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Trump Towers Sunny Isles Beach Florida – Now Owned By Dezer Properties

Here is most recent article about Trump Towers Sunny Isles that was published in The Miami Herald. Dezer Properties has taken over the ownership stake at the mega complex and is selling it now below the market price! Here is full story:

Dezer Properties has taken over the Miami mega-condo developer’s ownership stake at Trump Towers in Sunny Isles Beach and is assuming the remaining debt on the property.

Condominium prices are being cut by at least 30 percent at the newly built skyscrapers, said Dezer Properties President Gil Dezer, as the company tries to unload hundreds of unsold units amid a troubled real-estate market.

Real-estate experts say the prices now rank below competing new oceanfront properties countywide.

The Trump Towers is a three-tower

813-unit project – an oceanfront condominium in Sunny Isles Beach located at 16001 Collins Ave. was co-developed by Related and Dezer — with Related responsible for construction and financing and Dezer in charge of sales and marketing, Dezer said. The towers derived their name through a licensing deal with New York real-estate mogul Donald Trump.

Following three months of negotiations with lenders, Dezer said his company assumed the former partnership’s $265 million loan on Dec. 31, 2009. He declined to comment on other financial aspects of the deal with Related, but said it was “an amicable split.”

“It was a matter of Related CEO Jorge Perez having a lot on his hands and us being in the Sunny Isles market and being the best fit to handle this,” Dezer said. The Dezer family-owned business holds 45 acres of oceanfront land in Sunny Isles Beach, with sites for eight more buildings, he said.

Related Associate General Counsel Betsy McCoy declined to comment on the deal on Thursday.

OTHER PROJECTS

Trump Towers is not the first project that Related, among the most aggressive developers during the real-estate boom, has exited.

Last July, Related surrendered ownership of the 420-unit CityPlace South Tower in West Palm Beach to a group of partners led by Toronto-based Scotia Capital.

And the company has been negotiating for months with lenders regarding its $1 billion ICON Brickell project, a three-tower, 1,800-unit luxury development in the 400 block of Brickell Avenue in Miami. McCoy also declined comment on ICON.

“We plan to do more projects together,” Dezer said of Related, declining to discuss specifics, but adding that an architect for a new project had just left his office. “I will take Jorge as a partner any day of the week because he is a great partner.”

The Dezers — Gil and father Michael Dezer — also developed Trump Grande in Sunny Isles Beach, a three-building oceanfront enclave that includes the Trump International Beach Resort, built in 2003; Trump Palace, completed in 2006 and sold out; and Trump Royale, which was finished in 2008 and is 60 percent sold out. In addition to their South Florida properties, the Dezers’ holdings include 27 buildings in New York.

CHANGING MARKET

For Trump Towers Miami

Wells Fargo, the lead agent of a syndicate of 11 banks, extended financing for four more years, giving the company time to sell the remaining 435 unsold units, Dezer said. Prices now range from $350 per square foot for most units to $600 a square foot for penthouses, he said.

“It’s like a relaunch. What we originally sold was preconstruction with 20 percent down, and we had almost 900 units spoken for,” Dezer said. “Then the crisis hit as we called for closings, and many buyers had their situations changed. So we’re selling the units back in inventory.”

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, he 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, Dezer said.

During preconstruction sales a few years ago, Trump prices began at $600 to $700 a square foot, said Craig Studnicky, president of International Sales Group, an Aventura real estate sales and marketing firm that specializes in Sunny Isles Beach real estate and Aventura.

At $350 a square foot, the price now is even below replacement cost, Studnicky said. “If they went to build today, it would cost $400 to $450 a square foot, including land.”

However, Trump Towers’ new prices reflect the current glut of unsold units, said real-estate analyst David Dabby.

“I think $350 is the low end of the oceanfront in Miami-Dade County,” said Dabby, president of Coral Gables-based Dabby Group Advisors. “Miami Beach is significantly higher, primarily due to a lack of new inventory and higher demand.”

Related’s move and the price reduction also demonstrate developers are cutting losses. During the boom, Related was the most prolific condo developer in Miami, Dabby said.

“There’s no future for new construction until the overhang is gone,” he said. “They have to get rid of the problem before they can even think of the next project.”

Sunny Isles Beach is Florida’s riviera

has long been a playground for rich and famous. However, the World Wide Web has changed quite a few things about the way in which people live their lives. For instance, it’s a simple matter today to research any topic you might imagine in just a few minutes. Here at Sunny Realty of Florida, we embrace the new developments offered by the Internet. Of course, our Sunny Isles Miami Real Estate website is a great way to learn more about what’s going on in Sunny Isles Beach, Miami real estate, Miami Beach real estate and South Beach real estate. However, we’ve taken it a step further.

