Trump Tower 2-Bedroom Reduced $475K: 401 N. Wabash
Want a unit in Trump Tower at 401 N. Wabash in River North?
There are plenty to choose from.
Current stats on the building (out of 758 units):
- 156 for sale
- 48 for rent
Some may be both for rent and for sale. Additionally, the sales center may not have all of the developer’s units listed on the MLS.
It appears, however, that some sellers are getting a bit aggressive.
Take the price reductions on this 1839 square foot 2-bedroom on the 73rd floor.
First listed in November 2008, it has been reduced by $475,000 (with recent reductions getting more aggressive.)
It is now the cheapest 2-bedroom in the building.
The unit has 10 foot ceilings, a fireplace and views of the lake. It also has the usual “luxury” finishes consisting of Snaidero cabinets, Miele, Wolf and Sub-Zero appliances.
Andrew Glatz at Crown Heights Realty has the listing. See the pictures here.
(And no, the listing price in the link isn’t a mistake- it has since been reduced further.)
Unit #73-B: 2 bedrooms, 2.5 baths, 1839 square feet
- I couldn’t find an original sales price. Not sure it has closed yet.
- Originally listed in November 2008 for $1,474,770 (not sure if parking was extra in the original listing)
- Reduced several times
- Was listed in mid-April 2009 at $1,093,770 plus $150,000 for 2 parking spaces
- Reduced
- Currently listed for $999,770 (plus $187,000 for 2 parking spaces)
- Assessments of $1350 a month (includes access to the spa and fitness center)
- Taxes are “new”
So they reduced it below 1 million to get more hits on the MLS but then jacked up the price of the parking spaces by $37k? Lol, funny! Probably a sweet pad though, 73rd floor facing the lake and 1800sqft is damn nice for 1 million bucks.
I’m glad homebuyers are finally accepting that WE control the market. Don’t buy and prices will fall. 1.09M is still high given what’s available in that price range. Granted it’s in an American Invsco building, it’s almost double the space for the same price and it’s bank owned. And you can always walk over to Trump to enjoy the amenities:
http://www.coldwellbankeronline.com/Property/PropertyDetails.aspx?SearchID=3164862&PropertyID=632269&RowNum=71&StateID=19&RegionID=0&IsRegularPS=True
Trump is such an obnoxious person that I think there is negative brand equity in the name. It may have positive equity to some or most, but not everyone. And 94k for a parking space? LOL.
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Please stay on topic. Thanks!
I just don’t understand what is so great about these places.
“Thats the only explanation I can think of…”
As with many of the Trump amenities, it probably only includes prefered access, with the option of billing the service to your house account.
I don’t know. I have been to the Spa here, and its a very nice building. No bargain shopper is going to agree with me – I understand that much.
I wonder how many people just walked away from their contracts. What is going to happen to the condo association which isn’t collecting assessments from these units?
Is it ever good to buy in huge buildings: Hancock, Aqua, Lake Point, or are you always going to get raped on the assessments?
Papu- I asked the same question on this blog a few months ago and apparently it depends on the size and state of the HOA. I would assume a new building with lots of tenants is safer to buy in than an “intimate” building bc you have more active residents to make up for the non-payers.
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Please stay on topic. Thanks!
Touchè!
“I wonder how many people just walked away from their contracts. What is going to happen to the condo association which isn’t collecting assessments from these units?”
The developer then still owns the unit and has to pay the assessments.
Bob, I agree… to me Trump DIMINISHES the value of the building. If it was named something generic I would be more forgiving. Trump to me has absolutely no class. The man and the buildings he builds are class-less. The one in Chicago isn’t as bad as the one on 5th Ave in NY. That’s probably the worst building I’ve ever seen. The very rich may have the worst taste! Any building that is associated with an over-the-top egotistical person who insists that people call him “Mr. Trump” has no value to me.
