Word: downtowners
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Dates: during 2000-2009
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...large financial firms, including UBS, have moved thousands of investment-banking and trading jobs to the city. Already, a proposed Ritz-Carlton hotel and convention center has been put on hold, and city officials are afraid a large financial firm that was looking to rent 10,000 sq. ft. downtown will pull out as well. "Clearly we will see some softening," says Malloy. "Although as a lower-cost alternative for the financial-services industry, we will probably not be as adversely affected as New York...
...beginning in 2003, many of them bought by speculators who thought they could flip the properties for a quick profit. Then the music stopped. "Our best guesstimate--and we've talked to lenders and developers--is that you will not see a residential construction crane in the sky in downtown Miami for a generation," says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty-intelligence service. "Well, at least seven years," he says before modifying his forecast yet again. "Let's go with a decade," he finally concludes...
Getting it built and getting it sold are not the same thing. Many of the gleaming building's units remain unsold, and The Donald's lenders are looming. Roughly 75% of the 4,900 condominium units under construction in downtown Chicago are already sold. That's good, but next year the number of new units coming onto the market is expected to drop to 4,600, and only 60% are sold, according to Appraisal Research Counselors, a consulting firm that tracks downtown Chicago real estate...
Experts say some areas of downtown Chicago are most likely to recover first. But it is the areas that were just beginning to experience redevelopment, or any development, where recovery is likely to be the most drawn-out, if it happens...
Cheap Chopper to NYC. Delta passengers flying economy class to New York City's Kennedy Airport can get a lift into town by helicopter for $45 - about the same price as a taxi ride. There are 27 flights daily from Monday through Friday, connecting passengers at JFK with the Downtown Manhattan Heliport near Wall Street or the East 34th Street Heliport in Midtown. The eight-minute U.S. Helicopter flight is free for business- and first-class customers; the offer is good on all tickets purchased between...