"Bloodbath" - Trump Tower New York Condo Prices Are Nosediving

The Trump Tower at 721 Fifth Avenue, New York City, is a glass skyscraper located between 56th and 57th Streets. Developed by Donald Trump in 1983, the Midtown East Side skyscraper is home to 238 residential condominiums. As of recent, property values of condos in the tower have plunged much faster than comparable luxury high-rises in Midtown Manhattan, said Reuters.

Since 2015, residential condo prices at Trump Tower have plummeted somewhere in the neighborhood of 30 percent per square foot compared with an 8 percent decline in comparable properties around Manhattan’s Midtown East Side, according to data from cityrealty.com.

Reuters reveals that older luxury high-rises on New York’s East Side have declined in value — following a flood of supply from new high-rise developments. Interesting enough, many Trump Tower residents have had difficulty selling their condos in a real estate market that is saturated with Democrats, as some residents have turned their backs on the Trump brand.

“Clearly the Trump candidacy and presidency have had a negative impact on the real estate values,” Wendy Maitland, a real estate broker with Brown Harris Stevens, who recently failed to sell one client’s $7.5 million condo, told Reuters.

At Trump Tower, “there are currently 22 units on the market, which is a statement in and of itself,” said Maitland, adding that the supply of condos has more than doubled since 2015.

Cityrealty.com shows 21 condos are currently for sale at New York’s Trump Tower. Roughly 33 percent of the listed condos are discounted between -4% and -35%; as Reuters notes, some condo advertisements have had bolded headlines announcing: “PRICED TO SELL.” As if this is any indication of a trend, it seems as roughly 9 percent of residents are fleeing — with all listed properties debuting on the market less than two years ago.

Apartments for rent at Trump Tower are repricing lower as well.

Closing history in the past 12-months has been an absolute bloodbath:

The 16-year trend line in sales history shows how prices peaked in 2013 through 2014.

A noticeable downturn in Trump Tower condo prices parallels Trump’s run for President through his inauguration as the 45th President of the United States.

Richard Tayar, a real estate broker with Keller Williams NYC said some owners are selling their condos because they want to “disassociate themselves from Trump after the election.”

“There are people who want to disengage from it because of the name,” said Tayar, who is listing a two-bedroom Trump Tower unit for $3.8 million.

“Obviously they have different political views and want nothing to do with it.”

On the other hand, many international buyers covet Trump Tower’s Fifth Avenue address and see a “cool factor” in having an apartment in the same building as the president of the United States, he said.

“There are people who are making offers; they are low-balling the offers,” said Tayar.

Another complaint from residents is the airport-style security screening by the Secret Service. The tower includes President Trump’s residence and his global headquarters, which has turned the building into a security nightmare.

However, not all of the Trump Organization’s properties are plunging in value, some of their newer developments on the West Side of town have held price gains.

And with the effects of the Trump tax reform plan – which is expected to rear its ugly head in high-tax blue states [New York] – having yet to take effect, one likely forward-looking indicator that weakness might be vibrating through one of the country’s most iconic (and expensive) real estate markets could be the condo price implosion at Trump Tower.

With the latest reading on the Case-Shiller 20-City Composite printed within 1 percent of its record highs from 2006, we ask a complicated question that is seemingly on every real-estate investors’ mind: Is this a “top” or a “breakout”?

Comments

yomutti2 Mon, 04/16/2018 - 21:16 Permalink

Not to worry, I'm sure lots of Kremlin-connected Russians will come in and pay above-market price to buy the units.

 

Maybe they'll set up a nice troll farm there!

 

DownWithYogaPants overbet Mon, 04/16/2018 - 21:33 Permalink

Uh why do you think those fires were set????  Notice how they use the predictive programming in the graphic with fire?

Geebus no putting 2 and 2 together is there?

........not to mention we are late cycle.

And to be quite honest one has to figure these items might be an attractive target for a false flag CIA operation.  God only knows they went turbo with all their mass shooting false flags.  

