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Turns out there was more to the
“Donald got trumped”-in-a-troubled-Tampa-condo-project than I realized. Just turned up two stories in the St. Petersburg Times newspaper (“Frustrated buyers sue…,” and “Buyers can sue…,”, each of which can be accessed at the links.) As those headlines suggest, buyers have been suing to get a refund on the hefty nonrefundable deposits they put down on units at the Trump Tower Tampa luxury condo. As the earlier post mentioned, the 52-story project is way behind schedule. Seems a fair question to ask if it’ll ever be built, given that it’s two years since the development was unveiled and yet it remains “little more than a hole in the ground,” according to the St. Pete Times. (in the litigation, the developers are resolute that the project will be completed. The fact that they’ve started selling interests to hedge funds could be a lifeline for the project.) Buyers are said to be incensed that Trump claimed he had substantial stake in the project, thought it turns out he had just licensed his name. Score: The Donald 0, Investors 0.
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.