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

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CONDOS FOR RENT IN TRUMP CHICAGO RESIDENCES

Trump Tower Chicago is located at 401 N. Wabash and is comprised of a hotel as well as residential condos. Some owners rent out their units and these units have quickly become popular with those looking for a top quality place to live that doesn’t feel like a rental! In recent months inventory levels for rentals has been slim throughout Chicago, however Trump has seen a healthy amount of condos come on the market. Beware, however, units that are well priced do move quickly. What are the costs?

Prices of Condos currently for Rent at Trump Tower Chicago

STUDIOS: From $2,500

ONE BEDROOMS: From $3,600 to $3,950

TWO BEDROOMS: From $7,850 to $8,300

LARGER TWO BEDROOMS: From $9,950

THREE BEDROOMS: From $9,900 to $14,000

 

When living in the building you have full access to all amenities in the building from Room Service to the Health Club and Spa.

Paul Blackburn is an Illinois Licensed Realtor and Broker with @ Properties. He can always be reached via e-mail at Paul@PKBlackburn.com

TRUMP TOWER CHICAGO RENTALS – PRICES KEEP RISING

Trump Tower in Chicago, at 401 N. Wabash, continues to see rent prices on the rise. Prices are up well over 20% compared with the low rents prices the building saw in 2009. Right now One Bedrooms rent from $3,400 to $4,000 with larger deluxe 1 bedroom units renting for over $5,000. Two Bedroom units will start around $7,500 for a lesser view unit to over $9,000 for units with a great view.

If you’re looking to rent in Trump opportunities still exist but residences do rent quickly. Increasing rent prices and increasing demand for rentals has also helped boost sales for the building. While many buyers purchase in Trump to occupy the unit the increased rent prices gives them a comfortable safety net if they choose not to use the unit for personal unit in the future.

The most notable unit to recently rent in the building would be 88A which was on the market for months. 88A, a 6,400sf penthouse unit leased for $25,000/mo.

 

PAUL BLACKBURN IS A LICENSED ILLINOIS REALTOR AND BROKER WITH @ PROPERTIES IN CHICAGO. HE CAN BE REACHED VIA E-MAIL AT PAUL@PKBLACKBURN.COM