TRUMP TOWER IN CHICAGO -Now that Trump is President-Elect…

There have been many questions regarding Trump Tower in Chicago from the start of the 2016 presidential campaign and even more now that Donald Trump is the President-Elect. Since our group does a great deal of business in Trump International Hotel & Tower in Chicago I thought I would take the time to answer the real estate questions many people have asked in recent months.

Does Trump actually own Trump Tower (401 N Wabash Ave) in Chicago? 

Not completely. The building is broken up into two portions. The hotel portion, which Trump does own (although some hotel rooms are owned by individual investors) ends at the 28th floor.

The residential portion are individually owned condos and Trump no longer has any interest in the residential condos. These units start at 29 and run up to 89.

In short, Trump currently owns the majority of hotel rooms, the management company / brand that manages the hotel as well as all the convention and retail space in the building.

Will the name of Trump Tower in Chicago ever change?

Probably not. Trump has naming rights to the building and I don’t see him changing the name on his building.

Has the Trump election and presidency affected the pricing of condos in Trump?

It is too early to tell. The one thing we have seen is traffic drastically slow down on condos listed for sale in Trump. Most selling in the building at the current time do not NEED to sell (at least financially) so we haven’t seen any major price drops. Showing traffic before the election was very very slow. I think many buyers were concerned about values in the building so potential buyers wanted to wait on the sidelines to see what would happen to values.

Since the election traffic has picked up slightly for condos listed for sale in the building, but traffic is still slow overall.

Rentals are sitting on the market longer than usual, especially 1 Bedroom rentals which we’ve seen drop in price in the past 6 months. 1 Bedrooms would typically rent for at least $3,400 or higher (many in the $3,700 to $4,000 range). We’ve seen one unit rent for only $3,000 and another drop the price to $3,150 and still sit on the market.

Overall prices have not declined drastically, but there is apprehension among buyers regarding the future value of units in the building. On the rental end I think there are some people who simply do not want to be in the building because of the name (this is also true for some owners too). But, this is not the sole reason for 1 bedrooms having a difficult time renting. New construction rental buildings are giving Trump Tower a run for their money with excellent amenities and even hotel amenities such as my building, North Water Apartments, which is connected to the Loews Hotel.

Has hotel business declined?

I can’t speak for the hotel as a whole, but the hotel-condos that we represent are seeing the same or slightly better occupancy and room rates year over year (from 2015 to 2016). I do not know the numbers for November of this year yet, but November is historically a slower month for conventional style hotels.

Is there increased security at Trump Tower?

Yes. The increased security is nothing like you’ll see at Trump Tower in New York, but increased protests has caused the hotel and residential tower in Chicago to increase security and even close the garage to the public that is connected to the building. I haven’t had any major issues accessing the building with clients in recent weeks. However one of my clients actually got locked in the garage by accident due to the increased security measures.

 

 

Paul Blackburn is a licensed Real Estate Broker and Realtor with @properties in Chicago. Paul has been selling real estate since 2007 and is part of the Skowron Group which has sold in excess of $100 million in 2016 alone. For further information or questions please feel free to contact Paul directly at Paul@pblackburn.com

Trump Tower in Chicago – 401 N. Wabash Condos

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

TRUMP TOWER CHICAGO RENTALS – CONDOS FOR RENT AT 401 N. WABASH

Here is a complete list of available condos for rent in Trump Hotel & Tower Chicago located at 401 N. Wabash

 

STUDIOS

Unit 39F  –  $2,500

ONE BEDROOMS

Unit 70B  –  $3,400

Unit 42E  –  $3,400

Unit 49J  –  $5,500 (1475sf)

Unit 53G  –  $5,950 (1419sf)

TWO BEDROOMS

Unit 46H  –  $7,100

Unit 60F  –  $7,800

THREE BEDROOMS

Unit 78A  –  $11,500

Unit 74A  –  $14,000

Unit 88A  –  $22,000 (6,400sf)

 

Paul Blackburn is an Illinois licensed Realtor and Associate Broker with @ Properties in Chicago. He can be reached 24/7 via e-mail at Paul@PKBlackburn.com whether you have questions or you would like to view any property.

 

TRUMP TOWER RESIDENCES CHICAGO RENTALS

Several years ago Trump Tower in Chicago had problems. Many owners were afraid of what the economy might bring and many “flippers” who truly couldn’t afford Trump were stuck holding the bag. We saw many fire sales as well as many units up for rent which drastically reduced rent prices and increased market times for rental units. Over the past 2 years however, things have changed in Trump. Rent prices have shot up and inventory has become scarce. Recently we have seen more units on the market in the building than we have in a while but this is mainly due to the time of year as the rental market starts to slow down. With all this being said, here is your update of what is available in Trump Tower Chicago at 401 N. Wabash.

STUDIOS

74C  (713sf)   $2,700/mo

ONE BEDROOM / ONE AND A HALF BATHS

42B (1071sf)  $3,400/mo

37L River Views (1048sf)  $3,750/mo

68F (1071sf) South Facing $3,900/mo

TWO BEDROOM / TWO AND A HALF BATHS

41F (2073sf) Faces IBM Building  $5,000/mo

63D (2022sf) $5,400/mo

31K (2100sf) South East Views $7,500/mo

69G (2,000sf) South East Views $7,800/mo
TWO BEDROOMS / THREE BATHS

48G  (2,754sf) $6,950/mo

THREE BEDROOMS / THREE AND A HALF BATHS

60A (3080sf) $8,900/mo

73A (3,080sf) $11,000/mo

86D                 $13,000/mo

THREE BEDROOMS / FIVE AND A HALF BATHS

88A (6,400sf) $25,000/mo

 

AS ALWAYS FOR ANY RENTAL OR SALES OPPORTUNITIES IN TRUMP PLEASE DO NOT HESITATE TO CONTACT ME.

PAUL BLACKBURN – REALTOR

ASSOCIATE BROKER

@ PROPERTIES

PAUL@PKBLACKBURN.COM


 

“GLUT OF CONDOS PERSISTS IN DOWNTOWN PROJECTS”

Trump Tower, 235 W. Van Buren, One Museum Park West, The Legacy and Museum Park Place South are all condo projects that have….lets just say an abundant supply of condos available. Check out the graph below compliments of Crain’s Chicago Business (Chicago Real Estate Daily).

Crain's Chicago Business

While CMK has a great deal of units available at 235 Van Buren the saddest to see is One Museum Park West which has only closed on 22% of its units! The tower still remains mostly dark at night and the question remains: Not if, but when will the developer lower prices to start moving units? Only time will tell.