Bad News for one of My

Favorite Condominium Projects

WaterView Tower in Chicago

I absolutely love Chicago except for the cold weather and the property taxes (and all of the taxes for that matter). Chicago is well known for communities.. something that could be improved on for Las Vegas when you ask anybody from Chicago. The most popular Master Planned Community in Las Vegas is developed by a REIT out of Chicago… go figure.

I was very dissapointed to see the latest casualty of the lending fallout hit my e-mail box for things taking place in Chicago that involved one of my favorite new condominium towers being built.. the Waterview Tower. Here is the news story that you can read by clicking here.

The Export-Import Bank has put the financing on hold until the U.S. economy improves and it sees “signs that there is a market for the condominiums,” says Zac Henson, CEO of the U.S. subsidiary of Beijing Construction Engineering Group Ltd., which was arranging the loan.

Ouch. If there is no demand seen for these beauties.. what is there a demand for?

I had the opportunity to visit this condominium sales center right when they broke ground and I’m going to tell you that the sales professionals (and office) was nothing less then top notch. The sales professionals there actually know what high rise condominium living is all about. This was not a sales office geared for tourists that might just be popping in off the street with brains easily saturated with get rich quick schemes… but actual people who have a desire to live there.

OK… I don’t want to say I have brains… but I certainly would have wanted to have a place there.

I went and sipped some freshly brewed Coffee with Dottie and spent a good hour or two going over the project. Incredible to say the least and I hope Dottie does well. She is an absolutely fantastic high rise condominium sales agent that Las Vegas high rise condominium sales agents could certainly learn a lot from.

You’ve got to get High rise condominium living to understand it in the first place… And when a project like this is having difficulty in an incredible city like Chicago.. things are not looking too good.

Paul Francis, CRS
Prudential Americana Group
Las Vegas Luxury Real Estate
702.592.3058