Citi is offering 15% off when you redeem Citi ThankYou points for the following gift cards.
Adidas Apple Athleta Baby Gap Banana Republic BJ’s Restaurant Brinker-Chili’s Chilli’s Dominos DSW Fanatics Fandango Fun & Fabulous Gamestop Gap Gap Options Hulu Let’s Eat Old Navy Red Robin Sears Spafinder Staples Virgin Experience Gifts Vudu
The Fine Print
Valid 11/24/23 only
Some people have the option to cashout Citi TYP at 1¢, if you’re going to do that then this is better value. Reader Peek shares this deal, but notes that these might be 20% on Cyber Monday, so it might be worth holding off a few days and hope to get a better deal then.
A cadre of Silicon Valley elites is drawing fierce criticism from local residents and environmentalists for planning a new city on the outskirts of the Bay Area, a project dubbed “California Forever.” But the effort should be applauded for revealing a truth about California’s failed housing policies.
This group of California’s most influential wants to build one or more new towns on the urban fringes, having spent about $900 million to buy an area roughly twice the size of San Francisco some 60 miles east of the city. The project breaks with the philosophy of the state’s housing policy, which has long been focused on urban densification.
Despite the state’s efforts to encourage residential development, California’s housing markets remain among the least affordable in the country. The homeownership rate is near the nation’s lowest. To afford a house at the median price today in Southern California, a family needs an annual income of $180,000, twice the region’s median.
Some housing advocates insist that the solution is to force growth into existing neighborhoods. Yet the state’s supposedly pro-development new housing laws have yet to produce more homes at a scale sufficient to address the affordability crisis, and recent data suggest an accelerating decline in housing production.
Over the last five years, California has consistently lagged in construction not just of single-family housing but of multifamily housing as well. Not one California metropolitan area was among the top 50 in housing growth last year; Texas had six areas on that list, Florida 11. Los Angeles, the state’s dominant metropolitan area, didn’t crack the top 200.
Clearly we need a new approach that is more aligned with market demands. A recent report by London Moeder, a San Diego real estate consultancy, noted that California regulations make it difficult to build the kinds of housing people are looking for, particularly multi-bedroom homes that can accommodate families.
Research by Jessica Trounstine at UC Merced similarly found that “preferences for single-family development are ubiquitous. Across every demographic subgroup analyzed, respondents preferred single-family home developments by a wide margin. Relative to single-family homes, apartments are viewed as decreasing property values, increasing crime rates, lowering school quality, increasing traffic and decreasing desirability.”
Opposition to densification of existing neighborhoods remains staunch in many cities, with some threatening a voter initiative to restore municipal control of zoning.
California’s focus on increasing density in urban areas is also at odds with the national shift toward remote work and retail and office growth in more suburban, lower-density areas.
A sensible California housing policy would respond to these trends and consumer desires, much as the Bay Area project promises to do. This does not mean we will need sprawling growth.
California’s population is dropping and is not expected to increase in the next four decades, which alters projections of future housing needs. The solution lies in strategic growth. Rather than force growth in places that are declining in population and resistant to development, including Los Angeles County and San Francisco, the state needs to look at the parts of California that are growing, places such as Riverside and Yolo counties.
To encourage growth where it’s happening naturally, the state could create a “Housing Opportunity Area” comprising the Central Valley and Inland Empire, subject to more liberal rules than the coast. Land costs are far lower in the interior of the state than in metropolitan Los Angeles, San Francisco, San Diego and San José. Policies that support inland development could help stem the outbound migration of Californians.
The rise of remote work means development away from urban centers is far more plausible and less environmentally toxic than in the past. Indeed, the International Energy Agency suggests that if everybody able to work from home worldwide were to do so just one day a week, it would save around 1% of global oil consumption for road transport per year. That would prevent 24 million metric tons of annual carbon dioxide pollution, equivalent to the bulk of greater London’s emissions. And roughly 40% of California’s jobs, including 70% of its higher-paying ones, could be done at home, according to research by the California Center for Jobs and the Economy.
