Trump’s buildings are slumping in price as residents say it’s ‘embarrassing’ to live there

Trump’s buildings are slumping in price as residents say it’s ‘embarrassing’ to live there

Former US president Donald Trump has been hit with a condominium pandemonium, as prices for his swanky apartments plummet to the lowest levels in over a decade.

The Associated Press reports that it reviewed more than 4,000 transactions in 11 Trump buildings over the past 15 years – in Chicago, Honolulu, Las Vegas and New York – and found that the prices for hotel rooms and condos had fallen by a third or more.

It’s not quite ‘billions and billions’, but the outlet claims that the decrease means that the units are now selling for hundreds of thousands or even millions of dollars less – pretty ‘yuge’.

While it’s hard to say what exactly has caused the slump, brokers believe it’s a mix of Trump’s reputation as a polarising character and the ongoing coronavirus pandemic.

One unit was bought for $3 million (down by almost a million from 2008), while another paid $160,500 in March for a Las Vegas studio ($350,000 cheaper than what was paid in 2008). The owner of the Vegas apartment, Lane Blue, told the AP: “They’re giving them away”.

Gary Gabriel, owner of an apartment in Manhattan’s Trump Palace, said: “I’d be happy if his name was taken off. It’s embarrassing.”

According to the consulting firm Integra Realty Resources, condos in the Trump International Hotel and Tower have decreased by 34% during the ex-POTUS’ four-year term. In Waikiki, the Trump International Hotel there dropped by 23% in the same period.

Of course, Trump critics responded to the news online with glee:

The fall in prices is the latest bit of bad news for Trump, after he shut down his new blog after less than a month – reportedly due to low readership – and found out on Friday that his “indefinite” ban from Facebook would now last for at least two years.

What a shame.

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