Some buyers are finding condo deals on Trump-branded properties that would have been unheard of just before the former president took office four years ago, according to a new report from The Associated Press.
The report highlights the extent to which some buyers have destined to distance of former President Donald Trump’s trademark after four years of his provocative rhetoric, controversial policies and efforts to reverse the outcome of the 2020 presidential election.
The drop in prices for Trump-branded buildings exceeded those for some similar properties, the AP found.
The news organization reviewed thousands of transactions in nearly a dozen Trump-branded buildings in New York, Chicago, Las Vegas and Honolulu. It found that several residential units in these properties lost a third of their market value, while some lost much more.
In recent months, buyers have taken advantage of this opportunity to purchase luxury units in expensive areas for hundreds of thousands of dollars below their previous market value.
Lane Blue bought a studio earlier this year at a Trump-branded Las Vegas property for two-thirds less than the last owner paid, the AP reported. A Trump supporter, Blue said he expects the price of Trump-branded units to rebound as anger at his presidency it disappears.
“Things disappear,” Blue told the AP. “People forget. People move on. ”
Other homeowners wish their buildings would simply re-brand.
“I would be glad if they removed the name,” Gary Gabriel, an apartment owner at Trump Palace in Manhattan, told AP. “It is shameful.”
Some other properties in Manhattan, Toronto and Panama they removed Trump’s name from their buildings Years ago, severing ties with the brand in the first year of his presidency, the AP said.
The report notes that Trump’s position fell further in recent months with some banks, the PGA tournament, and New York City, each of which cut ties to its business after the former president was accused of inciting the mob that attacked the US Capitol in January. .
The AP was unable to determine how much of an effect, if any, this slump in apartment prices has had on the Trump organization itself. Trump’s business sold most of the units in these buildings years ago, and his executive vice president, Eric Trump, declined to comment on his story.
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