By Joe Weisenthal
Residents of South Florida, blame Donald Trump for the fact that oversupply continues to wreack havoc on the condo market.
Condo Vultures explaines:
Nearly half of the 1,000 completed condominium units that were still unsold in Sunny Isles Beach at the end of the third quarter of 2010 are located in the six condo projects bearing the name of the successful New York developer Donald Trump, according to a new report from CondoVultures.com.
Nearly 500 units out of more than 1,800 Trump-named condos constructed on the ocean side of Collins Avenue since 2003 are not sold as of Sept. 30, 2010, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
In fact, the largest concentration of unsold units in Sunny Isles Beach is located in the Trump Tower III, where not a single unit had closed in the 271-unit project as of the end of the third quarter of this year, according to Miami-Dade County records.
“The fact that such a large percentage of the Trump-named units are unsold has more to do with the number of condos constructed rather than the product type,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. “Many buyers are attracted to the condo product bearing the Trump name. At the right price, today’s all-cash buyers will consider purchasing a unit or two in one of the half-dozen Trump projects standing in Northeast Miami-Dade County.”