Trump Tower Residences, located at 401 N. Wabash in Chicago has quickly become an iconic building. Many transplants and Chicagoans wonder how well Trump Tower is doing. What are condos selling for at Trump Tower? How much inventory is left in Trump Tower Chicago? Are prices increasing in Trump Tower?
Several years ago the real estate market in Chicago was a scary sight and Trump Tower Private Residences was not at all immune to market conditions. As a matter of fact, Trump Tower was probably hit harder than the average condo building in Chicago due to the delivery of condos in the building. Thankfully, those who could not afford to hold onto their units quickly sold. While this temporarily pulled down pricing in the building it allowed the “dead weight” who should never have purchased in the building to get out. Now, in the spring of 2013, the building is doing exceptionally well. Some buyers who purchased in 2009 are up over 20% or more on their investment in the building.
The developer still has a handful of units to sell and will likely be active in the building for years to come. However, the prime units with the best views have mostly sold. The “A” tier, which changes in square footage depending on the segment of the building, is the most desirable tier and this is a wrap around unit facing east. You get great views south as well as north. The view looking down the river, however, is priceless. All “A” tier units are over 3,000sf.
Outdoor Space? Those seeking a balcony will need to look elsewhere as all terrace units have already sold. There are only in the entire building on the 29th and 51st floors. The most recent to change hands was 29I selling for $1,640,000. It is a 2/2.1 with a 350sf balcony.
Cheapest entry point into the building? On the condo side the cheapest entry point is going to be a Studio unit. They typically sell around 400k give or take 50k. One Bedrooms start in the mid $500’s to low $600’s and move up from there.
Amenities in Trump Tower: Trump Tower is a fully amenity building in Chicago. The fitness center does not disappoint and because you are connected to the hotel you get 5 star services in the fitness center such as bottles of water on each machine, fresh towels, etc. There is an indoor pool, spa, 24hr doorstaff, etc. You also always have access to Room Service as well as concierge.
Future of Trump Tower in Chicago: We can never predict what the future will hold for Trump Tower but the future does look bright. I believe we will continue to see many buy into the building. We will also see many extensive renovations. While the finishes in the building are nice, they are just basic for a high end building. We will continue to see buyers gut units and replace with premium finishes which will only help increase prices more in the building.
Paul Blackburn is an Illinois licensed Broker and Realtor with @ Properties in Chicago. He can always be reached via e-mail at Paul@PKBlackburn.com