Despite continued grumblings around the market about a condo slowdown, Jules Trump is confident The Estates at Acqualina will reach the skyline soon enough. And so far, 100 units have pre-sold.
Jules (no relation to the presidential candidate and developer Donald Trump) tells us he's nearing his threshold to begin construction on the twin 50-story condo towers in Sunny Isles that will include 265 units ranging from 2,800 to 13k SF. Each is priced between $3.7M and $36M. The velocity comes as Jules opens his new sales office for The Estates at a time when a strengthened dollar has chilled condo sales throughout Miami with foreign investors, particularly those from South America. “I have heard that others are struggling,” Jules says. “But if every week goes like this past week, we'll have a building in the sky very soon.”
Unlike other developers, Jules isn't seeking half down from buyers. He previously told us buyers are putting 10% down, then 10% more at signing, then 25% once construction commences. Jules also says unlike other condo projects in Miami, The Estates are being marketed more toward families and those who will actually live on-site. “We cater extensively to families,” he says. “We carved out a niche that is very, very family oriented. We discourage investors. It's just not our market.” Most recently Jules announced he's tapped the renowned designer Karl Lagerfeld to create the look for The Estates' lobby. “I”m thinking during this calendar year, maybe the first couple of months of next year, we'll hit the number.”
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