The Real Deal New York

Trump’s super-wealthy cabinet is a boon for DC real estate

Brokers expect president-elect's administration will bring rich investors to the city
December 19, 2016 12:00PM

2416 Ridge Road Drive in Alexandria, VA, which is on the market for $2,095,000 (Credit: The Goodhart Group)

A whole new cohort of millionaires (and billionaires) is headed to the nation’s capital next month, and local real estate brokers are banking on them spending big on the Beltway.

2416 Ridge Road Drive, Alexandria, VA (Credit: The Goodhart Group)

Donald Trump’s TRData LogoTINY cabinet — complete with two billionaires and at least nine millionaires — has a reported combined net worth of $5.6 billion and is one of the wealthiest in modern history. Real estate brokers in the nation’s capital are now pursuing potential clients and preparing homes for inspection, Bloomberg reported. Advance teams for Trump’s cabinet picks and senior officials are already checking out new homes for their bosses, according to the publication.

In some cases brokers are even keeping high-priced properties on the market over the holiday season, hoping to capitalize on wealthy investors who will be house hunting ahead of Inauguration Day.

2416 Ridge Road Drive (Credit: The Goodhart Group)

“If Secretary Clinton had won, it would be less of a transition,” Tom Daley, associate broker at TTR Sotheby’s International Realty in Georgetown, told Bloomberg. “A lot of her people were already here. With the Trump administration, we’re getting a whole new breed of people coming in.”

Some high profile members of the Trump transition team have already been spotted looking for places in D.C. Ivanka Trump and her husband Jared Kushner — who is expected to be a top adviser to his father-in-law — have reportedly been searching for a new home.

Trump’s Commerce Secretary nominee Wilbur Ross, who has an estimated net worth of $2.9 billion, has already picked up a $12 million estate in D.C neighborhood Massachusetts Heights. He’s had some real estate woes of his own in New York City, however. His penthouse at the white-glove Briarcliff at 171 West 57th Street has been sitting on the market since last year. He dropped the price from $21 million to $18.5 million in January, but still hasn’t found a taker[Bloomberg]Miriam Hall