Once a shining example of luxury in New York, Trump Tower condos have apparently seen better days when it comes to value and resale.
A new report from the Associated Press suggests that the combination of the former President’s polarizing image and the COVID pandemic has lead to record low resale values across Trump properties in the U.S.
The AP’s review of more than 4,000 transactions over the past 15 years in 11 Trump-branded buildings in Chicago, Honolulu, Las Vegas and New York found prices for condos and hotel rooms available for purchase have dropped by one-third or more. Per the article, the drop in value outpaces comparable properties, leading to sales up to a million dollars less than they would have gone for years ago.
Trump’s red-meat rhetoric and policies haven’t helped. Within a year into his presidency, hotels and condo buildings in Panama, Toronto and Manhattan that paid millions to use his name started stripping it off their facades.
-Associated Press
Manhattan Trump-branded buildings have reportedly fallen down to 15-year lows, selling at lower prices per square foot than the average for all condo buildings, according to research firm CityRealty.
Of course, the drop in value is a golden ticket for some investors. Head over to the AP to read how some are looking to capitalizing on the opportunity to get a luxury unit as non-luxury prices.