The Trump Hollywood project is located at 2711 S Ocean Drive in Hollywood Beach.
With 35 units sold for nearly $46 million, the bulk owners of the Trump Hollywood condo project in South Florida increased transactions by 75 percent between the second quarter, which ended in June of 2011, and the third quarter, which spanned from July to September of 2011.
The Trump Hollywood project’s current sales velocity for 2011 is set around a dozen units per month. According to CondoVultures.com, this sets the project up to sell out around the third quarter of 2012.
Private equity group BH III LLC paid the $160 million balance of a $226.6 million construction loan for the unsold units of the Trump Hollywood project in November 2010. In April 2011, the same bulk buyer was able to take ownership of the 160-unit portfolio – the tower has 200 units total – in a planned foreclosure auction. The portfolio was obtained for primarily administrative purposes.
On average, buyers in the third quarter of this year paid $500 per square foot for roughly 93,000 square feet in the 41-story Trump Hollywood tower located on Ocean Drive in Hollywood Beach. Buyers in the months of May and June of the same year, on the other hand, purchased 20 units in the condo project for about $28 million.
The transfer of the Trump Hollywood project title to the bulk buyer absorbed nearly all of remaining unsold inventory in the Hollywood/Hallandale Beach coastal market, comprised of about 5,000 new condos constructed since the condo boom began in 2003, says CondoVultures.com. In total, buyers have spent about $2.45 billion, at an average price of $360 per square foot, for almost 6.8 million square feet of space in the Hollywood/Hallandale Beach market since the beginning of the boom.
Vital to sales velocity in this area has been the foreign buyer market. Foreign investors looking for discounts on new condo product, says CondoVultures, have been vital to the absorption of developer units in the Hollywood/Hallandale Beach submarket in Broward County.
Keeping the recent increase in transactions in mind, Miami developer Jorge Perez, of the Related Group, original builders of the Trump Hollywood project, announced in May plans for Apogee Beach, a new 49-unit condo tower. The proposed tower is expected to break ground in Hollywood in 2012.