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.

Those checking Miami real estate listings

will usually find a fair amount of Miami Beach condo for sale. This market is one of the most vibrant in the area and, as this part of Miami-Dade County has continue to grow in popularity, these properties have become more desirable to a broader range of individuals. Though much of this area is affluent, there are excellent deals for everyday people to be found for Miami Beach condos, as well. The luxury and more affordable options are usually easy to distinguish between, but both offer excellent benefits.

Miami Beach condos for sale

that fall within a less affluent price range still include some excellent properties. These condominiums are oftentimes their owner’s home away from home; where they go to while away the dark and cold winters back home on the sunny beaches of Florida. Particularly for those who like their living space simple, friendly and not overly-indulgent, these condominiums offer great value. Many of them are located near the desirable neighborhoods of South Beach real estate and Sunny Isles Beach properties, which places the waterfront within easy reach of the residents of these properties.

Miami condos for sale

, however, oftentimes include very luxury properties. These are the sort of condominiums where your car is parked for you, where a doorman greets you and your guests at the entryway and where you’re afforded all of the amenities of a five-star hotel, and then some. These properties have long been popular with those who are very wealthy and who enjoy living in Florida during part or all of the year. Many of these properties have business facilities as their owners, after they’ve come to visit a few times, oftentimes end up wanting to spend most of their time in Florida and, therefore, have a need for such amenities.

Jade Ocean Sunny Isles

as well as Sunny Isles Beach is one of the most desirable spots among Miami real estate, and well-known for being a place where the rich and famous go to vacation, play and, increasingly, to live on a full-time basis. To cater to their needs, there are a host of luxury condominium properties in Sunny Isles Beach and also other nearby areas. Jade Ocean in Sunny Isles is among the most exclusive, very upscale collection of properties. From the moment you see the front entrance of this complex, you’ll know for certain that you’re looking at something a bit different from the norm.

This property towers at a full 52 stories above the surroundings. There are two entrances to this tower and, in front of those entrances, there is a 6-story, lighted waterfall feature. This somewhat betrays the level of opulence to be found inside this property. There are all of the luxury amenities that one would expect to find at the most exclusive hotels and condominiums in the world. This condominium has a swimming pool which runs through the base of the building, providing a truly unique experience when getting in your laps or just lounging around in the sun.

There are few properties as upscale as Jade Ocean

. Sunny Isles is home to numerous upscale boutiques and restaurants, mostly located along Collins Avenue, and Jade Ocean Condo is right next to them. This condominium was designed to be luxurious, but also different. While there are plenty of luxury condo towers from which to choose in Sunny Isles condos, there are few with the unique design that characterizes this particular example. Security at this facility is excellent and computerized enhancements make the units state of the art, luxury dwellings. New sales are taking place on these condominiums at present and there are few in such high demand.

Unfortunately, many people have seen their mortgages go underwater in recent years. Many of these homeowners ended up owing so much more than their home was worth in mortgage payments, largely due to bad loans, that they ended up having to let go of their home and take the loss. Miami foreclosure condos for sale and Miami foreclosure houses, while they do represent a difficult time, also represent some of the best deals on the market in years. Many of them are available in areas of the city which may have been unaffordable to most people in the past.

The Miami foreclosures for sale

include higher end properties precisely because part of what drove the housing crisis was people buying above their means. This means that some very desirable properties are on the market at very good prices. The banks, losing money each day that they are responsible for maintaining the home, and collecting nothing on the mortgage, are eager to get them off their books. This means that it is a buyer’s market in many areas of the city where prices were formerly very high. These prices weren’t high for arbitrary reasons, given some of the properties involved.

