While there is still uncertainty amongst some investors, “real estate celebrity” Donald Trump is confident that South Florida’s real estate market is due for a serious turnaround. In an interview on CNBC this week, he expressed how he felt “very strongly” about our area. During the program, Mr Trump made the prediction -
“They’re going to be writing stories about Florida pretty soon about how it’s doing…It’s coming back!”
If this vision comes to fruition, it’s great news for our real estate market and the South Florida economy as a whole.
“The Donald” must really believe what he says. While he has had a presence in South Florida for quite some time (Palm Beach / Hollywood / Miami) He’s backing up his statements with some very recent investments in South Florida, including one major purchase in Miami – Doral Country Club. The Trump Organization made this purchase public last month, stating a purchase price of $150 million for Miami’s iconic country club. Golf fans will be familiar with the famous “Blue Monster” course. This is one of the most popular locations for PGA Golf tournaments, with a major event held on the course each year. Trump feels that the $150 million price tag is a bargain, and noted -
“It would be impossible for a developer today to replicate a property of this size in Miami at any cost.”
Ivanka Trump, Donald’s daughter is is overseeing the purchase, redevelopment and repositioning alongside her father. She has mentioned that they have planned a multi-million dollar renovation of the course, hotel and surrounding facilities. In other words, Donald Trump is investing heavy in South Florida and putting his money where his mouth is.
Apparently, Trump is not the only real estate tycoon who holds this opinion. Wealthy cash buyers from all over the world have been picking up South Florida real estate. Investors from Canada, Central & South America are leading the buying frenzy.
The National Association of Realtors is predicting existing-home sales will jump 7 to 10 percent in 2012 to the highest level in five years, based on an “uneven but higher sales pattern” so far this year. The strong `second home market’, particularly in the Miami area, could be a good sign that South Florida’s real estate industry is preparing for a comeback.