Ole Dammegard points out same crisis actors in various mass shooting events in this video.

YouTube: Ole Dammegård - “Terror” – are you kidding me?

In reply to by overbet

PT SMG Mon, 04/16/2018 - 22:42 Permalink

Dig up Trump interviews from the '80s.  Rich foreigners bought his apartments.  He knew where the money was coming from.  But he still would have preferred to put America first, even if it cost him from his own pocket.  The videos are out there.  Dig them up.

In reply to by SMG

Laowei Gweilo HRClinton Mon, 04/16/2018 - 21:31 Permalink

seems like more of a NY thing than a Trump brand thing o.0

an aside but it's funny to see Trump Tower in Vancouver so busy ... for a city so indignantly socialist, the booming economy has sure made locals ironically fond of opulents too haha hilarious seeing the place full of libtards every weekend eating $30 bison burgers in gold-plated lobbies complaining about inequality and discrimination ^_^

In reply to by HRClinton

Nuclear Winter Mon, 04/16/2018 - 21:18 Permalink

The Towering Inferno. The fat out of shape art dealer found dead in his Trump pad had overloaded the outlets with entertainment, lights, camera, action. That caused the electrical fire. Cheap, dry rot electrical wires (35+ years old), cheaper outlets, and the raging inferno will be ripe for the next fire. It's a trap!

Lumberjack Mon, 04/16/2018 - 21:19 Permalink

As a former fire chief, who did Trump pay off re: fire sprinklers???

I bet his properties in Israel has them...As well as his pallatial digs in florida.

In the end...motel 6....

they keep the lights on fer ya..

izzee Mon, 04/16/2018 - 21:36 Permalink

I'd lay the crash in NYC RE more to Mayor DeBlazzeeeeeeo (Saji Kahn - no knives for you--is my Idol)  NYC The Next Londonistan

than anything Trumpish

LetThemEatRand Mon, 04/16/2018 - 21:38 Permalink

The wealthy New Yorkers who can afford Trump tower condos don't want to be subjected to searches upon entry to their condos, while they tell us we need to be searched if we get on a plane because the cave dwelling Arabs at war with Isreal may try to blow us up for doing Isreal's bidding.  That's rich.

FlKeysFisherman Mon, 04/16/2018 - 21:41 Permalink

This Wendy Maitland is one big mouthed imbecile. Look for her to be black balled from Trump Tower and rightfully so. (You don't disparage the product you're trying to sell.)

Shpedly Mon, 04/16/2018 - 22:05 Permalink

Folks are finally wising up. Why own a NY rabbit hutch when you can own a mansion on the gulf coast and fly to NY and back for  less than 200 bucks? It's a no brainer!

khakuda Mon, 04/16/2018 - 22:13 Permalink

I walk by there a few times a week and you wouldn't want to live there either.  Guys with serious guns and dogs all around the entrances 24/7, jackass protesters for the first 6 months post election and every time some liberal gets a bug up their butt about something, every protest march ends up there usually ending with a huge pack of really ugly lesbians screaming, tourists in front taking pictures all the time, the entire square block cordoned off with cement blocks, 56th street completely closed, etc.

I try and walk by on the far side of the street.  Seriously, who would want to pay millions to come home to screaming, fat lesbians?

the artist Mon, 04/16/2018 - 22:28 Permalink

Manhattan YoY increase in $/sq ft for 016-017 was over 30%

Averarge $/sq ft is $1713.00

Only one is asking something even close to that. Others are asking double or even triple that $.

My Comment: Slash your prices and sell to conservatives. 

SmittyinLA Mon, 04/16/2018 - 22:40 Permalink

A lot of wealthy people are real slimeballs, they don't like the sunlight that comes with being a Trump tenant, I'm guessing living in the same tower as Trump requires a routine background check.

In addition the deep state doesn't like Trump and they wouldn't hesitate auditing his tenants just because they can, we still have a Bolchevick leading the IRS, Josh Koshkinen of the 1967 "blame whitey" Kerner commission, now the inmates are running the IRS.