Trying to Sell a 3-Bedroom in Trump Tower Just 10 Months Later: 401 N. Wabash in River North
This 3-bedroom 67th floor unit in Trump Tower at 401 N. Wabash in River North just came on the market.
Crain’s recently had a tidbit about it in its Chicago Real Estate Daily because the seller only bought it 10 months ago – in December 2010.
Two doctors put their condo in the Trump International Hotel & Tower on the market this week for just under $2.68 million after buying the unit in December for $2.05 million. The 3,100-square-foot unit on the 67th floor has three bedrooms, a den, four bathrooms, and views to the south, east and west, according to the listing. The sellers, Kern and Richa Singh, made significant upgrades, including electronic shades, built-ins, decorator finishes and custom painting but decided they wanted more space, said listing agent Tricia Fox of Keller Williams Gold Coast Realtors.
The kitchen has cherry Snaidero cabinets, luxury stainless steel appliances by SubZero, Miele and Wolf and granite counter tops.
The bathrooms are marble and limestone.
It has 2 fireplaces and a unique feature of an 8×10 storage unit on the same floor (you’re lucky to even GET a storage locker anymore let alone an 8×10 sized one.)
Of course it has central air, washer/dryer in the unit and the amenities of the hotel are available, including room service.
The Crain’s article talks about the upgrades that were done to the unit including electronic shades.
Will the sellers be able to get a $625,000 premium just 10 months later?
Check out the Crain’s Chicago Real Estate Daily post here.
Tricia Fox at Keller Williams Gold Coast has the listing. See the pictures here.
Unit #67E: 3 bedrooms, 4 baths, 3102 square feet
- Sold in August 2009 for $1.967 million
- Sold in December 2010 for $2.05 million
- Currently listed for $2.675 million
- Assessments of $2254 a month (includes a/c, gas, doorman, pool)
- Taxes are “new”
- Parking is $65,000 extra
- Central Air
- Washer/Dryer in the unit
- 2 fireplaces
- 8×10 storage unit on the same floor
- Bedroom #1: 19×16
- Bedroom #2: 16×12
- Bedroom #3: 16×15
“The sellers, Kern and Richa Singh, made significant upgrades, including electronic shades, built-ins, decorator finishes and custom painting”
What the hell is custom painting? Is there a special section at the Sherwin-Williams store where they sell special rollers and brushes only for professionals?
Looks pretty low end – slap on some drywall – move on to next unit… whole unit looks pretty generic with exception of the windows…
In fairness… I always thought this bldg was a very nice addition to the city. Visually I always found the Mich Ave bridge area to be one of my 3 favorite visual spots in Chicago.
This level of stupidity takes us a step closer to the bottom…
I’m surprised at how low that assessment is given the building.
1 doctor here knows everything about real estate. 2 docs can’t be wrong you IDIOTS and MORONS!!!
General question for the chatarati: would two properties, SFH, condos or whatever, be sufficient comps for one another if they are 1.6 miles apart? Discuss.
Mr. Trump thanks you for your generous contribution to his LLC as well as the market thanks you for providing liquidity and a substantial donation to price discovery on the way down.
This may be a hard sell.
I have always hated the units at Trump – they are very difficult to decorate/live in because of the layouts of the building. Add in the questionable location (you really can’t walk anywhere from there without the feeling you are about to get mugged) and the riff raff that fills the lobby every day, afternoon and night, and you have one of the worst “expensive” buildings ever.
Also, what does the sellers’ profession have anything to do with the unit? I find that just as offensive as saying the seller was mexican-american, african american, black, quadriplegic, mentally unstable, etc – it has no bearing on the issue.
From what I can tell all of the units in this building were finished out very generic: nothing special except the address and the name. I’m not sure if Trump originally planned for higher end finishes and adjusted down during the build as the market showed signs of problems. That said I don’t see anything unique about this unit that would command $2.6m.
