Donald Trumpâ€s former Connecticut mansion that he bought at age 35 is for sale and featured this week at TopTenRealEstateDeals.com.

“Donald Trump’s First Mansion”

Donald Trump was born into the real estate business in 1946 in New York City where his father, Fred Trump, was a developer. Donald got a jump-start in the business while he was still in college in the 1960s working menial jobs at his father’s lower middle-class apartment complex in Cincinnati.  In 1971, he moved back to New York City where he took over his father’s company changing the name to The Trump Organization and earned a reputation as a fast-rising real estate tycoon on hotel, condominium and casino projects. In 1986, he made a deal with New York City Mayor Ed Koch to renovate Central Park’s Wollman Rink. The ice skating rink was going on its seventh year of renovations when Trump volunteered to finish and finance the restoration with his own money. He completed the job in just three months.With his business success and wealth, Trump owns a roster of mansions. His main home is a posh three-level penthouse at Trump Tower on New York’s Fifth Avenue where he also runs his vast business operations. Also in the Gotham area, in 1996 Trump purchased a 60-room mansion in Bedford, New York with three pools and a bowling alley. He later bought Albemarle, a 23,000-square-foot mansion, vineyard and winery on 2,000 acres in Virginia for $12.7 million, a fraction of the original asking price of $100 million. Trump also keeps a large home on Rodeo Drive in Beverly Hills.

When he isn’t running for president, firing someone or saying something controversial, Trump relaxes at his Mar-A-Lago mansion in Palm Beach, Florida that he purchased in 1985 for $10 million. The 1920’s mansion with 62,000 square feet and over 100 rooms was originally built for Post Cereal heiress, Marjorie Merriweather Post. Trump upgraded it to a private resort with initiation fees of $100,000, annual dues of $12,000 and nightly rates up to $3,000. Mar-A-Lago guests have included Bill Clinton, Regis Philbin, Tony Bennett and Barbara Walters.

Trump was only 35 in 1982 when he and wife, Ivana, purchased their first mansion, a 5.8 acre home on a peninsula in Greenwich, Connecticut for $4 million. Always a family-oriented business, Ivana was also remodeling the Plaza Hotel in Manhattan in the early 1980s and was able to incorporate many of the same materials in the decoration of their new home creating a residence dripping in gold leaf, elegant chandeliers and crown moldings. When they divorced in 1991 after 15 years of marriage, Ivana won the mansion in the property settlement. She sold the Greenwich home for $15 million in 1998, and the mansion’s new owners immediately began a renovation to tone it down to more livable neutrals and added tennis courts as well as a 4,000-square-foot addition which includes guest suites, a lap pool and a sauna. It is currently for sale at $54 million.

Originally built in 1939, the 19,773-square-foot Georgian Colonial-style main house and a guest house have eight bedrooms, thirteen baths, a three-story rotunda foyer with double grand staircase, formal rooms overlooking views of the pool, grounds and Long Island Sound, home theater, a putting green, multiple terraces and patios, tennis courts and three fully-equipped staff apartments.

Awaiting a new Greenwich billionaire resident, Donald Trumpâ€s former Connecticut mansion with major additions, six waterfront acres and private boat dock. The listing agent is Tamar Lurie of Coldwell Banker in Greenwich, Connecticut.

Real estate is never boring at TopTenRealEstateDeals. Check out today’s most entertaining, important and unusual real estate news stories of the week. News such as “Obama Vacation Home For Sale,” “Bacall’s Dakota Apartment Sells At Big Profit” and “New York’s First Penthouse.”

Visit TopTenRealEstateDeals.com for more historic, spectacular and celebrity homes.

The post Celebrity Homes: Donald Trump’s First Mansion Is For Sale $54 Million first appeared on River View Observer.

Stasse continues, “At a time when we’ve adjusted our values to reflect the realities of today’s market, three years of parking valued at over $7,500 really provides a nice premium to a homeowner’s purchase.”

Stasse decided to extend the parking incentive from the original purchase deadline date of April 30th to May 31, 2010 when she realized that although the last group of purchasers did not have cars and were unable to take advantage of the parking incentive, they did receive a substantial burst of activity from people considering a purchase at Trump Plaza Residences because of the incentive. “Ultimately, we hope they choose Trump Plaza Residences regardless of whether they’re able to take advantage of the parking incentive or not.”

