Donald Vs Ivana - Who’s the Winner?
Will Las Vegas be playing host to the real estate battle between Donald Trump and his ex-wife Ivana?
Donald Trump broke ground for his new $500 million 64-story condo-hotel tower near
the Las Vegas Strip. Ivana has meanwhile leant her name to an 80-story $500 million condo tower near Las Vegas Boulevard South.
Actually both the projects are quite different. For one the Trump tower is a condo-hotel tower. Ivana’s project is an exclusive condo tower. Trump’s project is a joint venture between Trump and Phil Ruffin, owner of the New Frontier hotel-casino. In effect owners of the Trump Towers can earn extra income by letting out their condos when they are not using them and acts as extra inventory for the New Frontier hotel without any risk to the owner of the hotel!
The option of renting out is definitely very attractive to both investors and second-home buyers and the Trump towers sold out all the units within days in spite of the prices ranging from $600,000 to $6 million.
The Ivana on the other hand has been plagued by delays and is expected to be completed only by 2008. Although Ivana is a condominium project, it allows for unlimited sub-leasing activity. This move would attract speculators and investors, but deter genuine homeowners who want to know their neighbors. The developers are hoping that Ivana’s celebrity status will attract more buyers and financiers.
While Trump is an experienced and savvy developer and marketer Ivana doesn’t have any experience in this line and most real estate watchers feel in the present market conditions that’s a very serious drawback.
Most experienced market watchers feel that it is Trump all the way!