Flipper Alert: Sun-Times Claims A Trump Hotel/Condo Unit Flips
David Roeder, the Sun-Times Real Estate columnist, wrote this week that a hotel/condo unit on the 21st floor has been successfully flipped in Trump Tower Chicago, at 401 N. Wabash in River North.
The owners of a hotel unit on the 21st floor sold it for $899,000 after initially asking $1 million, said their agent, Andrew Feldman of Andco Real Estate Group. He identified the sellers as Paul Kotsiopoulos and Deanne Thomas, a brother and sister who have invested in other condominium buildings around town.
Feldman declined to disclose who bought it and said he did not know how much profit Kotsiopoulos and Thomas made on the flip.
Let me get this straight.
The agent selling the unit didn’t know how much it closed for previously- even though that is a matter of public record.
Does anyone else think this is strange?
There are several other flips also on the market, some for much cheaper than $899,000. One is listed for $755,900 on the 19th floor. Perhaps the flipped unit has a better view or building location than the others on the market.
The article states that in 2004 Trump was selling them for $553,000.
The sale “shows that there’s a resale market, and that’s good news,” said Tere Proctor, who is sales associate for Koenig & Strey GMAC Real Estate and directs Trump’s sales. She said the sellers “did quite well” on the unit, but wouldn’t get into specifics.
The article also states that it wasn’t Trump who bought the unit.
Closings on the condos are expected to start in 2009.
since when does 1 resale “show that there’s a resale market, and that’s good news,”?
Seems like wishful thinking…
seems like desperation to me.
Agents are so FULL OF IT sometimes. I had a seller’s agent tell me that I should make a higher offer becuase, “this was someone’s home.” Who cares?
Perhaps this story was planted by Trump in order to get people to close. If you close, then you can flip.
if you believe that was an arms-length transaction I’ve got a bridge to sell you…
Apparently Trump’s tenets are already suing him over deal changes:
http://www.chicagotribune.com/business/chi-tue_trumpfeb12,0,5737419.story
Knowing that Trump is seasoned in this field I’d bet he set up the contracts to reserve the right to make these changes. Which begs the question: who is rich enough to buy a place there but dumb enough to not read their contract?
What’s the starting price of a 1BR in this building?
It depends on if you’re talking about one of the hotel condos or the residential condos (on the upper floors of the building.)