Equally promising, many new suburbs are being designed in consciously more sustainable ways, as MIT professor Alan Berger suggests. Sophisticated systems for controlling energy and water use can make suburban and exurban communities more environmentally responsible. Another promising innovation is broader use of manufactured housing, which has the potential to speed construction by as much as 50%, according to a 2019 McKinsey & Co. report. A single-family subdivision is under construction by 3-D printer in suburban Austin.
There are still opportunities for innovative housing production in dense urban cores such as downtown San Francisco and Manhattan. New York Mayor Eric Adams is seeking to quickly add 20,000 housing units through office building conversions. He has also proposed a larger program to convert more than 130 million square feet of office space to residential use, though he needs state legislation to reach that goal.
More such promising opportunities may lie in old, underused retail spaces in both cities and suburbs, which have the advantage of simple floor plans, ample parking and presence across metropolitan California. A recently announced plan to replace Buena Park’s vacant Sears building with 1,100 housing units could represent one piece of our housing future. Flagging malls in Orange County and throughout California provide similar possibilities.
Such developments are critical to our increasingly diverse middle and working class. Older, overwhelmingly white Californians have achieved high rates of homeownership, but the rates among millennials, African Americans and Latinos are well below the national average.
If they don’t leave the state entirely, younger generations will tend to continue to migrate outward in search of affordable suburbs. The majority of people of color in California live in suburbs, accounting for virtually all suburban growth over the past decade. Communities could be built in the exurbs and beyond for senior citizens, too, helping to produce new housing opportunities for young families near job centers. The outer suburbs and exurbs are the future homes of most Californians.
We have the land for such a new vision. While other populous states have devoted as much as a third of their land to urban development, California’s developed lands constitute only 6% of the state. A “7% solution” to the California housing crisis would free up 1 million more acres to build the new communities that we largely stopped building around 2000, when we had 5 million fewer people.
Relying on billionaires to build new cities in the hinterlands isn’t a generally sustainable answer to California’s housing crisis. But the California Forever project does rightly suggest that our solutions must build on the state’s penchant for innovation, capitalism and a distinctly suburban lifestyle.
Joel Kotkin is the presidential fellow in urban futures at Chapman University. Wendell Cox is the principal of Demographia, a public policy consulting firm.
The Second City will take first place in your heart.
Chicago, often referred to as the “Windy City,” stands as the most populous city in Illinois, the third-largest by population in the U.S. and one of the most significant in terms of culture, amenities and overall influence. It’s home to comedy clubs where famous entertainers like Tina Fey and Steve Carell got their start. Because it’s the birthplace of some of the nation’s most diverse and storied architecture, moving to Chicago will give you iconic images such as the Willis Tower (formerly known as the Sears Tower), Tribune Tower and the Cloud Gate sculpture within reach of your apartment.
Plus, the vibrant sports scene in Chicago offers you both the Chicago Cubs to the Chicago White Sox, leading to some interesting debates among fellow Major League Baseball enthusiasts. In basketball, the Chicago Bulls often dominate United Center, and hockey fans can cheer for the Chicago Blackhawks.
Yet, Chicago offers much more than just its well-known landmarks, attractions, sports and deep-dish pizza. The city is divided into several neighborhoods, each with its unique character and claims to fame.
To provide you with a glimpse of the city overall, here are some essential data points:
Population: Approximately 2,700,000
Population density (people per square mile): Around 11,800
Median income: $63,153
Average studio rent: $1,800
Average one-bedroom rent: $2,200
Average two-bedroom rent: $2,800
Cost of living index: 115
These statistics should give you a better understanding of Chicago’s demographic and economic landscape as you consider your move. But they’re only the beginning to truly understand what it feels like to live in Second City. Let’s keep going.
