Wednesday, May 12, 2010

Sales at Trump Towers in Sunny Isles Beach, FL Surpasses $100M Mark

SUNNY ISLES BEACH, FL--(BUSINESS WIRE)--Heralding the ongoing positive direction of South Florida’s residential real estate market, Dezer Properties  announced that they had surpassed the $100 million mark in sales since assuming the marketing of all remaining units at Trump Towers (top left photo) , the three-tower, 813-unit luxury oceanfront condominium development located at 16001 Collins Avenue, in Sunny Isles Beach, Florida.

The Dezers recently assumed a $265 million loan from a development partnership that included the Related Group, with Wells Fargo serving as agent for a syndicate of 11 participating financial institutions.

 The project’s three towers have a combined 475 units left to sell. The 181 units sold so far sold range in price from $550,000 to $1.9 million, averaging $414/ square foot.

“We are confident that our adjusted pricing is what has driven beyond-expected results,” says Dezer Properties president Gil Dezer (bottom right photo).. “The ability to purchase a unit in a building as prestigious as Trump Towers for $350 to $600/ square foot has generated unprecedented response from a broad range of local, national and international buyers.”

Trump Towers was New York real estate mogul Donald Trump’s (middle right photo) second development with the father and son team of Michael and Gil Dezer.

 The Dezers and Trump also collaborated on Trump Grande in Sunny Isles Beach, a three-building oceanfront enclave consisting of the Trump International Beach Resort, Trump Palace and Trump Royale.
“We have always felt that prime oceanfront property would be a signal of the strength of the recovery, as these types of units are so much of South Florida’s appeal,” adds Dezer. “While the residential real estate market clearly has a ways to go to reach full recovery, these initial results have been very encouraging about the state of our industry, at least in Sunny Isles Beach.”

“Our success in marketing Trump Towers has generated numerous inquiries from financial institutions to discuss potential work-outs of distressed properties in their portfolios,” concludes Michael Dezer (middle left  photo)

 “Our experience working with high-end residential condominiums gives us a unique differential advantage in that we understand the needs of the potential buyers, while also recognizing how value-driven the market has become, even in relation to oceanfront property.”

Contacts For Dezer Properties, Kreps DeMaria PR, Israel Kreps or Laura Acker, 305-663-3543

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