Gil Dezer was one of the few South Florida condo developers to work his way out of the last economic downturn. Now he owns a lot of good land and has a lot of good projects under way.
So the question becomes this: How to approach the market? Deliberately or aggressively?
“We have a lot of property all located in the same area. We don’t want to become our own competition. We are waiting for these buildings to sell and fill up before we go start another one,” he told me on a recent episode of Fried On Business.
And his properties are filling up. There are only seven units left in Porsche Design Tower, and Residences by Armani/Casa is 90% sold.
“There’s no rush. I’m a young man. I’ve got plenty of time to go.”
Now he’s moving into the Midtown area in a joint venture with Jorge Perez to build the SLS Hotel & Residences, which comprises 133 rooms and 450 condo units.
I’m really looking forward to this project. One thing Midtown lacks right now is a luxury hotel property, and this is just the ticket.
Another interesting feature of this project is the price point for the condos. I won’t spoil it for you, but let’s just say it’s quite reasonable for Miami. Listen to the full interview for details.
And an interesting thing about Dezer is he has a tendency to align his interests with those of billionaires. Donald Trump comes to mind.
That, plus his own reputation for quality work, is the reason his business survived the last condo market cycle.
“Whenever we start these buildings, we just have a great name in the marketplace. Buyers come and follow us. We really do build good stuff, and that’s the difference between when the crisis comes and when it doesn’t,” Dezer said.
“As you mentioned early on, we’re the only ones who really survived the crisis, and it’s because of location, quality, and the brand we were working with – Donald Trump. The buildings came out spectacular. The market crashed, so we adjusted prices and we were the first ones to sell out.”
So what is it that makes a Dezer project a Dezer project? Well, he said it has to be unique, high quality, and have excellent amenities. But there’s also one more very subjective factor.
“If I can’t live there myself, then I can’t sell it to anybody else. Everything we design is a place I would move into myself,” he said.
Now, the press says things are slowing down, but the people I talk to are beating their budgets every week.
Dezer said the press speaks of the market in a global scope. At the upper end where he operates, there’s no slowdown at all, he said.
My interview with Dezer covered a lot more territory, so to speak, including:
- Plans for the Thunderbird Hotel property in Sunny Isles Beach.
- The efficacy of co-branding.
- The Gumball 3000 road rally and other fun stuff.
- The trend in condo amenities.
Click here to listen to the full interview with Gil Dezer of Dezer Development. You can contact him at 305-932-1000 or visit dezerdevelopment.com.
