I’ve read plenty of stories about the “cold” market for luxury homes in recent months. Most focus on two facts: buyers lost money in the stock market over the past two years, and many have a harder time securing jumbo loans.
Those may be overall trends, but they don’t add up to a dead luxury market in downtown Chicago, says Keller Williams Gold Coast agent Tricia Fox. This year her group made $50 million in sales in the Trump International Hotel & Tower alone, and that’s after figuring in a very slow first quarter, and there’s still plenty of interest in select buildings and tiers throughout River North, Streeterville, and the Gold Coast, she says.
In the first segment from a recent interview we conducted at one her her Trump listings, Fox (a Trump resident herself) talks about the building’s perks and compares it to its other new construction competition.
One of the factors Trump is facing as it tries to sell off its units is the resale factor. In many cases, Fox and other Realtors are able to sell investor units well below the developer’s prices, and that shows in the price comparison below.