Chicago neighborhoods to explore
Chicago has often been called a “city of neighborhoods” for its diverse communities. The city’s extensive transit system seamlessly connects these unique pockets of culture and community, making it easy for residents and visitors alike to explore the richness of Chicago’s neighborhoods. Here are just a few of our favorite ‘hoods to kickstart your exploration:
Nestled in the heart of the city’s Lower West Side, Pilsen is a neighborhood that wears its Mexican heritage proudly. The streets are adorned with colorful murals and vibrant storefronts, creating an atmosphere that transports you to another world. This neighborhood is known for its welcoming community and delicious Mexican cuisine.
Top Pilsen apartments:
Located to the northwest of downtown Chicago, West Town’s historic Wicker Park is a bustling enclave of creativity and artistic expression. Its streets are lined with trendy boutiques, hip cafes and art galleries. Wicker Park is the perfect place to immerse yourself in the city’s alternative culture and enjoy a thriving music scene.
Top Wicker Park apartments:
With its leafy streets and historic brownstones, Lincoln Park offers a taste of classic Chicago charm. Named for Chicago’s most heavily used park, this North Side neighborhood is home to the city’s eponymous park, a sprawling green oasis along Lake Michigan’s shoreline. Here, you can explore the Lincoln Park Zoo, soak in scenic lake views, and visit the Peggy Notebaert Nature Museum.
Top Lincoln Park apartments:
Situated on Chicago’s South Side, Hyde Park is a neighborhood steeped in history and academia. It’s home to the University of Chicago, which has a stunning campus reminiscent of a European village. Hyde Park’s cultural offerings include the Museum of Science and Industry, as well as beautiful lakeside parks like Promontory Point.
Top Hyde Park apartments:
If you’re seeking a neighborhood that exudes creativity and a vibrant arts scene, look no further than Logan Square. Located on the city’s Northwest Side, it’s known for its artistic community, craft breweries and an array of eclectic restaurants. The historic boulevards and the iconic Logan Square Monument add to the neighborhood’s unique character.
Top Logan Square apartments and rental houses:
Pros and cons of Chicago living
This bustling metropolis nestled along the shores of Lake Michigan offers a unique blend of advantages and drawbacks for those considering calling it home.
See why life is good for those living in America’s third-largest city.
Cultural diversity and the food scene
Chicago is a melting pot of cultures and traditions. It’s a city that celebrates its immigrant history, resulting in a vibrant tapestry of languages, cuisines and lifestyles. From the lively neighborhoods of Pilsen and Chinatown to the historic communities of Ukrainian Village and Little Italy, Chicago offers endless opportunities to immerse yourself in different cultures.
Public transportation much better than national average
Chicagoans enjoy a robust public transit system, making it easy to navigate the city without the need for a car. The Chicago Transit Authority (CTA) operates an extensive network of buses and “L” trains that connect various neighborhoods. This accessible and affordable transportation system helps reduce the hassle of daily commuting.
Chicago boasts world-class cultural institutions. The Art Institute of Chicago houses an extensive art collection, while the Museum of Science and Industry offers interactive exhibits. The city also features renowned theaters like the Chicago Symphony Orchestra and the Steppenwolf Theatre Company, ensuring there’s always something to do for culture enthusiasts.
Chicago’s stunning lakefront, with its picturesque parks and beaches, provides a serene escape from the urban hustle and bustle. Whether you’re strolling along the Lakefront Trail, lounging at North Avenue Beach or enjoying the greenery of Grant Park, you can always find a tranquil spot to unwind.
No place is perfect. Make sure these potential cons aren’t dealbreakers for you if you’re planning on moving to Chicago.
Cost of living
Chicago has a relatively high cost of living. Rent, groceries and other daily expenses can add up quickly. While it may not be as expensive as some other major cities like New York — in fact, it’s about 45% lower — newcomers should be prepared for the financial challenges of funding life in a major metropolitan area.
