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Saturday, February 9, 2008

Greensheet Real Estate Updates

Trump resort off to slow start
Rosarito Beach - Trump Ocean Resort in Baja California, just 10-mile drive from the border on the Tijuana-Ensenada strip known as the Gold Coast drew hundreds for their initial sales event. Now, two years after Donald Trump’s decision to lend his name to the lavish 3-tower coastal condo-hotel project it has yet to break ground.

The developer received a land use permit in 2005 to build 526 units to on the property, but the developer has yet to receive a construction permit.

Irongate, Trump’s Los Angeles-based partner said the project is moving forward and that they are finalizing documents to be presented to City Hall.

Like other developments in northwest Mexico, Trump Ocean Resort has also felt the downturn due to the US market. However, construction on the first tower is set to start in March.

According to Irongate, workers have been grading the land and installing utilities and the reason it’s not visible is it’s underground.

Prices range from the mid-$300k for a studio on the lower floor to $2.5 million for a penthouse. Amenities will include four infinity-edge pools, tennis courts, a full-service day spa, five-star restaurants, bars and convention space. Approximately 40 percent of the second 26-story tower has sold.

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Casablanca moves steadily forward
San Felipe - December and January were great months, they sold 10 more lots; with the two story lots in the last row nearly sold out. According to Casablanca, they now have their F3 and have already started engineering on the sea wall and front entrance. As soon as the engineering is complete, they will begin construction.

Casablanca has also finished drilling their well and pump house, and are producing an abundance of sweet water.

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Playa San Rafael moves forward on infrastructure
San Felipe - Playa San Rafael is picking up speed. They are currently installing their infrastructure and awarding contracts. “It is a good time to have our access blocked due to highway [Mexicali/San Felipe Mexico Highway 5] construction. Once there is easy access again, people can come see the progress that we’ve made”. Said Greg Anderson, Sales manager for SeaMexico Realty.
During highway construction, Playa de Oro, the developers first completed and successful development one kilometer south, will have offices open for both developments while San Rafael’s access is restricted. San Rafael is the sister community of Playa de Oro - voted “Best Development in San Felipe of 2007”!