Take me to the Palmolive Building, 340 on the Park, or any other true luxury building in Chicago.
as the developers go bankrupt,they will not have the money to pay the assessments,which is why most lenders have gone to 70% pre-sale on new construction properties.most owners will be in for a rude awakening if their condo’s ever get turned over to them and find out the assessment money they have been paying to the developer is long gone,leading to the infamous special assessment to fund the reserve account.
> The developer then still owns the unit and has to pay the assessments.
Yeah, my Realtor told me the same thing. Didn’t happen. Could I go after the developer? For $150 monthx6 unitsx6 months, not worth it. And the LLC is dissolved.
“Bob, I agree… to me Trump DIMINISHES the value of the building. If it was named something generic I would be more forgiving. Trump to me has absolutely no class. The man and the buildings he builds are class-less.”
Absolutely. Lets not forget he bought his cute daughter a spot in Wharton so she could be credentialed and wind up working for daddy and being an NBC TV bimbo.
Trump is hilarious. I feel really bad for the people that subject themselves to his terrible reality TV show (aside from the celebs who do it for charity).
Seriously, what did his daughter do to deserve being in his “boardroom”? Cute and born into the right family I’ll give her. In fact the Trumpster himself was born into the right family, too.
Can’t wait to watch him go BK again in this downturn. Although I think he learned something from the early 90s. I read awhile back he’s not personally liable for the success of this project, his bankers are! HAH!
He may be a self-aggrandizing idiot but at least he’s not as stupid as the American banker. And those are the people we’re giving our taxpayer dollars to, people like Trump’s bankers.
wow i thought studios in this building went for a million… what a steal.
There’s an article on the Trib’s home page right now about a owner in this building complaining about the light from Jenner & Block’s offices, which are apparently on all night.
Not sure if the link will be allowed, but here it is: http://www.chicagotribune.com/news/local/chi-talk-trump-lightsapr22,0,5860643.story
“She has lodged a complaint with the Trump staff—the only one the company says it has received. Until the situation gets resolved, Tarbox has two words for guests: Wear sunglasses.”
I have two words for Tarbox: window treatments
John
Seriously, if you can’t afford furniture you probably should have walked away from the contract.
John
Interesting article. Office building light is a similar problem at 340 on the Park with the Blue Cross Blue Shield Building to the West. I do not find office building light a problem since it is part of living in a city and a buyer should notice this during his/her due diligence. Large cities have office buildings that create jobs that allow people to buy $1 million one bedroom units. This is another one of those “not in my back yard” situations.
I still do not understand how people justify 1 bedroom units over $500k like the Trump Building. It must be completely emotional because there is no mathematical logic that I am aware of behind appreciation potential or rental income to cover costs on a unit over $500k.
That said, I wish the Trump building well as it would be negative for the city if it were not to succeed (become a foreclosure mess).
“There’s an article on the Trib’s home page right now about a owner in this building complaining about the light from Jenner & Block’s offices, which are apparently on all night.
Not sure if the link will be allowed, but here it is: http://www.chicagotribune.com/news/local/chi-talk-trump-lightsapr22,0,5860643.story”
Yeah i can see the IBM building where that office is located from my bedroom and living room and oh my god its obnoxious that they keep the lights on 24/7. I feel bad for the clowns that bought a nice view of office space for over a million bucks… not!
“Yeah i can see the IBM building where that office is located from my bedroom and living room and oh my god its obnoxious that they keep the lights on 24/7.”
J&B is moving later this year (to 353 N Clark–the Mesirow bldg) and that space will be vacant for the foreseeable future as (1) it needs to be completely gutted for asbestos abatement and (2) the office market is crap. And, when it is rented, the lights will no longer be on 24/7–as that’s no longer an acceptable expense.
There are 1 bedrooms at $500k for resale. If the building was to foreclose – these units couldn’t go for less than $400k, right?
Well thankfully i’m about 5 diagonal blocks away from the IBM but I always wondered why the lights were on there 24/7. Good to hear that they will be moving to the Mesirow building. Maybe this chick can buy some curtains/drapes in the meantime! lol
regarding that trib story…does the owner even have any window treatments. from the photo there looks to be none. there’s plenty of black out options available for windows.
