Princewill Pius
Forbes valued Donald Trump at $3.1 billion in March 2020. As of April 2020, he’s valued at $2.1 billion. The majority of Trump’s empire comes from commercial real estate, mostly in property near Fifth Avenue in Manhattan. Before the coronavirus, his holdings were valued at “$1.9 billion after deducting debt,” according to Forbes. However, by March 18, 2020, the commercial properties were valued at $1.2 billion.
There’s an added cause for concern here because as people work from home, there’s a strong possibility that, even after the global pandemic has ended, both businesses and employees will see the advantage of staying home for work, thus potentially lessening the need for commercial real estate, as Forbes notes.
It’s not just Trump’s commercial real estate holdings that have been hit. Forbes adds that “the president owns more than 500 residential units across the country.” While it’s still too soon to make an accurate assessment of home sale data, the news outlet says that public markets “point to declining values.” Additionally, Jonathan Miller, a residential real estate expert in New York told Forbes that people aren’t likely to “make their largest financial investment of their life through a virtual tour.”
Written by: Nicki
