Quote of the day: Undercutting Trump

Trump Tower

“My clients want to get out, and the only way they can get out is by undercutting the developer.”

– Broker Andrew Glatz, who currently has listings for 18 hotel condos in the Trump International Hotel and Tower Chicago, on why his clients are trying to sell their condos.

Crain’s reports that flippers are running rampant at the Trump Tower, which is a problem for developer Donald Trump because the average resale price is quite a bit lower than the price of a unit sold through the sales center. Prices have gone up since pre-construction, and the Crain’s article says that observers expect prices to drop in the future.

The article also says that sales on the 92-story tower have plateaued at about 70 percent and notes that it will be hard to find buyers for the remaining units given the number of new condos that will flood the downtown market this year.

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