I think the 1 bedrooms at (~940sq ft) could go for ~$400k.
“I always wondered why the lights were on there 24/7”
Lights switched for the full floor, I think, plus most of the interior walls are glass, so even if the office has a swithc, hallway lights stay on. Same with unrenovated parts of the AonCenter/Amoco Building/Big Stan, much of which will also change with the departure of Kirkland & Ellis.
Regarding the lighting, what is wrong with that lady? Did you see her furniture? 1) Her mattress is flat on the floor and 2) Her nightstand looks like one of those cheap wooden foldable TV trays. Sure I can pay $600,000-$900,000 by myself for a trump condo but I cant buy furniture.
Exactly the type of buyer that got us into this mess! Argh we’re not learning!
I have an emergency stairwell in an office building across from my bdrm now. Does not bother me, more like a nightlight. I also hear bums rummaging in the trash and drunk kids giggling from time to time.
Light and noise. There’s just more of it in the city.
My friends in the burbs tell me that they could never stand it. Thats why they are in the burbs. If light and noise at night bother you maybe city livings not for you?
Last time I checked the IBM building was there long before Trump tower so she knew what she was getting herself into. Her little 15 seconds of fame are backfiring. She wanted to show the city that she lives in Trump Tower. All she did was show us that her monthly nut has her living in poverty. Trump tower condo with no curtains and no bedframe…..no comment
LMAO! She paid 900k for a 1-bedroom and lives like a broke college student. Her unit is going into foreclosure, I can tell just by her furniture alone.
Thanks for the link, its a great peep into how the other side (aka over-extended) live.
Magazine Editors affording million dollar condos by themselves… lol! This building is in deep trouble if their tenants are so poor they can’t afford frickin drapes!
google her name. she has an interesting story.
I think it is hilarious this woman bought this crappy condo and did not even consider the fact that her neighbor’s lights would be on 24/7. Even more ridiculous is the fact that after spending a million plus is that she has no money left over for light blocking curtains.
I accompanied a relative while she toured a few towers not long ago, Trump being one of them. I remember her going over each detail and she considered the light/sunlight factor in all the places we visited. Unless you are on one of the top floors (which surprisingly are not sold yet!) lighting is a huge factor you will be faced with.
I too am left wondering what the whole attraction is to this building? I mean the exterior is beautiful, but the individual apartments are nothing spectacular…boring yes, beautiful and unique, no.
Maybe she bought all new furniture and just brought the mattress from her old place. This is what we did when we bought our new place. Its amazing how everyone on this site always speculates the worst…….
“Maybe she bought all new furniture and just brought the mattress from her old place. This is what we did when we bought our new place. Its amazing how everyone on this site always speculates the worst…….”
I think her “TV dinner table” night stand says otherwise… And why no drapes? Seriously? Complaining about light in your place but you don’t have any drapes? Get a 2nd job you FB!
“google her name. she has an interesting story.”
Wow a shameless self promoter!
Sonies- That’s self promoting gone wrong. Champagne taste with ginger ale pockets. I would like to know what bank qualified her for this unit so i can be there if it goes into foreclosure.
One of the google links congratulates her on summiting Mt. Kilamonjaro. But she’s got a bigger challenge ahead of her yet: paying her mortgage.
You know the bubble is really bad when you have editors from out of town buying 1MM 1-bedroom condos. Enjoy your beautiful condo Katie and your wonderful view, you’ve earned it!
Bad karma threadjacking to beat on some idiot in the paper but…
the best part is she’s an editor at Realtor Magazine, “the business tool for real estate professionals.”
Valasko- Most of us had to start somewhere. That’s not the point we are knocking. Custom drapes and furniture are costly and most of us have to save up for that. Not the point we are knocking either. What we are knocking is that she couldn’t/didn’t go to Target and buy $50 ready-made curtains and a $150 bed frame before crying to the tribune about city life. Why overextend yourself to the point where you can’t even buy cheap, starter furniture until you’re able to get the good stuff?
All you googlers didn’t find that she works (or worked?) for the National Association of Realtors?