Just how high is Chicago’s cost of living? Though not Willis Tower high, expect to pay nearly 20% extra than the national median. According to Redfin, “the cost of living is 19% higher than the national average. Housing costs in particular are 50% more than the national average… Additionally, everyday expenses such as groceries, transportation and healthcare are generally pricier in the city.”
Chicago is a densely populated city, especially in neighborhoods like the Loop and River North. During peak hours, crowded streets and packed public transportation can be a common occurrence. Opting for less densely populated neighborhoods like Hyde Park or Lincoln Square can offer a bit more breathing room.
Living in a big city like Chicago comes with the typical challenges of noise, congestion and a fast-paced lifestyle. For those accustomed to smaller towns or quieter environments, the bustling streets and constant activity of the city may require an adjustment period. And as anyone who migrates to this city might tell you, traffic here carries its own set of challenges.
The Windy City offers a diverse and dynamic urban experience with its own set of advantages and challenges. It’s a city where culture thrives, public transportation excels and beautiful lakefront escapes await, but it also demands adaptation to a higher cost of living and the realities of big-city life. Visiting Chicago and exploring its neighborhoods can help you determine if this dynamic city is the right place for you to call home.
Cold winters and other unpredictable weather
Living in Chicago can be a rewarding experience, but its cold, harsh winters and unpredictable weather can be a notable drawback. Winters in the Windy City are characterized by bone-chilling temperatures, heavy snowfall and biting winds that can make daily life challenging, and frosty breezes from both the Chicago River and Lake Michigan only compound the issue.
These unpredictable weather patterns can make planning outdoor activities or even just daily routines a bit of a gamble, with sudden temperature fluctuations and unexpected storms keeping residents on their toes. While Chicago offers many attractions and a vibrant culture, its winters and weather can be a formidable con for those who prefer milder climates.
Ready to feel the Midwestern warmth of the Windy City?
Are you contemplating a move to the vibrant and iconic city of Chicago? If so, you’re embarking on a journey that promises an array of opportunities and experiences that are truly second to none.
Chicago, renowned for its stunning skyline, diverse neighborhoods and rich cultural and architectural heritage, is an exceptional place to call home. Are you ready to pack your bags? Take a look at our Chicago apartments for rent.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) — The “Online Home Decor – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global online home decor market is poised for remarkable growth, expected to reach a substantial $612.5 billion by 2030, according to a recent market research report. Titled “Global Online Home Decor Market,” this comprehensive report provides deep insights into the dynamic landscape of the online home decor industry.
The global market for online home decor is predicted to grow at a CAGR of 23.1%, starting from an estimated $116.5 billion in 2022.
The report delves into various segments of the industry, with online home furnishing expected to achieve a robust CAGR of 21.2%, reaching a value of $565 billion by the end of the forecast period.
Geographic markets analyzed in the report include the U.S., China, Japan, Canada, and Germany, with each region showing substantial growth rates. For instance, China, the world’s second-largest economy, is projected to reach a market size of $102.6 billion by 2030, driven by a CAGR of 22%.
A detailed competitive analysis showcases leading companies in the sector, such as Amazon.com Inc. and Bed Bath & Beyond Inc., among others, offering valuable insights for business strategies.
The report includes a year-long complimentary update service, ensuring that businesses stay informed about significant changes in the industry.
This comprehensive report on the global online home decor market is an essential resource for industry stakeholders, offering valuable insights that can drive informed decisions and strategic positioning.
These tables offer a comprehensive analysis of the online home decor market, covering the years 2020 through 2027 and providing a historical review from 2012 through 2019. They focus on different geographic regions, including the USA, Canada, Japan, China, Europe, Asia-Pacific, and the Rest of the World. The data includes annual sales figures in US$ million and the Compound Annual Growth Rate (CAGR) percentages for various segments, such as Online Home Furniture, Online Home Furnishing, and Other Segments. Furthermore, these tables provide a 15-year perspective on the online home decor market, offering insights into the percentage breakdown of value sales for the specified regions. Overall, these tables enable a detailed examination of the past, present, and future trends within the online home decor industry.
