Trump bought Golden Strand Resort. Now what?

[chriskre Super Moderator Find all posts View Profile Close chriskre]

http://therealdeal.com/miami/blog/20...meshare-units/

Luckily I have not taken any exchanges this year but this is one of my favorites in the area.
I know he owns Aqualina next door which had huge structural problems and was sinking.
I wonder what he's going to do with the Golden Strand now.
And what do the owners get for all this.
He only paid $28 million so that's only $200K per unit.
Quite the bargain, even for those units which were recently updated.
He pretty much stole these things.
Sucks. What a stupid board.
I wonder who got the kickbacks?

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

So, doesn't the underlying deeded owners still have usage. It says he purchased all but q24 units?


A company tied to the Trump Group has acquired 134 timeshare units in Sunny Isles Beach for $28.3 million.
The Trump company purchased all but 24 units at the Golden Strand Ocean Villa Resort, South Florida Business Journal reported. Golden Strand is located at 17901 Collins Avenue and was built in 1980. Aventura-based Trump received $19.4 million in financing from Chicago-based seller Amphitheater.
Like other timeshares, the deed outlines which weeks the Trump company can occupy each unit it acquired.
Jules and Edmond Trump lead Trump, which is currently developing the luxury Mansions at Acqualina project in Sunny Isles. [South Florida Business Journal] — Eric Kalis

[chriskre Super Moderator Find all posts View Profile Close chriskre]

I have no clue why he would want these units.
They just aren't his style unless he plans to tear the place down.
There are a few 1 story cottages that are on a piece of land between the resort and his building
that are part of the resort but look like they may have been the original resort at one time.
I'm not sure if there are 24 there.

There isn't even enough parking for year round occupancy unless they build up.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Update:

http://therealdeal.com/miami/blog/20...condo-complex/

From a Realtors newsletter for Miami:

A new Sunny Isles Beach condo project could to be in the works for an oceanfront site where an existing two-building condominium complex was just terminated.
At a time when 14 new condo towers have been announced for Sunny Isles, the president of the Golden Strand Ocean Villa Resort Condominium Association signed paperwork terminating the 32-year-old timeshare condo project at 17901 Collins Avenue effective as of June 16, according to Miami-Dade County records. The termination clears the way for the existing Golden Strand Ocean Villa Resort condo complex, comprised of a pair of mid-rise buildings with 152 residential units, five commercial units and a parking lot on the west side of Collins Avenue, to be sold at an auction to a winning bidder.
With the recovery of the South Florida real estate market, the new owner of the Golden Strand Ocean Villa Resort project will almost assuredly consider replacing the existing five and six-story buildings on the site with at least one new high-rise condo tower.
Under the “Plan Of Termination” filed with the county, a Delaware-based entity called GSF Acquisition LLC and its affiliates, which collectively own at least 80 percent of the voting interests in the Golden Strand Ocean Villa Resort, “executed” the legal process to formally disband the association.
As part of the termination process, GSF Acquisition entered into an “agreement of sale and purchase” with the Golden Strand Ocean Villa Resort Association to acquire the complex for an unannounced price “immediately after the termination of the condominium.”
GSF Acquisition is reportedly an entity managed by attorney Brian T. Degnan of the Aventura-based condo development company Trump Group, which purchased 134 units in the Golden Strand Ocean Villa Resort for $28.3 million in January, according to the South Florida Business Journal. The Trump Group – founded by brothers Jules and Edmond – developed many of the condo towers on Williams Island in Aventura across the Intracoastal Waterway to the west of Sunny Isles Beach.
In Sunny Isles, the Trump Group developed the 50-story Acqualina Ocean Residences & Resort condo tower with 247 units at 17885 Collins Avenue in 2006. The project sold out for more than $290 million, according to government records.
The Acqualina condo tower is located immediately south of the Golden Strand Ocean Villa Resort.
A second Trump Group condo project – the 46-story Mansions at Acqualina condo tower with 79 units – is under construction at 17749 Collins Avenue, just two lots south of the Golden Strand Ocean Villa Resort, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure purposes, my firm operates the website.)
A seven-bedroom penthouse with nearly 17,500 square feet in the new Mansions at Acqualina condo tower is currently on the market with an asking price of $50 million, or about $2,860 per square foot, according to the Southeast Florida MLXchange.
In terminating the Golden Strand Ocean Villa Resort, the association’s board of directors has been “designated to act as the termination trustee” to sell off the project. The net proceeds from the project’s sale are to be “divided among all unit owners in proportion of their respective interests” in the resort.
To maximize the sale price for the project, the Golden Strand Ocean Villa Resort condo association intends to hold an auction to determine the “prevailing bidder.”
Prospective buyers will be required to wire a $10 million deposit into an escrow account in order to bid on the project.
“The GSF [Acquisition] purchase agreement establishes a minimum sale price which will serve as the ‘reserve price’ at the auction,” according to government records.
If GSF Acquisition is the winning bidder, the existing purchase agreement would remain in place but could be “increased” to reflect the group’s final bid at the auction. If GSF Acquisition fails to win the auction, the group’s “purchase agreement shall be superseded by the purchase agreement between the association and the prevailing bidder,” according to government records.
An auction date was not set in the condo termination plan.
A Trump Group representative declined comment.
As of Monday, more than 1,800 units are proposed, planned, under construction or recently completed in this market during the latest South Florida condo construction boom, according to CraneSpotters.com.
Overall, one project was completed and six more towers are under construction in Sunny Isles. An additional three towers are planned with clearance to build and four towers are seeking approval to build in this market.
The Sunny Isles market has the fourth largest number of new units announced of any markets east of I- 95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach counties.
The unanswered question going forward is how much of a premium will the auction’s winning bidder pay for the site of the terminated Golden Strand Ocean Villa Resort, given the amount of new condo towers that are currently proposed for Sunny Isles.
Peter Zalewski is real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Well sorry to say Golden Strand is toast.