Who here knows for a fact that she overextended herself……….
speculation……. my point is lets try to keep to facts on not pick on people we do not know.
Oops, someone claiming to be Katie Tarbox commented on the article saying that the article is wrong – she did not buy the unit. She got “one of the sweetest deals in Chicago real estate history.”
Here’s the comment:
1. I have window treatments, blackout shades in fact, and I am getting a stronger weight installed.
2. I didn’t buy. That is an error in the article. I got one of the sweetest deals in Chicago real estate history.
3. This is about a law firm that claims they work 24/7 and can’t turn off their lights, when in fact, no one is in the building after 9 p.m.
Buy Now, Once the economy stabilizes and these units are flipped and/or sell out, You will not ever see these deals again. The nicest building in north america, it has it all.
“All you googlers didn’t find that she works (or worked?) for the National Association of Realtors?”
I guess Suzanne forgot to research that Wabash Avenue might be lit up at night.
But she’ll be fine. I’ve been seeing commercials from the National Association of Realtors saying that there has never been a better time to buy a home than now and to contact a realtor today and they will assist me. The commercial also told me that owning real estate is the best way to build wealth*.
*And it was accurate as it did not specifically state positive wealth.
Sweetest deal in Chicago real estate history = seducing another older man to buy it for you?
Just sayin’
/special place reserved for me in hell
a, you have a special place in the innermost ring
Maybe she found the title in some homeless guy’s shopping cart?
homedelete: No Chicago winters there!
a, you say these crazy things but you know not what you do!
“Despite the common depictions of Hell as a fire, Dante’s Inferno portrays the innermost (9th) circle of Hell as a frozen lake of blood and guilt.”
Well, then Chicago is the innermost level of hell and we’re all there :-p
I don’t think those lights would bother me one bit.
Instead of whining to the Trib she should’ve tried curtains. Failing that she should complain, failing that she should get creative.
On creativity–she does have some leverage over the law firm. For instance nothing is preventing her from purchasing a 60″ plasma, hanging it up on the wall opposing the windows and having adult films play in a loop. That would surely get the lawyers attention.
Sex doesn’t drive biglaw lawyers, it’s money, money and mo’ money.
“For instance nothing is preventing her from purchasing a 60? plasma, hanging it up on the wall opposing the windows and having adult films play in a loop. That would surely get the lawyers attention.”
So how low will these 940 sq ft 1 bedrooms go?
“Sex doesn’t drive biglaw lawyers”
You have no idea how much porn is emailed around amongst those who don’t need to worry about IT saying something.
I’ve heard that before.
“You have no idea how much porn is emailed around amongst those who don’t need to worry about IT saying something.”
Someone mentioned that they couldn’t believe someone wouldn’t check out the lighting situation – but how was she supposed to know? Even if she drove by at night, it might not seem like an issue and I don’t think it’s common to let potential buyers hang out for a 24 hour period.
I’ve always wondered that when looking at places, what little hidden problems you’re going to notice only AFTER you move in and how big they’re going to be. It’s almost like you need a trial period to live in a place to really check it out – I think even if you did a lot of research something like this would be missed since according to the article she’s the first one to complain (so it wouldn’t show up in any complaint report for the building).
Nate
With that low of an assessment wouldn’t you most likely have to chip in more throughout the year (as problems arise)? Seems like w/3? units @ $100 that $3600 a year may not be enough for everything.
oops, too many windows opened – typed that above in the wrong one. Sorry about that.
“Someone mentioned that they couldn’t believe someone wouldn’t check out the lighting situation – but how was she supposed to know? Even if she drove by at night, it might not seem like an issue and I don’t think it’s common to let potential buyers hang out for a 24 hour period.”
I thought it was standard practice to view a house more than once and at different times (morning, night, weekend) before purchasing it. When she bought she had to know how close she would be to the neighboring office building and accepted whatever issues may come with that.
I saw this comment on another site “While you’re at it, Katie, perhaps you should complain about how the those top floors of the building across the street block your view of the lake. “