Fort Lauderdale Florida
A combined condo and hotel development in Fort Lauderdale South Florida is now also facing the realities of the global recession, named Trump International Hotel and Tower. Buyers placed twenty percent deposits for apartments ranging in price from five hundred thousand to three million dollars for either a studio, or one or two bedroom apartment. These were thought to be one of the most expensive and prestigious developments in this part of Florida and sales were greatly encouraged by a much hyped publicised campaign.
Despite most of the units being sold in 2005 and 2006 the building has yet to be completed with buyers being told buy letter to finalise the purchase of their homes with the remaining eighty percent payment. This letter also included the condition that unless half of the buyers complete on these payments the hotel may not open and they would not be allowed to move into their homes. Unsurprisingly many investors have grown apprehensive in providing further payments to the Trump Organisation when there has been no guarantee that they will have a home at the end of it. Others have proceeded to sue in the hope of recovering their deposits for reasons that include misleading advertising and the extensive delays involved.
The main financier Corus Bank has been facing its own difficulties during the American banking crisis with the threat of receivership imminent. This would further destabilise the chances of Trump Tower in Fort Lauderdale making a recovery and ending in completion.
Full Story: Sun Sentinel