We have taken additional steps to help our loyal customers stay up to date on continuing real estate trends in the Miami Beach and Sunny Isles Beach area. In addition, new information about the best current real estate deals, the newest condos sold, as well as news, blogs and other source of information can be found through our new Facebook page. Become a fan today, and you can stay updated and on top of the industry. You will know instantly what the hottest Miami Beach and Sunny Isles Beach properties are, as well as what’s going on in the industry.

When you become a fan of Sunny Realty of Florida on Facebook

, you will be instantly updated when we add new information about the hottest properties here in paradise. Whether you are interested in luxury Miami Beach real estate or in Sunny Isles Beach condos, we provide you with the information you need to know the trends, find the best pricing possible and buy the perfect home in the South Florida area for your needs.

Of course, our efforts haven’t been limited to social networking. While our Facebook page is a great place to stay updated, we’ve also added powerful new tools and features to our website. The most prominent of these changes is the fact that we’ve added thousands of Florida vacation rentals to our website, allowing you to find the best vacation properties in Florida in mere seconds. This means that you can now find thousands of short-term vacation rentals in Florida – nothing could be simpler!

With this new addition, you can find the perfect place to get away from it all during your vacation time. You can find your ideal vacation property in Florida right now and start planning your dream vacation.

Sunny Isles Beach Condos and Sunny Isles Real Estate

are one of the nation’s premiere playgrounds for rich and famous and has traditionally sold very well as far as ocean front real estate is concerned. However, the recent economic meltdown (that continues to reverberate through much of the nation), slowed that down somewhat. While the area never suffered the hideous fate that affected most of the US, it did slow. Today, that seems to be a thing of the past.

As an indicator if the area’s increasing health and rebounding economy, Sunny Isles Beach real estate and Bal Harbour real estate has begun to increase in sales frequency. For example, Acqualina Sunny Isles Condos reamin the top seller as well as Turnberry Colony Sunny Isles. However, since the prices have declined somewhat, almost all ocean front condos have recorded recent sales. Condos like Ocean Four, Trump Palace and Trump Royale has also experienced an upswing in the number of units sold. Of course, two properties do not make a marked upswing, or even a viable trend. However, when you throw in the fact that units have sold in Sands Pointe, Pinnacle Sunny Isles, Jade Beach and Jade Ocean Sunny Isles, you begin to see the truth.

While the rest of the nation might be experiencing a minute alleviation of the economic crisis, Bal Harbour condos and Sunny Isles luxury condos are booming once more. However, for those interested in investing in South Florida real estate, the prices for these luxury condos are still very low. You can purchase a high-end residence for a fraction of what it would have cost two years ago. That said, those prices will not last long, as the demand continues to increase and more people flock to the area to take advantage of these deals.

All in all, the economy of Sunny Isles Beach and Bal Harbour is a great place to make a lasting investment in luxury condo real estate. However, that investment is best made quickly, while prices are reasonable.

Turnberry Ocean Colony

is just one of the many real estate developments amoung Sunny Isles Beach Condos. Sunny Isles Beach Florida is an area known for its luxury condominium proprieties, incredible beachfront and pristine waters. However, while Turnberry Ocean Colony condo might be just another name on a long list, it stands at the top for a number of reasons. In fact, this development is one of the most luxurious options in the area, giving owners with discerning tastes the refinement and sophistication they demand. So, what’s the deal here, why is it considered the most desirable and luxurious?

In an area that takes luxury for granted, Turnberry Ocean Colony apartments stand out for a number of reasons. For instance, the property features an Old World West Indies flavor that is impossible to dismiss. One of the most innovative features on property is the Condo Club, which features an incredible restaurant, a beauty salon, an incomparable spa with al fresco massages and other services, all set in 35,000 square feet of stunning architecture. The property also offers an immense amount of beach, the ideal place to for a bit of rest and relaxation on the white sand or splashing in the crystalline waters.

A trip into the residences reveals other reasons why Turnberry Ocean Colony condominium is renowned among Sunny Isles Beach real estate. You will find that each residence offers Italian cherry wood cabinetry, Kashmir white granite counters, upscale Subzero and Meile appliances and stunning designs in the kitchen. The master bedroom is an ideal retreat from the everyday world, while the master bath is an experience for all the senses, thanks to marble countertops, cherry wood cabinets and the incredible Jacuzzi whirlpool found in each residence. As you can see from just this brief exploration, Turnberry Ocean is an incredible place for those who demand the best of the best and will not settle for less.