Miami Oceanfront Properties

always commands a high price. While prices dropped considerably during the crash, they are beginning to recover and the market is picking back up. Those homes that enjoy features such as oceanfront views, access to beaches and proximity to major business districts are still very desirable, as their location has not diminished a bit in value. For those buyers who get into this market right now, there are good deals to be found and plenty of opportunities to be salvaged from what remains of the crisis that recently passed. Foreclosure condos in Miami, foreclosure single family houses in Miami, short sale condos in Miami, short sale houses in Miami are all currently available for sale at a deeply discounted price.

Bal Harbour Condos For Sale

are among
top places in the Miami-Dade County area as popular and as affluent as ever is the South East Florida region. The numerous luxury condominium in Bal Harbour are center in this village and are among the most desirable in the area. All Bal Harbour condos represent an incredibly upscale living options. These condominium developments are characterized by tall towers, numerous amenities and extensive grounds. Being that this is Florida real estate, a great many of the Bal Harbor new condos for sale also offer their residents ready access to the beaches which, of course, are among the most significant draws in this area.

This market tends to move fast and it is very exclusive. Each of the various Bal Harbor condo for sale offer their own, unique advantages to their owners. Some of them feature very traditional designs and some are ultra modern. Some follow particular aesthetics, such as those that adhere to Asian design influences, and others are classic Florida beachfront properties. The entirety of these properties offer amenities to their residents, which usually start right when you pass through the entryway. These properties do go out of their way to pamper their guests, and some of the offerings present enormous conveniences.

Some of the condos in Bal Harbour

have services onsite such as spas. The vast majority have swimming pools and fitness centers. Because these are real Bal Harbour homes, and not just vacation stop offs, many of the residents work from their properties. To provide for their needs, residents will find numerous services appropriate for businesspeople at these condominiums. Secretarial services, concierge services, meeting facilities and much more are offered by many of these properties. When the business day is done, many residents retire to the clubs that exist for the use of those who dwell at many of these properties.

Bal Harbour Florida real estate we recommend:

One Bal Harbour 5 star luxury ocean front condo, prices range from $1,2M to over $10M

Bellini Bal Harbour luxury ocean front condominium, prices range from $2,3M to over $7M

Majestic Tower Bal Harbour one of the most desirable condo residence in Bal Harbour, prices range from $1,5M to over $5M

St Regis Bal Harbour brand new, soon to be completed luxury condo hotel residences. Prices range between $1,6M to over $10M.

For more information on Bal Harbour Florida condos for sale please contact us toll free 1-877-368-2318.

There are numerous Miami Beach apartments for sale

as well as Miami Beach homes homes for sale. This area is very popular but, because it is small area-wise, it can be expensive on a per square foot basis. Many individuals opt for condominiums or apartments as living space in this area and, because of that, apartments in Miami Beach comprise a huge range of options, from very simple and basic models to very upscale properties. These apartments are sometimes located in high-rise buildings and sometimes located in the more historic, Art Deco style buildings that are so associated with this area of the nation.

Finding Miami Beach apartments for sale

will almost certainly be easier with the help of a Miami Beach realtor. This is a competitive market and, because there are a lot of buyers, what’s on the market doesn’t tend to stay there for long, especially if it’s a solid deal. There are numerous high-end properties to be found in this area, many of which offer access to the beach or to facilities for watercraft. These oceanfront properties obviously come at a premium. Many of them have businesses, including restaurants and bars, located on the premises, which provide the spaces where many residents mingle and get to know one another.

Miami Beach Real Estate

has a lot of high rise developments, and the Miami Beach apartments for sale oftentimes include features that would be very expensive in other markets but which are more or less standard in this one. Balconies, for instance, that provide very expansive views, are found on a great many of these properties. Even those which are not located in high rises oftentimes have attached, outdoor space. Swimming pools and other amenities are available at some of the complexes, as well, and the weather is almost always very warm.

The Miami Beach Foreclosures For Sale

at any given time represent a big opportunity for some people. Because this area is among the most desirable in Florida, the prices can be very high. They can be so high that many people find themselves shut out of the market and, if one has always entertained the idea of living in this tropical part of the nation, it can be a harsh reality to accept. Fortunately, there are usually inroads for people who are diligent and creative enough to recognize an opportunity when it presents itself.

