chicago-condos & Chicago Real Estate pcherry on 27 Jan 2010 06:35 am

Trump Tower Resell Condos Turn A profit

January 27, 2010 - The best news we’ve heard lately about the Trump Tower is that a couple of early investors actually have turned a profit on reselling two Chicago condos in the high-rise. Crain’s is reporting that David Radler, probably best known for his conviction for the attempted theft of Sun Times funds, has sold two condos that were bought in 2003 when Chicago real estate developer Donald Trump offered his “Friends and Family” deal to certain individuals. The condos sold under that plan were at a steel discount compared to other pre-sales, so that explains why a profit was made on this deal.

The Friends and Family program wasn’t without its share of controversy though. Not very long after selling quite a few condos at the reduced price, Trump decided to cancel the contracts and wanted full price for the units. Mr. Radler was one of a few buyers who launched a lawsuit against Trump and actually won. The case was settled and Mr. Radler purchased a three bedroom condo on floor 41 for around $1.8 million. Two parking spaces went with the unit. He then managed to resell the condo and parking spots for $2.3 million in November of last year.

Mr. Radler, along with his daughters, also purchased a condo that wasn’t as large but was located next to the unit with three bedrooms. That condo cost them $687,995 back in September 2008 and they managed to find a buyer willing to pay $975,000 for it less than half a year later.

With so many investors trying to resell units at the 92 story Trump Tower as well as the developer still having quite a bit of inventory to market, it’s encouraging to see someone actually make a profit on a couple of units. Most buyers have lost interest in investing in Chicago Hotel Condos fo the time being at least, so we’ll have to wait and see what happens with those units still left for sale.

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