Donald Trump is known for his property nous, but perhaps it doesn’t run in the family, judging by this real estate fail.

Donald Trump is known for his property nous, but perhaps it doesn’t run in the family.

The estate of his late ex-wife Ivana is having trouble selling her over-the-top Manhattan home after listing it three years ago for almost $41m.

For three decades, the residence was Ivana Trump’s personal retreat and the setting for the kind of entertaining that defined her New York years.

Today, that same 8,725-square-foot property sits on the market at $US17.9 million ($27.6m) following its most recent price cut — roughly one-third below the $US26.5 million ($40.8m) it first sought in 2022, according to the New York Post.

When Ms Trump died in July 2022 at age 73, the townhouse was listed just months later at $26.5 million.

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Donald Trump attends the U.S. Open Tennis Tournament circa 1988 in Flushing, Queens. Picture: Getty

Since then, it has undergone a series of price cuts: to $22.5 million in September 2023, to $19.5 million last summer — and now to $17.9 million. The overall decline represents about 32 per cent from the original ask.

After her highly publicised divorce from now-President Donald Trump, Ivana bought the townhouse in 1992 for $2.5 million, or about $5.4 million in today’s dollars.

Over time, she transformed the interiors into an unapologetically maximalist statement — rooms dense with fabric, pattern and sparkle.

The grand entrance gallery, lit by a crystal chandelier and edged with gilded paneling, sets the tone for the rest of the townhouse. Just beyond, a dining room sheathed in gold fabric leads into living spaces where a white grand piano occupies pride of place.

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Inside the incredibly opulent home. Picture: Realtor

Pretty in pink.

One of the five bedrooms.

Trump never played herself, but regularly brought in musicians to perform for guests. On the third floor, a library entirely wrapped in leopard print stood as a signature expression of her flair. Wallpaper, upholstery and artwork all echoed the theme, right down to a painting of two leopards in mid-play. On a sofa sat a doll made in her likeness, dressed in a silver jacket and a fur stole.

Her son Eric Trump said the house embodied her sense of comfort and belonging.

“My mum absolutely loved that house,” he told the Wall Street Journal in 2022.

“She was so comfortable there,” he said.

The south-facing terrace and garden beyond pulled in daylight, a rare amenity in Manhattan’s dense grid.

While the townhouse was often photographed for its gilded interiors, it was also the setting for family routines.

Eric Trump remembered evenings spent around the dining table as a teenager, alongside his siblings Donald Jr. and Ivanka. Conversations often gave way to gatherings that drew both celebrities and royalty.

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(L-R) Donald Trump, Ivana Trump, Eric Trump and Lara Yunaska attend The Eric Trump 8th Annual Golf Tournament at Trump National Golf Club Westchester on September 15, 2014 in Briarcliff Manor, New York. (Photo by Dave Kotinsky/Getty Images)

Parties featured pianists, actors and foreign dignitaries. Even in the most ornate of rooms, Trump maintained a sense of intimacy, surrounding herself with friends and family.

The details of her life remained woven into the house long after her children moved out.

Donald Trump Jr.’s former bedroom was eventually remade into a gym, where she passed time on a treadmill positioned to look across the street into the home of fashion designer Donatella Versace.

“They loved each other,” Eric Trump said, noting that his mother would wave from her workouts as Versace returned the greeting.

Trump chronicled her relationship to the townhouse in her 2017 memoir “Raising Trump.”

She described one living room as “how Louis XVI would have lived if he had had money.”

Her wardrobe space, she wrote, extended so far that it seemed endless. “I call it Indochine, because by the time you get to the end of it, you might as well be in another continent,” she said.

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The asking price for the home has dropped by 33 per cent.

It’s a very rare NYC townhouse.

Those flourishes helped distinguish the house in a city filled with classical townhomes. Pink mirrored bathrooms, Versailles-inspired details and fabrics chosen for their sheen or saturation made the residence stand apart from the pared-down minimalism more common among contemporary buyers.

The reductions reflect both the challenges of finding buyers for highly personalised homes and the current state of the Manhattan luxury townhouse market, where properties with traditional layouts and muted interiors are often quicker to move.

While Ivana Trump’s home carries a distinct provenance, its interiors present a buyer with a choice: embrace the decor as-is or commit to a costly renovation.

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The home from the outside.

For Eric Trump, the house remains less about real-estate value than about his mother’s presence.

Adam Modlin, of Modlin Group, and Douglas Elliman’s Roger Erickson share the listing in a co-exclusive.

Parts of this article originally appeared in the New York Post and are republished here with permission.

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Let’s be real: the last two years have been brutal for a lot of people in our industry.