Many Miami Beach Properties

are located in very upscale high rises. Some are located in historical buildings which embody the famous Art Deco aesthetic. Miami Beach foreclosures allow individuals who may have thought they’d never be able to afford such a property to move in. Of course, not all of the individuals who seek out these properties have any intention of moving in and calling the residence their home. This area is also popular with real estate investors. The fact that there are so many properties with beach access means that this land stays valuable through the worst of times.

Foreclosure Condos in Miami Beach

are always of interest to investors, therefore they tend to go fast. It’s generally best to have a skilled Miami Beach realtor help with the search. This market is complex, with many different property types. Some of the properties are very exclusive, and knowing which ones are likely to increase in value quickly takes some historic knowledge of the market. These properties, of course, are also close to Miami itself, which is the center for business in the state. An international city, the proximity to Miami is another factor that gives Miami Beach homes value beyond their access to the ocean.

Sunny Realty

specializes in Foreclosure Condos in Miami area as well as Foreclosure Houses in Miami and Short Sale In Miami.

Miami Beach Real Estate

is better known for the number of condominium developments the area boasts. However, you will find a wide range of single family homes in Miami Beach on the market, as well. Just as the sales for condos dropped as the economy tanked, so did the sales for single-family homes. However, experts in Miami real estate have noticed a new trend. Single-family homes in Miami Beach are selling faster now, and for higher prices than before. This is considered an excellent indicator that the area is coming out of its downturn.

It’s a fact that the real estate industry in Miami Beach as well greater Miami Beach real estate, Bal Harbour real estate and Sunny Isles beach real esetate has fared far better than many other areas of the nation. Sales in the greater area never truly stopped, though they did slow considerably and prices fell along with that slump. Today, those sales are increasing and the prices are rising along with it. This is an excellent indication that the area’s economy will quickly return to its former splendor.

While Miami Beach condo sales

are certainly up, experts look to single-family home sales as an indication that more residents are moving to the area on a permanent basis. While condos might be used as rental properties or vacation homes, single-family homes are more often the permanent residence for a family. As sales increase, it shows that people are once again moving into the area to work, live and play.

Those watching the market have eagerly anticipated this development, as it represents the return of a healthy economy. Sales prices are increasing along with the number of sales, though, so if you are in the market for a new home in the Miami Beach, South Beach homes for sale or SoFi area, now is the time to buy, while the prices are still lower than they were in the past.

Despite the chilly temperatures, Miami real estate

market for condos and single family houses is heating up considerably. While the national economy might be slow to recover, it seems that the real estate in Miami Beach is rebounding very quickly (though it never truly bottomed out to begin with). As a sign of this resurgence in the market, the area has seen some serious deals go through recently.

For instance, a condo unit at the Murano Grande Miami recently went for $4.2 million, while another combo at the Continuum Miami brought in a staggering $6.25 million. Lastly, a condo unit at ICON South Beach Miami went for $2.325 million – those are some pretty impressive sales figures, indeed!

However, do not mistake the rise in sales for a lack of available properties. Miami Beach is currently home to some of the most impressive properties around. You will find numerous condos for sale, both downtown and on the beach. However, if you are seeking rental property, you might have even more options. A considerable number of properties are up for rent, both long term and short term. That means you can find any sort of property to suit your needs.

The Miami Beach real estate market is rebounding

faster than many people have expected it to, leaving some buyers wondering where to turn so they can get in while the prices are low. If you’re in the market for a great ocean front condo in Miami in the lap of luxury, don’t wait. Considering the sales the area has experienced recently, it’s an easy guess to say that these properties will start selling even faster. The market’s upswing is set to be quite significant, so getting in now is the best way to ensure you get the property you want, at a price that you absolutely love.