An interesting phenomena is happening in Trump Tower Chicago, at 401 N. Wabash in River North.
And I’m not talking about The Donald’s financing problems.
It’s the prices that flippers are asking for rental units on the one bedroom condos in the building.
Here’s the stats on the building (out of 758 units):
- 116 units for sale
- 28 units for rent
Some units can be both for sale AND for rent.
Take- for instance- this Craigslist ad for a 938 square foot 1/1.5 for $2350. Parking is extra- but I’m sure it’s negotiable.
Why rent in, say, 600 N. Fairbanks or any of the other new towers when you can have the prestige of Trump (and the views) for the same price?
Maybe that Craigslist ad was not legit. Who knows?
But check out Unit #48C. It’s one of the bigger one bedrooms as 1071 square feet. It was just reduced.
Unit #48C: 1 bedroom, 1.5 baths, 1071 square feet
- Sold in October 2008 for $534,000
- Currently listed for rent at $2500 a month (plus $285 a month for self park or $450 a month for valet)
Is Trump Tower Chicago turning into a rental “deal”?