Thursday, July 26, 2012

Doral Real Estate Values and the Purchase of the Doral Golf Resort by Donald Trump

The Doral Golf Resort is one of South Florida’s most famous golf courses. It was in bankruptcy and had earned the reputation as being run down, but plans to revamp and revitalize this popular golf destination are in the works since Donald Trump’s purchase of the property last February for a reported $150 million. Mr. Trump plans to extend the first hole by 100 yards, redesign many of the courses, and renovate the hotel. 

This includes all 700 rooms and the adjoining facilities. It is hoped that Mr. Trump’s purchase of the “Blue Monster”, and home of the Cadillac Golf Tournament, will not only bring more business and a boost to real estate values to the resort, but the entire Doral area.

The Doral Golf Resort has long been a favorite for professional golfers and amateur enthusiasts. Mr. Trump, who boasts a handicap of 4, has plans to redesign much of the 650 acre property and bring it out of the tired state it is in now and into the 21st century. 

Closing on the property was in June 2012 and the renovations are slated to last until the fall of 2013. Mr. Trump reports in a recent interview by the Miami Herald that his budget is “unlimited”, and he plans to keep the resort open during the renovations. He also said in the interview the Doral Golf Resort will be one of his largest hotels.

One area which is sure to see signs of improvement is in the real estate property values surrounding the resort. Since location really is everything in real estate, being in close proximity to the newly remodeled and revitalized resort can only improve property values in the area around the resort, as well as in the entire Doral area. It is hoped the Trump name and the improvements to the resort will spur a new interest in the Doral real estate market.

This is welcome news on the heels of a report by Zillow that housing prices are on the upswing in South Florida, rising 1.1% from March 2011 to March 2012. The Miami area, which includes Doral, saw a 0.08% increase in housing prices from February to January this year according to a report published by S&P/Case - Shiller.  The following table from Zillow shows the improvement in the South Florida housing market from March 2011 to March 2012.

Bal Harbour
Broward County
Cooper City
Coral Gables
Fort Lauderdale
Miami Beach
Miami Gardens
Miami-Dade County
Pembroke Pines
Pompano Beach
Sunny Isles Beach

Although experts warn the housing market has not officially turned a corner, the arrival of Donald Trump on the scene in Doral will definitely have a positive impact on Doral real estate.

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