Following the purchase of the Doral Golf Resort in Miami late last month, developer Donald Trump said today that he’s now looking all over the country for new real estate. He called into CNBC this morning (see video above) and mentioned that Palm Beach, Fla. is a good place to invest.
“Palm Beach is a unique place,” Trump said. “It’s just rich and good,” mainly because he said that Palm Beach “is never affected by the economy.” Of course, Trump already owns the Mar-a-Lago Club in Palm Beach.
However, he said he sees a lot of weak pockets of real estate around the country, though he didn’t specify what they were. This could mean it’s a good time to invest, he said, “but I don’t see a lot of them coming back very quickly.”
As previously reported, Trump closed on the Doral Golf Resort in Miami for $150 million late last month. Trump said he considers this purchase an expression of confidence in the Miami market, as well as confidence in the economy and in the golf sector. “Miami’s really hot,” he said. “You’re talking about 800 acres right smack in the middle of Miami… I look at it as the greatest hedge against inflation.” [CNBC]