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Former U.S. President Donald Trump leaves Trump Tower in New York City. Picture: Getty Images
Former US President Donald Trump’s efforts to make his real estate empire great again may have fallen short.
Trump’s first claim to fame prior to running for political office was as a real estate tycoon, but his considerable property portfolio has allegedly not fared well in recent years, US media reports.
Sale prices listed on the Trump Organization’s website have tended to appreciate at a slower rate than their respective local markets, according to reports from US listings portal Realtor.com.
This was despite a rise in home prices during the pandemic housing market similar to what was seen in Australia during late 2020 and 2021.
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Local real experts said the lower values for Trump Organization properties may be a result of the Republican presidential candidate’s politics, among many other complex reasons.
Trump Tower in New York. Picture: Spencer Platt/Getty Images
The analysis, which only considered condos, noted that the median sale price for Trump Organization properties decreased by 14 per cent between 2019 and 2022.
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The median sale price for units in the US as a whole increased 38 per cent over the period.
Trump’s condos also failed to perform better than any of the local markets where they were situated, despite price changes varying across the country, according to the report.
The Trump Organization’s New York City properties fell by approximately 16 per cent since the Covid pandemic, while the price growth for all units in Manhattan was roughly 11 per cent up over the same period.
The Trump Organization’s website lists several Manhattan buildings, including the Trump Tower, Trump World Tower and Trump Park Avenue, among others.
Trump faces numerous legal battles. Picture: Scott Olson/Getty Images
The Trump Organization also has residential properties in Florida, which appreciated by about 15 per cent between 2019 and 2022, but the median in the same regions of the state went up by about 50 per cent over the period, according to Realtor.
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Other real estate holdings include properties in Las Vegas, New Jersey and Chicago – all states won by Democrat Joe Biden during the 2020 US presidential election.
Some local experts attributed the price decreases to the former president’s controversial politics, particularly since most of his properties were in Democrat-leaning areas.
Since announcing his candidacy for Republican nominee for the 2024 presidential election, his name has been removed from some of his prime real estate holdings in major cities.
The Trump International Hotel & Tower Las Vegas. Picture: Ethan Miller/Getty Images
“A lot of people have said the buildings are great,” Dan Neiditch, the president of River 2 River Realty in New York told media.
“But when they have the Trump name on the buildings, it’s all about branding. And when that’s the case, you live and die by your brand, by your name.”
Trump is currently facing a multitude of legal issues, including 34 felony charges for alleged hush money payments made to porn star Stormy Daniels.
Other legal issues include an investigation into election interference in the state of Georgia, and numerous lawsuits.
People walk past the Trump International Hotel in New York City. Picture: Getty Images
Realtor.com noted that not all properties on the Trump Organization’s website were owned by the company, with the former president often licensing his name for real estate and consumer products.
Trump once attempted a punt on the Australian property market.
The real estate developer turned politician was among the tenderers for the Darling Harbour Casino in 1986, but later decided the venture wasn’t “attractive” enough.
He was believed to have changed his mind about the project on the eve of the casino decision in mid-1987, telling the New Jersey Casino Control Commission he had lost interest in it.