Trump Hits The Big 9-0
Six months in, Trump Hollywood’s new owner is pleased with how fast the luxury condos are selling.
Miami-based BH3 says it has sold or signed contracts for 64 condos since relaunching the 200-unit oceanfront development in January.
The firm has hit $90 million in sales and closed 36 units. More closings are scheduled this month and next, partner Greg Freedman said.
Counting the 20 units that sold under developer Jorge Perez’s ownership, the project isn’t quite half sold. Still, “we’re very enthused about the pace of sales activity,” Freedman said. “We’re ahead of our projections.”
Freedman said sales will slow eventually. Even so, he said he expects all the units to be sold by late 2012 or early 2013.
Buyers are coming from Canada and South America. Even South Floridians are moving in after selling their single-family homes, Freedman said. Prices range from more than $700,000 to more than $6 million.
Freedman’s group took control of Trump Hollywood last fall after Perez handed the 41-story tower back to the lender. Developer Donald Trump still licenses his name to the building.
Perez launched Trump Hollywood in summer 2009, in the middle of the condo crash. The units were widely considered to be overpriced at a range of $1.3 million to $7 million.