Related Group was bought out by Dezer Properties selling at new, discounted prices..   I decided to take the forbidden tour of the Trump Towers Sunny Isles Beach in January after years of stressful phone calls from speculators trying to sell & get out. To top it off, the news came from every direction of the Dezer family buying out Related’s stake in the entire project assuming the remaining debt after paying off Tower I. After seeing the finishes both condo interior and throughout, noting the well appointed amenities & hearing what had occurred with financial backing by the lender for the next 4 years, I’m now promoting it with all the other Sunny Isles Beach ”greats“ to clients & customers looking for the very best values on new oceanfront construction. Here are the interesting facts on the buyout..

Following months of negotiations with lenders, Dezer Properties assumed the former partnership’s $265 million loan on Dec. 31, 2009 with the bank then renegotiating the construction loan with Dezer Properties directly after seeing successful performance from Tower I sales allowing Dezer to then lower the prices by 30% and now causing a success of new sales in Trump Tower II.  Tower II was relaunched to the public as the premier tower of the three offering an onsite restaurant with an oceanfront setting and great food along with 2 swimming pools to choose from depending on which side of the bed you wake up on.

 The Dezer’s are the real estate moguls & godfather of Sunny Isles Beach condo development. The Dezer family owned business holds 45 acres of oceanfront land in Sunny Isles Beach, with sites for eight more buildings. Gil and father Michael Dezer have also developed and almost sold out Trump Grande in Sunny Isles Beach, a three building premium oceanfront enclave that includes the Trump International Beach Resort built in 2003, the Trump Palace (2006) and the latest Trump Royale (2008) which is now 60+ percent sold out. In addition to their South Florida properties, the Dezers’ holdings include 27 buildings in New York.

“Prices now range from $350 per square foot for most units to $600 a square foot for penthouses. 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, Dezer 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!“    - MiamiHerald

 We’re seeing the very best value on a price per square foot basis at $350-$600psf as the low end price point of the luxury oceanfront condos are now reflective along the Miami Dade Beaches.. Sunny Isles Beach real estate specific to condo inventory, has seen a decrease in inventory consistently with 1,053 total condos on the market (Southeast Florida Regional MLS) with 272pending contracts, 96 of which went pending in the last 30 days. Our Sunny Isles Beach short sales are comprised of 193 (18%) condos down from 33% a year ago. Bank owned REO’s make up only 13 Sunny Isles Beach foreclosures or 0.01%. Call to chat 1.888.383.7326 or Contact me here.

Trump Towers Sunny Isles Condos for Sale | Trump Towers Condos for Rent

Shaky but Worthy; Sunny Isles Beach Video (2008)

Happy New Year friends and this will be post #1 of 2010. Here’s a shocking new thought for 2010… Just because it sold for that price in 2008 & 2009, does it mean you can buy it for that price today? It seems to be happening again and again as inventory decreases.. Will there be a tough time understanding & coping just opposite to the seller reluctancy seen in 2007 as the Miami Beach real estate market came to a standstill?

The buying window of opportunity in “catching the bottom” may be leaving in 2010. My 2010 forecast will be coming in the next few posts as I discuss market stats, trends and the direction this year could go in as relay that NOW is the time to find the bottom of South Beach to Sunny Isles Beach. Sale to List Price Ratio have jumped from 88% to 92%.

On the flipside, we will always find opportunities so if you wait this year to watch I am certain you can find the “deal.” Some buildings are already seeing appreciation. Space 01 for example went up 23% in the last 90 days! 11 Island Avenue has gone up 13% in the last 6 months. Roney Palace is on the direction up and more (FNMA Financing now Approved) to come..

Many would consider condo deals to be under ie) $250k but from $150 to $5.5M, here are my top choices for January 2010 in which I expect sales to occur within the next 60-90 days. I have previewed the majority with customers and these have been the top choices.. these links are LIVE so we’ll all soon find out once the Status changes from Active to Pending to Closed.

• #1 $199k – Indian Creek Club Marina #6F (Short Sale)
• #2 $299k – Bay View Loft #206 (Approved Short Sale)
• #3 $439k - Roney Palace #1539
• #4 $445k – Oceania V #1852 (Corporate Owned)
• #5 $480k - La Perla #3406 (Approved Short Sale)
• #6 $649k – Trump Palace PH5103
• #7 $1.350M – Trump Palace #4902
• #8 $1.399M – Ocean Four #1101
• #9 $3.690M – Jade Ocean D2 (Flow Through only 1 of 2) Penthouse
• #10 $5.395M - Il Villaggio #1405

Preview Daily Updates on Miami Beach | Sunny Isles Condo Deals & Repos

Bay View Loft

Happy Holiday as we enter the day before thanksgiving with excitement & amazement both how much food we can stuff ourselves with plus the unfolding of the new year. Rounding off the final weeks of 2009, I am Very Thankful for all of you and my direct clients that have made this business thrive in a market that many would claim is quite challenging. So much will be unfolded in January with 2 new web sites and 2 new blogs surely to add value, substance and knowledge to the local Miami Beach real estate market. I end this week before leaving to see family with a blog post “deal of the month” that is under the radar because of it’s asking price yet will be a stellar beach pad (or should I say loft) for the savvy buyer. If you would like to see a new deal posted each month like this one, please comment below and let us know. Any questions pertaining, I’m easy to reach at 786.273.7326.

Welcome to Bay View Loft 206

Located in Miami Beach at 2000 Bay Drive right off the Kennedy Causeway as you enter East into the Miami Beach welcome sign. The loft complex is comprised of only 22, 2 story lofts with the vast majority facing out to the direct bay offering unobstructed bay views and the Grand View Palace Marina across the waterway. As of September, the association was financially healthy with a reserve fund in tact and a very low maintenance fee of only $435 monthly. It is unfortunately an owner occupied short sale so will take 3 to 7 months before possession occurs but for the patient buyer, should show great returns over the years. The rental income is $2,000 month and $2,500 for a seasonal lease (permitted at 3 month intervals).

• 1,515 Square Feet 2 bedroom 2.5 bath (fully equipped)
• 2 Parking Spaces (garage)
• Asking $324,900 (down from the $735k in 2006, $699k in 2007 $574,900 in 2008)
• Paid $469,900 in 2005
• Folio #02-32-10-059-0110
• 2008 County Assessed Value $646,800 (Assessed at $485,100 in 2009)
• 2008 Tax Bill $13,113.74
• Yours truly just sold #205 last month for only $240,000 as REO steal
• Therefore make an offer…
• More Photos here on Flickr
• MAP of Property

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I know this is a cheesy video but had to do it along with saying HAPPY THANKSGIVING!