While investors have helped squash South Florida’s inventory problem with surprising speed, the developers behind the Mansions at Acqualina don’t want their money.
According to the South Florida Business Journal, developers Eddie Trump and Jules Trump (no relation to The Donald) only want end users to buy units in the 79-unit project. The Trumps will cancel a buyer’s contract and keep his deposit if they find the purchase was meant as an investement.
The strategy is in the best interest of other buyers in the mansion where units start at 4,600 and $5 million.
Thus far, the unusual strategy appears to be paying off. As The Real Deal previously reported the Sunny Isles project had already earned $200 million on 40 sales by late February — one month after sales began. Construction is slated to start by the end of the year. [SFBJ]