Mr. Stamford
The Authoritative Blog on Stamford Connecticut
Who is moving to Trump Parc?
Author: Mr. Stamford27 Apr
I have enjoyed watching the progress of the new Trump Parc building being built downtown. I am always amazed at the speed at which they can build a building this large. However, am I baffled as to how there is a market for this type of residence in downtown Stamford. The web site claims that condo’s start at $670k for an 1100sq ft residence which means two or three bedroom residences are probably easily over a million. For that price you could have a large North Stamford residence or buy a slightly smaller apartment in NYC. I do understand the allure for some people to live in a maintenance free residence without a yard and to be close to town. Yet, Stamford’s downtown is too lame to spend a million dollars to be able to walk to Target and SBC. Are people just betting that the Downtown commercial market is really going to take off and attract the high end clients who would buy here?
I think this place is only going to attract old retired people who no longer want a yard, garage, etc and want to stay in the area near their grown up kids.
Anyone know how many units have sold thus far? Have they been dropping their prices?
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53 Responses for "Who is moving to Trump Parc?"
I hear you, man. As much as I like Stamford, I have a hard time believing there will be enough people willing to pay that much to live in a city that, in baseball terms, would be a Triple-A team. For that 600K or a million, you can buy a condo in Manhattan or Brooklyn.
As for the empty-nesters buying one for convenience, unless they’re Rockefellers, how many AARP-ers can drop that kind of dough?
Great point. I have been wondering the same thing myself every time I need to negotiate that right-turn- lane-no-longer traffic on Trump’s corner.
Perhaps we should all get together and pose as potential buyers just to get the scoop.
I’ve been wondering the same thing for some time. There’s Highgrove, Trump, Luxe and 2 or 3 other luxury condos in the planning or building stage. and then their the condos on east main street and the south end units that will eventually be coming into the inventory.
I’m concerned what the sizable increase in condo’s will do to existing property values if they can’t sell them all. while I understand that RBS is coming town, do we really need this many new condos?
Mill River & Adams House both sold out pretty quickly on the western edge of downtown in 06-07. I think the Metropolitan is almost 100% full too. Right now at least, demand is keeping pace.
Mill River & Adams House have a different target audience and cost point. But the resales in MR have been strong — I wonder whether there was some speculation going on.
I have in mind that the early promotions of Trump Parc to the boards said $1000 psf — and that the $670k was for a studio of about 670 sf.
I went to the Trump sales office a few months ago. They were offering a large 1b/2ba apartment starting at $600’s on the lower floors and 700-800’s on the higer floors. On the lower floors that worked out to $650ish/sqft. For that I can get a nice apartment in Park Slope Brooklyn, Jersey City waterfront or a Manhattan non-doorman / non-prime building or a Greenwich Condo/Townhouse. WHY would anyone buy here to live in STAMFORD?! ESPECIALLY SINCE you can buy into a nice condo or townhouse at $250-400/sqft within blocks of Trump..
I can tell that besides the lowest floors and the penthouses not much has been sold at all. In fact they offered me rent re-imbursement from the time I signed a contract intil I took possession of the apartment which is 1-2yrs capped at $50,000 or $30,000
Look at the New Rochelle/WHite Plains Trump..they converted them to rentals..not very many buyers living there …a lot of speculation went on at Mill River and teh metropolitan as well..which explains the sales.
Realtors make it sound like there is no hosuing downturn in Stamford. Rubbish! I have seen townhouses on summer street (summer court) sell a few before the housing slide last year at $650 and sold remaining untils at $550-600 a discount of 10-15%..prices continue to fall.
BTW RBS announced 25% layoffs, UBS 10% the market will drop like a rock in Stamford as many of the folk who live downtown work at UBS/GE.
I know that a gentleman who will be opening a restaurant on the lower level, purchased one of those $600K units and thought it was a deal.
The real kicker is monthly maintaince in excess of $800 for the smallest apartments..that’s insane. In NYC maintaince is around that for a comparable building but that’s NYC!
what’s the Restaurant?
no knowledge of it yet, but it is suppose to be on the lower level
Interesting thing is both the Trump and the Classic continue to bill themselves as the ONLY luxury condos in Stamford.
Vince McMahon = penthouse
Yep, Vince MacMahon = penthouse. Not much else has sold especially in the middle. They are holding back inventory releasing a bit at a time to make it seem that paartments are scarce. Typical sales tactics. Here’s something to chew on..The Classic, priced 40-50% less with similar but not as over the top amenities has been unable to sell out even after 3 YEARS of selling AND 2 OF THOSE YEARS WERE PEAKS!
