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Trumps Caribbean Mansion is For Sale

It seems that President Donald Trump has determined that he owns at least one home too many. After all, he’s now splitting most of his time between a charming old mansion at 1600 Pennsylvania Ave. in Washington, DC, and a sprawling estate/resort/”winter White House” in Palm Beach, FL. (Where’s the love, Trump Tower?) So he’s selling one of his more remote properties: Le Chateau des Palmiers, on the island of St. Martin in the Caribbean.

The commander in chief quietly listed this 4.8-acre beachfront home on Sotheby’s International Realty last month, according to the Washington Post.

When he bought it for an undisclosed sum in 2013, he deemed the 11-bedroom, 12-bath estate “one of the greatest mansions in the world.” Although the home’s current list price is available only upon request, a person familiar with the listing revealed it is an eye-popping $28 million.

Will the real estate magnate-turned-POTUS get his price?

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Donald Trump’s estate on an island in the sun

Inside Trump’s Caribbean home

There’s no denying that Le Chateau des Palmiers is one gem of a property, complete with gold drapes and crystal chandeliers that fall perfectly in line with Trump’s aesthetic. The amenities are as luxe as expected: a heated pool, fitness center, tennis court, and covered outdoor bar and billiard area. There’s also a commercial catering kitchen—ideal for a wedding or other large event.

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A luxe living room featuring gold curtains, a chandelier, and a pair of tiger-print armchairs.

But even with all those amenities, some real estate agents believe the $28 million list price is on the high side for the area.

“There aren’t too many properties in St. Martin that are more than $15 to $20 million,” says Gerard Longo, principal of Mettle Property Group in New York.

In any case, a multimillion-dollar property like this isn’t likely to get snatched up by a buyer overnight.

“It is not uncommon to see properties of this size sitting on the market for a few years,” Longo says.

Scroll on to see more of Trump’s palace in paradise.

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A dining room fit for a president

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The POTUS could catch some serious ZZZs in this gilded master bedroom complete with a canopy and gold chandelier.

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When you’re in the mood for a dip in the water, the chateau offers two options: this heated pool or the ocean just steps away.

 
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The five-bedroom villa on the white-sand beach at Plum Bay

 

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charlotte real estate is expected to soar into 2018

Home Sales will Soar

Home sales are all the news. By now just about every would-be buyer out there knows there simply aren’t enough homes for sale these days to appease the hordes of competition. But despite the shortages, rising prices, and bidding wars, more homes are expected to be sold this year than in more than a decade.

In 2017, the number of sales of existing homes (which have previously been lived in) is expected to rise about 3.5%, to 5.64 million, according to the midyear forecast from the National Association of Realtors®. The group predicts that existing-home purchases will rise an additional 2.8% in 2018, to 5.8 million.

“The combination of the stock market being at record highs, 16 million new jobs created since 2010, pent-up household formation, and rising consumer confidence are giving more households the assurance and ability to purchase a home,” NAR Chief Economist Lawrence Yun said in a statement. “However, prices are still rising too fast in many areas and are outpacing incomes.”

Sales of brand-new homes, which builders can’t seem to put up fast enough, are expected to jump 10.7%, from 560,000 in 2016 to 620,000 this year, according to NAR. They’re expected to rise an additional 8% in 2018, to 670,000 sales.

New homes are typically more expensive than existing homes, as builders must contend with shortages of land and labor, plus rising costs of materials and difficulty obtaining financing.

home sales- what buyers need to know

The price tags of all homes are expected to keep rising. NAR predicts prices will jump 5% in 2017 and an additional 3.5% in 2018.

“As a result, buyers are compromising on the number of rooms, length of a commute, or other home qualities,” says Senior Economist Joseph Kirchner of realtor.com®. “Meanwhile, builders are mostly building for the mid- to upper-price range. This mismatch in supply and demand is making affordability more acute for those with modest incomes.”

In some white-hot markets along the coasts, prices are rising by double digits because of the dearth of homes. That’s led many current homeowners who might be interested in trading up to a larger, nicer home in their area to hold off—because those homes are simply out of their price range.

Bidding wars have gotten so bad in Seattle that buyers are driving up prices 30% over asking in some cases, says local real estate broker Chris Bajuk, of HomeSmart Real Estate Associates. (Seattle prices were up 12.2% year over year in February, according to the latest S&P CoreLogic Case-Schiller report.)

“It is crazy,” Bajuk says. “There’s strong demand and lack of supply.”

Buyers are coping by putting ever-higher percentages of their incomes toward homeownership—even when it means eating at home every night and doing without new clothes or annual beach vacations. Sometimes they’re spending half of their take-home pay on housing, he says.

Others are purchasing homes farther from the city center where they work, settling for smaller homes or even purchasing residences in need of some work.

“They may need to spend more of their disposable income,” Bajuk says. “Or they may need to lower their expectations on what kind of home they get.”

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