy the land, assuming you can get your hands on it, and build new construction in Manhattan is around 1k per square foot. That's a major damper on new construction. Not to mention labor is getting more expensive with the building boom.
Maybe because Chicago's skyline is smaller. Because of NYC's height and density, they blend in more in NYC and stick out more in Chicago so the high rise construction in Chicago is easier to notice.
NYC's is far more expensive because NYC is more desirable and contains much more domestic wealth and international money pouring in than any other city in the country. International money is one of the things driving NYC to new heights. In comparison, the median price of a luxury condominium in Manhattan is $6,360,000 and in around $400,377 in Chicago. The average price for a normal apartment in Manhattan is $1,800,000 and $224,562 in Chicago.
400 grand for a "luxury condo" in Chicago? LOL Where at in Chicago? Not in any 'chic' neighborhoods or on the 'Gold Coast' they ain't. If so, I think they'd call it the 'Bronze Coast'. You can say that the realestate in Chicago is half of what it is NYC. But I'm really talking about the outerboroughs and Chicago's outlying neighborborhoods. Trump will be charging, what, somewhere around 12 or 13 hundred per sq ft in his new Chicago building. You actually think people would pay 6 or 7 times the going rate per sq ft, just cause 'Trump' build it?
If you think that Chicago's "luxury condo's" in the chic downtown areas, are only going for 200 a sq ft, you're badly mistaken. Those kind of prices would be hard to find in ANY DOWNTOWN area in ANY MAJOR city in the US (I know prices are dropping as we speak though). I've looked at condos in outlying areas in Chicago. BELIEVE ME, they ain't as cheap as you think they are.
The lower end ones, for the most part, are 'CONVERSIONS'. You know, old apt buildings turned into condos. They do mostly, run new duck work for central air, and add all kinds of EYE CANDY (granite counter tops, etc.) But for 225 grand, you ain't getting a big condo, certainly not in a 'chic' neighborhood. An 'CONVERSIONS' to me, are nothing but a glorified apts. The floors will creak, no privacy in regards to noise from other apts thru the walls, etc.
I believe the average price per sq ft in Manhhattan is somewhere around $1500 (maybe a little more, maybe a little less). Atleast when I look at condos in Mannhattan on the computer that's what they average. Chicago is lower, but not 8 times lower like you are thinking it is. Condos in nice East End neighborhoods in Pittsburgh go for more than that. $225 grand, and "luxury", I don't think can be had ANY cities anymore. Unless you consider 'granite counter tops' the definition of "luxury".
I wish that was true though. Hey, making 80 grand in Chicago, and you could live like a KING if that were the case. I've lived there for yrs and I know different. Sorry, not true..........
400 grand for a "luxury condo" in Chicago? LOL Where at in Chicago? Not in any 'chic' neighborhoods or on the 'Gold Coast' they ain't. If so, I think they'd call it the 'Bronze Coast'. You can say that the realestate in Chicago is half of what it is NYC. But I'm really talking about the outerboroughs and Chicago's outlying neighborborhoods. Trump will be charging, what, somewhere around 12 or 13 hundred per sq ft in his new Chicago building. You actually think people would pay 6 or 7 times the going rate per sq ft, just cause 'Trump' build it?
If you think that Chicago's "luxury condo's" in the chic downtown areas, are only going for 200 a sq ft, you're badly mistaken. Those kind of prices would be hard to find in ANY DOWNTOWN area in ANY MAJOR city in the US (I know prices are dropping as we speak though). I've looked at condos in outlying areas in Chicago. BELIEVE ME, they ain't as cheap as you think they are.
The lower end ones, for the most part, are 'CONVERSIONS'. You know, old apt buildings turned into condos. They do mostly, run new duck work for central air, and add all kinds of EYE CANDY (granite counter tops, etc.) But for 225 grand, you ain't getting a big condo, certainly not in a 'chic' neighborhood. An 'CONVERSIONS' to me, are nothing but a glorified apts. The floors will creak, no privacy in regards to noise from other apts thru the walls, etc.
I believe the average price per sq ft in Manhhattan is somewhere around $1500 (maybe a little more, maybe a little less). Atleast when I look at condos in Mannhattan on the computer that's what they average. Chicago is lower, but not 8 times lower like you are thinking it is. Condos in nice East End neighborhoods in Pittsburgh go for more than that. $225 grand, and "luxury", I don't think can be had ANY cities anymore. Unless you consider 'granite counter tops' the definition of "luxury".
I wish that was true though. Hey, making 80 grand in Chicago, and you could live like a KING if that were the case. I've lived there for yrs and I know different. Sorry, not true..........
Trump Towers Chicago sells for approximately $1,000 per square foot which is on par with luxury condos in Brooklyn or Queens.
Trump Chicago is having a hard time selling units because the luxury market in Chicago is small.
I'd rather live in a brownstone than a skyscraper any day. Skyscrapers are nice to look out during your work hours but they have no class or personality. Move to Tokyo, NYC is fine as is.
Trump Towers Chicago sells for approximately $1,000 per square foot which is on par with luxury condos in Brooklyn or Queens.
Trump Chicago is having a hard time selling units because the luxury market in Chicago is small.
1300 a sq ft is what they were. Now, if the market is down, it's down. But he was getting $1300 hundred a sq ft. In fact he got into a little bit of a 'jackpot' by selling it to friends who got an 'insider deal' for 500 sq ft. They had an article in the Chicago Sun Times about it.
"Luxury condos" where in Queens or Brooklyn? Are you talking Jamica, Queens or East NY, Brooklyn are getting $1000 per sq ft? NYC'ers do this ALL the time. You try and compare an outlying neighborhood in Chicago to Mannhattan or some neighborhood REAL close.
$1500 per sq ft in Mannhattan is the going rate (which I'm sure that's going to drop too).You say they Trump is having trouble moving them luxury condos? Where in America isn't the real estate market slow at this exact moment? The one poster said that the "luxury condos in Chicago only sold for 400 grand". If that was the case, how could the "luxury market in Chicago be "SMALL" as you put it? That cheap, there would be a HUGE MARKET!
And how much do you think his penthouse units will sell for? Or the Spire's? (if it even gets built now with the down turn in the economy) They're suppose to be around $40 million. Studios are starting out at $750 grand.
Some people who posted here, are really out of touch in regards to what the real estate goes for in Chicago. If it was as 'cheap' as some of you think, most of Chicago's population would be living in "luxury. Regardless of what you think about Chicago. It is the 3rd largest CITY in the US, and real estate prices reflect that. Not saying they are Cali prices or NYC's, but they ain't all that far from it in alot of areas.
I'm a big fan of really tall condos, like more than 50 stories. And so I'm really disappointed that a great city like NYC doesn't build more of these. Almost every condo that has gone up in the last several years is either a conversion or a low-mid rise building. A lot of this is due to stupid NIMBY regulations and zoning restrictions. They're really hurting the city. Places like Dubai, Hong Kong, and Chicago, are erecting SICK condo buildings.
what??!! lol.. ur crazy. this city is already overly congested and just tapped out. U want more tall condo's. YAY lets shove another .5 million people in small box. lol.
Id rather they get rid of half the taxi cabs, build taller garage buildings, hit the reset button on real estate price and run the subways back to back. Every minute one arrives. lol. wishful thinking.
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