Influencer Market Insights
World Market Trajectories
Online Home Decor – Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Impact of Covid-19 and a Looming Global Recession
Select Competitors (Total 14 Featured) –
Ashley Furniture Industries, Inc.
Bed Bath & Beyond, Inc.
Costco Wholesale Corporation
Herman Miller Furniture (India) Pvt. Ltd.
Inter IKEA Systems BV
jcp Media Inc.
Otto (GmbH & Co KG)
Sears Brands LLC
Target Brands, Inc.
Wal-Mart Stores, Inc.
What’s New for 2023?
Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies – Strong/Active/Niche/Trivial
For more information about this report visit https://www.researchandmarkets.com/r/hedqq7
About ResearchAndMarkets.com ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Citi has sent out targeted spending bonuses on the Citi Sears card:
10% back in statement credits on total eligible gas station, grocery store and restaurant purchases of $100 or more made each month (up to a maximum total of $30 in statement credit(s) each month) using your Shop Your Way Mastercard from 10/1/2023 (or the date you activate this offer, whichever is later) through 12/31/2023
These offers are why this card is listed as the #1 store card. Can’t be stacked with the recent online offer unfortunately.
Just days after Houston was named the 4th best city in the United States for women in technology by SmartAsset, Parkway Property Investments lands more technology tenants at fabulous Greenway Plaza. The Houston Chronicle reported AI leader ThoughtTrace, the engineering company DMC, IoT provider Detechtion Technologies, and seven other major technology leaders as tenants. Despite being shunned by Amazon, the Texas energy town could emerge as a glowing tech hub.
Greenway Plaza is a 52-acre master-planned, mixed-use development of 11 buildings and almost 5 million square feet of office space in the center of Houston business. The development includes on- site amenities like fine dining, an underground food court with over 16 options, multiple fitness facilities, three full service banking centers, and unlimited conferencing facilities. The center also has full-service automotive care, commercial printing and graphics services, and a long list of other amenities for tenants and their clients.
Rounding out the list of new tenants were Nuveen Real Estate, Goldman Sachs Asset Management Private Real Estate, Liberty Lift Solution, Texas Installs, NAI Partners’ Investment Fund, TriArc Properties, and SLI Group.
Meanwhile, Houston as a tech professional magnet is not only reflected in the migration of technology firms moving to the city center. The SmartAsset study mentioned above showed that Houston’s tech pay makes the city a standout for men and women. For female tech workers, the usual disparity in pay between men and women is almost non-existent. With a ratio of 99 percent, Houston’s wage gap when it comes to tech jobs ranked the city No. 3 for the smallest wage gap among major U.S. cities.
A long-time energy hub, Houston, is in the process of transitioning to become more of a tech hub through an Innovation Corridor anchored by physical structures being rebooted to push the city forward. Some of the properties being reworked are the 1939 Sears department store at 4201 Main, the former Exxon Mobil building at 800 Bell; and the former KBR complex at the East End.
Even though the city was recently shunned by a “no vote” for Amazon’s HQ2, the city is seeing healthy growth in this sector. The news that digital payments leader Bill.com is moving to the Westchase area of Houston illustrates this too. In addition, the coming Green New Deal from Rep. Alexandria Ocasio-Cortez and Sen. Ed Markey may just be a cloud with a silver lining for Houston of the energy sector can rethink renewable. Whether it’s the “Trump” energy first way or the opposing “Green Deal” – Houston planners only have to tool up for “next.”
Evidence of such forward thinking comes in the form of a report by Robert Vaughn, the Houston metro market manager for Robert Half Technology and The Creative Group. According to Vaughn, Houston actually leads the U.S. in tech job hiring plans for 2019. And despite the fact that Austin is currently a more attractive tech startup hub, Houston has huge advantages thanks to its population and age distribution- With the right incentives by city decision makers, the city could take off to match New York as in the next couple of years. And this, of course, would be a shot in the arm for every Houston real estate metric. Stay tuned, we’ll do more in-depth coverage soon.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
Former President Donald Trump has not made his real estate great again.
