The developer of the newly delivered 384-unit Trump Royale oceanfront condo in Sunny Isles Beach, Fla., has established a leasing program where individuals can rent to own a new luxury unit for a fraction of the carrying costs.
“Rent with an option to buy and apply your rental towards your purchase” is the pitch of a new campaign by Trump Dezer Development to fill up vacant units.
Trump Dezer Development has set aside eight 914-square-foot units with one bedroom and 1.5 bathrooms facing west in the 57-story skyscraper for the rent-to-own program, according to a developer representative.
The rent being sought is $2,500 per month on units with an asking price of $550,000 from the developer. Rental units that had been priced at $2,000 per month have already been leased.
Trump Royale is part of a three-building complex in northern Sunny Isles Beach that features the Trump International Beach Resort hotel and condo-hotel, and the Trump Palace condominium.
This program does not currently apply to Trump Towers I, II, and III, which are located in southern portion of the city of Sunny Isles Beach.
The first buyer to close on a unit (and have the deed recorded) in the Trump Royale condominium paid $2.8 million on Nov. 21, according to government records.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
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