Trump Hollywood and the adjacent Wave condo
For the second time this month a Broward County condominium with Donald Trump’s name plastered across its exterior is ruffling feathers with residents.
Shortly after a lawsuit was filed over sales at a Fort Lauderdale condo that licensed his name, the Sun Sentinel reported that the Trump Hollywood project is being acccused of poaching public beach access. [more]
Condo resales are up 22 percent in the Hollywood/Hallandale area in the first nine months of this year, according to a report from Condo Vultures. From January to September, buyers took an average of nearly 150 units per month in the area, up from about 120 per month in the same period in 2010. “Buyers are increasingly chasing condo resales in the coastal Hollywood/Hallandale Beach market as nearly all of the new product created during the boom — and subsequently discounted from the peak — has already been absorbed,” said Peter Zalewski, founder of Condo Vultures. — Alexander Britell [more]
Sales at Trump Hollywood have reached $128 million since the project’s January re-launch, with a total of 97 units transacted. Overall sales at the project are now at 117 residences. According to Greg Freedman, partner at project owner and developer BH3, several more closings are scheduled for the fall. He also said one of the project’s Trump Hollywood Sky Residences, designed by Steven G, sold a week after its debut in June. — Alexander Britell [more]
After six months of new ownership, Trump Hollywood has sold 64 condos for a total of $90 million, according to Miami-based BH3. The company relaunched the development in January. “We’re very enthused about the pace of sales activity,” partner Greg Freedman said. “We’re ahead of our projections.” While 20 units at the project are still owned by Related’s Jorge Perez, the project is just under half-sold. Perez deeded the tower back to the lender in the fall, and BH3 paid $160 million for the mortgage. [Sun Sentinel]
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A trademark of the housing boom in Miami, lavish parties are now returning to the city’s condominium market, with projects seeking to use the events to attract buyers. New building owner BH3 spent as much as $100,000 on a party at Hollywood Beach’s Trump Holywood, and Canyon Ranch gave a massive party including yoga, zumba dance instructors and kickboxing in March.
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The same entity that purchased the mortgage on 175 units at Trump Hollywood for $160 million has now taken title to the condominium portfolio with an uncontested, $100 million bid in an online auction. That’s around $914,285 per unit. The condos were previously listed at prices ranging from $933,900 to $2.87 million with Sunny Realty. Miami’s Related Group had previously announced that it would clear liens on the property by selling off the units at auction as part of a $173.3 million foreclosure judgment. [SFBJ]
Less than two months after the debut of their Soho showroom, the founders of Miami-based Tui Lifestyle, the two-year-old interior design start-up that promises turn-key luxury home furnishings in a span of 72 hours, are thinking about moving their corporate headquarters to New York City.
Tui, the brainchild of entrepreneur Jason Atkins and designer Tui Pranich, timed its 2008 launch with that of Jorge Perez’s Icon Brickell in Miami and has since made a name for itself in the South Florida region by marketing its affordable, yet high-end, furniture and accessories collections to developers who use them to furnish their model apartments and incentivize buyers.
Among the takers so far: Canyon Ranch Miami Beach, Trump Hollywood, Trump Towers in Sunny Isles Beach and Miami’s Viceroy condominium. But in Atkins’ own words, “Miami is nothing compared to New York.” [more]
The Related Group cancelled the auction of 85 units at its Oasis condominium tower in Fort Myers this past weekend after the first 40 units failed to fetch the kind of prices the developer was hoping for. Units went for as low as $147,500 in the sale that was originally supposed to help the company unload 125 units at the high-rise. The first 40, which did sell, were intended to go to the highest bidders, while the rest, which were pulled from the auction, were supposed to sell, provided that bidders met minimum prices set by the developer. Oasis is the latest in a string of Related projects to struggle. The company’s Trump Hollywood recently went into foreclosure after lenders were reluctant to cut prices to the point at which CEO Jorge Perez believed would help to spur sales. [Fort Myers News-Press]
The remaining unsold developer units in the Hollywood/Hallandale Beach market have been sold to a private equity group for more than $300 per square foot, according to a report from Condo Vultures. The buyer of the note on the units, BH III, with members Gregory Freedman, Daniel Lebensohn and Charles Phelan, paid $160 million for the balance of a $226.6 construction loan on the last units in the 200-unit Trump Hollywood tower. Now, nearly all of the 228 available developer units in the market at the end of the third quarter are sold. TRD [more]
