What's Happening?
A $10 million home owned by the Trump Organization, located near President Trump's Mar-a-Lago resort in Florida, is now available for rent. The four-bedroom property is listed at $122,500 per month on Homes.com.
This residence, built in 1974, offers 2,950 square feet of living space and features high-end finishes such as mahogany wood floors and arabescato marble. It also includes a private pool, a two-car garage, and deeded private beach access. Despite its proximity to Mar-a-Lago, the rental does not include memberships to the Mar-a-Lago Club or Trump International Golf Club, which would require an additional $3 million. The listing highlights the property's location on one of Palm Beach's prestigious streets, offering a rare leasing opportunity in the area.
Why It's Important?
The rental of this property underscores the high demand for real estate near Mar-a-Lago, driven by its association with President Trump and the affluent community surrounding it. The 'Trump effect' is noted for adding brand value and perceived pricing premiums to nearby real estate. However, this also results in higher property taxes and insurance costs. The presence of President Trump brings additional security measures, which can influence property values and rental rates. The General Services Administration (GSA) is currently paying significant amounts to rent nearby properties for security purposes, further impacting the local real estate market.
What's Next?
The real estate market near Mar-a-Lago is expected to continue attracting interest from various buyers and renters, including those seeking political access, security, and exclusivity. The high rental price of the property is likely to appeal to individuals looking to capitalize on the prestige and influence associated with the area. As long as President Trump remains a prominent figure, the demand for properties in this location is expected to persist, with potential buyers and renters prioritizing the narrative and status associated with living near Mar-a-Lago over traditional market fundamentals.
