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.
