So how are sales going at Trump Tower Chicago?

Trump’s development company finished selling the final units at Trump Hotel & Tower in Chicago years ago, but his name sits prominently on the building and therefore, given the current…political climate…the question I am asked often, and I mean truly often, is “how are sales at Trump Tower?”

Trump Tower Chicago 401 N Wabash

Currently there is a little over 2 years, roughly 26 months to be exact of inventory on the market. Currently, there are 43 residential condos available for sale and only 20 have sold in the past 12 months with 17 selling in all of 2019 so far. Before we get into anything farther, the real question is how does this compare to the market in general and other luxury buildings?

Currently in Chicago there is roughly 4.6 months of inventory available according to current statistics. So we can make the quick argument that Trump Tower has more than 5 times the amount of inventory than it should. But that really would not be fair, instead we should compare it to some other luxury buildings in Chicago. Now there are few luxury buildings that can compare to Trump. I’m not saying this because the building itself has better services or views, but given the number of units, date built, and location it is difficult to compare it to others. But lets do our best shall we?

Ritz Carlton Residences at 118 E Erie has only sold 5 units in the past year…yes only 5. Now the building is much smaller, at 89 units total. However it currently has 18 units available. So using some quick reverse math Trump is looking pretty good compared to the Ritz since the Ritz is sitting on almost 4 years of inventory!

Now lets downgrade a bit in building and switch neighborhoods to The Aqua building in Lake Shore East. I’ll use this building because it is connected to a hotel just like Trump and has very nice amenities, though from a luxury standpoint I don’t believe it compares at all. The Aqua has 8 units sell in the past 12 months with currently 11 units available meaning there is a little over 16 months of inventory available. That definitely beats out Trump.

Lets look at 55 E Erie This is a luxury high rise in River North and while some of the finishes are dated, its location, upper floor views, and overall quality of construction does compete (even though it is more…traditional in nature). 55 E Erie is blowing Trump out of the water with 18 condos sold in the past 12 months and only 10 currently available meaning there is a roughly 6.5 months of inventory on the market in the building.

Park Tower, located at 800 N Michigan it is connected to the Park Hyatt Hotel and is considered a premier building in Chicago. Park Tower has seen 5 sales in the past year with 8 currently on the market meaning there is a little more than a year and half worth of inventory on the market.

Alright, lets look at one more and that is the Pinnacle at 21 E Huron. The Pinnacle has seen a whopping 17 units sold in the past year with only 9 currently available units meaning there is just a little over 6 months of inventory on the market.

Now there are a lot of variables at work here and things are not just black and white. For instance Trump Tower has a great deal of investors in the building. This was due to multiple reasons in part of its location to the loop, its high number of 1 bedrooms, the Trump name that appealed to investors, etc. Investors love to “test” the market and have no problem leaving their units on the market for a months on end while they use the property as an in-town. Some other buildings mentioned have more stable residents. Less investors, more full-time residents or residents using the home as an in-town with the plan to use it full time down the road.

The other issue is pricing. Is pricing down in Trump? Compared to other luxury buildings yes. Both on the sales and rental side. A separate blog I will write this week will go into specific detail comparing Trump to other buildings in Chicago. The one thing that has kept Trump prices from falling further is the fact that the residents are in a good place. They don’t NEED to sell. There have been no major “fire” sales in the building like the fire sales we were seeing in 2009/2010. Now, if we are talking about the hotel-condos in the building then that is a totally different story for another day.

But if we cut to the chase we can discuss the question “Does Trump’s name affect sales in the building?” The answer is a resounding yes. There are residents in the building that would love to see his name removed if they could have it done (no thats not a possibility). There are some residents that say they live at “401 N Wabash” and refuse to call it Trump Tower. Those who rent their units out in the building have probably been hit the hardest. Pricing is down across the board since Trump entered the political arena and very much so in the couple of years. This is not meant to be a political blog by any means, it is just meant to discuss the elephant in the room. If you’re looking to make a purchase and you’re contemplating Trump tower or you’re using Trump tower as a comparable building to understand pricing of another building then you should know what is affecting its value. It is the name. The building is as clean as can be. The building is operated very well, with excellent security and spotless common areas. Most of the views are phenomenal. If Trump sold off his naming and hotel rights to say the St. Regis or Shangri-La you’d likely see values increase 15 to 20% overnight. It’s just that simple.