Production’s down. Pipelines are tighter. Good people have left.

But if you’re reading this, you’re still here. And that means something.

It means this isn’t just a job to you…it’s your business. Your calling. Your legacy.
And you’re not giving up just because it’s gotten hard.

But we need to talk about something else no one’s saying out loud:
Most of us are trying to figure it out alone.

We’re grinding. We’re adapting. We’re staying in motion. But too many are doing it in isolation, without the real community or strategy they need to grow again.

Doing it alone is the long route and definitely no guarantee of success.

That’s why we made the decision to take over Sales Mastery — and why this year’s event might be the most important one yet.

We were in the exact same seat that you will be sitting in that changed our personal and professional lives forever.

Here’s the deal: the industry doesn’t need more hype. It needs more clarity.
And that’s what we’re bringing to the stage this October in Dallas.

You’ll hear from the two biggest names in the business — Todd Duncan and Tom Ferry — on one stage. That’s not just a mic-drop moment. It’s a generational moment.
Two icons from two sides of the housing industry, sharing the truth about what it takes to lead, grow, and win in this market.

Add to that a lineup of powerhouse speakers including; Tom Ziglar, Jim Murphy, Denise Donaghue, Dave Savage, Sue Woodward, Michelle Berman, Clayton Collins, Rene Godefroy, Coach Michael Burt, and more…

Each one knows exactly what you’re up against — and exactly how to help you rise above it — and you’ve got more than an event, you have transformation and success.

In fact, we will provide you a summary of every enlightening session, along with an implementation playbook because the best event is the one that you apply after.

This year’s theme is Beyond Boundaries — because we know that’s where the real growth happens. Outside of comfort. Beyond outdated playbooks. Past the noise.

You don’t need to be talked into this event. You need to be reminded of what it’s like to be in a room full of serious, motivated professionals who still believe in this business — and are willing to show up for it.

That’s who we’re building this for. That’s who we are.

Will you be part of the 1,500 that will close out the year strong and lead the charge in 2026?

So if you’re looking around your office or your market and wondering where the momentum went — we can tell you exactly where it’s going to be October 14–17.

Here’s the details: SalesMasteryEvent.com

We’ll see you there.

Five bidders battled it out for this Mitcham family home, which sold for $1.241m, well above its $870k-$950k price guide.

After 14 years in their first home, a young Mitcham family has moved on with a $1.241m auction result that soared hundreds of thousands above a comparable sale just streets away.

The three-bedroom house at 2 Blossom St had $870,000-$950,000 price hopes and drew more than 150 inspections during its four-week campaign with Ray White Judd White Group.

A buzzing crowd turned out on auction day, where five bidders vied for the keys before lead agent and auctioneer Danny Zhang knocked it down well above reserve.

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“This was the sellers’ first home, I actually sold it to them originally,” Mr Zhang said.
“They’ve loved it and looked after it really well, but now it was time to upsize.”

The renovated brick home, sitting on a subdivided corner block, had been updated about 10 years ago with a stone-topped kitchen, polished hardwood floors and refreshed bathrooms.

The renovated stone-bench kitchen features Smeg appliances, a walk-in pantry and island breakfast bar, a key drawcard for buyers.

Mr Zhang said it ticked boxes for young families and downsizers alike, particularly those targeting a quality school catchment.

“The property was declared on the market after just the second bid, and from there you could really feel the competition,” he said.

“All five bidders had inspected multiple times, and the final price reflected the home’s condition and location.”

Polished hardwood floors flow into the light-filled dining area, offering garden vistas and seamless connection to outdoor entertaining.

The sale price outstripped a nearby $865,000 result, with Mr Zhang pointing to key differences.

“Even though it’s subdivided, this home still has its own street number, which adds value,” he said.

“And the school zone was a huge drawcard, the winning bidders were moving from Melbourne’s northern suburbs to secure better education options.”

The Ray White Judd White Group agent added that a recent interest rate cut had fuelled urgency across the Mitcham market.

One of two modern bathrooms, updated during the renovation, with quality finishes appealing to first-home buyers and families alike.

“The sellers were very happy, it’s a strong result for Mitcham and a testament to the demand we’re seeing in this pocket,” Mr Zhang said.

The home features three light-filled bedrooms, two bathrooms, open living and dining areas, plus a private deck and low-maintenance outdoor zones. Solar panels, multiple split-systems and a lockup carport added to its appeal.

Set on a subdivided corner block with its own street number, the Mitcham home offers privacy and low-maintenance outdoor living.

Mr Zhang said Mitcham remained one of the east’s most competitive family markets.

“Proximity to Heatherdale Station, Eastland, EastLink and quality schools keeps driving buyer demand,” he said.

