Flipper Alert: First “Real” Flips Appear in Trump Tower
We’ve already seen some buyers in Trump Tower Chicago at 401 N. Wabash in River North put their units “on the market” when they haven’t yet closed.
But now we’re starting to see the first of the CLOSED units come back on the market. This is, of course, in the hotel/condo portion of the building, the only part of the building to have closings.
Unit #1814: 1 hotel room that is 15 x 23
- Currently listed for $800,000
- Assessments of $1,099 a month
- Furniture included for $45k
- Koenig & Strey has the listing
Unit #1912: 1 hotel room that is 15 x 23
- Currently listed for $755,900
- Assessments of $1,100 a month
- Furniture included for $45k
- Dream Town Realty has the listing
I don’t have the original closing prices (no shock there that they haven’t yet appeared in public records.) Does anyone else?
Also, there aren’t any interior pictures yet.
A second listing has also appeared on Craigslist (don’t know the floor) with the following title:
$775000 Trump Tower Chicago – 20% Below Developer Pricing – Hurry Won’t Last!
Apparently, some investors are closing and hoping to flip. Too bad they’re all competing against each other and, of course, Trump.
Stay tuned.
1000 assements for the hotel units seem high don’t they?
I don’t know if the assessments are high, but the buyers certainly were.
This hotel-condo fad will prove to be as beneficial to investors as time-shares. Only these go for a much higher price (and risk.)
The only owners who might get some return on their investment are corporations that would be renting hotel rooms anyway. Even then, the savings will probably only be in convenience (no stopping to check in, always having the same room available, etc.) and not financial.
Some time in the future, a popular saying will be revised to “if you believe that, I’ve got a hotel-condo to sell you.”
Unit #1814: 1 hotel room that is 15 x 23
Currently listed for $800,000
—
AAAAAAAAAA HAHAHAHAHAHHAHAHA
15’x23′!!! That’s a master bedroom in the burbs!
That $775K listing is probably from the Don himself. Remember his famous “prices are not going up, so is a good time to buy”, followed by, yeah, I still have a couple hundred yet to sell.
Unit 1908 at Trump just had a price cut, from $729,000 to $689,900, plus $45,000 extra for the furnishings. It’s only 526 square feet, yet assessments are $976 per month.