Trump has dominated the headlines recently, as he announced his intention to run for office again and then became the first former commander in chief to face criminal charges. But the polarizing politician and reality TV star is first, and perhaps foremost, a real estate mogul. And the past few years have not been kind to his sprawling residential real estate portfolio.
While home prices across America generally rose quickly during the “pandemic pump” housing market, sale prices at the properties listed on the Trump Organization’s website have either declined or appreciated at a slower pace than the local markets they’re in.
To be sure, the COVID-19-era real estate market will be one for the history books, defined initially by ultracheap mortgages, the liberation of newly mobile Americans who could pursue “remote work” away from their abandoned offices, and a continued housing shortage that all pushed home prices up in dramatic ways. The price gains have begun to correct in some areas, but in large part, historically high prices appear to have stuck.
But Trump’s real estate brand hasn’t benefited as much from the favorable housing market. Price appreciation for condos in properties listed on the Trump Organization’s website has been lower both in the luxury real estate and overall housing markets.
For example, the median condominium sale price in the U.S. rose 38% between 2019 and 2022, according to CoreLogic data. But over the same period, the median sale price at Trump Organization properties declined 14%. (The properties Realtor.com® analyzed were all condos.)
And while the price changes varied around the country, his condos didn’t outperform any of the local markets where they’re located.
Some local experts believe the price declines are related to the former president’s controversial politics, especially since most of his properties are in Democratic-leaning areas. Since he ran for office, his name has been pulled off some of his prime real estate holdings in major cities.
“A lot of people have said the buildings are great,” says Dan Neiditch, the president of River 2 River Realty in New York. “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 was recently charged with 34 felony counts related to hush money payments made to an adult film star, is under investigation for election interference in Georgia, and is facing multiple lawsuits. That could also affect his real estate holdings, especially in places where the former president isn’t popular.
To come up with our findings, we pulled home sale records from CoreLogic, a real estate transaction data provider, for properties listed on the Trump Organization’s website. Then we compared them with condo sale prices for the counties where those properties are located. Because the CoreLogic data is not perfect, we also excluded transactions that appear to have erroneously high and low transaction amounts recorded (likely data entry mistakes).
While all of the Trump Organization’s condo projects were included in the national numbers, Trump real estate markets with fewer residential units (including Connecticut, Hawaii, and Westchester, NY) are not detailed in the pull-out sections below.
We used 2019—the year before pandemic fluctuations roiled U.S. housing—as a starting point/benchmark for our calculations.
Note: It’s unclear if every property listed on the Trump Organization’s website is owned by the organization. The Trump Organization is a privately held corporation, so it isn’t required to disclose the specifics of its real estate holdings to the public. And even though the Trump name might prominently grace a building, it doesn’t mean that the organization owns the property. The former president licenses his name for a host of different things, including real estate and consumer products.
The Trump Organization did not respond to a request for comment.
For decades, Donald Trump made a name for himself as a New York City real estate celebrity and tabloid fixture. The Big Apple was his launching pad, where the Trump Organization began developing residential properties in the early 1980s. And it’s still where his company has the most buildings.
He announced his first run for the presidency, in 2015, in his iconic Trump Tower on 5th Avenue, where he rode down a golden escalator.
But in the past few years, the organization’s Manhattan properties have fallen behind the competitive Manhattan condo market.
In 2022, the median sale price for all of the organization’s New York City properties combined was about $1.75 million. Within the past 10 years, that figure hit a high point in 2015, at $2.3 million, and a low in 2020, at around $1.4 million.
Since just before the COVID-19 pandemic, the Trump Organization’s prices are down about 16%—far behind the roughly 11% price growth for all condos in Manhattan over the same period.
