- Condo prices are plummeting at Trump Tower.
- A report said average prices are down to their lowest rates since the financial crisis.
- Donald Trump’s presidency could be partially to blame for the dropoff.
The prices of condos at New York City’s Trump Tower have plummeted since President Donald Trump launched his campaign in 2015.
The dropoff is so severe that real estate in the Fifth Avenue building has reached its lowest value since the Great Recession, The Wall Street Journal reported last week.
The average price per square foot in the property is $2,100, down 13% from 2016 and 23% from the year before, according to The Journal.
Analysts are pointing to multiple factors that could explain the cheaper prices, including heightened security since Trump was elected, a general dislike of Trump, or an overall deceleration in the luxury condo market in the area.
However, Trump Tower’s condos are dropping more rapidly than other properties in Midtown Manhattan. Excluding new developments, the average price per square foot in the area has seen a slight uptick of 0.3% since 2015.