Chicago trump tower12/3/2023 “Does it get bad enough that they rebrand?“ asks the new owner of a Trump hotel room steps from Hawaii’s Waikiki Beach, though he figures it won’t matter given the bargain price - $505,000, which is over $300,000 less than the seller paid. “Ten years from now people will forget about him,” says a New York banker who asked for anonymity to talk about a second Trump World apartment he bought last month for $2.1 million, a two-bedroom overlooking the United Nations. “I have never seen buildings plummet so dramatically,” says Ondel Hylton, senior content director at CityRealty, which has a webpage tracking the eight Manhattan buildings still bearing the Trump name. Since the Trump building opened a dozen years ago, prices per square foot have fallen 66%.Īnd in Manhattan, Trump-branded buildings have fallen so far, down to 15-year lows, that they have lost their premium for the first time, selling at lower prices per square foot than the average for all condo buildings, according to research firm CityRealty. In Las Vegas, prices at Trump’s hotel have fallen 4% since he took office four years ago, while average prices for three dozen other hotels in the city that also sell condominiums and rooms rose 14%, according to data collected by Berkshire Hathaway HomeServices broker Forrest Barbee. But Lissner leaves them out of her analysis because there are no similar hotel units in nearby buildings to compare them against. Prices fell even more for units in the 96-story Chicago building that are set aside for hotel guests, a category hit hard by pandemic travel restrictions. Says Lissner, “You can live in a luxury building for a non-luxury price tag.” That compares with a 6% drop over the same period at 18 nearby luxury condo buildings of similar age. Other condos in Chicago’s Trump International Hotel and Tower have dropped even more, down 34% during the four years of his presidency, according to Gail Lissner, a managing director at the consulting firm Integra Realty Resources. It has a downtown view,” says Nilufar Kabir, who bought a one-bedroom unit in Trump’s Chicago condo-hotel in February for $680,000, nearly one-fifth less than what the seller paid. “I’d be happy if his name was taken off,” says Gary Gabriel, who owns an apartment in Trump Palace on Manhattan’s Upper East Side. Several brokers say many potential buyers won’t even look at Trump buildings now. Banks vowed not to lend to him, the PGA canceled a tournament at his New Jersey golf course, and New York City fired him as manager of a public course in the Bronx. 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.Īfter Trump was accused of whipping up the mob that stormed the Capitol on Jan. Still, Trump’s red-meat rhetoric and policies haven’t helped. Many units for sale are in cities that were hit hard by the pandemic or in hotels that had to shut down or in condo buildings much older than their competitors, making comparisons difficult. Just how much the Trump name is to blame is impossible to say. It was his second purchase in the building this year and may not be his last. “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. That’s a plunge that outpaces drops in many similar buildings, leaving units for sale in Trump buildings to be had for hundreds of thousands to up to a million dollars less than they would have gone for years ago. It’s a stunning reversal for a brand that once lured the rich and famous willing to pay a premium to live in a building with Trump’s gilded name on it.Īn Associated Press 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 some condos and hotel rooms available for purchase have dropped by one-third or more. Bargain hunters are swooping in to take advantage of prices in Trump buildings that have dropped to levels not seen in over a decade, a crash brokers attribute to a combination of the former president’s polarizing image and the coronavirus pandemic.
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