Trump Towers Sunny Isles Condos Bought Out by Dezer Properties

Related Group was bought out by Dezer Properties selling at new, discounted prices..   Trump Towers Condos I, II, III Sunny Isles BeachI decided to take the forbidden tour of the Trump Towers Sunny Isles Beach in January after years of stressful phone calls from speculators trying to sell & get out. To top it off, the news came from every direction of the Dezer family buying out Related’s stake in the entire project assuming the remaining debt after paying off Tower I. After seeing the finishes both condo interior and throughout, noting the well appointed amenities & hearing what had occurred with financial backing by the lender for the next 4 years, I’m now promoting it with all the other Sunny Isles Beach “greats” to clients & customers looking for the very best values on new oceanfront construction. Here are the interesting facts on the buyout..

Following months of negotiations with lenders, Dezer Properties assumed the former partnership’s $265 million loan on Dec. 31, 2009 with the bank then renegotiating the construction loan with Dezer Properties directly after seeing successful performance from Tower I sales allowing Dezer to then lower the prices by 30% and now causing a success of new sales in Trump Tower II.  Tower II was relaunched to the public as the premier tower of the three offering an onsite restaurant with an oceanfront setting and great food along with 2 swimming pools to choose from depending on which side of the bed you wake up on.

 The Dezer’s are the real estate moguls & godfather of Sunny Isles Beach condo development. The Dezer family owned business holds 45 acres of oceanfront land in Sunny Isles Beach, with sites for eight more buildings. Gil and father Michael Dezer have also developed and almost sold out Trump Grande in Sunny Isles Beach, a three building premium oceanfront enclave that includes the Trump International Beach Resort built in 2003, the Trump Palace (2006) and the latest Trump Royale (2008) which is now 60+ percent sold out. In addition to their South Florida properties, the Dezers’ holdings include 27 buildings in New York.

“Prices now range from $350 per square foot for most units to $600 a square foot for penthouses. Each of the three 45 story towers has 271 units. Tower I has 260 units sold, and Tower II is about 40 percent sold with 105 sold, Dezer said. During the next two to three months, Dezer will send out closing notices to those who put down deposits on Tower III, and give them the option to move over at a reduced price to Tower II. Tower III was sold out at an average price of $720 per square foot, with some sales at more than $1,000 a square foot!”    - MiamiHerald

 We’re seeing the very best value on a price per square foot basis at $350-$600psf as the low end price point of the luxury oceanfront condos are now reflective along the Miami Dade Beaches.. Sunny Isles Beach real estate specific to condo inventory, has seen a decrease in inventory consistently with 1,053 total condos on the market (Southeast Florida Regional MLS) with 272pending contracts, 96 of which went pending in the last 30 days. Our Sunny Isles Beach short sales are comprised of 193 (18%) condos down from 33% a year ago. Bank owned REO’s make up only 13 Sunny Isles Beach foreclosures or 0.01%. Call to chat 1.888.383.7326 or Contact me here.

Trump Towers Sunny Isles Condos for Sale | Trump Towers Condos for Rent

Shaky but Worthy; Sunny Isles Beach Video (2008)

One thought on “Trump Towers Sunny Isles Condos Bought Out by Dezer Properties

  1. Anonymous email:

    “I read your info on Trump towers. In particular I am curious on tower three do you think that will close as condos or do you think the new owners want to lease them out for a while or sell the building of in total or turn it into a luxury rental or time share? I think it is odd they are offering to return peoples EM above the 15% they are entitled to keep. Or buy next door in tower to for a better price. But not offer to reduce the price if they closed in tower three what do you think?”

    Answer:

    Legitimate questions/concerns in all regards yet knowing the business reputation of Mr. Gil Dezer (s/ & father) they will most definitely continue until they are sold. They have financial backing and fearless. I would bet my 2010 income the Trump Tower III will be sold as condos. They have contracts ready to close for Tower III but realize to fill a condo tower takes around 18 months now. I don't know the strategy in moving them over to Trump Tower II other than to fill it up faster and pay off the construction loan for tower II. The Dezer's are businessmen and would prefer to “play fair” keeping the buyers (NO, 'speculators') happy and discount them on this transfer to close; so that they at least close vs. walking from their deposits and most likely never owning in SIB. No one wants to see that..

    It may very well all come back to the completion of a tower, paying off the construction loan and then moving to Trump Tower III. This is my best guess as a developer might approach it. Fact is these Tower II condos are selling well given their price points.

Leave a Reply