Trump Towers Sunny Isles Beach

is one of the most luxurious brand new condos on the ocean, as you would expect of anything bearing the name “Trump.” With more than 250 feet of pristine white sand beachfront, an incredible 3-story lobby, a landscaped oceanfront terrace, an immaculate heated swimming pool and an incredible spa, you would expect to pay ultra-premium prices for the opportunity to live in this wonderland. However, you would be wrong.

Unbelievably, Trump Towers Sunny Isles

is actually selling condo units starting as low as $360 per square foot – that’s less than what it costs to build a new condo in the area today. You can find far less sophisticated residences going for much more right now. This incredible price offers buyers the chance to live in the lap of luxury, surrounded by the amazing environs of this development. Of course, you’ll find that elegance, sophistication and luxury extend to the residences onsite, as well.

Each unit has its own private elevator foyer, which is delightful to say the least. Of course, all the units also feature panoramic views of the stunning ocean and beach. The balconies feature state-of-the-art aluminum and glass construction, while the floor-to-ceiling windows throughout give owners access to the view, as well as letting in more than enough natural light.

The kitchens truly shine, featuring luxury high-end appliances from Subzero and Meile, while the Italian cabinetry is simply sumptuous. Every cook, from the gourmet to the casual, will find delight here. A trip into the bedroom reveals even more luxury. At a price that is incredibly low, it’s now or never if you want to own at this prestigious, exclusive property. These rates won’t last very long, particularly when you consider the recent upswing in Sunny Isles Beach real estate market.

It is no secret that the real estate market

has suffered right along with the lagging economy. Unfortunately, as unemployment rates rise, more and more people are cutting back on how much they spend. This then affects more businesses, which means they may have to close or lay off people. A cycle has formed, and it is a cycle that can be seen in the Miami real estate market.

What may be a big secret is that now can be the very best time to buy that piece of Miami luxury real estate that you have dreamed of. In Sunny Isles Beach, Florida, there are many very nice pieces of property for sale. Due to the change in the economy, these properties are at the lowest price ever. Since so few people are buying properties and so many people are trying to sell, you can definitely find a buyer’s market. You may be able to get the property of your dreams for a fraction of the cost you would expect.

Sunny Isles real estate

is such best kept secret in regards to it’s much coveted properties from single-family residences to upper scale ocean front condominiums in Sunny Isles. No matter the type of property you desire, you will be able to find just the right one beachfront or within the city.

Known for its beaches, its close proximity to the main city of Miami, and its variety of shopping and entertainment options, Sunny Isles condo is an excellent choice for a vacation as well as investment properties in the Miami area.

If you are interested in a property in Sunny Isles Beach, Florida, then right now is just the right time to purchase. While the real estate market is slow, you can take advantage of it to find a property at a low cost. A property that may not have been affordable to you a year ago may fit right in your budget now.

Miami real estate

is some of the most dynamic real estate in the world. During the condo construction boom in Miami from 2000 to 2008 there were more than 60,000 new residences added. Since then the prices had dropped and more and more units became available for sale. Today, there are great deals available for some of the most desirable real estate in Miami.

Miami ocean front condos

are still the most popular properties and, despite the economic meltdown, hold value the most. However, like anything in this world, there are some oceanfront condos that hold value better than other condos.

Below is the top 5 viewed condos in Miami during the month of November:

Ocean Four Sunny Isles Beach

with over 6,000 viewers during the past 30 days, this ocean front condo was built in 2006 and is located in the heart of Sunny Isles Beach, across from shopping plaza, restaurants, Publix and other attractions. The average selling price in Ocean Four is about $363 per square foot, which is less than the original pre-construction price.

Jade Beach Sunny Isles

is the second most viewed condo in Miami during the month of November. Jade Beach was completed in 2008 and is 55 stories high. Located right next to Ocean Four and Jade Ocean it offers convenient location, top amenities, private beach, cabanas and luxurious apartments. Average selling price for a Jade Beach condo is about $450 per square foot.

Jade Ocean Sunny Isles Beach

takes the third place with just a few viewers less than Jade Beach. Jade Ocean Sunny Isles was just completed a few months ago and now in occupancy stages. There some defaulted units that are still available at a reduced price. The average selling price for Jade Ocean condo is about $550 per square foot. However, this condo is all glass structure and probably the most noticeable condo in Miami, soaring 55 stories high.

Trump Palace Sunny Isles

and Turnberry Ocean Colony split the fourth place for most visited condos in Miami. Both condos were built in 2006 and 2007. Average selling price for Trump Palace condo is $530 per square foot which is holding pretty well from it’s original selling price of $500/foot. However, Turnberry Ocean Colony Condo is by far the most luxurious building in Miami with an average selling price of $530 per square foot.

