Shark bites: 58 percent off a hotel condo at Trump

Posted 1/22/2010 by Joseph Askins

Unit #2414 at Trump International Hotel & Tower Chicago may be one of the high-rise's smaller spaces, but when it comes to short sale discounts in River North, it's one of the biggest around.

The 604 square-foot hotel condo at 401 N Wabash Ave sold in March 2008 for $894,524. (That's right, $1,481 a square foot.) One year later, its owner listed it in the $670s, hoping for no more than a 25-percent loss on the unit. So much for that idea. Today the studio is listed for $374,000, 58 percent below its original sale price.

Gail Spreen's listing describes the unit as having a full kitchen and views to the north and west. There's mention of a rental option, and while there's no corresponding rental listing on the MLS, there are other two studios listed for rent for $2,000 and $2,200 a month.

Visit CondoShark.com for details on the top price reductions, short sales, and foreclosures in select Chicago neighborhoods and North Shore suburbs.