Re: Highgrove - bad location with Avalon right up next to it. I’m sure it will be luxurious but there’s only a south view…too much money for that squeezed in locale imo.
Like Trup is any better with Target right next to it! only redeeming factor is washington facing apts have the mill “river” creek rather view and a sliver of LI sound.
From what I understand, Donald has nothing to do with this building (nor the Trump buildings in White Plains and New Rochelle); he merely licenses his name. That said, I’m sure he could’ve called his licensees on behalf of Vinnie Mac.
I recently visited the sales center for Trump and was slightly annoyed I had to wait to meet with a rep, because they were busy with clients. But, I felt it was worth it. I was impressed with the amenities and high-end finishings, and brought my wife back (this time we made an appt.). We decided on a 2 bdrm. Based on what we have seen in Greenwich and Stamford (and believe me, we’ve seen everything in the $600K - $1M range), Trump offers quite a bit for the price. FYI, I am 37 - NOT an AARPer and not a millionaire (although I’m working on it!).
I like the general idea, but I couldn’t afford it, and I would not move there anyway without a decent supermarket in walking distance.
AK, how can you verify that they are holding back units?
From my understanding, the most difficult units to sell right now are the non-corner 2BR units since most people who want a 2BR will want a corner that maximizes the window area and views.
Supermarket is supposed to go in with the lowe’s enterprise project downtown where St. John’s A tower is located. Trump’s building sounds right to me. The fit and finish are top notch. I wish the price could come down a bit.
ED,
Your’re telling me that you could not find a MINT High End Townhouse with 2X the space and all within walking distance to the train/supermarke or even better on the waterfront for 40% LESS THAN TRUMP? You sound like a sales agent for Trump..fess up. I can name several places that fit the bill…in Greenwich and Stamford. For the diffrence in price, you can hire your own part time butler and maid.
when i compare the pricing here to other high end condos, it doesn’t seem as bad as everyone here makes it out to be. of course against the older single family homes and townhomes, it’s obviously going to be a heavy premium.
trump in chicago is going for $1000-1300/sf, similarly finished units in NYC (i.e. Philippe Starck and 45 Park Avenue probably go for $1200-1400/sf). new condos in brooklyn go for $700-800/sf. nice condos with not nearly as nice finishes in South Norwalk go for $400-450/sf. it’s not that much cheaper to build in Stamford than NYC other than your land price, and your HOA dues aren’t going to be much cheaper either. keep in mind that your HOA dues here include your heating/cooling/gas/water, so your effective HOA dues are around 100-200 less.
all of these planned units won’t be built unless they expect to sell them for greater than their development cost. the $160M est. development cost puts them at around $550/sf - plus a 20% markup, you’re at $660/sf.
the real question is whether anybody is willing to pay for all these bells and whistles. the building is supposedly 50% sold, and with a year to go before completion, i’d say they have a good change to be 75-85% sold with the last 20% of units being more difficult to sell. my take is that these are priced about right for the area and this type of product.
hmm…fess up..you are a realtor or Trump agent. HEN I CAN LIVE ACROSS FROM TRUP AT $350/SQFT IS A NICCCCE TOWNHOUSE..WHY WHY WHY WOULD I PAY $650/SQFT???!
I can live on the Greenwich waterfront in a 2/2 townhouse for $550-700 the price of a 1/2 or 2/2 at the Trump..gee Greenwich waterfront or Trump Stamford…hmm let me see.
-HOA dues at Mill river and adamns mill river + older condos on strawbettery at 250-500. At trump? 800-1200+!
-Trump is NOT 50% sold. 50% of AVAILABLE inventory maybe..remember all sales offices stagger inventory. It’s an old trick. More like 25% of which 10% are flippers who bought in 2006 when the sales office opened up (pre-real estate bust)..they will flip/try to as soon as they receive ownership
-Chicago, NYC, Brooklyn? STamford!!!! WAKE UP
how would me being a realtor incentivize me in anyway to push sales here? i would benefit from sales at ANY property if that was the case, not just at this particular building..
your comparison to a townhouse across the street for a lower price point is like comparing staying at a four seasons versus staying at a sheraton.. there’s a reason one costs $700/night versus $200. not everyone is going to think spending $700/night is justified, but there are plenty of people who do.
i am a potential buyer here.. i’m well aware of sales office tactics of limiting available inventory. i asked the sales agent point blank whether or not they were holding back inventory to inflate their percent sold number, and they explicitly stated that they do not hold back inventory.. could they be lying to me? very possibly.. i’d be very interested to know if anyone else has any REAL information instead of just conjecture and a plethora of hater attitude..
not everyone interested in living here is a sales agent for the building. if you are living in a townhouse across the street, you should be very happy that there are new residents that just raised the average price in your neighborhood instead of hating on the people who are willing to shell out the dough to live there.
do you also hate on the folks who can afford nicer cars than you? all cars still get you from point A to B..
i am hoping this blog site would produce more valuable information from its users.. please continue to prove me wrong.
btw.. flippers are prohibited from selling their units for one year from closing..