“Homes like this, that are well presented and ready to move into, continue to attract strong competition.”

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

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david.bonaddio@news.com.au

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Lenders like Rocket Mortgage and UWM have reshaped the mortgage industry. Their massive tech stacks and national footprints allow them to manufacture loans at incredible speed and scale. The rest of the industry has responded by layering automation onto existing workflows in an attempt to keep pace. But the challenge isn’t just about speed. It’s about structure.

Most lenders are still running a race on a linear track, moving loan files step by step through application, document collection, processing, underwriting, and conditions. No matter how fast each step gets, the model remains fundamentally sequential, and that means friction.

Smaller lenders and regional players can’t win that race by running faster. But the good news is: they don’t have to. AI opens a different path: a nonlinear one.

Why AI enables a nonlinear process

In traditional workflows, underwriting is too time-consuming to happen continuously. It can take a human underwriter six hours to complete a full review, often spread over two or three days due to competing priorities. Compounding the problem is that, per STRATMOR’s 2024 Peer Group Roundtable, the average retail lender’s underwriters touch files 3.8 times between application and close. 

The alternative is to hold the file, gather every possible document, and aim for a “one-touch underwrite” to avoid doing the same work twice. That means the borrower waits for days, too.

AI changes that. Because underwriting with AI can take six minutes, not six hours, you can afford to do it repeatedly. Lenders can underwrite as they go, every time a document is uploaded, a fact changes, or a question arises. That instant feedback loop keeps the process moving without delay and without frustrating the borrower. It doesn’t matter if it takes 100 touches; you still close faster. 

Just as important, AI enables true parallel processing. While one part of the system calculates income, another simultaneously checks its impact on asset thresholds, appraisal logic, or large deposit flags. Tasks that once required multiple specialists across days now happen together, in seconds. Every time the system receives a new piece of information, it runs hundreds of validations automatically. Income, employment, assets, credit, appraisal conditions, and more are all checked at once.

This is what makes a nonlinear process possible: decisions don’t have to happen eventually. They can happen instantly, repeatedly, and holistically. And when they do, the structure of mortgage manufacturing changes.

The productivity paradox

Mortgage technology has never been more advanced. Digital portals, e-signatures, robotic process automation, and machine learning are all in play. Yet productivity is moving in the wrong direction.

According to the MBA’s Q1 2025 Mortgage Bankers Performance Report, retail lenders now close just 3.85 loans per fulfillment employee per month, a 54 percent drop from pandemic-era highs. Meanwhile, production costs have risen to $12,579 per loan, with personnel costs making up more than three-fifths of that amount. Net production has fallen to -$28 per loan, the tenth quarter of negative profitability since the beginning of 2022. 

It is a paradox: more tools and automation, yet slower throughput and lower profitability. That’s because most automation has focused on speeding up individual steps without changing the structure of the process itself. Bottlenecks like underwriting and document remediation persist, and the industry is still trying to go faster on the same assembly line. Meanwhile, human underwriters continue touching files more often, not less.

Step off the assembly line

The real opportunity lies in collapsing that line. When underwriting becomes a continuous, real-time capability instead of a fixed phase, everything changes. Errors get resolved upstream. Files stay clean. Borrowers move forward without long gaps in communication or repeated document requests.

This isn’t just better for operations, it is transformative for sales. When originators receive underwriting feedback in real time, they don’t need ten years of experience to structure a deal. They can engage a broader range of borrowers, from first-time buyers to self-employed applicants to those seeking niche or government loans. 

For smaller lenders, this shift is existential. You can’t outscale the giants, but you can outmaneuver them. Instead of waiting to fix problems, you can prevent them. And instead of pushing files forward, you can work in all directions at once.

That’s how mortgage lending moves forward.

Theo Ellis is co-founder and CEO of Friday Harbor. 

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: zeb@hwmedia.com.

When you own a New York City apartment, some things inevitably need fixing. But it can be difficult to know what are you responsible for and what your building is on the hook for. For example, you may need help figuring out whose job it is to replace the windows. Or what the board’s role is if there’s water damage from a neighboring apartment.

Answers to these questions depend on whether you own in a co-op or a condo building. When you buy a condo, you own the property and get a deed. A co-op building, on the other hand, is structured as a corporation with a board of directors, so instead of receiving a deed you are a shareholder.

As a co-op owner you sign a proprietary lease, an agreement that has similarities to a lease in a rental building. 

In addition, for NYC renters, there’s a set of rules called the warranty of habitability that details the services a landlord must provide in order to keep the building and apartment safe and livable at all times. These rules also protect co-op owners. In a condo building, there’s no warranty of habitability between the board and unit owners.

