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.
Place
|
Value
|
Change
|
Bal Harbour
|
$601,100
|
+19.8%
|
Broward County
|
$129,000
|
+1.7%
|
Cooper City
|
$246,500
|
+4.3%
|
Coral Gables
|
$483,700
|
+10.5%
|
Davie
|
$181,300
|
-4.5%
|
Doral
|
$220,500
|
+7.1%
|
Fort Lauderdale
|
$187,300
|
+6.4%
|
Hallandale
|
$127,300
|
5.4%
|
Hialeah
|
$114,500
|
-1.2%
|
Hollywood
|
$134,900
|
+3.6%
|
Homestead
|
$82,900
|
+3.2%
|
Miami
|
$186,100
|
+2.6%
|
Miami Beach
|
$240,400
|
+7.8%
|
Miami Gardens
|
$97,400
|
-5.0%
|
Miami-Dade County
|
$151,800
|
+1.5%
|
Miramar
|
$150,600
|
-1.3%
|
Opa-locka
|
$63,500
|
-10.6%
|
Pembroke Pines
|
$157,900
|
-1.6%
|
Plantation
|
$182,900
|
+4.3%
|
Pompano Beach
|
$114,200
|
+7.1
|
Sunny Isles Beach
|
$260,900
|
+13.5%
|
Weston
|
$283,800
|
+3.4%
|
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