Donald J. Trump has just been elected as the 45th President of the United States of America. In recent news there has been speculation as to where President-elect Trump and his family will reside.
With a net worth of almost $4 billion, earned primarily in real estate, Donald and Melania Trump’s 58th floor penthouse in Trump Tower on Fifth Avenue offers stunning views of Central Park and the Manhattan skyline and is valued at $100 million. Its three stories feature floors, walls and columns covered in marble with crown molding.
The 30,000-square-foot apartment is decorated with 24-karat gold and even diamonds. It gives 1600 Pennsylvania Avenue not just a run for its money but a run for residency.
If President-elect Trump decides he is going to spend his weekends and holidays at his 5th Avenue penthouse, do you think the real estate market in Manhattan will be on the rise? Who wouldn’t pay more to say they live a block or two from the POTUS?
Could you imagine living less than 2 miles from the President of the United States? If you lived in places like River Place on West 42nd St, Bjark Ingels architecture master piece Via57 West on 57th St, or Mercedes House on West 54th St, that would be your scenario.
According to an article I read at brickunderground.com, RentHop has pointed out that mortgage rates have been rising steadily since Trump’s win, and are at 3.8%, The highest it’s been since 2013. If the trend continues, we can expect rents to increase, because people wont be able to afford the interest rate on a home loan.
As it stands today, there is uncertainty in the real estate market and how it will react to the new president. There are a lot of issues that Mr. Trump is going to cover once he takes office. Hopefully, for those in New York, the real estate market won’t skyrocket.