Chicago Spire halts construction

OverseasCafe - being a specialist - where would you propose to invest? I would say your advice would be of interest to posters. Have you invested much yourself?

By the way, are you not just advertising your website here?
 
Rosinsky said:
OverseasCafe - being a specialist - where would you propose to invest? I would say your advice would be of interest to posters. Have you invested much yourself?

By the way, are you not just advertising your website here?
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Rosinsky,

it depends an awful lot on what you want from your property to be honest, I think that particular discussion was done to death in this thread. It is very much horses for courses, what one person considers an absolutely unmissable opportunity may well be considered complete folly by others.

I'm not much into lifestyle property personally so I would look at property for investment purposes predominantly. I would take the view that if rental can't outstrip expenses and borrowings then it's not worth considering, which rules out a lot of places at the minute, even allowing for the current market downturn. I have some property in Sweden and in the current climate I would still rate it highly from the point of view of stability and affordability.

If there's something on the site that I think will be of interest to AAM readers I'll put a link to it here. Not against forum rules as far as I'm aware but correct me if I'm wrong on that one.
 
mathepac said:
Cool - an inverted spire. :)
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A big hole in the ground for £50m+ - classic

Maybe for another £150m it could be made bigger....

http://images.google.ie/imgres?imgu...bnw=139&prev=/images?q=Mirny+mine&gbv=2&hl=en
[broken link removed]
OverseasCafe said:
Rosinsky,it depends an awful lot on what you want from your property to be honest
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If you are not risk adverse or location adverse - the only area actively experiencing serious growth is Baghdad.

However the appeal of an investment in a land full of angry people who hate Westerners is better forsaken.
 
OverseasCafe said:
Didn't take this one long to grind to a halt. Looks like the Chicago Spire is going to be nothing more than a hole in the ground for a while.

http://overseascafe.blogspot.com/2008/11/chicago-spire-halts-construction.html
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Correct me if Im wrong, but I think Savills had exclusive rights to sell the project. Personally I think savills are a good company, but the uk market where they make most of their sales is totally dead, and thus they probably werent having much luck.
Seems that the developer was relying on sales to fund construction

If theres anyone thats building and selling reading here I would advise not giving your exclusive sales rights away to quick as if the agent doesnt perform your a left with a big problem
 
Baghdad? Interesting choice. I have actually thought about this. I have family out there in the security training business and the feedback is that it is still safe. I would focus on land.

There is probably going to be more infrastructural investment there than anywhere in the world - What is the financing situation here? By the way, the property is not as cheap as people might think.

Does anyone have any thoughts on Angola?
 
Iraq, Angola, Somalia.

Mikey Forrester, russian sailors.............

Mother of god, are people allergic to money or something.

How many people have to be handed their shirt on overseas property investment before people learn, and how do people who consider these investments still have money?
Lottery win or something, or wishful thinking?

If ye don't like money that much, send it on to me...
 
Rosinsky said:
Baghdad? Interesting choice. I have actually thought about this. I have family out there in the security training business and the feedback is that it is still safe. I would focus on land.
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If you have family in Iraq that know the ground then there could be serious money to be made in its property market. To get into context whilst the west has values going negative the Baghdad market doubled e.g. the Shiite area of Hurriyah has increased yoy from $24,000 average to $42,000.

see - http://freakonomics.blogs.nytimes.com/2008/10/31/the-iraqi-housing-boom/

cancan said:
Mother of god, are people allergic to money or something.If ye don't like money that much, send it on to me...
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Property investments in the right area's for contrarians can be extremely lucrative business especially property development of adding more floor space etc. Iraq is certainly not my cup of tea as the level of control is impossible to manage but if there is family living there for the long term, then for the poster that is a serious option and under these circumstances it would be seriously considered by me too. However Baghdad has no mortgages - cash only business.

Kurdistan is a similar background to Iraq with commodities rich environment - in desirable area's of Erbil prices range from $250k to $650k

On the topic of Chicago - if it wins the Olympic bid for 2016 then some areas of North Central where the games are to be staged could be worth a look at. Basic run down fire-saled condo's not over priced yuppiesville developments.
 
MichaelDes

You seem to have some knowledge of Iraq - have you been involved with any business over there. ( not real estate related).
 
I suggest you all brush up on Sharia Law - consult with your local Muslim cleric regarding fatwas for foreign ownership- Rosinsky is obviously tongue in cheek wind up artist - Iraq was funny but Angola was priceless:D
 
MichaelDes said:
On the topic of Chicago - if it wins the Olympic bid for 2016 then some areas of North Central where the games are to be staged could be worth a look at. Basic run down fire-saled condo's not over priced yuppiesville developments.
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Absolutely, sure look at the boom currently being experienced in London. I'd expect that boom to just keep on getting boomier as we approach the kick off date.
 
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