Lake and City Views from the 83rd Floor for $1.15 Million: 401 N. Wabash in River North
This large 1-bedroom in Trump Tower at 401 N. Wabash in River North came on the market in April 2023.
Built in 2008, Trump Tower has 486 condo residences on top of a hotel and restaurants along with an attached garage.
It’s a full amenity building with 24/7 door staff, a pool and an exercise room.
This unit is on the 83rd floor and has south and east views of the lake and city through floor to ceiling windows.
There are dark Brazilian wood floors throughout.
The listing says it has been custom painted and has custom window treatments.
The kitchen has Snaidero cherry cabinets, Meile, Wolf and Subzero appliances and Ubatuba granite countertops.
The unit has 1.5 baths with the primary bath in limestone with double sinks, a large soaking tub and separate glass shower.
The unit has features buyers look for including a new washer/dryer (2023), central air and deeded garage parking is included.
Trump Tower was originally thought to be in a “B” location in 2008 for luxury buyers, but then the River Walk was built which changed the area.
It’s near the Mag Mile, the water taxi, the shops and restaurants of River North and the River Walk.
Listed in early April 2023 at $1.2 million, it has been reduced to $1.15 million.
It last sold in January 2011 for $810,000.
Trump Tower struggled during the Trump presidency, but that ended 2+ years ago. Will this seller get the premium?
Jeanne Keating at @Properties Christie’s has the listing. See the pictures here.
Unit #83E: 1 bedroom, 1.5 baths, 1017 square feet
- Sold in June 2009 for $843,000
- Sold in January 2011 for $810,000
- Originally listed in April 2023 for $1.2 million
- Reduced
- Currently listed at $1.15 million
- Assessments of $1310 a month (includes central air, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $17,776
- Central Air
- Washer/dryer in the unit
- Deeded garage parking included
- Bedroom: 15×14
- Living/dining room: 17×15
- Kitchen: 10×9
- Walk-in-closet: 15×5
Over a million for one bedroom, $1300 in HOAs and that name on the building. Good luck!
Views are great
The ask is absolutely insane
Rent @ $3600/mo – https://www.zillow.com/homedetails/401-N-Wabash-Ave-UNIT-40D-Chicago-IL-60611/101408241_zpid/
Views arent as good and no parking but its not $5k + DP a month better
Apparently no mortgage.
PP + CPI = $1.11
PP + C-S-Condo = $1.213
This one looks like 100% original finishes, too, albeit in nice condition. But 15 years in lux condos = due for a refresh.
What’s it going to cost to get this updated? $200k?
Seems to me that, unless refreshed, even with the view, a price starting with a 9 is a stretch. Most recent-ish sales or original-finsih units have been more like $600 psf, and even lower for 1 beds.
For example: https://www.redfin.com/IL/Chicago/401-N-Wabash-Ave-60611/unit-63E/home/19643337
$1.535 ($557 psf), purchased from the developer for $1.78m in Jul-09.
+ C-S ~$2.16m
+ CPI $2.495m
Using the original price + CPI, and the same ratio as the 63E sale, indicates $720k (psf = $567k). Which is probably a bit low, given the rarity of the view.
The big issue with this building has been the name on the side of it. Have buyers moved beyond the Trump presidency now? Or is the fact he’s running again just going to put a dagger into any price recovery in the building?
“Using the original price + CPI, and the same ratio as the 63E sale, indicates $720k (psf = $567k). Which is probably a bit low, given the rarity of the view.”
Is the view all that “rare”? Rare for the building, I suppose, but not for the city. Buyers can now get something similar in several newer buildings. But you’re probably not getting a one bedroom with these views.
“Is the view all that “rare”?”
Rare at $600 psf. Not so rare at $1,000.
Hence, some premium over the (maybe) $600 indicated by recent sales.
“Seems to me that, unless refreshed, even with the view, a price starting with a 9 is a stretch. Most recent-ish sales or original-finsih units have been more like $600 psf, and even lower for 1 beds.”
What does “refresh” mean? Have to replace the kitchen and baths, right? Is that a “refresh” or a “renovation”?
Upper bracket expects the latest in finishes. They are now 15 years old. Any buyer knows if it’s not done now, it will have to be done by them at a later date.
I am not sure how the purchase could be justified as an in-town. Assuming it is a cash purchase, the monthly carrying costs are still around $3,300. That’d buy 8-10 nights per month in the hotel — with no maintenance concerns and no long term commitments.
“Have buyers moved beyond the Trump presidency now?”
I should hope so given how poorly the country has done under a different administration since he left office.