http://therealdeal.com/miami/blog/20...y-isles-beach/

Trump Group plans new Acqualina condo tower in Sunny Isles

Palazzo would be 15th project announced in city since latest boom began
September 09, 2014 02:05PM
By Peter Zalewski

- See more at: http://therealdeal.com/miami/blog/20....XaFwQxvt.dpuf

An Aventura affiliate of the Trump Group, led by brothers Eddie and Jules, is attempting for the third time in the last decade to develop a luxury condo tower on an oceanfront site on Collins Avenue that will bear the brand name Acqualina. The Trump Group – reportedly operating under the corporate name GSF Acquisition LLC – filed an application to develop the 51-story, 190-unit Palazzo Di Acqualina condo tower on the 5.6-acre site of the former Golden Strand Ocean Villa Resort condo-hotel that was terminated this summer, according to a filing with the City of Sunny Isles Beach. A zoning hearing on the Trump Group’s application to develop the high-rise tower at 17901 Collins Avenue is scheduled for 6.30 p.m. on Sept. 18 at the Sunny Isles Beach Commission Chambers. Palazzo Di Acqualina is the 15th new condo tower to be announced for Sunny Isles Beach during this current South Florida cycle that began in 2011, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure purposes, my firm operates the website.) As of Monday, nearly 2,115 units are proposed, planned, under construction or recently completed in the Sunny Isles Beach market during this latest South Florida condo construction boom. Overall, one new condo tower has been completed and eight more towers are under construction in Sunny Isles Beach. An additional two towers are planned with clearance to build and four towers are seeking approval to build in this barrier island market. The Sunny Isles Beach market now has the fourth largest number of new units announced of any markets east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach. Only the markets of Greater Downtown Miami, Hollywood-Hallandale Beach and West Palm Beach have more units proposed during this cycle. The Trump brothers – who developed most of the Williams Island neighborhood just west of the Intracoastal Waterway in the City of Aventura – hope the newly announced Palazzo Di Acqualina project will continue their condo development momentum in Sunny Isles Beach. Trump Group first developed the 50-story, 247-unit Acqualina Ocean Residences & Resort condo tower at 17885 Collins Avenue in 2006. The project sold out for more than $290 million, according to government records. The Acqualina condo tower is located immediately south of the former Golden Strand Ocean Villa Resort site on which the proposed Palazzo Di Acqualina would be built. A second Trump Group condo project – the 46-story, 79-unit Mansions at Acqualina condo tower – is currently under construction at 17749 Collins Avenue, just two lots south of the former Golden Strand Ocean Villa Resort. A five-bedroom penthouse with nearly 8,750 square feet in the new Mansions At Acqualina condo tower is now on the market with an asking price of $23.5 million, or nearly $2,700 per square foot, according to the Southeast Florida MLXchange. To acquire the land for the proposed Palazzo Di Acqualina tower, the president at the time of the former Golden Strand Ocean Villa Resort Condominium Association signed paperwork terminating this 32-year-old timeshare condo project as of June 16, according to Miami-Dade County records. The termination cleared the way for the former Golden Strand Ocean Villa Resort condo complex, comprised of a pair of mid-rise buildings with 152 residential units, five commercial units