Friday 28 October 2016

The Trump brand name is losing prestige among buyers

Sales in Trump’s buildings are down over this time last year

Here’s a shocker: the value of the Trump real estate brand has been diminished among certain circles—fraudsters and socialites not included—throughout this election cycle, and the New York Times has pulled the numbers from StreetEasy to prove it.

According to the stats, apartments in the Republican presidential nominee’s New York City holdings have been moving more slowly than they had just a year ago. “Where that brand used to enhance value, it is now being perceived as a detraction to value,” Michael Vargas of Vanderbilt Appraisal Company told the Times, “It’s a slowdown in the real estate market combined with a negative view of the brand.”

From October 2014 to October 2015, 159 apartments sold at 10 Trump condos in the city. According to StreetEasy stats, that number fell to 117 sales between November 2015 to October 2016, when Trump hit peak shenanigans/campaigning. That’s a not-insignificant 26-percent decrease in sales, especially given the Manhattan resale market’s increase in sales of 3.8 percent in the same time.

At Trump Park Avenue, six apartments were sold and 18 were delisted this year. Last year, ten apartments sold and eight were delisted in the building. Trump’s stretch of condos along Riverside Boulevard performed similarly, with the number of listings taken off the market rising from 67 to 82. At Trump International along Columbus Circle, six of 14 listed apartments sold this year compared with 14 of 20 last year.

Meanwhile, some residents of Trump’s Riverside Boulevard building are petitioning to have his name removed from the property. “It's embarrassing to live in the building,” a resident of Trump Place told Brick Underground, “I've had lots of friends make comments about it. My kids are so disgusted with Donald Trump that they find it viscerally uncomfortable to live in a building that has his name on it.”

“I can’t see any good near-term or long-term effect for this campaign on Trump’s real estate brand,” said Robert Dankner, the president of Prime Manhattan Residential, told the Times, “Does the election bring attention to Donald Trump’s brand? Yes. Does it increase the good will toward his brand? No. He’s turning a lot of people off, with his divisive statements that are directed toward specific nationalities and religions.”



from
http://ny.curbed.com/2016/10/28/13453464/donald-trump-apartment-sales-nyc
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