In local news, Buyers are wondering how much is the “Trump” name really worth.
In a lawsuit filed on Tuesday in Miami/Dade Circuit Court, the Plaintiffs (Buyers of luxury condominiums) claim that condos they purchased and that bear the Trump moniker are worth 36 percent more than similar units in buildings that do not carry the Trump name. Damn it! They want to keep it that way!
The lawsuit was filed against the developers of the Trump Towers I, II, and III buildings located in Sunny Isles, Florida. Approximately 80 condo buyers, named in the lawsuit claim that the developers, The Related Group and Dezer Development used the Trump name to attract buyers to the project.
Law.com reveals that Trump’s name can only be used temporarily and could be changed once the buildings are completed. (Hmm? Bait & Switch?) The wealthy Buyers fear that their condos will lose significant value without the cache of the Trump brand associated with their investment. I’m asking…who in the world is still buying condos in Miami? Are these people suicidal investors? So much money sitting in their pockets, they have enough to burn it? God Bless Them!!!
The Plaintiffs are asking to cancel their sales contracts that currently total over $100 million and their deposits returned to them that total over $20 million. Seems to me…like some people caught a serious case of “Buyer’s Remorse” and are trying to “wiggle out” of some poor real estate choices! Good Luck! Let us all know how that works out for you? The unhappy investors are also claiming that the Trump name appeared on promotional materials of the project but not on any of their condo documents or purchase contracts.
Then there is the other issue, allegations that the developer “operated a fraudulent and misleading resale program by manipulating” asking prices in Tower I to support the inflated prices of the units in Tower II & III.
The Donald, who is not named in the lawsuit, and is in Scotland this week (was getting a chilly response from the Scottish locals on his proposal of a future golf course project amid environment concerns that the project would bring to the Aberdeen area), was quoted as saying that he was “honored” by the lawsuit.
Well I’m glad that he’s flattered…This just supports his decades-long crusade of turning his name into one of the world’s most valuable brands and commodities. I agree with Mr. Trump…branding is everything! Loyal subscribers remember the “Luxury Resort Portfolio” name!!!
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All information is derived from the Palm Beach County Property Appraisers website and the MLS.