Related Group was bought out by Dezer Properties selling at new, discounted prices… I 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 of 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 a 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 Dezers are the real estate moguls & godfathers 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 his 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 best value on a price per square foot basis at $350-$600psf as the low-end price point of the luxury oceanfront condos is 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 272 pending contracts, 96 of which went pending in the last 30 days. Our Sunny Isles Beach short sales comprise 193 (18%) condos, down from 33% a year ago. Bank-owned REOs make up only 13 Sunny Isles Beach foreclosures or 0.01%. Call to chat at 1.888.383.7326 or Contact me here.
Shaky but Worthy; Sunny Isles Beach Video (2008)