Today’s Shaky Economy Has Even Trumped The Donald
November 12th, 2008 categories: Chicago Real Estate News
You’d think that if anyone could get through today’s slumping economy and struggling real estate market with few problems, it’d be Donald Trump. And you’d think that his 92-story high-rise in River North, the much-heralded Trump International Hotel & Tower, would be a strong enough draw to easily sell out all of its units, even in tough times for the housing market.
Well, turns out even Trump can’t escape today’s tough economy unscathed.
Crain’s Chicago Business reported late last week that Trump has gone to court to sue for more time to pay off the $640-million construction loan he took out on Trump Tower, which is located along the Chicago River in the city’s River North neighborhood. You can read the story here.
Basically, Trump is saying that the lending group has wrongfully refused to extend the maturity date of his loan. The story in Crain’s also highlights the struggles Trump has faced in moving the tower’s pricey condo units. According to the story, Trump has sold condo and hotel units worth $204.1 million. Another $353.1 million in purchase contracts have yet to close. Trump certainly has some significant money tied up in the project. The tower, at 401 N. Wabash Ave., will cost nearly $847 million once it is complete, Crain’s says.
I bring this all up because it shows that no one is immune to the real estate slump. That’s why before you decide to put your house on the market, or before you decide to begin shopping for a new home, you must meet with a licensed, skilled REALTOR®. A top REALTOR® is more important than ever in a tough market. REALTORS® can guide buyers toward fair deals, and can help sellers get the best price possible for their residences.
A house is one of your biggest investments. Why wouldn’t you protect it by working with a professional?
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