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Donald Trump may soon have to learn how say ‘you’re fired’ in Spanish. The perpetually well-coifed mogul launched a new development, Trump Ocean Resort in North Baja, Mexico today. Located on a cliff overlooking the Pacific due south of San Diego, the 526-unit hotel condo will draw on mid-century influences of Mexican architecture great Luis Barragan. Prices for studio, one-, two-, and three-bedroom residences start in the mid-$200,000s and will range from 532 to over 2,200 square feet. The Donald is jumping on a trend. More Americans are feeling safer buying real estate in Mexico, which requires properties on the coast to have title held in a trust supervised by a Mexican bank. In recent years though, U.S. title insurers such as First American Title and Stewart Title have been offering their services south of the border. With second home values up sharply over the past few years, Mexico is looking more attractive.“I’ve always said, ‘location is everything,’ and being just 30 minutes from downtown San Diego makes this an ideal locale for a premier resort property,” Trump said in a press release.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.