Oh, dear god, how stupid can people get?
Chicago Spire stupid I guess.
This all-condo 150 floor monument to stupidity and greed will become (if not torn down first) a permanent reminder of this housing Ponzi Scheme and crash for generations to come.
Too stupid to be imagined by even the dumbest of American developers, the lead developers on this project are Irish, home of the greatest housing bubble (and eventual collapse) in the world. And since hardly any US buyers are dumb enough to buy one of these Ponzi Scheme Specials, they're now trying to unload them to naive foreign speculators.
So, anyone want to guess what percent of people who put down deposits will be asking for their money back? Or what percent will fall into foreclosure?
Anyone want to guess how far in value these units will drop from peak to trough?
Anyone want to guess how long until the first terrorist attack?
And I think it needs a HP-worthy name. Here's a few for starters:
The Chicago Foreclosure Monument
The Great Chicago Condo White Elephant
The Chicago Spire of Babble
The Chicago Ponzi Stack
The Chicago Idiot Tower
The Chicago Spiral of Bad Debt
The Chicago Big Overpriced Dorm