Would You Use a 29th Floor Outdoor Terrace? 401 N. Wabash in River North
This 1-bedroom in Trump Tower at 401 N. Wabash in River North came on the market in November 2015.
It is on the 29th floor and faces west and north.
It has 11.5 foot ceilings and floor-to-ceiling windows.
The unit has luxury finishes including cherry Snaidero kitchen cabinets, granite counter tops and Subzero, Miele and Wolf appliances.
The listing calls the bathroom a “spa bath” with a whirlpool tub.
It has central air, washer/dryer in the unit and parking is available for lease in the building.
In Trump Tower you also get all of the services of the Trump hotel.
The listing says it is in “seldom used condition.”
This is a unique 1-bedroom unit in that it has a rare west facing 200 square foot private terrace. Very few of the Trump units have outdoor space because of the design of the building.
Would you use an outdoor terrace that was on a high floor like this one is? It’s on the 29th floor and it’s not recessed.
Or is the terrace wasted space?
Peter Tortorello at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #29E: 1 bedroom, 1.5 baths, 938 square feet
- Sold in March 2012 but no price is listed in the public records
- Originally listed in November 2015 for $879,000
- Currently still listed for $879,000
- Assessments of $508 a month (includes gas, cable, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $7322
- Central Air
- Washer/Dryer in the unit
- Parking is leased in the building from $250 to $350 a month
- Bedroom: 15×14
- Living room: 17×15
- Terrace: 24×8
- Laundry room: 6×4
This is a $279k unit in 95% of other buildings. Can’t say the location is worth a $600k premium.
Why do some units have such high assessments and others don’t in this building: https://www.redfin.com/IL/Chicago/401-N-Wabash-Ave-60611/unit-2322/home/13124743
The one above has a monthly assessment of $3,048.
Are the ones that have more expensive assessments part of the hotel?
“a $279k unit in 95% of other buildings”
Be serious. With that level of finishes and the size and the large terrace, that’s at least a $400k place in any bona fide GZ location, unless the building is in financial trouble.
“Are the ones that have more expensive assessments part of the hotel?”
The one you linked to is part of the hotel, so it’s apples and oranges. May as well compare different buildings.
“Be serious. With that level of finishes and the size and the large terrace, that’s at least a $400k place in any bona fide GZ location”
OK. $379k. Building still not worth $500k premium
“Why do some units have such high assessments and others don’t in this building: https://www.redfin.com/IL/Chicago/401-N-Wabash-Ave-60611/unit-2322/home/13124743”
The ones with the high assessment are in the hotel rental program (they come fully furnished and are maintained by the trump hotel). You get a percentage of the money when they rent it out. You still own the unit and can stay there “free” any time you want.
“Building still not worth [] premium”
What ever it is, yeah, the premium is yuuuuuge. But its hard to put a price on that sort of classy address.
I would not be happy living here if Trump wins. The protesters will end up converging on the location.
You’re fired
didn’t some trader buy one of these 1br terrace units that was featured on cribchatter many moons ago and commented and such?
ah nevermind I think he bought one of the units with the massive 1000+ sqft terrace
279k LOOOOOOL 379k LOOOOOOL. These units didn’t sell under 500 even during the unraveling of one of the worst overleveraged real estate bubbles ever. You can’t judge these units without touring them, but this one is overpriced when comparing to other units in the building. Luckily for this seller, most foreign buyers aren’t going to pout over + – 100k.
“didn’t some trader buy one of these 1br terrace units that was featured on cribchatter many moons ago and commented and such?”
Chris Gardner live in one of the large units with the largest terrace in the building. If you don’t know him, he is the person characterized in the movie “the pursuit of happyness”.
If you want to play to have to pay……..
what protestors? After the Trump wins, he’ll convince them to start working instead of whining. Trump is a paragon of virtue in this realm and he hires alot of people too. The protestors have a better change of getting hired for a job by Trump than by the scums of the world like a Fred Eychaner who promotes that kind of divisive stuff in the first place.
re: foreign buyers and money-launderers
http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html?_r=0
HH appears to have a crush on Trump, his milf….. man I’d like to f….. LOL
Most protesters are paid, so they are “working.”
“279k LOOOOOOL 379k LOOOOOOL. These units didn’t sell under 500 even during the unraveling of one of the worst overleveraged real estate bubbles ever.”
Of course not. No one said they did. I said if this unit was in ANOTHER building.