Hmmm..in any major city NYC, Chicago etc, the townhouses (within the same area) are multiple times more expensive than the the highrises /sqft..why would one live in a highrise in the location of choice when more land, same interior finishes + more privacy + possible greenspace were available? That does not add up in Stamford. DO YOU GET IT?
Also, $650 gets you a townhouse in Greenwich. If you can live in Tribeca for the price of Harlem why woudn’t you? Would you rather buy into the best building in Harlem with beautiful interiors, gym, bellboy security or be on Park Ave?
If you want to pay $650k+ to live in the heart of little India go ahead.
I feel BAD for people who buy at the Trump and are not rolling in money. It is like buying a Low end- BMW for the price for a high end one.
some people would rather live in harlem with those amenities because to be on park avenue with those same amenities, you would pay twice the price.
i would imagine that most people who are buying at the trump are buying because they can afford it.
not everyone wants to live in a townhouse buddy.. there is obviously an ego thing with wanting to live at a trump branded building and associated premium, which is probably the source of your haterade. if hating on the future residents there makes you happier because you can’t afford it, all the more power to you. some people will put a large value on the convenience, location, views, etc. and to others like yourself, you will put no value to that. in the end, it is about supply and demand - townhomes are scarce in urban areas like NYC and Chicago so the relative demand is high.. is there enough demand for these units here? we’ll find out in a year when the building opens.
please show me a link to a townhouse in greenwich on the water with similar finishes for $650k. i’d love to take a look.
2/2 Townhouse in Cos Cob on the water at $650 (Greenwich) http://www.tuttleproperties.com/MyHomeDtl.asp?lstPages=1&HomeID=699196
If you want a highrise, try The Classic in Stamford for much of the same features at 500-550 and lower HOA and ego emissions.
650 gets you a decent 1/1 1/2 in Turtle Bay Manhattan. I’ll take Manhattan over The City that work anyway.
BTW. It’s not that I CANNOT afford the Trump. I own a $4m home free and clear and have a couple of properties in Stamford that I rent out cashflow +ve. A townhouse and a highrise on Strawberry (2/2) at 350k last month with a doorman, gym, and primo location.
If I had the ability to live in Manhattan commute-wise, I would definitely not be looking in Stamford.
Classic is definitely cheaper, but the odd layouts and lower level finishes/amenities/location are the tradeoff.
That townhouse in Cos Cob is basically under the I-95 freeway.
I’m a bit surprised someone with a $4M home has enough time to post on the message boards let alone gives a **** about matters such as these.
Financial Freedom = Loads of time…
some how I think this Hmmm diatribe is getting fairly childish - some people have money and some people don’t (I don’t, but own property). the rest isn’t even amusing
I am just outing this person…no one would defend a building so much
This whole conversation seems needlessly hostile.
Why would someone who owns property in downtown Stamford try to convince people not to buy into a building which, if it sells, will increase their own property value? I mean its being built one way or the other, would you rather it be empty? Its not like anyone is asking you to live there.
Also, nobody thinks that Stamford is NYC or Chicago but it isn’t Bridgeport either. There are plenty of people who choose to live in Stamford over Manhattan, it just depends on what you’re looking for. When I walk around downtown the average person looks a lot happier than the average poster sounds here.
agreed. i had kept my topics to facts rather than baseless jabs..
i ended up rescinding my purchase offer here as the uncertainty of the job market is only getting worse and financing rates have moved substantially. if UBS and RBS had been doing well, I would feel much more secure in the success in the building. unfortunately, they are not. i still love the building and had i the money, would still be very interested.
i am still interested in anybody here with real FACTS to contribute to the discussion.
Re: Comment#29
WTF? Why drag race into the equation here? Maybe I WOULD like to pay that to live in ‘little India’ than pay that amount somewhere else and be surrounded by racists like you.
‘Little India indeed’.. If it wasn’t for the indians and chinese moving into high paying tech jobs at GE and like companies, the sale and rental prices for condos would have been at a much different LOWER level.
Think about that sometime.
I recently visted the Trump building and for sake of comparison, checked out the condos at the nearby Classic. Not even close. The staff at the Classic showed me a unit for sale that was, to put it mildly, awful. The floors (new) creaked, the finishes were dreadful, ceilings low and overall the place looked like a shabby, cheap motel conversion. I feel sorry for anyone who bought into this dump. The Trump units, albeit at higher prices, represent a much better value. You get what you pay for.
