Realtors in New York City hope that President Donald Trump makes good on his plans to live at Mar-a-Lago in Florida after leaving the White House. They reason that without him, real estate prices, which have fallen dramatically, will rebound in the Big Apple, according to a TMZ report.
Since Trump's win in 2016, realtors report that real estate prices in his signature building have dropped. For example, two of the units in the towering building fell from being worth $4.3 and $3.5 million to $2.495 and $3.3 million, respectively. The dramatic devaluation in the properties remains similar throughout Trump Tower, and the agents struggle to sell them.
While there are multiple reasons for the drop in value, like the pandemic and a poor market, those trying to sell them also blame New Yorkers' general dislike of Trump. They believe that the president leaving the area and residing elsewhere will help the values rebound, and not just because he isn't the city's most popular resident. Many situations occur at Trump Tower due to him being there, including increased security measures that make it difficult to access the building or hail a cab outside. Plus, residents' guests have to go through a lot of red tape to visit, which is purportedly a pain.
One owner told Business Insider how things inside went as the president began his political rise. Sandra Arnold, who has owned an apartment there for two decades, revealed that things were "terrible."
"I really did think that I want to move and sell the property, but I love New York so much," said Arnold.
The good news is that Trump, who had lived in New York City his entire life, already changed his residence to Florida a bit over a year ago, according to his tweet last October. That is where he cast his vote in the recent presidential election. His reasons for leaving included being treated poorly by both the mayor of NYC and the governor of the state. There's no secret that Trump and Gov. Andrew Cuomo have little love lost between them, and their feud is loud and public.
Even if the president never returns, some people won't buy units there due to the name. However, for others who appreciate the president and how he's led the country, the name would be a draw and help them choose to purchase a new address inside Trump Tower as a status symbol.