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 press@redfin.com.
To view Redfin's press center, click here.
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SOURCE Redfin