Last, but not lease is Trump Tower Miami

The first tower is completely sold and occupied, sold at an average price of $400 per foot, Trump Towers Sunny Isles offer same beach, amenities and luxury at a less expensive price. The second Trump Tower is now selling at around $375 per square foot and offers amazing long term values for investors and vacationeers alike.

For more information on Miami real estate for sale and Miami condos for sale please visit our site – Sunny Isles Miami Real Estate

It is no secret that the drop in the Miami real estate

market has equaled two things: more oceanfront condos for sale at lower prices, and fewer buyers. If you are in the market for a high quality condominium, then today’s market is your chance to find the best. You will not have to worry about competition over quality residences and you will be able to purchase a location for a much lower price than you would ever imagine.

Located among Sunny Isles real estate, Ocean Four

is a high rise condo with much to offer. Sunny Isles is on the North East side of Miami, just minutes from the attractions of the area. Because of the fluctuations in the Miami real estate market, the average price for a residence at Ocean Four has dropped to just to three hundred fifty dollars per square feet. This is a great value for a brand new Sunny Isles ocean front condominium.

There are forty-four stories in Ocean Four

and each is outfitted with luxury condos just waiting for buyers. In case you have not realized the value at Ocean Four condo, then consider some of the things that you will find at the location.

Ocean Four Sunny Isles Beach

offers more than one comfortably heated swimming pool, a modern fitness center and health club, and around the clock valet parking. The accommodation is home to a spa for guests looking for health treatments, beauty treatments, saunas, and steam rooms. The condos at Ocean Four are state of the art and are equipped with high-speed Internet connections, central heating and air conditioning, and upgraded kitchen and bathrooms facilities.

If you want to find ocean front condo in Miami, just minutes from the action and entertainment of the city, then you will definitely want to consider the Ocean Four Sunny Isles condominium. You will find luxury residence, upper scale living, and excellent value.

Looking for new condo in Miami Beach?

There are plenty of excellent options for you, no matter what you are looking for, and if you know what to look for, you are sure to find it. You may be thinking that, in this slow Miami real estate market, you may not have many choices when you need to relocate. However, there are plenty of property choices waiting for a buyer, and many of these choices are even lower priced than ever.

Miami Beach real estate

is filled with exciting and excellent places to live. Whether the city itself peaks your interest or you prefer the areas of South Beach or Sunny Isles Beach, you will find plenty of choices waiting for you to view them. Before you begin Miami condo shopping, make sure you have a good idea which area is most appealing to you.

Should you buy an oceanfront condo or waterfront house?

Miami real estate offers endless choices. Many people who move to Miami enjoy the idea of a condo or an apartment, where they can live comfortably and still have the freedom that apartment style living can offer. There are plenty of condominiums and apartments available in any of the Miami areas. However, if you prefer the traditional living of a house, then you will have plenty of options as well.

How much do you want to pay? The good news is that there is a whole range of properties available with varying price ranges. In fact, with the market slowing as it is, you may even be able to purchase a larger property than you expected since the property prices have lowered.

When you relocate to Florida

you will be surprised what you will find in Miami. Many home and property choices are available right now, and there is sure to be one that is just perfect for you.

When you ready to buy Miami real estate

you will have to choose which locale is perfect for you. There are plenty of housing options in each of the areas, so you will need to consider which area appeals to you the most. Before you even begin to look for an actual property, thing about the locations and find just the right area for you.

Whether you want to live in Miami Beach condo, South Beach condo, or Sunny Isles condo

you will find great places accomodations, new oceanfront buildings, wanterfront single family houses and more. In addition, you will be able to enjoy close by attractions, entertainment, dining and waterfront options within minutes of your new home no matter where you choose to live.

The great news is that no matter where you choose to live in the Miami area, you will be able to find houses for sale in Miami, oceanfront condos in Miami and luxury apartments for sale in Miami. You can go online www.SunnyIslesMiamiRealEstate.com and then search by area to find the Miami homes for sale. You will be glad to find a great number of options just waiting for you to consider.

When you begin searching for your new place to live, make sure you consider the area of Miami that appeals to you along with cost, home size, and available options. If a condo is right for you, then you can narrow down your search to just those properties, or you can choose single-family residences. When you search real estate listings, you will have control over the properties that you view.

When you get ready to buy Miami Beach real estate

whether you are moving for business or for lifestyle, then you will have to consider many things, including your price range. However, one of the most important things that you will have to ask yourself is: where do I want to live in Miami?