KK has a great point. As an in-town, this makes no sense. Far better to get a fancy hotel room a few nights a month. Views may not be as great, but who needs all the costs and that name on the side of the building? Even if you’re a fan of the man, you might hesitate because many future buyers just wouldn’t want a unit here until the building is wiped clean of his influence.
“This one looks like 100% original finishes, too, albeit in nice condition. But 15 years in lux condos = due for a refresh.
What’s it going to cost to get this updated? $200k?”
I think $200k would be a lot – update both bathrooms & new countertops and paint the cabinets
“Seems to me that, unless refreshed, even with the view, a price starting with a 9 is a stretch. Most recent-ish sales or original-finsih units have been more like $600 psf, and even lower for 1 beds.
For example: https://www.redfin.com/IL/Chicago/401-N-Wabash-Ave-60611/unit-63E/home/19643337
$1.535 ($557 psf), purchased from the developer for $1.78m in Jul-09.
+ C-S ~$2.16m
+ CPI $2.495m
Using the original price + CPI, and the same ratio as the 63E sale, indicates $720k (psf = $567k). Which is probably a bit low, given the rarity of the view.”
The squared off 1Brs really suck from a layout perspective. The “corner” ones – https://www.zillow.com/homedetails/401-N-Wabash-Ave-UNIT-47J-Chicago-IL-60611/99346622_zpid/? are a lot more livable. 47J has been updated and has great views as well. Its been on the market for almost 8 Months and its at $740/sf
Incredibly lackluster unit for the monthly nut. Saying you live in Trump Tower sounds cringey to most.
I had Ubatuba granite countertops in my circa 2001 Bucktown condo. I came to hate the greenish tone.
The seller fairly quickly lowered the price from $1.2 million, so there must have been very little interest last month.
Mansion tax proposal is gaining strength. It’s a tax of 3% on any property sold above a million. If this gains some steam, we are going to see a lot more million+ properties race to the market to sell before this tax hits.
“Mansion tax proposal is gaining strength. It’s a tax of 3% on any property sold above a million. If this gains some steam, we are going to see a lot more million+ properties race to the market to sell before this tax hits.”
Nah. We already have a mansion tax. It’s 0.75%. Johnson’s campaign proposal was that it would rise to 2.65%. Most of his tax proposals are dead on arrival, especially with the downtown aldermen. It’s possible it might rise to 1% or 1.25% though.
Old mansion tax didn’t make anyone “race” to the market.
“I am not sure how the purchase could be justified as an in-town. Assuming it is a cash purchase, the monthly carrying costs are still around $3,300.”
The rich don’t care KK. Carrying costs? Irrelevant. If you can afford it, why not have your own 1-bedroom, with room service from the hotel, where you can come, dump your stuff, and have great views?
It’s kind of like Ken Griffin’s condo collection in Chicago. Was there a reason he had 4 penthouses, one that was never even built out? They all have carrying costs. He has so much money, he doesn’t care.
“I think $200k would be a lot – update both bathrooms & new countertops and paint the cabinets”
The rich don’t do well with “paint the cabinets.” That’s my point. Don’t you have to do a real renovation? Tastes have changed and the rich demand custom.
I don’t see how it could possibly be $200k though. The kitchen is just 10×9. And there is only one full bath. Half bath can be updated by a new vanity, mirror, lighting and paint/wallpaper.
“ The rich don’t care KK.”
This is an in-town for a UMC couple who have worked hard and spent wisely. Who are smart about budgeting and always will be.
The 1% and above “who don’t care” are going to be looking for something bigger that can accommodate overnight guests.
“This is an in-town for a UMC couple who have worked hard and spent wisely. Who are smart about budgeting and always will be.”
Upper middle class? Hell no. No upper middle class couple are buying a $1 million 1-bedroom in-town. You need a lot more money for that. This is a suburban CEO who wants a place downtown to set down some bags. Maybe the 20-something kid uses it when going to the Taylor Swift concert.
“The 1% and above “who don’t care” are going to be looking for something bigger that can accommodate overnight guests.”
The buyer of this loves the views and, originally, the prestige of being in this building. They could have bought a 2/2 in any other building but you aren’t getting updated finishes, tall ceilings AND the views from the 83rd floor for this price point in many other buildings.
Now, in 2023, there are several other buildings that DO give you these views and are also new. More to choose from and some are priced lower.
“The rich don’t do well with “paint the cabinets.” That’s my point. Don’t you have to do a real renovation? Tastes have changed and the rich demand custom.”