On to you…think u should pay more and move to the highgrove…
Does anybody have any data points for what they are offering for prices. I had looked at them about 9 months ago and the sales agent had indicated they were going to be raising prices on certain units by 250k (I know it’s sales talk), but curious to know where they are pricing.
Also for what it is worth…I don’t think you can compare Trump to the other buildings in Stamford. Just about every other condo is the typical 4 floor wood construction Avalon stlye condo. I want to live downtown close to the train and prefer a high rise style. The Classic is the closest comparison and it is kinda dumpy. For me it comes down to owning at someplace like Trump as compared to renting at someplace like Greyrock or Park Square. Obviosly the monthly numbers are higher buying at Trump versus renting at one of the other places, but then you have to start factoring in “ownership” and the potential growth of Stamford.
By the way, I have also been closely following RBS and UBS. No question they are hurting, but RBS cuts are almost completely coming from overseas and the absorption of ABN Amro. I don’t believe the number of employees moving to Stamford has ever significantly changed.
Any chance anyone willing to offer pricing specifics?
…meant to say you can’t compare Trump to other buildings
This Trump Agent is always trying to get the last word in…acting objective..trying to fan interest by mentioning upcoming price increases…hmmm..u can’t increase prices on condos that are barely selling. Wait for apartment move-ins + yr when there will be a mad rush to sell if you must live in the Trump. I’ll be in my boat outside my Stamford Townhouse with it’s own slip for that price.
Round 3 of UBS and RBS layoffs will start with earnings season in late August/Sep..watch out Stamford. This will get ugly.
A simple, “No, I don’t have any data points would have sufficed”. Contrary to your little conspiracy theory that everybody is a Trump Agent, I am a legitimate potential buyer, wary of the market and just trying to gather as much info as I can. I know I can’t trust a sales person to answer my questions, was hoping that others that have visited might be interest in sharing what they have been told, so we could determine how far off the facts they are.
And they were selling when I was looking. I’m not saying they are still selling, but I had been looking at a specific unit about 3 months ago and it is no longer available. Now is it the only one they have sold in the past 3 months — possible. Do I think they lied to me about selling it — I don’t think so.
And as for layoffs, I think you are grossly over exaggerating. Crain’s has recently put out estimates of the cuts to be made at banks. RBS didn’t even make the list and UBS was at 1,000 and that includes all NY employees. Futhermore, it isn’t news thatbanks are hurting, but we are talking about 2 banks that are in the top 10 in the world, possibly top 5. Do you really think they are going under? Of course not. Will it be a tough next 1-2 yrs, absolutely.
The Crain’s estimates of job cuts at securities firms: total worldwide followed by estimated number in New York City
CITIGROUP 15,900; 3,000
BEAR STEARNS 9,200; 7,000
UBS 7,000; 1,000
LEHMAN BROTHERS 6,400; 2,000
MERRILL LYNCH 5,200; 2,000
MORGAN STANLEY 4,400; 2,000
J.P. MORGAN CHASE 4,100; 1,500
BANK OF AMERICA 3,700; 1,000
GOLDMAN SACHS 1,500; 500
WACHOVIA 1,400; 1,000
CREDIT SUISSE 1,300; 750
DEUTSCHE BANK 500; 250
All that aside, I was hoping this wouldn’t turn into a back and forth argument. If you choose to respond with further useless negativity, fine. I hope you enjoy your townhouse and your boat slip, I don’t really care.
If anyone else would like to shares any stories that have from speaking with the agents at Trump. I think it could be useful for any of us prospective buyers.
you never know…..
http://tinyurl.com/5wcbdy
Prices on the corner 2 br units went up about 180K since sales began. I don’t think prices have increased on the 1 br units. They are approaching 50% sold, and with . a year to go, will likely hit 80-90 % by the time closings begin. If your thinking about, just do it. I think the building is going to be a great place to live. I signed on a 2br a year ago and have no qualms about it
with all the lousy workmanship going on over there, who would want to move into Trump park??
I’m no “engineer”, but I thought this article was insightful - in my own non-engineer way.
http://www.stamfordadvocate.com/ci_10122662?IADID=Search-www.stamfordadvocate.com-www.stamfordadvocate.com
You have got to be kidding me. I would love to see 90% of the signed contracts actually close at the contract price. See you in 1 year.
I’ve been looking at Palmer Hill on the Greenwich/Stamford line. Anyone have any insight on how things are going over there? They seem to be moving ahead with construction and saw in the Advocate that one unit has already closed.
Five units have already closed. That’s all I know.
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