Monday, November 19, 2007

Even Trump Condos are Feeling the Heat

From the Palm Beach Post:

“Looks like the hype didn't help, however. Not even The Donald could surmount the relentless downward slide in real estate. ‘The market in West Palm Beach is not exactly great-looking,’ Trump said.

It's not great-looking in Fort Lauderdale, either. Earlier this month, Trump suspended a condo hotel known as Trump Las Olas Beach Resort, citing a weak condo market. (Related has canceled a condo project, too, in Las Vegas.)

The bottom line for Trump Tower: Sales have not hit the mark set by Trump and Perez.”

From The Arizona Republic:

“In recent years, Trump has lent his name, and in some cases his own money, to at least 20 projects in the U.S. and another half dozen abroad, including buildings in Dubai of the United Arab Emirates and Seoul, South Korea. While in some cities such projects are doing fine, others face slow sales, project delays and cancellations - and irate buyers.

In Tampa, buyers who placed deposits of $200,000 to $1.2 million on units in the 52-story Trump Tower Tampa are fuming. Nearly three years after the $260 million skyscraper was started, construction has stopped.”

From The Tampa Tribune:

“Construction of the $300 million Trump Tower in downtown Tampa was announced with much fanfare in early 2005, but the developer, Tampa-based SimDag LLC, has been unable to obtain financing. The project is mired in liens and lawsuits, including one from Donald Trump, who sold rights to his name for the tower.”

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