As he faces legal problems in several states and his name continues to be associated with the hatred, violence, and cruelty he inflicted on the country during his four years in office, Donald Trump is also watching as his business begins to circle the drain.
The Associated Press reports that Trump condos in several cities are selling for one-third of their original value, a stunning reversal of fortune for a man who built his brand and name on luxury at any price:
“An 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.
“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.”
Some of the reduction in value may be attributable to the fact that the COVID-19 pandemic has hit real estate hard, but the bad associations of anything carrying the Trump name aren’t helping, especially since many people recall the insurrection that took place at the U.S. Capitol on January 6 shortly after the former president urged his supporters to march on Congress:
“After Trump was accused of whipping up the mob that stormed the Capitol on Jan. 6, things got really bad. 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. Several brokers say many potential buyers won’t even look at Trump buildings now.”
In Chicago and Las Vegas, the fall in Trump property values has been even more dramatic:
“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. Since the Trump building opened a dozen years ago, prices per square foot have fallen 66%.”
Ondel Hylton, senior content director at CityRealty, had this to say about what’s happening with Trump-branded properties:
Donald Trump probably thought being president would be a boon to his company. But it turns out his father was right: He’s a failure, no matter what he attempts.