chicago-condos Dave on 30 Jun 2008 12:09 pm

Chicago Spire expands incentives

The sales team of the Chicago Spire has come up with some not-so-new and not-so-innovative ways to sell condominiums in the ultra luxurious tower.  The development by Garrett Kelleher is now offering a guaranteed return to investors who buy a unit in the landmark building.

The deal being offered to investors is basically a guarantee that they will receive a 7.5 percent return in rental income for the first two years.  This, sales representatives hope, will calm some nerves that have seen the condo market fall apart in many popular cities such as Miami.  The deal is only being offered to buyers of the smallest units.

The developer has already sold more than 350 units in the building.  This represents 30 percent of the 1,193 units available.  Prices for these condominiums start at $750,000.  Units are being marketed heavily by the sales team to foreign buyers.  The team has traveled extensively throughout Asia marketing the project and bringing Chicago onto the international scene.

The 2,000-foot tower will be home to the most expensive real estate in the city, with the most expensive penthouse unit priced at $40 million.  However, the buyer will almost certainly enjoy incredible views for decades to come, as this tower will rise far above other Chicago Condo Developments in downtown.

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