The problems at the three-building Trump Towers in Sunny Isles Beach in the northernmost part of Miami-Dade County began, not surprisingly, around 2006 when the market started on its downslide. The Related Group, who developed the project along with Dezer Properties, began having issues at the point of conception and by 2010 Dezer had taken over and become the sales and marketing arm.
“We were partners in the deal with Related and when we took over in 2010 they signed over the loan to us and we went ahead and sold it,” said Gil Dezer, president of Dezer entities.
The building was built and finished properly but in 2009 when no one closed that’s when talk of the sale to Dezer began. They had to start from scratch, calling into their brokers, existing clients, basically working every single lead to begin selling the building. Things are going well so far. Tower 3 is sold out, Tower 2 is 80% sold and Tower 1 is 70% sold.
Gil Dezer took some time to answer a few additional questions about Trump Towers in Sunny Isles as well as the comparison between their New York and Miami projects:
Q: What’s remaining in the Trump Towers specifically?
A: They have a little bit of everything remaining, the smallest is a 2/2 at 1,463-square-feet, next size is a 1,975-square-foot 3/3.5 bath unit and then to the next size 2,558-square-feet which is also a 3/3.5 but this unit is at the corner of the building and has four separate balconies, one from every bedroom. And the BEST one we have is directly on the ocean and that’s 2,928-square-feet 3/3.5 and that’s been a great seller for us. There are about 20 of each remaining of these described here and all are in Tower 3.
Q: I’d love to know about the amenities of this building that are attracting folks to buy here?
A: Definitely the oceanfront, a lot of the people are real beachgoers, plus the state-of-the-art spa, aerobics room. Also a stellar restaurant which was reviewed in the New York Post. It sits directly on the sand and is only open to residents and guests and this makes a very unique kind of amenity to have. They also do room service to the condos, it’s almost like living in a hotel but you’re in a condo. This is a five-star building for certain.
A: When New Yorkers began seeing these prices they were prepared to buy. The value here is half to a third of the price in New York per square foot and so those who are prepared to buy are buying. New Yorkers are very astute and it doesn’t take much convincing.
Q: How about the surrounding area of Sunny Isles? What is attracting the buyers here and better still, how you are attracting them here?
A: They like the surrounding area, they like the restaurants, the proximity to Aventura and Bal Harbour Shops, especially South Americans. When the weather’s not great out there, they’re in the mall, it’s great for our local economy. We’re becoming our own neighborhood. The buyers are there for the higher end restaurants.
The locals we saw take advantage early on were the ones waiting on the sidelines for the whole thing to collapse. We have some Williams Island transplants and The Point, they are second homes for many of these folks. It’s the same buyer mix that everyone else is seeing. Venezuela, Colombia and Argentina has slowed down a bit.
Typical buyers are young families between 40 and 55, a businessowner is another of our demographic.
Call us at 877-852-6636 for more information on available units.
Photos courtesy of Kreps de Maria