chicago-condos & Chicago Real Estate pcherry on 21 Oct 2010 06:34 am

5 Models To Open At Trump Tower

October 21, 2010 - So far there is no sign of any price reductions on the remaining unsold developer units at Trump Tower since the lawsuits between Trump and the bank who holds his loans were settled last month. The Chicago real estate developer now has five more years to repay the $600 million in loans. So rather than lowering prices to lure buyers, Trump has decided to decorate five models and have them ready for touring before the year is over, according to a recent Tribune article.

“People are getting off the fence. The gives us the ability to tell the story of the success of the hotel, as well as what lifestyles we perceive for this building,” Ivanka Trump was quoted as saying in the article. There were 13 Chicago condos and one hotel condo unit that sold at Trump Tower from June to September of this year, according to Appraisal Research Counselors. But the article also states that one third of the condos in the high-rise are still unsold.

The developer-owned units are up against investors who continue to undercut them on pricing. Also, the Ritz-Carlton Residences will start making deliveries sometime next year. And Spire buyers who are now probably giving up hope might be in the market for another condo. All of these things prompted Trump to show off some model units.

The five models target certain types of potential buyers. They seem to be grouped by gender. One model is aimed at attracting more mature, conservative women. Another is decorated to appeal to single career women. Another model is furnished to suit wealthy single men. Then there is a condo model decorated with an eye to an “urban yet rustic lifestyle.” And one last model is furnished to fit a couple who have children or other family members who visit. That condo is on floor 34 and has 2,000 square feet and a $2 million price.

When these models open you can compare them to other Chicago luxury condos and see if they’re worth the price.

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