What the Trump Administration Means for Real Estate – ryan

Photo: Tasos Katopodis/Getty Images

You may be distrases Over the outcome of the Presidential Election, but the dc luxury market is not. “I Think We Will See Some Big Numbers Transact Again Starting Around Januy,” Says Michael Rankin, The Principal and Managing Partner of Sotheby’s International Realty in Washington, DC “People Don’t Want to Spects $ 5, $ 15 Million IF Don’t Know. Confirmed or not.

The Last Time Donald Trump Took Office, The Area Saw a Flurry of High-Price House Sales. “We were calling all our clients and saying, ‘hey, do you want to sell your $ 9 million? During That Time, Commerce Secretary Wilbur Ross Paid $ 12 million for a Seven-BEDROM BEAUX-ARTS MANSION IN Massachusetts Heights, Close to Rock Creek Park; Treasury Secretary Steve Mnuchin dropped $ 12.58 Million on a 16,000-Square-Foot House in the Same NeighBorhod; and Secretary of State Rex Tillerson Spent $ 5.5 Million on a Four-BEDROM IN KALLAMA. (Jared and Ivanka, Meanwhile, OPted to Rent, Also in Kalorama.)

Brokers Are Expecting More of the Same This Time Around – swimming that they can talk about it. One agent told with that it was heo of least two high-profile administration figures who’d been looking around the election-he canauldn’t say who, though, Since he’d had to sign. One, he added, was so irronclad he didn’t want to speak in generaralities like price or neighborhood. But if the past is prologue, one can Assume it’s someone someplace like mass heights, calorma, or Woodland NormanstoneWhere Kellyanne Conway bought A Mediterranean-Style Combo Mansion in 2017 and 15 Percent of the Homes Are Embassies. “It is a more palatial atmosphere in Kalorama Compared to Georgetown,” Washington Hostes Sally Quinn told Esquire During the Last Trump Administration. “Bigger, Newer Houses. I Have Not Heard of Any of the Trump People Living in Georgetown.” (As One Broker Told Me, Georgetown is Rich But Liberal.)

Unfortunately for Area Brokers, One of the Wealthiest Memories of Trump’s New Crew, Elon Musk, “Isn’t a Big House,” Says Rankin. “Maybe he’s going to fly in and fly out.” (But Musk, Despite His Declaration That He Was Done Owning Real Estate, Has ALSO been busy Building A Secret Mansion Compound in Austin, Texas, For His Unconventional and Increasingly Family. SO WHO KNOWS?)

Eva davis, an Executive Vice-President at Compass, Says that there is always a rush of transensions when administrations Change-a luxury bump in the $ 1 million range and a slew of rentals as Lower-Level staff tourns over. Although this year, there was actually a pre-election flurry as well, well the conservative partnership institute went on A BUYING SPREEBuying Up Nine Properties in the NeighBorhod to Create a “Patriot’s Row” Campus.

Some of this enthusiasm is damped by trump’s threads to slash the federal workforce, shrinking the middle and upper-middle class that accounts for the Mest Deals. “My Team Has Had a Number of Calls from People at Agencies like the Hss and EPA, Places that Wold Likely See Cuts First, Saying, ‘We don’t know what going to go on, but we might to sell,’ Says davis. There is Also Concern About What Will Happen IF Trump revokes The Home Rule -A 50-YEAR-OLD LAW THAT ALLOWS DC TO MANAGE ITS OWN MRUCIPAL AFFAIRS. “People are Saying, ‘I don’t want to be here for that,’ or are worked about the effect Such a moving have on home prices.

And there is some fear, too, that Trump’s wealthy Cabinet Might Might Not Be In Local Real Estate at All – Given Trump’s Proclivity for Holding Couch Palm Beach. “I think this administration doesn’t spend as much time in the distribution as Other administrations,” Says One Broker. “They’re more in Florida and New York.”