It’s been a long summer for those who sell Miami real estate. Among those who lost his chance to take a summer vacation to St. Tropez was Miami developer, Gil Dezer, because he had too many projects in the works. Both the Trump Royal condo and the Trump Towers needed his immediate attention at the time. Apparently, he wasn’t wrong, because he sold units in these buildings that amounted to sales worth more than $100 million in June, July and August. Half those sales, $50 million, came in just the month of August. In total, Dezer has managed to sell Trump condos in the amount of $1 billion.
The price for each Sunny Isles Beach condo has reached $525 per square foot recently. In 2009 when buyers decided to leave their contracts on the table, the price was at $1,000 per square foot. Now that sales are beginning to pick up again, the price is much lower. Even so, Dezer is happy with the price after having paid his construction loans in full for all of his four properties. Adding to the distinction of no longer having those loans is the fact that Donald Trump joined in on the celebration in January by burning the buildings’ mortgage documents personally. It was difficult to keep going during the times when real estate was losing value, but the fact that Dezer ended up on the winning side of things made it worth the price he had to pay.
Another building, the Icon Brickell, is just one more winner in the area. This behemoth of a building contains 1,800 condominium units, and it appeared to be too much for builders from the Related Group to continue with sales efforts. In May of 2010, it became necessary for the developers to return the deeds of two of the towers to the lenders. That was then, but now is a completely different story. A total of 1,500 of these Miami condos have been sold resulting in $700 million in sales. Because of the contracts that have recently been signed, it can be said that only 30 condominium homes remain in this building.
Jorge Perez, chairman and CEO of the Related Group has been quoted as saying that everyone around is rather surprised with the rapidity that they have been able to sell the units. He also notes that most of the buyers have been from outside of the country. The leader appears to be the Latin American buyer because the economy of Latin American countries has been so positive recently.
The president of Fortune International Realty, Edgardo Defortuna, believed that he would complete selling condominium homes in the Icon in a three-year period for $350 per square foot. It took him half that time to sell most of the homes in this South Beach real estate at a price of $400 per square foot.
The trend has been so encouraging that Perez has started building even more South Beach condos. Even though the new building is a few years away from being completed, it has already taken over 60 reservations before the Related Group could even begin officially selling the units. These condominium homes in a building called MyBrickell are a bargain at $300 per square foot. They were given this price because being Midtown Miami condos means that the building is not located on the beach. Also, it did not cost as much to construct the building.
Another formerly distressed building, the Paramount Bay is currently having its homes sold. Once in foreclosure, this building has as its designer the design firm, Kravitz Design, a firm owned by musician, Lenny Kravitz.