The Effect of Trump’s Presidency on His Real Estate
In an effort to see how and if President Trump’s status as President is affecting his real estate holdings, realtor.com analyzed the available data of the properties listed on the Trump Organization’s website, which includes 23 apartment and condominium buildings in seven states.
While the luxury condo market as a whole experienced a tough time in 2017 due to its high supply, and the fact that Trump’s buildings tend to be older than those in the market, the overall number of his sales fell by 7.9% in 2016, when he was elected, and then dropped an additional 7.9% in 2017. However, the median price of his properties only fell by 2.3% from 2016 to 2017 to $972,000, which was much less than the drop from 2015 to 2016 of 8.7%.
In 2017, four of his largest markets, namely Miami, Chicago, Honolulu and New York, saw a decline in the prices of purchased units. But, it’s important to note that some of the buildings bearing Trump’s name aren’t actually owned by him. As MHR Enterprises’ President Marc Rudov says, “The bottom line of real estate is location, location, location. But that’s not entirely true. It is also perception, perception, perception.”
Out of all of his real estate, the buildings that cater to secondary home buyers, like Trump Tower, are the most hard-hit because foreign buyers, who are big players in this sector, are also undergoing tougher restrictions on buying abroad.
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