Foreign Property News | Posted by Aye Myat Thu
President Donald Trump’s childhood home in Queens, New York, is up for auction again with an undisclosed reserve price. Bidding launched today and will be open until Nov. 14.
The Jamaica Estates home listed earlier this year for $2.9 million, well over the median single-family home sale price of $1.1856 for the area, according to Zillow. After it listed, it swiftly went to auction with Paramount Realty USA.
“The value is not in the bricks and mortar, it is in the association with the president of the United States,” said Misha Haghani, principal of Paramount Realty USA. If it were just a house, it would be listed with a broker and worth about $1 million, he added.
Mr. Haghani said he could see it selling for anywhere between $2 million and $6 million.
The modest 2,500-square-foot home last sold in 2017 for $2.14 million at auction to a buyer who bought it for investment purposes, Mr. Haghani said, days before Mr. Trump’s inauguration.
Before that, it sold for $1.39 million just two weeks prior to an investor who flipped it for a profit.
It was also on the rental market for $4,000 per month and on short-term rental site Airbnb for $725 per night in 2017. The identity of the current owner was not clear from property records.
Mr. Trump’s father, Fred Trump, built the five-bedroom, four-and-a-half-bathroom house in 1940. The family lived there until Mr. Trump, 73, was 4 years old.
The home features a fireplace, a sunroom and a finished basement.
There is also a patio and space for seven cars, including a two-car garage.
Ref: Property Report
