Since leaving office in January, sales of former President Donald Trump’s branded properties have skyrocketed, according to a new report.
This can be attributed to comparatively lower prices applied to many of his high-rise towers across the country, according to Realtor.com.
In the past year alone, the number of sales surrounding the roughly two dozen properties listed on the Trump Organization‘s website jumped 72%, Realtor.com’s analysis found. Meanwhile, the average prices for these properties, mostly condos, have fallen nearly 24% since 2016 – when Trump first entered the political arena.
It’s a sharp contrast when considering that condo prices overall jumped 38% over the past four years, while Trump condos dropped 30%, the report said.
New York City alone has become bargain central for units at the Trump Tower, Realtor.com found. One example comes from crisis publicist and reputation management pro Josh Nass, who paid $1.8 million for a Trump Tower pad in an all-cash deal this month. The same unit sold for $2.3 million in 2006.
The Trump name has become a hot ticket in his former, deeply Democratic hometown overall, too, Realtor.com noted. Sales at his Manhattan properties rose 16% in the first quarter of this year, taking into account that the median prices fell significantly, as they did throughout the city as the pandemic raged on. Prices have been falling in the Big Apple since March and have been “declining consistently downward,” Victor Rodriguez, director of market analytics at the CoStar Group, told The Post in April.
Since many of his properties were built in the 1970s and ’80s, the units are considered a bit outdated, which is also a driving force of deep discounts — a clear distinction made between Trump’s New York properties and other luxury developments in the city.
Still, they’re doing about as well as other buildings constructed then, said Donna Olshan, a luxury broker and president of Olshan Realty.
“They’re not going to hold up to the rest of the market because they’re mature,” Olshan told Realtor.com. “What a buyer goes for in a condo is brand-new construction.”
Similarly, at Trump International Hotel Las Vegas, sales more than doubled over the last year, but prices fell significantly.
One exception is Florida, where Trump properties saw a rise in sales with competitive price points.
The report said 39 units were sold in Trump Hollywood during the first three months of 2021, with average prices increasing to $1.03 million per unit. To compare, the median price last year was at about $920,000, according to the analysis.
“For all the people I’m selling to, it’s still a status symbol,” Denise Rubin, president of the Denise Rubin Group and a real estate agent with Coldwell Banker Realty, told Realtor.com.
“They’re happy with the Trump name, and the prices are great and going up.”