Here are some of the most contentious maintenance issues and guidance on who typically is responsible for them.

[Editor’s note: A previous version of this post was published in September 2021. We are presenting it again with updated information for August 2025.]

Window replacements

In a co-op, a shareholder’s responsibilities are spelled out in the proprietary lease. Attorney Marc J. Luxemburg, a partner at Gallet Dreyer & Berkey, said a good guide is to use what he called “the rule of thumb nail.” If you put your thumb nail against the wall and wiggle it into the plasterboard, you can get it a fraction of an inch into the wall. That’s about as far as the shareholder’s responsibility goes. 

“Anything you can touch with your finger or finger nail is a shareholder’s responsibility,” he said. 

So the structure of the window and the maintenance of the exterior is typically the responsibility of the board but the shareholder will have responsibility for maintaining the interior. 

“Nine times out of 10, windows are the responsibility of the co-op,” said attorney Andrew Freedland, a partner in Herrick’s real estate department. He said that in most cases, if the window frames are in disrepair, a co-op board has a responsibility to maintain them. However, the majority of co-ops were converted in the 1970s and 1980s, and in some cases the proprietary lease has been updated. If your lease has been amended, responsibility may have been transferred to the shareholders.

It’s important to remember that the warranty of habitability doesn’t provide for all situations involving a window. A co-op board has a responsibility to make sure apartments are fit for human habitation but isn’t responsible if damage is caused by a tenant or shareholder. For example, if a resident throws a bottle and it breaks the window, the co-op building wouldn’t be responsible. And if the window is scratched or discolored in some way, the damage would not fall under the warranty of habitability.

Water damage

If there’s a plumbing issue that’s unrelated to a fixture within the apartment, in most cases the responsibility for repairs will fall on the co-op board. Again, you’ll want to take a look at your proprietary lease to make sure. If the problem is inside the building walls, it’s typically a co-op’s responsibility under the lease. If it occurs outside of the walls, such as an issue with the faucet, toilet fixture, or sink, usually it’s the shareholder’s responsibility. 

That’s why it’s important to have homeowner’s insurance. Freedland said a standard ’80s-style lease does not typically have a requirement that shareholders get insurance but it’s one of the most frequently requested proprietary lease amendments. 

But what if you’re the neighbor in the scenario above and the shareholder who’s responsible is being slow to make repairs? Perhaps you’re worried there’s mold growing in the walls. In some cases it makes sense for a board to assume responsibility for basic repairs to save time. The board may fix the problem and pass on liability later. One reason: The board also has a responsibility under the warranty of habitability to assist affected neighbors. 

Again the situation is different for condos: In a condo you have to fix it yourself and sue a culpable neighbor or board later. However, to be successful, you’d need to prove negligence on their part.

Paint and wallpaper

Landlords—and by extension co-op boards—are required to paint or cover apartment walls with wallpaper. Your apartment walls should not be exposed sheetrock. Very often the proprietary lease will, however, say shareholders are responsible for painting.

Perhaps the remedial mold work from your neighbor’s water damage requires a hole to be made in your wall. A co-op board has a responsibility to make sure the wall is properly repaired and painted. Are they required to rehang your expensive wallpaper? No. You’ll likely get a coat of primer.

As a shareholder in a co-op, it’s possible you could call 311 and get a violation against a board if the paint or wall covering in your apartment is bad shape but that is an aggressive move that can backfire.

“The legal codes don’t supersede the proprietary lease,” Luxemburg said, so what might happen is the co-op board will, if forced to by the courts, paint your apartment to meet the code but then charge the shareholder for the work. You might even have to pay the legal costs. 

These are not issues that are relevant to condo owners. However, if you rent out your condo and become a landlord, you’ll have obligations to your tenants under the warranty of habitability. 

Electric wires, steam risers, and your front door

If you’re using the “rule of thumb nail” to determine who is responsible for what, Luxemburg pointed out there are a couple of exceptions.

The first: Electrical wires in your walls. You might not be able to physically touch the wiring but it is typically a shareholder’s responsibility. This means, if you change any of the electrical systems in your apartment, you take responsibility for the quality of the work.

Another exception in prewar co-op buildings is the steam riser. These are pipes that are very often exposed and run from floor to ceiling to release steam from the boiler. The maintenance and repair of these risers is a co-op board’s responsibility. 

The front door of your co-op is another exception. “It belongs to the board,” Luxemburg said, although the painting and decoration falls on the shareholder. The door must be fitted with a standard lock but if the shareholder adds a second, for additional security, that is not the board’s responsibility.

—Earlier versions of this article contained reporting and writing by Emily Myers.