Luxury condominiums in Miami rises

March 21, 2014

Gil Dezer , a developer of Miami, five years ago had 850 unsold condominiums and nearly $ 500 million in loans coming due at a time when credit markets were frozen and buyers disappeared .

Today, he is back on the market with what it considers a safe bet : a project of 132 units luxury car enthusiast called the Porsche Design Tower . The units of the 60-story building , with an elevator that transports cars directly to homes , ranging from $ 4.5 million up to 32.5 million for a four-story penthouse 600 thousand square meters.

While they are still building the foundation of the tower located on the seafront, 113 of the 132 units are already sold . All buyers gave 30 percent deposit cash funds that seminal Dezer counted to determine the level of interest generated by the project.

“We set rephrase things and point to a purchaser that is not as sensitive in economic terms ,” Dezer said , which started from the condo above $ 900,000 .

After the real estate market collapse left Miami with more than 25,000 unsold condos in 2008 , developers have returned , and this time differently.

At a time when credit is scarce and construction is the memory of speculators who disappeared when the mortgage financing dried up , construction projects funded with cash payment commitments by buyers of up to 60 percent of the price Cart .

The strategy has begun luxury towers reaching record prices and attract investors as the chief executive officer of Goldman Sachs Group Inc., Lloyd Blankfein , and Leon Black , founder of Apollo Global Management LLC.


Developers units equipped with additional features such as perimeter balconies overlooking the Atlantic Ocean , wine cellars cigar .

“People started asking for larger units and more services , and the price went up a lot ,” said William PD Pierce, an operator in Miami Beach Coldwell Banker.

Pierce last year found the buyer for a penthouse in Ian Schrager ‘s Residences in Miami Beach Edition. The contract for the triplex of 524 thousand square meters is 34 million, which makes it more expensive operation in Miami.

It is estimated that at least four units that exceed the market price. The most expensive penthouse , which has not been built in Mansions at Acqualina in Sunny Isles Beach- sells for $ 55 million , Pierce said.

There are 21 000 430 proposed or under construction around the level of prices in Miami -Dade County condos , from downtown Miami to the coastal route A1A from Sunny Isles to South Beach, according , analyzing developments in the south Florida.


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