The vistas from a unit with a 90-foot span of floor-to-ceiling windows in Trump Tower convinced a Glen Ellyn couple to move downtown. Now they’re off to Florida, and it’s soon for sale at $2.99 million. Take a photo tour.
I have been blogging about Trump Chicago for a while now and have always said that many great deals could be had, but I have never called a bottom. Never once I did I say you MUST buy now. Never once did I say the opportunities are going away. Well folks…I am going to start changing my tune.
Over the past few weeks I have had conversations with several different people looking in Trump who wish to combine units. I have rented several units to clients who have expressed interest in soon making offers. We have clients now going directly to Trump to look at inventory that is not on the resale market. We have clients who are now starting to pay a premium to get a view because the owners know they can ask for it, they are the only ones on the market.
If you have been on the sidelines waiting to buy in Trump I recommend you start looking NOW. Prices are not going up and the building still has some time before that happens, however, inventory is shrinking and if you are looking for the PERFECT unit I suggest you start looking to buy soon because you want your options to be open. You do not want to buy into the building after the market has started going up because chances are you will not get a GREAT deal, only a good one.
So we’ve been waiting for this to happen, Short Sales in Trump on the Condo Hotel Side. We’ve had one listed for a little while, however, the pricing has finally hit new lows. While I am proud to represent this listing with Crown Heights Realty, the pricing shows what has happened to the condo hotel market not only in Chicago, but throughout the country.
401 N. Wabash Unit 2018 is our listing. It is a Studio Hotel Room with 604 SF priced at $350,770 which is an incredible value in comparison with what they were selling for over the past few years!
If you are looking for a great deal on a Hotel Condo in Chicago then this is it! The problem? You cannot finance it. It does not matter what your credit score is, what you do for a living, or if you are the almighty himself, you will not be able to obtain financing. Condo-Hotel are considered a Quasi-Commercial loan and banks simply do not want to take the risk on these types of loan products at the current time. So you MUST be a CASH buyer for 2018.
2018 is also a short sale so you will have to wait a little while for bank response. However, it very possibly could be worth the wait. Please contact me to schedule a showing.