Ahead of the November 2016 that put Donald Trump in the White House, condominiums available for sale in Trump buildings outside New York City commanded a premium of 28% to condos of comparable luxury in the same city. Three years after that election, the premium on a Trump condo has dropped to 20%.
The data was reported Friday by online real-estate firm Redfin based on luxury condos listed for sale in 10 Zip codes outside New York City, which was excluded because multiple listing data was not available for transactions at Trump properties. The analysis includes sales of Trump-branded condos and other luxury units in cities with Trump properties including Hollywood Beach, Florida; Sunny Isles Beach, Florida; Honolulu; Chicago; Jersey City, New Jersey; Stamford, Connecticut; Las Vegas; New Rochelle, New York; Shrub Oak, New York; and White Plains, New York.
Redfin also noted that 81% of online listings in 2015 mentioned Trump’s name, while just 65% of condo listings today mention the president’s name.
Redfin chief economist Daryl Fairweather explained, “It’s not surprising that sellers and their agents are less likely to identify a home with Trump now that he’s president, as that could limit their buyer pool. Marketing to just one side of the aisle—even if it’s just mentioning a politician’s name—could mean half as many potential buyers see a home.
Redfin compiled the data on the comparison between Trump and comparable luxury condos into a tidy chart.
|Pre-election (Jan. 2014 – Oct. 2016)||Post-election (Nov. 2016 – Nov. 2019)|
|Median sale price of Trump condos||$868,750||$729,000|
|Median sale price of comparable luxury condos||$760,000||$680,000|
|Average price premium (%) for Trump condos||28.10%||20.40%|
|Median price per square foot for Trump condos||$713||$606|
|Average price-per-square-foot premium (%) for Trump condos||18.60%||8.00%|
|Median days on market for Trump condos||95 (versus 67 for non-Trump condos)||86 (versus 57 for non-Trump condos)|
|Total Trump condos sold||532||542|