The list of Manhattan buildings listed on the organization’s website includes the Trump Tower, in Midtown, and Trump Parc, on the southern edge of Central Park. On the Upper West Side, the organization has six buildings that make up Trump Place, situated along the Hudson River. Three are apartment buildings, which were not included in this analysis, and three are condominium buildings. Residents voted to remove the Trump name from the buildings in 2019. There is also Trump International Hotel & Tower, on Central Park West. In Midtown East, the organization owns Trump World Tower, looking onto the East River, just across the street from the United Nations headquarters. And on the Upper East Side, the organization owns Trump Park Avenue, Trump Palace, and 610 Park Avenue.
Despite the successful efforts to remove the Trump branding from several of his New York properties, much of the Trump residential real estate is still highly valued among certain buyers.
According to luxury real estate broker Dolly Lenz, the properties themselves and their management are second to none.
“The management of the properties—whether it’s Trump Tower, Trump International, Trump World Tower—are some of the best-run buildings in New York,” she says. “They choose the best doormen, the best concierges, so the service is top quality.”
But many of the Trump Organization’s properties are older and have trouble competing with the newer buildings, which offer more modern designs, layouts, and amenities. Trump Tower opened in 1983—40 years ago.
For some local experts, it’s politics that have caused the lagging prices.
“New York and New Jersey are majority-Democrat states. I believe the prices of Trump’s properties take a hit just because of the politics of the people in the area,” says Neiditch, of River 2 River Realty. “We’ve had people who lived there, who said, ‘Hey, we want to sell. We don’t want to live in a building where that name’s on the outside.’”
Access to Trump Tower, which was more restricted during Trump’s presidency due to heightened security and Secret Service activity, also likely affected the value of the units in the bellwether building, says one real estate expert, who asked not to be named.
Fed up with the backlash against him and his politics, Trump officially left New York. Since 2019, the former president has called the purple state of Florida home. He now resides in his oceanside Mar-a-Lago resort in Palm Beach.
The Trump Organization has residential properties in and around Miami, including Trump Grande, Trump Tower Sunny Isles, and Trump Hollywood.
The Trump-branded properties in Florida’s Miami-Dade and Broward Counties appreciated by about 15% between 2019 and 2022, after first dipping in 2020, the biggest price gains of any location analyzed.
But prices shot up much higher in Florida during the pandemic as the Sunshine State saw an influx of companies and new residents. In the Miami-Dade and Broward markets where Trump properties are located, the median condo sale price has increased by more than 50%, going from just under $200,000 in 2019 to just above $300,000 in 2022.
And for the luxury condo segment in the same area (the upper 10% of sales by price), which is closer to the price range of the organization’s properties, prices grew by more than 60% over the same period.
Trump International Hotel & Tower’s opening in Las Vegas in 2008 marked the organization’s first expansion into the western U.S. But condo sale prices in the building have substantially lagged behind overall Las Vegas condo price appreciation.
The median sale price at Trump International Hotel & Tower took a significant hit in 2020, dropping from $305,000 to $214,500. Since then, the prices rose but were still down about 8% below pre-pandemic prices.
Meanwhile, in Clark County, which includes Las Vegas and the surrounding cities, the median condo sale price rose by more than 50% from 2019 to 2022.
June Stark, a real estate agent and broker at The Stark Team–Elite Realty, in Las Vegas, blamed pandemic restrictions as one of the reasons that Trump property prices dropped. Reduced tourism affected the building, which is a combined hotel and condo tower.
“The building itself is beautiful, probably the best-maintained hotel and condo tower in the city,” Stark says, noting that she was among the first agents to sell the residences.
Trump International Hotel & Tower in Chicago looms large in the city, with its height, distinctive style, and prime location, but the sale prices have taken a dive.
At 98 stories and reaching 1,388 feet, it’s the seventh-tallest building in the nation and second in Chicago (behind the Willis Tower, formerly known as the Sears Tower). The building’s off-centered, tapering spire is hard to mistake, but it’s the 20-foot-tall and 141-foot-wide “TRUMP” sign on the building on the northern bank of the Chicago River that informs anyone who passes by who owns the building.
