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'Like a gut punch': Trump's trade moves put 'once unshakable' major home market 'on ice'
Donald Trump's "trade war" has reportedly damaged a key housing market.The Wall Street Journal reported on Sunday that, "Wealthy Buyers Are Backing Out of Multimillion-Dollar Home Deals.""President Trumpâ??s trade war and stock market chaos have put the once unshakable high-end home market on ice," ac...
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Donald Trump's "trade war" has reportedly damaged a key housing market.
The Wall Street Journal reported on Sunday that, "Wealthy Buyers Are Backing Out of Multimillion-Dollar Home Deals."
"President Trump’s trade war and stock market chaos have put the once unshakable high-end home market on ice," according to the report.
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The outlet reports that New York real-estate agent Peter Ocean "thought he had reason to celebrate: His clients accepted an offer of $10.25 million for their four-bedroom co-op in Lenox Hill, which had been on and off the market for more than a year, last asking $10.5 million."
"Days before the planned contract signing, the buyers even came back to purchase some of the furniture. 'They weren’t even going to paint,' Ocean said," according to the report.
It continues:
"Then came President Trump’s trade war, which sent shock waves through the stock market. Ocean was riding the subway to his office on March 13 when the couple’s agent called to say her client’s stocks were down 25% and the deal was off. 'It was like a gut punch,' said Ocean, who then made a 'painful' call to his client, who worked in finance before retiring to Florida."
Ocean also recalled an obscenity being dropped about Trump.
"'The first words out of his mouth were, ‘Trump f----- us,' Ocean said,'" the report states.
This drastic market change since Trump's trade moves have been enacted is reportedly is new.
"The luxury real estate has been largely unstoppable for the past few years, fueled by stock market gains and massive wealth appreciation since the pandemic. In places like New York, Palm Beach, Fla., Los Angeles and Aspen, Colo., wealthy buyers have plowed billions of dollars into the luxury home market with little regard for interest-rate hikes that have slowed the rest of the housing market," according to the weekend report. "Now, market gyrations and tariffs, both current and pending, are casting a shadow on high-end property as buyers pull out of deals or tap the brakes amid global economic uncertainty."
Read the full piece here.
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