$12 Million Can Get You a Spot in Chicago’s Trump Tower
Want to live high above Chicago in the Trump International Hotel & Tower? You can, and it will only cost you about $12 million, depending on the strength of your negotiating skills.
Crain’s Chicago Business recently reported that an 87th-floor condo unit is now on sale at the Trump property at 401 N. Wabash Ave. in Chicago’s River North neighborhood. According to Crain’s, the sellers of the unit are asking for $12.7 million.
That’s a steep price. But the condo unit does cover 6,850 square feet and includes four bedrooms. According to the Crain’s story, the unit boasts 16-foot-high ceilings, a wine room, a modern kitchen and a host of high-end finishes. Then there are the views. The 87th-floor unit provides some stunning views of the city.
If the unit does sell for that $12.7 million price tag, it would be a rarity in Chicago, according to Crain’s. The newspaper reported that this asking price equates to $1,854 a foot. Crain’s says that it’s exceedingly rare for Chicago properties to sell for more than $1,300 a square foot.
The owners of the unit do stand to make a hefty profit if they do sell for anywhere near that $12.7 million list price. According to the Crain’s story, the owners bought the condo unit for $5.85 million late in 2012. Their REALTOR® is quoted in the story as saying that the couple probably spent more than $5 million on upgrading the unit.
I know that there is only a tiny sliver of the Chicago population who would even consider spending so much for a condominium. But that astronomical price tag is actually a good sign for anyone who owns or is thinking of selling a Chicago condominium. It is just one more piece of evidence that the Chicago condo market remains a hot one today.
So if you are planning to sell in Chicago, you should feel good. There are plenty of buyers out there looking for fairly priced condo units throughout the city.