The Miami preconstruction market is back.
Developer Gil Dezer isn’t launching sales of his 132-units Porsche Design condo tower in Sunny Isles Beach until June. He’s spending $3 million on a swanky sales center that won’t be ready until then. He still doesn’t have a Web site for his building. He’s not planning to break ground on the 57-story development until the second or third quarter of 2013. And he says the building won’t be ready until the second quarter of 2016.
But word has spread about the Porsche Design building, with a robotic parking system that allows owners to store multiple cars next to their apartments, and many would-be buyers have expressed interest.
“We’re now taking private meetings with those who are interested in buying units,” says Dezer, who’s come up with a way to ensure he’s meeting with serious customers.
Dezer is requiring that potential buyers deposit $100,000 in escrow before they can schedule a meeting to discuss the luxurious condos, which are priced around $1,000 per square foot and range from $3.9 million to $14.5 million.
That money is refundable, of course, but nobody’s asked for a refund yet.
Dezer’s had 27 interested parties put $100,000 into escrow and is making appointments as far as 60 days out. So far, 15 meetings have resulted into 15 reservations for units, with the buyers – all Latin American, except for one US buyer and Russian – each putting 10 percent down. This means deposits of around $400,000 or more for product that won’t be ready for more than four years.
And Dezer is also making buyers put another 10 percent down when they go into contract and another 10 percent beyond that when construction starts.
“That’s one of the selling points,” Dezer says of the building’s timetable. “We’re helping people plan the future.”