Trump Condos Fetch a 10% Premium Over Similar Luxury Units, Down From 34% in 2016
The Redfin analysis, which excludes New York City, also finds that 57% of condos in Trump-branded buildings mention "Trump" in the online listing description, down from 78% four years ago
SEATTLE, Oct. 15, 2020 /PRNewswire/ -- (NASDAQ: RDFN) —The typical "Trump" branded condo sold for a median of $720,000 this year—9.7% more than a comparable luxury condo, according to an analysis from Redfin (www.redfin.com), the technology-powered real estate brokerage. That's down from a 22% price premium Trump-branded condos fetched in 2019, and a 33.5% premium in 2016, when Donald Trump was elected president. The price premium of Trump-branded condos has declined every year that Trump has been in office.
The Redfin analysis focused on Trump-branded and comparable luxury condos in 10 U.S. cities, with the exception of New York City, where multiple listing service data on sales of Trump properties was incomplete. The research compared the properties by sale price, price per square foot and time spent on market, with results controlled for features such as location, size, views and number of bedrooms and bathrooms. The analysis includes sales of Trump-branded condos and other luxury units in cities including Hollywood Beach, FL; Sunny Isles Beach, FL; Honolulu; Chicago; Jersey City, NJ; Stamford, CT; Las Vegas; New Rochelle, NY; Shrub Oak, NY and White Plains, NY.
Housing-market data for Trump condos and comparable luxury condos outside of New York City, during election years |
||
2016 |
2020 (year to date) |
|
Average sale price premium of Trump condos |
33.5% |
9.7% |
Median sale price of Trump condos |
$863,750 |
$720,000 |
Median sale price of comparable luxury condos |
$689,000 |
$680,000 |
Median days on market for Trump condos |
91 |
118 |
Median days on market for comparable luxury condos |
64 |
78 |
Total Trump condos sold |
186 |
93 |
Total comparable luxury condos sold |
1,458 |
827 |
The median sale price of the typical Trump-branded condo has declined 17% since 2016, while the price of the typical comparable luxury condo has dropped 1.3%.
Trump properties also take longer to sell; the typical Trump-branded condo spent 118 days on the market before going under contract this year, compared with 78 days for the typical comparable luxury condo.
"The Trump name has become increasingly polarizing over the last four years— particularly this year with the pandemic and the upcoming election—which may explain why the price premium of Trump-branded condos has been on the decline," said Redfin chief economist Daryl Fairweather. "The fact that Trump condos continue to fetch 10% more than similar luxury condos may be a reflection of the president's devoted supporter base."
Condos listed in Trump-branded buildings are less likely to mention the name "Trump" now than in 2016
Fifty-seven percent of condos listed for sale in Trump-branded buildings this year mentioned the name "Trump" in online listing descriptions, down from 64% in 2019 and a high of 85% in 2015, the year before Trump was elected president.
"Before Trump entered the political sphere, his name on a building represented luxury," Fairweather continued. "Today, the name carries such a large political weight, that many listing agents may choose to leave it out of their marketing materials so as not to distract or deter potential buyers."
Read the full report and detailed methodology at: https://www.redfin.com/news/trump-real-estate-condo-prices-2020
About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email [email protected]. To view Redfin's press center, click here.
SOURCE Redfin
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