Amelia Finefrock
Trump’s condos are nothing to scoff at and cost one pretty penny [okay, a lot of pretty pennies] but that is changing.
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Condos in the Trump International Hotel and Tower back in 2017 sold for an average of $747 a square foot according to managing director of Integra Realty Resources Chicago, Gail Lissner.
But according to a Crain’s report, that is close to 12 percent from 2016 when sales a the Chicago River averaged $846 a foot at the 95-story tower. Yikes.
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Lissner said to Crain’s that in the same period, prices in the downtown condo market rose overall by 2.8 percent. Lissner has been tracking sales as well as prices of more than 20,000 units in 65 downtown buildings since ’07, according to the news outlet.
So what does the Trump building have to offer? Stunning architecture, a high level of service from restaurants as well as other amenities PLUS an attractive location at a bend in the Chicago River that is easy on eyes with a killer east and west views, according to the news outlet.
“It’s a great building,” Lissner said to Crain’s, but “it’s come down in the past year, when the market has been going up.”
According to Lissner, from 2014 through 2016, the per-foot average in the building ran above $800. And according to Crain’s research in Midwest Real Estate Data’s listings, at the end of the year, the average price per square foot of condos sold at both the 340 W. Randolph as well as 250 E. Pearson was up 12 percent from 2016 — and 130 N. Garland, up almost 7 percent.
Lissner also told the news outlet that the number of sales at Trump was also down from 29 to 17, saying it is the second year with a steep drop in sales. According to the news outlet, in 2015 – there were 56 sales in the tower. Lissner says that in 2017, sales dropped 41 percent.
One buyer who resides in the tower told Crain’s she does support Trump and notes that if his brand is taking a hit, she isn’t worried.
“If the prices went down, honestly it helped me buy at a lower cost, so I’m not bothered by it,” said one-bedroom buyer, Redita Nakvosaite, who lives on the Trump’s buildings 81st floor, according to the news outlet.
According to the Cook County recorder of deeds, Redita shelled out $700,000, a lower price than both of its past two sale prices which were $765,000 in 2013 and $800,000 in 2014, according to Crain’s.
So Trump’s taking a little bit of a hit, but with having an affair with a porn start as just the latest in the string of scandalous acts Trump has allegedly been involved with over the past year….are we really surprised?