Paul Blackburn is an Illinois licensed real estate broker and Realtor with @properties in Chicago. He can be reached anytime via e-mail at Paul@PKBlackburn.com

Rentals in Trump Tower Chicago – 401 N. Wabash Inventory Update

Here is your rental update with regard to Rentals at 401 N. Wabash, Trump Tower Residences, in Chicago. For those of you not familiar with the building, all rentals available are condos that are individually owned. Trump Tower in Chicago is broken up into two “sections” one being the hotel and the other being condominium residences. Trump Tower Chicago features an indoor pool, full health club and space, 24hr concierge, doorstaff, security, available room service, private and valet parking…the list goes on.

Studios: Studios start on the low end at $2,200 but many rent in the $2,400 / $2,700 range. The square footage of studio units range from 580 to 745sf.

One Bedrooms: There are two “style” One Bedrooms in the building. Standard 1 Bedrooms range from 928sf up to 1071sf. Larger One Bedrooms range from 1314sf to over 1400sf. The smaller One Bedrooms typically rent from $3,200 on the low side up to $4,000 depending on square footage, floor height and time of year. The larger One Bedrooms can rent from $4,500/mo to well over $5,000/mo depending on the view. Some of the larger One Bedrooms face the IBM building so these units will of course rent at a cheaper price.

Two Bedrooms: Currently the cheapest Two Bedroom on the market is listed at $6,500 and is an “F” unit which on lower floors faces the IBM building. Two Bedrooms can rent for as high as $10,000/$11,000 per month. These are larger Two Bedrooms, however, with South and East views. Most Two Bedrooms range from just over 1,800sf to over 2,700sf. There are some smaller “C” tiered units on lower floors which are 1500sf.

Three Bedrooms: Currently there are only two 3 Bedrooms on the market priced at $11,000 and $12,000 per month. Some have rented for north of $14,000/mo.

 

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

TRUMP TOWER CHICAGO RENTALS AND SALES UPDATE – 401 N. WABASH

Trump Tower Chicago at 401 N. Wabash always has a handful for rentals available. Below is a list of what is currently on the market for rent at Trump Tower Chicago along with a list of Condos Recently Sold at Trump Tower Residences in Chicago.

Studios for Rent in Trump Tower Chicago:

#33F    $2,700/mo

One Bedrooms for Rent in Trump Tower Chicago:

48D    $3,400/mo

55B      $3,450/mo

64C     $3,500/mo

34E      $3,500/mo

32E     $3,600/mo

66B      $3,800/mo

32I        $4,000/mo

Two Bedrooms for Rent at Trump Tower Chicago:

76B      $7,500/mo

60F     $7,850/mo

Three Bedrooms for Rent at Trump Tower Chicago:

74BC    $9,000/mo

77A      $13,500/mo

86D      $14,000/mo

Prices on all units vary depending on owner, view and square footage.

RECENT SALES IN TRUMP TOWER CHICAGO  401 N. WABASH

60B closed from the sales center at $535,000/mo. 60B is a One Bedroom with 923 square feet. Parking was not included in the sale.

82B closed at $1,180,000 which is a high floor 2 Bedroom unit with 1,839sf. The B unit on this floor faces North West.

36H closed for $1,700,000 which is a large 2 Bed / 3 Bath unit with 2,742sf. This unit faces south, east and west. Living room views are great. Master Bedroom views, however, are blocked by the IBM building.

Paul Blackburn is a licensed Illinois Realtor and Associate Broker with @ Properties in Chicago. He can always be reached with questions or to schedule showings 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

TRUMP TOWER RESIDENCES – WHAT IS AVAILABLE FOR RENT 401 N. WABASH

As we are starting to approach the busy rental season we should see an influx of units on the market in all buildings across Chicago. Trump Tower, however, is ahead of the pack with 14 active units on the market. Here is what is for rent at Trump Tower Residences Chicago, 401 N. Wabash.

 

STUDIOS IN TRUMP TOWER 401 N. WABASH:

Unit 74C:  $2,700

 

ONE BEDROOMS IN TRUMP TOWER 401 N. WABASH:

Unit 32E:  $3,300

Unit 42E:  $3,400

Unit 67F:  $3,400

Unit 37G:  $3,600

Unit 41C:  $3,675

Unit 68F:  $3,900

Unit 73E:  $4,200

 

TWO BEDROOMS IN TRUMP TOWER 401 N. WABASH:

Unit 41F:  $5,000

Unit 76B:  $6,500

Unit 69G:  $7,600

Unit 71G:  $7,600

 

THREE BEDROOMS IN TRUMP TOWER 401 N. WABASH:

Unit 72D:  $11,750

Unit 85A:  $12,000

Unit 88A:  $22,000

 

As always for any additional information about these units, floorplans, or to schedule a showing please do not hesitate to contact me at anytime via e-mail Paul@PKBlackburn.com

Paul Blackburn is a licensed Illinois Realtor and Broker with @ Properties in Chicago.

 

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