Trump Tower fail: the perceived value of a luxury suite in the building is now below $600,000
Schadenfreude-prone locals gleeful over the Trump Tower’s persistent problems got yet more fodder over recently. The owner of a 950-square-foot unit in the not-so-minimalist tower put it up for auction after noticing that 11 other Trump units have been languishing on MLS for months. The condo received a single bid of $550,000—well below the seller’s already-discounted reserve price, and a mere fraction of the $1.6 million that developer Talon International is asking for a similar suite. Ritchies Auctioneers told the Toronto Star that several potential buyers missed the sale after Trump executives balked at holding it on-site, forcing a last-minute venue change. Of course, we’re sure an investor mutiny, falling glass and general dislike of the building’s over-coiffed namesake had nothing to do with the no-shows. [Toronto Star]
