Florida Real Estate Market Coming Back: Trump
Donald Trump told CNBC Tuesday the Florida real estate market is making a comeback, and not just because he bought the Doral Country Club in the middle of Miami.
"I feel very strong about that section of the country. I think Florida is doing really well," said the real estate mogul. "They’re going to be writing stories about Florida pretty soon about how it’s doing. It’s coming back."
With the U.S. housing market showing signs of improvement, Florida in general and Miami in particular have become a magnet for money. Toll BrothersCEO Douglas Yearley told CNBC last week the luxury housing builder had its best spring in five years, with the market for second homes in Florida particularly strong.
Besides Trump, buyers from Central America, South America, and the Caribbean have been snapping up Miami real estate.
"Miami is sort of like the headquarters of South America," said the head of the Trump Organization.
Elsewhere, the competition in Atlantic City, N.J. — an area where he was once heavily invested in casinos — is the toughest he has ever seen, Trump said, noting that New Jersey's newest casino hotel, the Revel, won't have it easy.
"In the old days, when Atlantic City opened, it was like a mint, it was a great business," said Trump. Now, the city is coming under intense competition from racetrack betting in Yonkers, N.Y., and casinos in Pennsylvania and parts of New England, he said.