Yes they do.
https://www.redfin.com/IL/Chicago/401-N-Wabash-Ave-60611/unit-34C/home/39565544
“I think $200k would be a lot – update both bathrooms & new countertops and paint the cabinets”
I’ve been relaibly informed that work in a highrise is always at a steep premium.
How much do you think it would cost to make this a $1,000 psf unit?
“Yes they do.”
Asking under $600 psf.
So, if the seller here painted the cabinet, could hope to get a sale price in the 600s?
“47J has been updated and has great views as well. Its been on the market for almost 8 Months and its at $740/sf”
They started at $1.2–very much like the prior seller who started at $1.219, and then closed at $875k, off a last list of $975k.
I’m predicting no serious interest until they drop to $999, and they sell for something between $880 and $940–a little over $600 psf. Even with the new vanities, new kitchen counters and new lighting.
“I’ve been relaibly informed that work in a highrise is always at a steep premium.”
And pergolas cost a minimum of $125k (Before inflation hit)
“How much do you think it would cost to make this a $1,000 psf unit?”
There in lies the problem. The layout on this unit doest warrant it post FOMO. Its a basic 1000sf 1BR. Yeah you can go all out upgrading but IMO you’re polishing a turd. The corner units “might” be worth that kind of upgrade
“They started at $1.2–very much like the prior seller who started at $1.219, and then closed at $875k, off a last list of $975k.
I’m predicting no serious interest until they drop to $999, and they sell for something between $880 and $940–a little over $600 psf. Even with the new vanities, new kitchen counters and new lighting.”
Agree that its still overpriced (Not as insane as the subject property)
$900k would likely draw some interest but would be the death knell for property values. $620/sf for and updated unit, uff-da.
“$620/sf for an updated unit”
If the wall covering, stone and bath vanity (etc) are all *exactly* what you would do (it’s all “nicer”, but someone has to like it, too), AND the appliances are pristine (and the S-Z has been serviced), somewhat more–like +$50k, but it’s still a 15 y-o kitchen with new counters, etc.
“Yes they do.”
We’ll see what happens with the sale, right? 34C painted the cabinets. Aren’t expecting to get much more for the unit than what they paid for it in 2018 though.
In that way, they aren’t losing as much money. Most would not get the value of a completely new kitchen back in the sale which is why you don’t see many doing it.
Why would any intelligent person even consider buying in such a toxic building? Even if you the biggest MAGA follower, you must still realize that many rich people detest the Trump brand and would never even consider living there.
Although the Chicago riverwalk is thriving and vibrant, the retail space at Trump has been 100% vacant since inception.
Hard pass for many buyers. Too many other compelling options available in Chicago.
This over 3x the price of my 1bedroom and I prefer everything in mine (except maybe the powder room which seems unnecessary). I also pay half the HOA for what I consider way better amenities… better gym, pool deck, happy hours, etc. (the indoor lap pool would be great though).
This is for out of towners that want hotel-like luxury in a convenient location. To me the price is outrageous though.
Finally, if anyone is still bothered by the name on a building they should seek help for their TDS. It’s a beautiful supertall building otherwise…
“Finally, if anyone is still bothered by the name on a building they should seek help for their TDS. It’s a beautiful supertall building otherwise…”
I don’t think I need help with my TDS, but I do recognize a sh@@ investment when I see one.
Another $50k off … now asking $1.1m.
If they hold to form, expect the 999 ask on July 22.
Way ahead of expectation:
Reduced to $1m on Wednesday.
Reduced to $950k.
Down to $899k. For 2+ weeks now.
Also:
47J was taken off the market in July
34C–with the painted cabinet update–is still listed, now at $800k ($512 psf).
At that ppsf, this one would be at $520k.
“34C–with the painted cabinet update–is still listed, now at $800k ($512 psf).”
Downtown luxury units still struggling. There are just too many buildings now, many of them brand new, so why should you buy something that is nearly 20 years old? Or even older in the cases of some buildings?
I’ve been seeing some true deals though. You might have to do some renovations but the price per square foot is amazingly low.
Still available at $899k.
34C also still available at $800k.
Other 1/1.5s (1000+ sf only) available include:
84G, $775k (1324 sf!)
78E, $775k
75E, $775k
74G, $750k (1324 sf!)
77G, $720k
40L, $720k
33G, $600k (1314 sf!)
43D, $575k
46C, $535k
75E and 78E both show 2011 purchases for $810k, both listed in June for $950k, dropped in September to $775k, and use the same pix, and appear to be all original just like the feature, 83E.
All three now seem unlikely to move at anything starting with a 7 (or higher).