- A new analysis painted the clearest picture we’ve seen of how President Donald Trump’s properties have fared since he won the presidency.
- Many of them have fared worse. Some have seen sales improve.
A Tuesday analysis from Realtor.com gave the most definitive look at how President Donald Trump’s properties have performed since he he took office last year.
The publication found that, in analysing sales in all of the US residential buildings listed on the Trump Organisation’s website, the total annual sales dipped by 50 in 2017 when compared to 2015, while the median value of a unit sold dipped from $US1.09 million in 2015 to $US972,500 last year.
Realtor.com studied the sales in 23 Trump apartment or condominium buildings, which are located throughout seven states.
In 2016, the number of sales in the president’s buildings fell 7.9% from 2015. Last year, that number dipped an additional 7.9% when compared to the 2016 total. On the sale price side, the median price fell by 2.3% from 2016 to 2017, less than the 8.7% dip from 2015 to 2016.
Of 21 Trump properties that had sales in both 2016 and 2017, 15 experienced drops in the price per square foot of a unit sold. His buildings in New York, Miami, Chicago, and Honolulu all saw those prices drop. Meanwhile, the only markets that saw an increase in total sales were Manhattan and Las Vegas.
Realtor.com noted that, in addition to Trump’s name now being tied to partisan politics, there has been a downturn nationally in the luxury real estate market, particularly because of fewer foreign buyers seeking purchases. Pointing specifically to Trump’s Manhattan properties, Realtor.com said the “age and style” of the buildings could additionally be detrimental to Trump’s bottom line. Meanwhile, the publication made mention that Trump’s company does not own all of the buildings that are branded with the Trump name.
The Trump Organisation lists 10 residential buildings in Manhattan, where total sales were up 24.6% last year, although the median price of those sales fell 2.4% from the year prior. In Trump Tower, for instance, where there is a 24/7 Secret Service presence and barricades surrounding the building, the price per square foot dropped 17.8% from 2016 to 2017.
Elsewhere, Realtor.com found substantial decreases. In five Florida properties outside of Miami listed on Trump’s company website, for example, sales dropped by nearly 25% from 2016 to 2017. In Chicago, the Trump International Hotel and Tower saw sales drop from 47 in 2015 to 18 in 2017 while the price per square foot fell by roughly 17% last year.
A more promising sign for Trump came at his Trump International Hotel Las Vegas, which has both hotel rooms and condominiums. Sales spiked by 54.5% in 2017 while price per square foot rose by 13.6%.
The Trump Organisation did not respond to a request for comment from Realtor.com.
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