The homes at this stunning 55-story Gold Coast property, New Jersey’s tallest residential tower, include one-, two- and three-bedroom residences ranging in size up to 1,599 square feet. The homes are an extraordinary value for the level of luxury provided, with pricing for the one-bedrooms starting in the mid $400,000s, and pricing for the two-bedrooms starting in the mid-$600,000s. Penthouses are available but are in limited supply as are the three-bedroom homes. Pricing for those are available upon request. Adding to the value is a 20-year tax abatement that translates into reduced property taxes for residents.

The well-known Trump 24/7 concierge service is among the luxury hallmarks of Trump Plaza Residences Jersey City, along with their 40,000 square feet of indoor and outdoor amenities. The indoor amenities include a screening room; a dining room with a full catering kitchen; a billiard and game room; a golf simulation room; a children’s playroom; a Roman-style aqua grotto; an in-house spa including massage facilities, locker rooms and saunas; and an Internet-accessible business center. The outdoor amenities include a landscaped lawn area, a heated pool with glamorous cabanas, a children’s tot lot and an impressive glass-enclosed fitness center.

All amenities are housed on the seventh floor and are managed by the on-site Trump staff who are available to help residents with treatment appointments, scheduling activities or booking private functions in the many social spaces throughout the property.

Each thoughtfully designed home features refined and contemporary design elements such as well-appointed stainless steel appliance packages in the kitchens; indulgent bathrooms with soaking tubs and/or showers; rich cabinetry and natural stone counters and vanities; elegant hardwood floors in living room, dining room and bedrooms; premium fixtures and finishes, selected for their durability and timeless appeal; and oversized custom windows that open out to sweeping views of the Hudson River, Statue of Liberty and New York City skyline.

The proximity of Trump Plaza Residences Jersey City to Manhattan and the rest of the Gold Coast, as well as its convenient location near the Exchange Place and Grove Street PATH stations, the waterfront ferry and the Bergen-Hudson Light Rail, makes for easy commuting and uncomplicated travel to and from work, entertainment events or shopping and dining.

For more information on Trump Plaza Residences Jersey City, visit the on-site sales suite which is open seven days a week from 11 a.m. to 6 p.m. at 88 Morgan St. in Jersey City. Morning and evening hours are available by appointment. Contact the sales and marketing team by calling (888) 263-7003, e-mailing info@trumpplazaresidences.com or visiting the Web site at www.trumpplazaresidences.com

About Trump Plaza Residences Jersey City
Trump Plaza Residences Jersey City is a full-service luxury high-rise condominium located at 88 Morgan St. in Jersey City, N.J. It is the tallest residential tower in the state of New Jersey reaching soaring heights of 55 stories with panoramic views of the Hudson River, Statue of Liberty and New York City skyline. Completed in 2008 with a total of 443 residences, the homes at this exquisite property all feature interior finishes of refined and contemporary design elements. Additionally, there are more than 40,000 square feet of amenities, managed by The Trump Corporation, which include such luxurious conveniences as a screening room, dining hall with catering kitchen, game rooms, sitting areas and lounges, heated outdoor rooftop pool with cabanas, in-house spa including massage, locker rooms and saunas, business facility, fitness center and indoor and outdoor children’s play areas. For more information, please visit the Web site at www.trumpplazaresidences.com

The post Trump Plaza Residences Jersey City Announces Added Parking Incentive first appeared on River View Observer.

Jersey City, N.J. (Mar. 3, 2010) – Trump Plaza Residences has been able to place many buyers into their dream homes at the 55-story Jersey City luxury condominium tower due in large part to the property’s FHA (Federal Housing Administration) loan-compliant status under which the federal government insures private loans to qualifying borrowers.

FHA mortgage terms for New Jersey, differentiating from county to county, allow for loans up to $729,000. The majority of prospective buyers at Trump Plaza Residences are first-time homebuyers seeking homes in the $450,000 to $600,000 price range, therefore qualifying for FHA financing. FHA loans have no income limits, allow for less-than-perfect credit histories and allow buyers to put down as little as 3.5 percent, compared to 10 to 20 percent for a conventional mortgage.
“Being able to tell prospective buyers that the property is FHA-qualified makes all the difference to those who didn’t think a luxury home at Trump Plaza Residences was within their reach,” said Jodi Stasse, director of marketing and sales at Trump Plaza Residences. “However, prospective buyers should be aware that the FHA guidelines are changing and that they should act now to take maximum advantage of the program.”