This Park Tower 3/3 looks like a comp. The finish appears more high end, although I don’t see $2.6m here either…
http://www.redfin.com/IL/Chicago/800-N-Michigan-Ave-60611/unit-2301/home/12566632
“1 doctor here knows everything about real estate. 2 docs can’t be wrong you IDIOTS and MORONS!!!”
G – I have NEVER lost one penny in real estate – not one (and have owned scores of properties). Even buying 5 properties since 2005, I haven’t lost one cent. I own several American Invesco units that are worth WAY more than what I paid for them. Why? Because I bought the right properties at the right price. Again, it isn’t that hard.
Everyone bashes American Invesco, but I have told you time and time again, longevity, perseverance, and patience are the key (my unit at 111 e chestnut was bought in 1999 for 435k – sure it went up in value to 700-725k in the mid 2000s but is still selling for the upper 500s now. In the meantime, rent more than covers taxes, assm allowing a 5% return.
Chibuilder, the park hyatt is a MUCH MUCH MUCH MUCH better location.
I think this market is especially bad for those who bought at the peak and also upgraded.
I’ll admit I don’t know too much about this end of the market, but I would have thought that there is an established pool of buyers interested in an upgraded $2.6m Trump unit – if none of them have bit before it hit the MLS it’s not selling.
“Chibuilder, the park hyatt is a MUCH MUCH MUCH MUCH better location.”
Yes, Chicago Ave. is just lovely. That spot by McD’s is just shit, from there down, it just gets worse…..
I would have to think that a nice 20th floor apt, facing East towards the bridge, would have to make one of the nicest places to sit and eat in the entire city.
“Yes, Chicago Ave. is just lovely. That spot by McD’s is just shit, from there down, it just gets worse…..”
Moron, what does McD and “from there down” have to do with the Park Hyatt? That is like saying Trump is terrible because it is near englewood. People at the Park hyatt only look to the east and north (and, sometimes, when adventurous, a bit south) – but never never more than one -two blocks west.
“People at the Park hyatt only look to the east and north (and, sometimes, when adventurous, a bit south)”
I had this strange felling that your preference for that location might have something to do with The American Girl Store… You are one sick bastard!
“I had this strange felling that your preference for that location might have something to do with The American Girl Store… You are one sick bastard!”
Uhh I don’t even know what that is (nor do I want to know)…… In all seriousness, though, most people who live in the Park Hyatt or that area frequent the establishments to the north and east (rarely do they venture south or west). There are a lot of high end neighborhood bars/lounges popping up in the area. One such place I have alluded to in the past is opening in about 6-8 months on the ground floor of a building that we have chatted (?chattered) about on this very site. This building (215 e chestnut) has the most amazing penthouse for rent – I still don’t know why anyone would want to BUY the subject POS when they could rent the penthouse at 215 for much much much much less money. It doesn’t make sense. If you want to see the penthouse, click on the link below and go to my last post. I provided a link to the pictures:
http://cribchatter.com/?p=7858
Why would anyone just give the sellers an extra $600,000? If I had that much money to give away, I would use it for a good cause.
jenny, is that the way you look at real estate purchases?!!! That is crazy. When you pay 10-15 dollar for a martini, do you understand the mark up that you are paying? When you buy a coat from India for 300, do you realize it really costs 10 dollars to make? When you buy a honda for 25k do you realize that it costs 10k to make? Does everyone think like this?
Again Sabrina, you keep chiding me and lecturing me about how real estate is NOT psychological, but Jenny is an example of a typical person – they think with their emotions and are irrational because of it. You can’t deny the psychology of the buy/sell (esp in real estate).
Jenny,
what if the buyers bought the exact same unit for 3million and now have it on the market for 2.6 million. Would you feel differently? I am actually honestly curious.
I don’t see what commands a $600,000 price increase on this place in less than a year. Why is it worth so much more than it was a few months ago? It would make me feel like I was being cheated to pay so much more than someone else paid for the exact same thing a few months ago.