Trump’s a polarizing guy. If his building became a rallying site for anti-trumpians, who’d want to live there? The latest elitist liberal leftwing hitjob plausibly asserts that he’s damaged his brand’s value:
“[T]he value of the Trump name is collapsing. … since Donald Trump’s run for president, the Trump brand has lost the confidence of the people who can afford [it].”
“In categories such as “prestigious,” “upper class” and “glamorous” the Trump name has plummeted among high-income consumers. … it is also losing its connection with the terms “leader,” “dynamic” and “innovative”…. The [Trump] brand has been a survey subject for BAV Consulting’s regular surveys for over a decade and has never before experienced such a precipitous drop in reputation.
http://www.politico.com/magazine/story/2016/01/donald-trump-2016-brand-business-213515#ixzz3wwXW8c3Z
“In categories such as “prestigious,” “upper class” and “glamorous” the Trump name has plummeted”
Klassy, Brassy, and Douchey are the categories I’ve always associated most with TRUMP! I find him to still be in the high 90th percentile on all of them.
“Most protesters are paid, so they are “working.”
Who pays them? The Eychaners and Soroses of the world, that’s who. Trump hires people to work, not whine.
Trump is correct that most billionaires and “high net worth” types are jealous of what he’s doing. Recently, the AIG crook Hank Greenberg was caught whining that he’s wasted $10 million on the Jeb! super-PAC. Trump is also correct when he calls them gamblers, who like to bet on a horse and then have access. They love guys like Clinton and Jeb and Rubio, but Trump is beating them all. High net worth Jews in particular are enraged by Trump, which is preposterous because the leaders of Israel to the Far Right of Trump on almost every issue and they support that. Trump’s properties are probably more pleasant to visit without all of them there! The brand will improve in quality.
“Klassy, Brassy, and Douchey are the categories I’ve always associated most with TRUMP!”
What is a more classy brand? Barry Sternlicht’s “W” brand? There was a shooting recently outside the one on Lake Shore Drive. The Clintons have no class whatsoever. Bernie is a rumpled mess of dandruff. No class either.
“What is a more classy brand?”
Klassy. With a K. To emphasize that I think ‘classy’ is a not so subtle insult. His brand is right up there with all the other klassy-trash, catering to people with haute-Jersey taste. Yes, he’s made a ton of money with that; doesn’t make his brand “prestigious”.
I take it you wear his suits? Do you prefer Empire or Success for your scent? Do you have to run over to the hotel to get your Trump Natural Spring Water? I certainly believe that your home is furnished *exclusively* with the Trump Home Collection. Klassy.
klassy is just as stupid as saying kewl or pwned. please stop its making me think you’re a 12 year old.
I’m going to buy a unit in this building, then make Mexico pay for it.
Many protesters are union members who are getting checks from their unions while they are protesting.
“please stop its making me think you’re a 12 year old.”
I did it so that certain people might catch the implication (you know, with the absence of tone on the interwebs)–guess that it didn’t work (not talking about you).
I got it!
If you notice all the outdoor furniture is the same as the indoor furniture. This is because you cannot leave any furniture on the balconies according to billing rules. They fear the furniture being blown off (especially on the higher floors)
HA! Or you could buy this one for slightly more. Have 10x the outdoor area (with trees), a place to let your dog out. And oh yeah, 3x the bedrooms and 2.5x the bathrooms.
https://www.redfin.com/IL/Chicago/60-E-Monroe-St-60603/unit-1501/home/21793370
Finally closed for 685K
“I would not be happy living here if Trump wins. The protesters will end up converging on the location.”
Jenny January 2016 comment
She was correct that the protesters would show up. Wonder how many people have lost equity in what were formerly pretty solid assets. Say what you want about the guys politics, but in the past some of the buildings held or improved their value!
Two years to finally sell. Yikes.
One thing about Trump Tower Chicago is that it’s now 10 years old. The finishes are starting to look dated. Unless it’s been renovated, it’s going to show its age.
And there are several “new” buildings that have closed on units in the meantime (and several more to come.) There’s plenty of competition for this price point now.
Sabrina is correct. Ten year old units are now tired. But with limited supply a good floor plan a properly seasoned and well funded association could be a good thing. At least with ten year old units the infrastructure, celiling heights, availability of in unit washer dryer, and more current technology is the norm.
In this case I’m not sure the Trump brand has seasoned well. But in other seasoned ten year old buildings have some benefits. In most cases you can have confidence that you are starting g from a good place and that it is likely just cosmetic updating.