Trump Hollywood Luxury Condos Goes to Foreclosure-Condo Prices Expected to Adjust

November 18, 2010 By

As reported by Bloomberg this morning, the magnificent Trump Hollywood has gone to foreclosure. The note was bought by a third party.

It is anticipated that prices are going to be cut.  This property is has 41 stories of contemporary glass designed by Yabu Pushelberg and Robert Swedroe, Residences are large and the finishings are top of the line. Trump Hollywood has a total of 200 units.  The finishings and the amenities are truly outstanding.

There are many buyers waiting for this day.  Hollywood is a location along the beach that offers new condominiums with the best prices on a dollar per square foot basis compared to other areas along the coast. The project is most desirable for its luxury finishings and spacious floor plans. Trump Hollywood was completed as the market fell and the prices offered did not adjust with the market. Many buyers expressed a desire and interest but decided to wait anticipating this day to come.

There is a demand from a specific set of buyers for a luxury  minimum 3 bedroom  direct oceanfront condominiums with at least 3000 sq.ft. in South Florida.  The few properties that offer such large spaces in a luxury building such as Turnberry Ocean Colony in Sunny Isles command prices starting at $2.5 million. Trump Hollywood was offering these units for sale for around $600 square foot or $1.8 million and they did not sell in this market.  Anticipating a price reduction to come,  Trump Hollywood can become the best buy for luxury oceanfront condominiums along the coast.

Floor plans offered start at the smallest unit a 2 bedroom plus den 3 and 1/2 bath with a total of 2088 square feet under air.  The largest floor plan is 5086 sq. ft. under air 4 bedrooms 6 1/2 baths plus a den, family room,home office and staff quarters.  The oceanfront balcony adds another 920 square feet.  Truly spectacular.

If you are interested in floor plans or further information contact me at susan@blogsouthflorida.com. Call (954) 632-3266

One of the outstanding amenities offered at Trump Hollywood.  Residents wine room.

Filed Under: Amazing Views, Best of the Best Oceanfront Condos, Buying Real Estate, Trump Hollywood, Turnberry Ocean Colony Tagged With: , , , , ,

Prices and Sales Activity at Turnberry Ocean Colony

March 14, 2010 By

How is Turnberry Ocean Colony a Luxury Oceanfront Condo doing?

In 2008, when the realization of a financial crisis was still setting in, real estate prices were all over the place.  There were sellers not budging off all time high prices, there was an influx of short sales and there was an undercurrent of fear. Well a great deal has happened in the past two years.  The large inventory on the market has been reduced and sales have picked up.

There is a recurrent theme with the high end luxury buyers that I work with.  FIrst, they love South Florida want to own a second home here.  Secondly, there is a belief that prices are still attractive and will appreciate in time, and finally the banks are not providing good returns, real estate is a good investment.

I wanted to provide a snapshot of Turnberry Ocean Colony a great example of a luxury oceanfront condo.

Turnberry Ocean Colony in Sunny Isles is one of the truly exclusive high end luxury oceanfront condos along the coast. Turnberry Ocean Colony offers very large  direct oceanfront and flow through units with west views.  Condos are from 2200 square feet for a two bedroom unit to over 3700 sq. ft. for 4 bedrooms with maids quarters.  The service and amenities at Turnberry Ocean Colony are truly exceptional and deserve the “luxury” classification.

In March 2 008, I wrote a profile on Turnberry Ocean Colony .   Let’s take a look at Turnberry Ocean Colony in 2008 compared to sales figures today.

__________________March 2008 _____March 2010______________

Pending sales                    3                           10

Number of Closed Sale    10                          10              (prior 6 month period)

Number of Listings          58                           32

Lowest Sold Price           $492 (Dec.08)   $465 (Oct.09) (prior 6 month period)

What does this all mean?  Inventories are down 46% ! As inventories continue to decline, sellers tend to be firmer on their prices and buyers have less choices. Clearly with such a dramatic increase in pending contracts, sales are picking up. Are there still motivated sellers in the market?  Absolutely!  Is there that pending fear that the luxury market is collapsing? Not so much.

Overall, the performance of the luxury oceanfront condo market is very building specific, however, one fact is consistent…inventories are down.

Filed Under: Best of the Best Oceanfront Condos, Buying Real Estate, Condo Statistics, Miami Oceanfront Condos, Turnberry Ocean Colony Tagged With: , , , , ,

Trump Towers Condos Sunny Isles Taken Over by Dezer

March 7, 2010 By

As reported by the Miami Herald, Dezer Properties has taken over the Related Groups stake in Trump Towers and is assuming the remaining debt on the property. Condominium prices are being cut by at least 30 percent at the newly built Trump Towers.  Prices now rank below competing new oceanfront properties.

Trump Towers offer several different spacious floor plans with ocean and intracoastal views.  The units are delivered “decorator ready”.  The direct ocean unit is approximately 3000 sq.ft. 3 bedroom 3 1/2 baths with direct spectacular ocean views. This is a great spacious floor plan with unobstructed views.  Prices are quite attractive for this type of space and location.

Tower One is pretty much sold out, Tower Two sales are underway and Tower Three, completed but sales have not begun as of yet.

Filed Under: Miami Oceanfront Condos, Pre-Construction-Luxury Oceanfront Condos, Trump Towers-Sunny Isles Tagged With: , , , ,

The Hot Luxury South Florida Oceanfront Condos

April 8, 2008 By

One Bal Harbour

We communicate with people from all over the country and all over the world. I am aware of what the media says about South Florida real estate and it is for the most part true. However, certain luxury oceanfront condos are hot with multiple offers coming in. We were working with a buyer ready to put an offer in on a $2.3 million oceanfront condo. Within 24 hours the seller had THREE OFFERS!!! In another instance, our buyer was coming to the end of the recission period in a new building and the developer called me to say they had two buyers interested in that unit in case my client was not interested.

These stories are all true. Select luxury oceanfront condos of South Florida are hot and are selling! The negative media coverage does not apply to this unique market sector. Even I am amazed!!

Filed Under: Best of the Best Oceanfront Condos, Buying Real Estate, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, One Bal Harbour, Palm Beach Oceanfront Condos Tagged With: , , , , ,