Business mogul Donald Trump and all that hair showed up in Toronto on Monday to talk up the new luxury property Trump International Hotel & Tower (of which some units have not been sold).
Despite what some are calling an oversaturated housing market in Toronto, and even though there are more condos under construction in that city than in any other in North America (as pointed out by The Globe And Mail), Mr. Trump insisted he would be willing to do a second project in Toronto if the right opportunity came along. “There’s always fears, no matter where you go,” Trump said to the media outlet. “No matter when you build, where you build. Usually the best time to build is in a terrible market because then the market gets good by the time you’re finished.”
However, as The Star reported, Trump's visit may have been an attempt to take the spotlight off negotiations going on behind the scenes with investors trying to get out of condo deals. Apparently more than a dozen investors have been refusing to pay final closing costs and assume ownership of units they say no longer make financial sense.
Trump International Hotel & Tower is the tallest residential building in TO and has been open since January. It boasts 65 storeys as well as 261 luxury hotel condos along with 118 residential condos. Approximately 60 per cent of the units have been sold and the ones that are leftover vary in price from $2.3 million to $6.3-million. The "official" opening yesterday included a ribbon-cutting ceremony, and Trump being presented with both Blue Jays' and Toronto Maple Leafs jerseys. His daughter Ivanka Trump was also on-hand at the press event.
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