If you’re in the market for a high-end downtown condo in an architecturally impressive skyscraper, there’s a chance you may be able to score a deal on a unit in Chicago’s Trump International Hotel & Tower. Over the last few months, dozens of for-sale units have piled up on the MLS, with some taking significant price reductions to attract interest from prospective buyers.
In January, Crain’s reported that there were just over 30 units for sale in the Adrian Smith-designed tower, and as of last week, the Chicago Tribune counted 52 units for sale. However, as of this week, the MLS is showing that there are about 66 condos at the Trump Tower on the market—more than double the inventory from just a few months ago.
So, why are so many owners looking to dump their properties in the supertall tower? There are of course market forces at play, but some reports suggest that the tower’s association with President Donald Trump has led owners to reconsider their investment in the building. Back in 2015, Chicago Tribune reporter Kim Janssen spoke with a few residents who admitted to being “embarrassed” by the tower’s relation to the polarizing political figure. Another owner told Crain’s real estate reporter Dennis Rodkin that they believed that their unit would sell faster if Trump’s name was removed from the side of the building.
In a column published last week, Chicago Tribune reporter Dahleen Glanton also highlights the stigma of Trump’s brand and how it is affecting the tower’s inventory. Glanton points to the tower’s new role as a rallying point for protestors and critics of the president and how this has affected the quality of life for residents. In the days following the election, thousands rallied at the base of the tower, and the large-scale protest activity has continued ever since. At some points during the protests following the election, it was reported that building employees were asking for police escorts to get through the large crowds.
However, it may not be all bad for owners at Trump Tower. Sellers are still getting good returns on their investment, Dennis Rodkin suggested in a January report. One real estate agent even told Rodkin that that had seen increased demand for units in the building—specifically from foreign buyers. And as many owners will likely point out, regardless of personal opinions and sentiments, the tower is still a fully-loaded, architecturally significant building with luxury amenities, a great location, and units that feature incredible views.
- Column: Would you trade your political values for a condo in Trump Tower? [Chicago Tribune]
- Is it getting harder to sell a Trump condo? [Crain’s]
- Trump protesters and supporters gather at Chicago’s Trump Tower [Curbed Chicago]