and a parking lot on the west side of Collins Avenue, to be sold. Under the “Plan Of Termination” filed with Miami-Dade County, a Delaware-based entity called GSF Acquisition LLC and its affiliates – that collectively own at least 80 percent of the voting interests in the former Golden Strand Ocean Villa Resort – “executed” the legal process to formally disband the association. As part of the termination process, GSF Acquisition entered into an “agreement of sale and purchase” with the former Golden Strand Ocean Villa Resort Association to acquire the complex for an unannounced price “immediately after the termination of the condominium,” according to government records. GSF Acquisition is reportedly an entity managed by attorney Brian T. Degnan of the Trump Group, which first purchased 134 units in the former Golden Strand Ocean Villa Resort for $28.3 million in January, according to the South Florida Business Journal. The unanswered question going forward is whether buyers will have an appetite to purchase more new condos in a market where thousands of units are already proposed some three years after this current South Florida real estate boom first began. Peter Zalewski is real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors. - See more at: http://therealdeal.com/miami/blog/20....XaFwQxvt.dpuf

[mav Senior Member Find all posts View Profile Close mav]

I know how you feel

Sorry to hear that for you. We had a timeshare go belly up. Very small resort, only 29 units, Austria. It was the only one we never traded, owned 2 weeks and went every year. We LOVED the place!! The shady person at the top bankrupted it. We were just about the only English speaking owners, no way to contact the other owners, and everybody lived in another country NOT the USA. Oddly enough we didn't care about the lost money. We LOVED the resort, view, could have LIVED there.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

I'm sure this isn't the last resort he'll have his eyes on.
My little Hollywood resort is probably going to be a target at some point too.
It's on prime beachfront land.

Developers have already purchased several of the motels on the street and are putting up
gazillion dollar townhomes. Jimmy Buffet is also putting in a Margaritaville.
I know it's probably got only a few years left before Trump moves down the street
looking for other sites. There is already a Trump towers on Hollywood beach so
why not build Trump Towers II.

I know he isn't doing these projects alone and they are just using his name, but
since he allows it he shouldn't be surprised at the haters.
Funny thing is that most of these units are sold to foreigners so we Americans
are getting fewer and fewer affordable options to live on the beach.
This is truly going to be Manhattan South in a few years.
Skyscrapers are everywhere now.
Even mini ones going up in the suburbs.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Oh and I hope he hired better architects and engineers this time cause the first Aqualina had some structural problems.
It's built on sand so not sure what he was expecting, not that he cares, he got his money and left the homeowners
to deal with the structural issues. But they just keep building skyscrapers on the sand.
Whateverrrrrrrr.

[easyrider Senior Member Find all posts View Profile Close easyrider]

It seems that your not liking towers , because ............ ? Is it because they are not timeshares ?

[chriskre Super Moderator Find all posts View Profile Close chriskre]

It seems that your not liking towers , because ............ ? Is it because they are not timeshares ?

