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NEW YORK CITY-The Q2 Donald J. Trump Report, an analysis of one- to three-bedroom luxury condos located between 42nd and 86th streets, shows an average sale price increase of 3%, to $942 per sf. The value has climbed 11% this year alone, growth Trump attributes to broad buyer demographics and low mortgage rates, which currently sit at a 32-year low.

“Historically the real estate market has reacted negatively to downturns in the stock market,” says Trump, chairman, president and CEO of the Trump Organization. “Such was the case in the early 1990s, but this time around the circumstances are quite different.” Trump says institutional-wary buyers “feel more confident placing their capital in Manhattan real estate rather than with investment banks.”

Despite a stilted stock market and an endless public procession of corporate illegality that has generally prompted skittish investor attitudes, the luxury market has remained resilient during the downturn. The average three-bedroom, 2174-sf sale price actually posted an 8% gain to $2,589,000, while the average two-bedroom, 1449-sf apartment sale price rose 7% this quarter to $1,474,000. Additionally, there was no change in two-bedroom sale volume this quarter, typically the largest portion of the market according to the report.

GlobeSt.com recently struck an alliance with the Trump Corp., the residential real estate division of the Trump Organization, to provide quarterly reports on the luxury condominium market in New York City. The current Q2 Trump report can be found here.

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