Short Sales Continue All Across Chicago: A 2-Bedroom In Trump Tower At 401 N. Wabash In River North
There hasn’t been any building “safe” from short sales or foreclosures during the last five years.
This 2-bedroom in Trump Tower at 401 N. Wabash in River North came on the market in September 2012.
It is a short sale listed about 25% under the 2008 purchase price.
At 1562 square feet, it has north and city views.
The kitchen has Miele, Wolf and Subzero appliances.
There are 2 vanities in the master bathroom.
It has central air and washer/dryer in the unit. Parking is rental in the building.
This is the cheapest 2/2.5 currently on the market in the building.
Is this unit a deal (if you can get the bank to agree on this price)?
Jennifer Ames at Coldwell Banker has the listing. See the pictures here.
Unit #29C: 2 bedrooms, 2.5 baths, 1562 square feet
- Sold in August 2008 for $1.102 million
- Lis pendens foreclosure filed in August 2012
- Listed in September 2012 as a “short sale” for $825,000
- Currently still listed at $825,000
- Assessments of $754 a month (includes cable, doorman)
- Taxes are $10,990
- Central Air
- Washer/Dryer in the unit
- Parking is rental in the building
- Bedroom #1: 16×12
- Bedroom #2: 18×11
Interesting floorplan. I’m glad Ames posted it. The 2nd bedroom is somewhat open to the living room with a sliding door.
This would make a great large 1 bedroom with formal dining or sleeper sofa for guests. I would have to be in the unit to see how it lives as a 2/2.
Price is starting to get reasonable, ie. in the $500’s per square foot compared to the up to $1000/sq. ft. for many units in this building. However . . . . this is one of the lowest residential floors–or the lowest–above the hotel part of the building, so big diff. in views between 29th floor & 40’s, 50’s 60’s, etc! Also, seems to be the less preferred view (west & north, compared to preferred views of river, lake, downtown), and the unit looks fairly generic (not many upgrades–was this a corporate or rental unit?). Does this unit primarily look into the IBM building & Plaza 440?
Looks to me like a straight north view
“Looks to me like a straight north view”
They def took the pix facing due north, but the orthogonal view out the window is more northwest, tilting a little north.
LivingRm/Dining room is tiny 16’x18′, not what I would call luxury.
Lots of Circulation, big master bath, tiny rooms ugh.
For all the ccers that like to add up room dimensional area to compare to overall s.f. take a look at this one since there is a floor plan. Trust me that the area quoted is fairly accurate, shows what happens when the unit is inefficiently laid out
Also not sure if everyone is aware that this building is in financial distress, not just this unit.
The master bath looks really interesting.
“This would make a great large 1 bedroom with formal dining or sleeper sofa for guests. I would have to be in the unit to see how it lives as a 2/2.”
I have a really hard time seeing this as a full time 2 bed. There’s an en suite for the 2nd bed, which is nice, but it’s otherwise just one open living/dining area other than the bedrooms. Would be fine for downsized living after kid is gone.
“Interesting floorplan. I’m glad Ames posted it.”
“what happens when the unit is inefficiently laid out”
The hallway might be nice but seems like an extravagant use of space for a true two bed. Also, the kitchen is incorrectly labeled as living rm in the floorplan and what’s w the odd shading in the closets? Is this something the intern put together wo supervision bc this is short sale?
“They def took the pix facing due north, but the orthogonal view out the window is more northwest, tilting a little north.”
The west view (from general observation) sucks, the nw a little less so, but still a good step down from the other views (assuming you are high enough up to have a view).
“The master bath looks really interesting.”
Would two people be able to share it, given the frosted glass?
“Is this something the intern put together wo supervision bc this is short sale?”
Looks like a scan from Trump’s sales materials.
“Looks like a scan from Trump’s sales materials.”
Something the intern scanned and used wo supervision?
“LivingRm/Dining room is tiny 16?x18?, not what I would call luxury.”
It sure is; I’m sitting here in my 1-bed rental apartment, and my living room is the exact same size, which is a decent size for a rental 1-bed, but in a supposedly $825k 2-bed?? no way.
Terribly inefficient use of space and really awkward positioning of fixed elements. Im not sure where this unit lands in the building, but could it be possible that it is close to one of the transfer floors and as such has to deal with some strange structural/mechanical shifts?
Either that or whoever laid it out really didnt give a shit.
What kind of financial distress is the building in?
“What kind of financial distress is the building in?”
Can’t find the article but see link to interactive map that show which buildings are distressed.
http://www.chicagobusiness.com/article/20121006/ISSUE01/310069985/the-complete-guide-to-chicagos-condo-collapse
“could it be possible that it is close to one of the transfer floors and as such has to deal with some strange structural/mechanical shifts?”
Could be, but the floorplan sez it’s the floorplan for floors 29-40, soooo:
“Either that or whoever laid it out really didnt give a shit.”
must be the latter.
Could be, but the floorplan sez it’s the floorplan for floors 29-40, soooo:
“Either that or whoever laid it out really didnt give a shit.”
must be the latter.
There are actually worse plans in the building than this one.
“What kind of financial distress is the building in?”
Problems with the loans: http://online.wsj.com/article/SB10001424052702304177104577307841257988940.html
Short sale? But if one needed 20% down you’d think they would’ve had enough years to build up 5% equity. BWHAHAHAHAHA!!
This “million dollar condo” was never really one. It was a mediocre condo bought by a poseur who was never really rich, perhaps even a speculator, it’s pricing determined not by a true supply-demand equilibrium but via near unlimited leverage afforded to idiots during the boom.
The sad part is these garbage loans were still be churned out several months after Bear Stearns imploded.
there’s mr sunshine.
This is a glorified 1 BR plus den labeled as a 2 BR, on a low floor, on the wrong side of the building. I actually think NW views from the Trump are pretty awesome from higher up, but the view from 29 is pretty pedestrian. Whoever paid $1 mln for it got taken. If this were priced below $700 K , it would be a good deal for someone trying to get into the Trump at a low price, but this price isn’t low enough for me to feel that way.