Posted by: Prashant Gopal on May 16, 2008
The Donald gets what The Donald wants. Well, at least when it came to his 80,000-square-foot Palm Beach mansion on County Road, which it looks like Donald Trump will be able to sell for his $100 million asking price.
The Palm Beach Post reported this week that the oceanfront mansion is under contract for sale to an unnamed foreign buyer. Despite the real estate downturn, luxury home prices continue to hit records even in the beaten-down South Florida market.
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.