Before Donald Trump announced his campaign, Trump-branded buildings enjoyed a sale price premium of up to 6.8%—nowadays that premium has all but disappeared.
That’s according to research from Redfin, which shows that Trump-brand condos were listed an average 1.6% higher than comparable listings in the beginning of 2015. Today their prices have fallen to match comparable units, except in Trump’s bastion of NYC, MarketWatch reports.
“While it’s tempting to blame politics, it’s likely that market conditions have changed, making it harder for uber-luxurious condos to fetch top dollar,” says Redfin’s chief economist, Nela Richardson.
So while Trump’s campaign has led to a loss of celebrity residents, like former MSNBC host Keith Olbermann who recently announced he moved out of his Trump condo for reasons having to do with his soul, it’s likely the main culprit behind declining Trump condo values is an oversaturated luxury market. [MW]
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