Property values in Chicago's Trump Tower have declined as other similar properties have gotten pricier. Go figure:
"I've never seen such a glut" of condos for sale, said real estate agent Carla Walker of KoenigRubloff Berkshire Hathaway. "When people live where they've paid $1.5 million and up, they don't want to see people hanging out and demonstrating. And there's still a stigma there for some people."
The number for sale "is amazing," said Gail Lissner, vice president of Appraisal Research Counselors. "I've never seen that number for sale since they opened, and there have been very few transactions."
Only four units sold this year, and there was a decline in the number sold last year compared with the previous year, she said. There are about 52 residential units for sale now. With the addition of the hotel condos also on the market in the building, the number of units for sale jumps to about 70.
Based on the residential units alone, the number of available condos in Trump Tower is almost three times higher than other large condo buildings downtown, according to Lissner's data. No comparison is perfect, because the very high-end Elysian and Waldorf buildings are small with little turnover in units. But Lissner said that while Trump Tower has 52 of its 486 units on the market, the John Hancock building has 26 out of 703 for sale; Water Tower Place has 9 out of 260 for sale; Aqua has 12 out of 262 for sale; 340 on the Park has 11 out of 343; 600 N. Lake Shore Drive has 20 out of 395; and The Heritage has 5 out of 358.
Apparently the massive "TRUMP" logo on the southeast wall of the building is not what people in heavily-urban, heavily-Democratic Chicago want to pay extra for.