It’s not the same buying something from India that cost only $10 to make, but ultimately costs $100 in the US. In that case, a company is procuring an item that customers in the US might like and also making a profit in the process. What did the sellers do here? I assume Trump made a lot of money per unit, but at least his company built this building and created something out of nothing. These sellers just bought and assumed they could turn a quick profit without doing a thing.
Curious to see what upgrades they put into, really. The lighting is new and higher end (though not my style) and the electronic shades are expensive…probably 40-50K for a unit this size…I just had my unit quoted by three companys. So assume they bought at low, put in 50K for shades and 20K for lighing etc… max they put in is 100K. So why the 600K markup? Are they just putting in padding so the buyer can get far below ask and feel good about themselves? Even if you priced right, at exactly what they paid, everyone still thinks they should get below ask. So why not put some padding in?
“clio on September 8th, 2011 at 6:29 am
Add in the questionable location (you really can’t walk anywhere from there without the feeling you are about to get mugged) ”
Bwahahahahahhahahahahhahhaaaaaaaaaaaaaaaaaa!!!!!!! This one tops your Western Ave. scaredy cat story by a landslide.
Your shadow must shock you on a daily basis.
Is it me or do the fancy Snaidero cabinets appear to be only 36″, not 42″?
http://www3.topproducerwebsite.com/aws//listingpic/a5abaadb-1ffa-4cfa-ab52-899fa6afc61a/1576fbca-6697-45c4-be52-3319d24bb209.jpg
electric shades = $40K max
“Add in the questionable location (you really can’t walk anywhere from there without the feeling you are about to get mugged)”
Really? I mean, really? I’ve lived in that “questionable location” for over a decade and never been mugged, never felt that I was about to get mugged, never seen anyone get mugged, etc. Clio must have the old world aristocrat attitude that whenever someone panhandles you they are about to mug you.
There’s a strong contingent here who thinks that there is some inherent value to real estate – that it should be worth a certain amount based on certain factors these folks consider to be the basis for real estate value.
These people understand markets, and are wrong.
On this property, I don’t know Trump Tower, but this seems obviously overpriced to me. Would have to look at the comps to be sure.
Also, what does “Compensation paid on: Net Sale Price” mean? I’m seeing this in a lot more listings and don’t understand what they net out of the sale price to get to the sale price the compensation is paid on. The other real estate commission?
“Add in the questionable location (you really can’t walk anywhere from there without the feeling you are about to get mugged)”
Stupidest comment of month!
vlajos, don’t even get me started on west town…….
“I had this strange felling that your preference for that location might have something to do with The American Girl Store… You are one sick bastard!”
Z, american girl moved into water tower. also a chick filet opened on chicago and wabash so park hyatt peeps no longer have to walk as far for cheap eats. except on sunday
http://maps.google.com/maps/place?um=1&ie=UTF-8&q=chick+fil+a&fb=1&gl=us&hq=chick+fil+a&hnear=0x880e2c3cd0f4cbed:0xafe0a6ad09c0c000,Chicago,+IL&cid=5818283815070044556&ei=VNloTriAKc-JsAK8x_WHDg&sa=X&oi=local_result&ct=map-marker-link&resnum=1&ved=0CFgQrwswAA
Clio I think the seller’s profession is mildly important sometimes in providing insight into their motives. Notsomuch the case here though.
The unit looks great and the views are perfect. The sellers should be happy to get what they paid plus maybe a bit more, because the upgrades they put in don’t add up to $600,000. Maybe $50,000 to $100,000. So if they paid $2.05, they should be happy to get $2.2 to $2.25, or, in this economic climate, just to walk away breaking even. The unit is definitely worth the $2 million considering view, location, amenities. Actually, $2 mln sounds like a good deal.
Additional cost for parking is insane! If they want to sell, they could at least include it in the cost or assessment fee.
oh jesus, this thread is going to blow, cliotroll is in full moththa-fin-effect today
I wouldn’t buy this place for 2.6 millionn, but it is really nice. Those views are incredible, shame they don’t have any outdoor space in this building except for a few units.