No, not really. I live downtown so am surrounded by towers.
It's just that this stretch of the beach is becoming a condo canyon.

Americans are not buying these units.
We are selling off our best land to rich Latins and Russians looking to launder their money.
http://therealdeal.com/miami/blog/20...ced-this-week/
There is no way the common American can afford this area anymore.

There was another development Varadero beach club that was a cheap condo conversion
in the early 2000s. The city started hassling them about all sorts of issues until they finally
sold to developers which was the plan all along. It was a great little condo with a beautiful
beach but the big guns wouldn't have it. They made the condo's life impossible until they
gave in and quit. I wish they'd do that in my building. We have a full block of low rise
buildings in our condo. Would make a great re-development project.

[mav Senior Member Find all posts View Profile Close mav]

Speaking of the Russians, WOW!!! Do THEY have a BAD name with the German and Austrian hotels! They had an earful the last 2 or 3 years to tell us about how sick they are of the rude and ignorant way they act. Some of the stories are really shocking! They have awful things to say about the Chinese also. They have told us they really like the American tourists and say they are always polite and respectful. But OMG the stories about the Russians and Chinese! They say they don't even want them staying at their hotels. We have been staying at some of the same hotels in those areas for years now and they feel VERY comfortable dishing us all the dirt!

[chriskre Super Moderator Find all posts View Profile Close chriskre]

We certainly have our share of this rudeness but they don't just visit, they stay.

[Egret1986 Junior Member Find all posts View Profile Close Egret1986]

"He" must be referring to The Donald. It isn't him.

I'm sure this isn't the last resort he'll have his eyes on.
My little Hollywood resort is probably going to be a target at some point too.
It's on prime beachfront land.

Developers have already purchased several of the motels on the street and are putting up
gazillion dollar townhomes. Jimmy Buffet is also putting in a Margaritaville.
I know it's probably got only a few years left before Trump moves down the street
looking for other sites. There is already a Trump towers on Hollywood beach so
why not build Trump Towers II.

I know he isn't doing these projects alone and they are just using his name, but
since he allows it he shouldn't be surprised at the haters.
Funny thing is that most of these units are sold to foreigners so we Americans
are getting fewer and fewer affordable options to live on the beach.
This is truly going to be Manhattan South in a few years.
Skyscrapers are everywhere now.
Even mini ones going up in the suburbs.

It's two brothers, originally from South Africa, that share a last name but no relation.

I also think of Donald Trump when I see "Trump" anything. I guess he isn't the only Trump with lots of money that develops real estate.

I loved Golden Strand Ocean Villas also and was sorry to hear of the timeshare termination.

I was just online looking at inventory by a well-known and respected timeshare reseller. They had a 2BR available for sale at this resort. Hmmm, I'd love to have it and I put it in my shopping cart and checked out. I guess we'll talk in the next day or two and find out how they can sell a timeshare ownership at a resort that terminated the timeshare.

When going on the resort's website, there is inventory to reserve through this October, though there is no inventory available in RCI.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

It's two brothers, originally from South Africa, that share a last name but no relation.

I also think of Donald Trump when I see "Trump" anything. I guess he isn't the only Trump with lots of money that develops real estate.

I loved Golden Strand Ocean Villas also and was sorry to hear of the timeshare termination.

I was just online looking at inventory by a well-known and respected timeshare reseller. They had a 2BR available for sale at this resort. Hmmm, I'd love to have it and I put it in my shopping cart and checked out. I guess we'll talk in the next day or two and find out how they can sell a timeshare ownership at a resort that terminated the timeshare.

When going on the resort's website, there is inventory to reserve through this October, though there is no inventory available in RCI.

I had a friend who said they paid him nicely for his week.
Maybe you should buy it. I saw it on Sumday.

[nicko21tawny Junior Member Find all posts View Profile Close nicko21tawny]

Trump Group plans new Acqualina condo tower in Sunny Isles...

Palazzo would be 15th project announced in city since latest boom began in September 09, 2014