Trump Tower condos value dropping faster than comparable properties: report

[brooklynite]

Source: The Hill

Property values of condominiums in New York City's Trump Tower are dropping faster than comparable luxury high rises in Manhattan, real estate brokers say.

Prices within the Midtown East Side skyscraper have plummeted by nearly 30 percent per square foot since 2015, while Trump Tower's competitors in the neighborhood have seen an average of just an 8 percent drop in property value, Reuters reports.

Numerous Trump Tower residents have had trouble selling their apartments in a market that has soured on the Trump brand. A Manhattan real estate broker told Reuters that the 22 units at the tower currently up for sale is nearly twice as many as in 2015.

“Clearly the Trump candidacy and presidency have had a negative impact on the real estate values," Wendy Maitland, who last year failed to sell one client's $7.5 million condo, told Reuters.



Read more: http://thehill.com/homenews/administration/382814-trump-tower-condos-value-dropping-faster-than-comparable-properties

[Angry Dragon]

1. Going down, down, down, down

[argyl]

24. Down,down,down,down, down. And a tip of my hat to the late, great Freddie King.

[femmocrat]

2. Plus now it's a "fire trap."

Tenants probably can't get out fast enough!

[Wwcd]

3. Good. When the Feds seize it they can implode the bldg.

No longer will Trump have a building taller than the 9/11 towers, and they can build a new immigration center.

[voteearlyvoteoften]

4. Keith Olberman got out early

No surprise there.

[BigmanPigman]

22. He still had to take a loss though. That sucks!

[Historic NY]

5. Where are all those Trumpers...

that want to get nearer to thee....

[Adrahil]

6. I will not be happy....

Until this motherfucker is ruined, utterly. What a fuckin' odious toad! I want him to die a broken man.

[Scarsdale]

17. Ah, yes. This is the

stuff dreams are made of. Lousy excuse for a human needs to lose whatever cash he has to lawyers trying (and failing) to keep him and his "kids" out of prison. The poor man's John Gotti is as fake as his billions.

[packman]

7. Sometimes I ponder if all those inflated condo prices

are just schemes among the wealthy elite to laundry money and conceal illicit money exchanging hands.

[erronis]

12. Yup - real-estate is one of the best "legit" ways to cleanse smelly money

Of course off-shore bank accounts and multiple layers of LLCs/etc. don't hurt either.

If I were younger and looking for a good career, financial forensics seems like a hot market.

[IronLionZion]

18. Probably. There is a ton of that in NY construction projects

They buy a condo at an inflated price then Trump hires their friends or family for some BS services to put it on the books as legitimate fees. He keeps a piece as profit and they get clean money to do as they wish.

[leftynyc]

8. They're dropping everywhere

anywhere trump's name is on the property. He has one in northern Westchester with his name and 2 bedrooms have gone from $600K+ to $400K+ in the time he's infested the oval office. The HOA's are crazy high which is probably another reason nobody is buying.

[MBS]

10. "infested" the oval office.

Perfect!. I will use this.

[mercuryblues]

9. Yup.

The decreased value on his properties are affecting the value of those around his.

Not surprised. We are looking to sell in a couple of years. Once the last kid is out of the house. I have been watching the market in the area. Even during the housing collapse our home held a reasonably steady value. Now that construction has heated up the comps are selling for 50 - 75,000 less than what ours was valued at. We will be competing with a glut of new homes, with the same square footage, selling for far less than ours is(was) worth just 2 or 3 years ago. They are driving down the price of my home.

[rainin]

11. Russia, if you are listening, can you find buyers for Trump Tower apartments? n/t

[mopinko]

13. the chicago tower has one of the best locations, but

they cant get tenants for the retail spaces. it sits on a very popular new river walk. the foot traffic is yuuuge.
they even got a property tax reduction because of it, blaming the "sight lines and configurations" of the spaces.
bullshit. nobody wants anything to do w the taint of this traitor.

[calimary]

14. Stories like this give me hope.

[smirkymonkey]

15. This is what I love to see.

I hope by the time he is out of office, the Trump brand will be absolutely worthless.

[LiberalLovinLug]

16. I can't imagine having to walk under those yuuuuuuuge letters of his fake name every day

We have a Trump tower in my city too. Almost every major city does I imagine. How did that MF manage to get that deal? He didn't have to actually invest. It was the building owners that pay him for using his name. And that agreement means they can never remove it for as long as its up. So insidious.

[IronLionZion]

19. Sprinklers are for losers, weak little snowflakes

manly men don't have time for fires and just beat them up

[Stuart G]

20. Key words, ".....a market that has soured on the Trump brand"

In a few years, I think there will be no such thing as a Trump brand. Just my opinion, because if he has to resign, or worse...the "brand" will become much less value.

....Now and forever more..that brand is worse than sh*t... If the place were Sh*t Tower, it would, in the future, sell faster than the "Trump" name.

[poboy2]

21. KO was smart to unload his place early. Smarter still would have been to

pick somewhere else and never there.

[riversedge]

23. Karma is working hard.