But while the building’s prominence is unquestionable, the median sale price for residences there dropped by almost half in 2020 alone—going from just below $1.5 million the year before to $750,000. Since then, prices have come back some, but at $1 million in 2022, the median sale price is still down more than 30% compared with before the pandemic.
During the same three-year period, 2019–22, the median condo sale price in Cook County, which includes most of the Chicago area, rose about 12%. But for additional context, condos priced closer to Trump International Hotel & Tower in Chicago, those within the top 10% of sales by price for Cook County, also saw a big drop in prices in 2020, and an overall price decline greater than the Trump Organization’s building.
Across the Hudson River from the Trump Organization’s Manhattan properties is 88 Morgan Street Condominiums, formerly known as Trump Plaza Residences, in downtown Jersey City. The 55-story building, developed by the organization in the late 1980s, provides a sweeping view of the Manhattan skyline and the Upper Bay.
But 88 Morgan Street has not seen the same price gains as condos nearby. The median condo price in Hudson County, NJ, which includes everything from Bayonne to North Bergen and from the Hudson River across the Hackensack River to Kearny and Harrison to the west, saw modest appreciation during the pandemic, rising by about 14% from 2019 to 2022.
In Jersey City, condo sale prices at 88 Morgan Street rose only 4%.
“I know in those buildings in New Jersey, there have been fights about taking his name off,” says Neiditch, of River 2 River Realty, “but that’s been going on since back in 2016.”
Join a group of industry experts in real estate and lending for engaging panel discussions designed to empower real estate agents! During this session, you will learn how to identify and target underserved markets to grow your business! We will also be featuring wealth management products and Union member benefit programs available through Wells Fargo and you will gain insights on building personal wealth beyond real estate!
During our first session, we will be hosting the following panels:
Leveraging Higher Interest Rates: An Investment in Your Future
hosted by Chris Sears, President of JPAR® – Real Estate, Texas
Join Chris Sears in an informative session explaining the correlation between higher interest rates and the potential for accelerated equity growth when moving to a higher-priced home. While it may seem counterintuitive to invest more in monthly payments, the session will delve into the compelling benefits of such a strategy.
Unique Home Lending Capabilities and Wealth-Building Opportunities
hosted by Valeria Esparza-Chavez, Vice President, Head of Home Lending Hispanic and Asian Segments, Wells Fargo; and, Lauri Smith, Senior Lead Business Growth Strategy Consultant, Wealth & Investment Management, Wells Fargo
Join Valeria Esparza-Chavez, Vice President, Head of Home Lending Hispanic Segments for Wells Fargo, in an empowering session focused on unique home lending capabilities and wealth-building opportunities. Discover how Wells Fargo serves union members with exclusive programs and benefits and explore other affordable and affluent lending options. Lauri Smith, from the wealth and investment management team, will also provide insights on expanding your business and building personal wealth beyond real estate. Don’t miss this comprehensive session that combines real estate expertise and financial strategies for a brighter future.
Empowering Real Estate Agents: Building Wealth, Client Education, and Community Impact
Moderator: Erica Starkey, Broker, JPAR Iron Horse
Voltaire Lepe, CEO and Founder of Lepe Tendwell Properties
Mily Patton, award-winning real estate agent with JPAR Real Estate
Kiona Simon, Real Estate Consultant/Investor at Samson Properties
Join industry experts Voltaire Lepe, Mily Patton, and Kiona Simon in this engaging panel discussion designed to empower real estate agents. During this session, Erica will uncover strategies for giving back to the community while increasing sales through client education, supporting military families, and building wealth with real estate investments.
This event is FREE and open to all real estate agents across the US, so feel free to share!
*RSVPs are limited on a first-come, first-served basis.
Find topics in marketing, technology, and social media for realtors, and housing market resources for homeowners. Be sure to subscribe to Digital Age of Real Estate.