Looking for the “Perfect Size” Trump Tower 2-Bedroom? 401 N. Wabash in River North
This 2-bedroom in Trump Tower at 401 N. Wabash in River North just came on the market.
The listing says it is “1 of only 10 units that are easily rented or the perfect size to live in.”
At 1562 square feet, it has north and west views.
It has a “gourmet kitchen” with Subzero, Wolf and Miele appliances.
The unit has an in-unit washer/dryer and central air.
Parking is leased in the building.
Does it make sense for an investor to buy this unit?
Maria Hocin at Century 21 S.G.R. has the listing. See the pictures here.
Unit #31C: 2 bedrooms, 2.5 baths, 1562 square feet
- Sold in October 2010 for $730,000
- Currently listed for $995,000
- Assessments of $788 a month (includes cable, a/c, doorman)
- Taxes of $11,574
- Central Air
- Washer/Dryer in the unit
- Parking is leased
- Bedroom #1: 17×12
- Bedroom #2: 18×11
2010 price seems like a deal these days. 1 beds in some buildings, such as 10 E Delaware, etc sell for 700 +K
What a boring unit
Boring unit = ideal corp rental = good monthly cash flow.
However, looking at the price tag, I don’t know what kind rent you’d need a month to justify it.
Crazy how quickly primo finishes from just a few years ago already look dated
And custom paint? Seriously? Pretty sure any shitty hardware store will make you custom paint upon request.. so big frickin deal
Then again that might be the most exciting part of this bland unit
Off topic – I was reading about ex-NFL player Daunte Culpepper losing a house to deed in lieu of foreclosure and was curious about it.
If I understand correctly, deed in lieu means the homeowner voluntarily hands over the deed to the house to the bank, waiving any future claim to the property and the bank drops its pursuit of foreclosure. My question is: what are the other consequences of doing this and why doesn’t everyone facing foreclosure do it? I realize he did it in Florida, where as far as I can tell they have no laws, but why do you not hear about this happening more often?
Someone please school me on deed in lieu. Thanks in advance!
29C 2013 May comparable sale, 750k including parking…. And they list at 995 haha. At 995 you have a ton of better options in the Legacy without having to share amenities with a hotel.
Why all the hate? It is a nice enough unit and the assessment is very reasonable.
The only downside is who wants to live in something associated with Trump? BTW, I have a serious question is his hair for real? Because it looks like a bird nest caught in a hurricane.
I have the same level of finishes in my West Rogers Park squat (constructed around the same time). And my paint is custom too. hahah
“9C 2013 May comparable sale, 750k including parking…. And they list at 995 haha. At 995 you have a ton of better options in the Legacy without having to share amenities with a hotel.”
That electric heating in Legacy is a killer IMHO. Utilities would run quite high. Also Legacy shares amenities with a club as well.
I believe the Legacy assessment + heating is still less than the Trump assessment in a similarly priced unit but I do not have any experience with EBB. Regarding shared amenities: Legacy has its own pool and gym. So does University Club. It seems to be more of an extension for the Legacy owners. Either way you share a pool and gym with way more owners and random visitors in the Trump. They are beautiful buildings, but for the price I would rather be at 340 or Legacy.
Regarding deed in lieu — often the bank will not accept the deal. That will happen when the unit is under water.
There can also be deed in lieu along with cash handed over.
“Regarding deed in lieu — often the bank will not accept the deal. That will happen when the unit is under water.”
If the unit is not underwater, why would the owner want to just let it go?
Unless you mean non-metaphorically.
Good point.
In my experience, it depends on the lender and how much under water.
I represent condo associations so I see it at times when unit owners stop paying assessments.
When the unit goes into foreclosure, my job of course gets more difficult.
Often unit owners just want to walk away, but the bank will not allow it.