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Trump this!

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Jim Onderisin

Thread Starter
Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
I've got an assignment to appraise a condo unit in 401 N. Wabash. It's one of the higher-end units. Anyone done any appraisals in the building yet? I'm trying to get a sense of what drives value in the building.
 

Brian Weaver

Senior Member
Joined
Apr 16, 2005
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Illinois
Contact our former Appraisal Board member, Maureen Sweeney, SRA...she does a lot of high-end condos down there. She may have done some in there.
 

athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Probably want to check out the Palmoilve or 50 E Chestnut. Better location but similar appeal. Let us know how it turns out. I had a job in Trump cancelled last week before the inspection. MB client couldn't find a lender for the deal. I was disappointed not to have the chance to see the unit, but was relieved it got cancelled. I spent a few hours doing research and decided it would have been one muddy assignment.

The site listed below was suggested to me on this forum last week and should help with some background and "insider" info. on what's going on at 401:


http://cribchatter.com/?cat=44


Good luck.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Have not done a Trump but I think I'd prefer to do a high end one as opposed to the 1 roomers. Those look really dicey. Good luck Jim, report back please.
 

Jim Onderisin

Thread Starter
Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
Thanks for the suggestions. I always like getting into a new building, but really don't like appraising high-value new units. They're ususally too hard to figure out. I like 'em fast and easy...
 
Joined
Mar 19, 2002
Professional Status
Certified General Appraiser
State
Illinois
Jim,

I read a July 28, 2008 article in Crain's which stated that resales were below the developers prices in the building. The title..."Condo Buyers Flip Off Trump".

It goes on to state that "at least 34 hotel suites sold by the developer in the last six months are back on the market, some priced at a steep discount to comparable unsold hotel units in the yet to be completed project. They are owned by investors who signed purchase contracts before construction began on the 92 story skyscraper, aiming to flip the units for a profit after closing".

It gives an example of a one bedroom hotel suite on the 25th floor listed for 1 mil, while a comparable trump unit would be 1.5mil and another listed for 2.6 mil versus 3.2 for a trump unit.

Hope you are appraising a listed unit versus a trump unit, good luck.
 

athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Thought about you today. had a throwback city day:

1530 S State
910 S Michigan
505 N LSD
405 N Wabash

405 is right down the river from Trump.

The 505 LSD is in Lake Point Tower and had a west view directly at where the Spire is being built. The footprint of that building is tiny. Can't believe how tall it is gong to be given how small the parcel is.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Ah, good I was looking for this thread! I just wanted to say that here are a group of Certified Residential Appraisers that I truly respect. None of my local "just took the test in 2007" Certifieds would be qualified to take on such a complex assignment.

So how did it turn out?
 
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