The FHA guideline changes, which go into effect this spring, could prevent a portion of borrowers from meeting the new, stricter requirements, said Ray Lamberti Jr., Trump Plaza Residences’ on-site Wells Fargo Home Mortgage representative. These changes, combined with the upcoming April 30 expiration of the $8,000 first-time homebuyer federal tax credit, have created a sense of urgency among buyers that has stimulated a surge in sales.

“The best thing first-time homebuyers can do for themselves is come in and talk to us today,” Lamberti said. “If there’s a chance the new guidelines could even slightly prevent a prospective buyer from obtaining a home here, then we need to work with that individual or family as soon as possible.”

Trump Plaza Residences Jersey City has already sold out over half of their 443 homes. The sales team takes pride in the care and attention they show to prospective buyers, offering them comprehensive financial guidance and consultation so they can find homes that will fit their budgets and fulfill their lifestyle needs. In addition, they help prospective buyers understand all components of their financial obligations, from monthly mortgage payments to maintenance fees.

A major appeal of Trump Plaza Residences is the incredible 40,000 square feet of lavish, Trump-managed amenities, including a screening room; a dining room with a catering kitchen; an outdoor landscaped lawn area; a game room; sitting areas and lounges; an aqua grotto; a heated outdoor pool with cabanas; an in-house spa including massage facilities, locker rooms and saunas; a business facility and a fitness center.

As the tallest residential tower in Jersey City, the building also features panoramic views from the George Washington to the Verrazzano Narrows bridges, and a convenient location near the PATH station, the waterfront ferry and the Bergen-Hudson Light Rail that puts all of Manhattan and the Gold Coast at residents’ doorsteps.

The homes at Trump Plaza Residences include one- and two-bedroom homes ranging in size up to 1,450 square feet. Prices for the one-bedrooms start in the mid $400,000s, while the two-bedrooms start in the mid-$600,000s. Three-bedroom homes and penthouses are available but are in limited supply, with pricing available upon request. The city has granted the building 20-year tax abatement, which translates into reduced property taxes for buyers.

“With the new FHA guidelines taking effect in the spring, the federal tax credit expiring in April and the 20-year tax abatement, I can’t imagine a better time to buy than right now,” Stasse said. “Plus, interest rates remain at or near historic lows. The fact that this fortuitous confluence of circumstances is unlikely to come again provides an incredible incentive for first-time homebuyers who are still on the fence to realize their dream of owning a home at Trump Plaza Residences.”

The details of the new FHA guidelines were announced last month, Lamberti said. The changes were initiated as a means of addressing the increased risk in the housing market and strengthening the FHA’s capital reserves, thus improving their financial position and ensuring their long-term ability to guarantee affordable mortgages.

Under the new guidelines, mortgage insurance premiums (MIP) will increase from 1.75 percent to 2.25 percent of the loan amount. In addition, there is a reduction of the allowable amount of seller concessions to the buyer from 6 percent to 3 percent. In the past, sellers could offer up to 6 percent of the home’s closing cost to the buyer as an incentive if the buyer used an FHA mortgage; now, the allowable concession is only 3 percent of the closing cost.

Other advantages of an FHA-insured loan include little or no adjustment to the mortgage interest rate during the life of the loan, a mortgage insurance premium (MIP) that is funded into the loan instead of being paid for out-of-pocket and the fact that the mortgage can be assumed by a qualified buyer, which means that if the seller’s mortgage carries a lower rate than the current market rate, the buyer can take over the seller’s mortgage. This is a great option for the buyer to have if they sell their unit five or six years later and the rates are higher at that time.

Yet another big advantage of a FHA-insured loan in today’s climate of widespread job displacement and workforce reduction is that, unlike with a conventional mortgage, friends or relatives can gift the down payment to the borrower.

For more information on Trump Plaza Residences Jersey City, please contact the on-site sales and marketing team by calling (888) 263-7003, e-mailing info@trumpplazaresidences.com or visiting the Web site at www.trumpplazaresidences.com

About Trump Organization

The Trump Organization is the world’s only global luxury real estate super-brand, and is responsible for many of the world’s most recognized developments. Trump is renowned for its leadership in real estate development, sales and marketing and property management, representing the highest level of excellence and luxury in residential, office and retail properties. The experience of owning a Trump property and living the Trump lifestyle is unparalleled. With each of its properties, Trump continues to consistently raise the bar for super luxury living.

The post REAL ESTATE- FHA Financing Brings Sales Success to Trump Plaza Residences Jersey City first appeared on River View Observer.