A spacious, 6,850-square-foot penthouse on the 87th floor of Chicago’s Trump International Hotel and Tower went under contract last month. While the home was listed for $9.95 million, the actual price of the pending sale will likely remain unclear until the deal’s expected spring closing date.
Sporting four bedrooms, five bathrooms, a designer kitchen, and 16-foot ceilings, the sky-high condo is full of custom updates courtesy of a 2015 remodel. The property hit the market in late 2016 seeking $12.7 million and took a handful of price cuts before arriving at its most recent sub-$10 million asking price in September.
Provided it goes through, the transaction will likely boost the River North building’s average per foot price—a number that has been on the decline based on a recent report by Dennis Rodkin of Crain’s.
Condos in the 95-story skyscraper fetched an average of $747 per square foot last year, a reported decrease of nearly 12 percent compared to 2016. The 2017 Trump slump coincided with a 2.8 percent average price increase across Chicago’s downtown condo market.
The report also points to a sharp drop in the number of sales at 401 N. Wabash Avenue, Citing data from Gail Lissner of Integra Realty Resources Chicago. While the riverfront high-rise was the site of 56 residential transactions in 2015, the figure dropped to 29 in 2016 and totaled just 17 in 2017. Falling prices often lead to owners keeping their properties off the market, further compounding the slowdown.
“When I put together a packet of condos for my clients to look at, and a Trump unit is in the packet, I sometimes hear, ‘I wouldn’t be comfortable living in that building,’” listing agent Jennifer Ames of Coldwell Banker told Rodkin. “Before Trump was elected, it was never an issue.”