And yes clio hubbard and kinzie street is so scary! All the overpriced restaurants, young hotties, touristas, transplants, and chads oh my!
sonies, the name that pays is Clambo.
“G – I have NEVER lost one penny in real estate – not one (and have owned scores of properties). Even buying 5 properties since 2005, I haven’t lost one cent.”
Clio, what about the farm you owned in St. Charles. You took a blood bath on that one and even admitted it in one of the threads.
Hey a local – we are doing motorized blinds too. We are using someone else, but I’ve heard that abt is doing them now. You should check them out if you haven’t already.
I was in the sales center about 1.5 yrs. ago. Sales lady told me that all unsold units were finished out spec by the developer, and they chose to put cherry Snaidero kitchens in all of them (as I guess they perceived this to be sufficiently high-end, middle of the road, to not turn off any buyers).
PS After this, when I decided to do a kitchen rehab, I also chose the same cherry scheme, thinking it would appeal most broadly to buyers than any other kitchen scheme.
“Clio, what about the farm you owned in St. Charles. You took a blood bath on that one and even admitted it in one of the threads.”
nice catch Mike. the bullshit runs deep in lake Clambo
Clambo sez
“I DON’T FUCKING LIE”
http://cribchatter.com/?p=10043#comment-132189
“Mike – this is the first property I have owned that I have lost money on (believe it or not, but my losses – after commissions, fees and when you factor in 3 years of taxes, mortgage payments, etc. are going to be nearly 100k – this is DESPITE a near full asking price offer). I am just relieved to get out of this property.”
Clio, I have a question: If you went to Starbucks and ordered a latte for $8 and they told you that lattes were on sale for $4 at a Starbucks 4 blocks away would you go to the other Starbucks? If you said yes, read on: If you said no, move on. And if you said yes, if you were at Nordstrom’s and were considering purchasing a fur for $4,000 and they told you that same fur was on sale at NM’s for $3,996, would you go to NM’s?
Doctors are going to have to give someone some good drugs to get this to move at that price.
at least the assements are a little more realistic than that dump in the Gold Coast that was shown yesterday
I wish the Singh family luck as I toast my King Fisher
G – I still own that property. Check the title…….
“Clio, what about the farm you owned in St. Charles. You took a blood bath on that one and even admitted it in one of the threads.”
Still own it……
“what about the farm you owned in St. Charles”
Farm?? It’s the size of a postage stamp.
“Farm?? It’s the size of a postage stamp.”
15 acres in a chicago suburb is quite a big sized parcel (it is also zoned R1 – 40,000 sq ft lots – you can fit 15, 1 acre lots. You see ze, sometimes in real estate you have to think OUTSIDE the box in order to make money – but leave the adult discussions to us. Just keep posting your nonsensical posts for others to “enjoy”.
“15 acres in a chicago suburb is quite a big sized parcel”
Postage stamp.
Chicago p/sq ft is VERY cheap, you are supporting my point?
they gave 40 acres to the slaves…
“they gave 40 acres to the slaves…”
The freedmen got mules, those folks got a donkey.
“they gave 40 acres to the slaves…”
Call it a wash then?
if only we could have given them 40 acres in st chaz and they held it for 155 years
clio: “Still own it……”
You were either lying then (when you said you lost money on it) or you are lying now (when you say you’ve never lost money on RE). You get to choose which way you lied, I suppose, but either way you are a liar.
It really isn’t worth talking with you anymore. All insults, bluster and lies. Awful.
“G – I still own that property. Check the title…….”
Whatever, you lied about selling it then.
TftInChi, and here I was gonna tell ya I liked your comment on another thread. I’ll read before posting since you live minutes ahead of me.
This place is a joke for 2.675 milllion. Who really thinks this is the equivalent of the 2641 Geneva mansion that just sold for 2.75 million? this property is worth half of what they’re asking
…the 2641 N Geneva Terrace Mansion is the one I am comparing this too