The real estate market in America is scorching these days, with prices in urban areas that fell during the pandemic gradually rising again. Meanwhile, in the suburbs, there are several reports of pandemic-driven bidding battles and an inflow of corporate cash driving potential new homebuyers out of the market. It’s all really chaotic and stressful, unless you’re Donald Trump, of course.
According to research, finding the finest real estate deal is simple if you don’t mind having Trump’s name on the property. The twice-impeached former president, who sponsored a coup attempt only days before stepping down in disgrace, is having trouble getting market value for condos on his properties, and the statements are scathing.
According to the Associated Press, Trump structures’ high-priced condos are far less expensive than comparable towers. Those who are selling to get out are finding it difficult to recoup their losses.
“Fifty percent of the people wouldn’t want to live in a Trump building for any reason … but then there are guys like me,” says Lou Sollecito, a car dealer who recently bought a two-bedroom unit with views of the Empire State Building. “It’s a super buy.”
The purchase price was $3 million, nearly a million less than the seller paid in 2008.
Thousands of transactions at Trump-owned properties were listed in the AP analysis, which revealed a significant reduction in property values. While costs are rising everywhere else, there are still bargains to be discovered at Trump properties.
Prices for certain condos and hotel rooms available for purchase have decreased by one-third or more, according to an Associated Press investigation of more than 4,000 transactions in 11 Trump-branded buildings in Chicago, Honolulu, Las Vegas, and New York over the past 15 years.
This is a decline that outpaces declines in many similar structures, resulting in condos for sale in Trump towers costing hundreds of thousands of dollars to up to a million dollars less than they would have cost years ago.
“They’re giving them away,” says Lane Blue who paid $160,500 in March for a studio in Trump’s Las Vegas tower, $350,000 less than the seller paid in 2008. It was his second purchase in the building this year and may not be his last.
There could be a variety of explanations for the dip, but given how hot things are elsewhere, it appears that Trump himself is a role. For many, having Trump’s name on the building means getting a rare commodity in real estate these days: a good deal.