Gil Dezer on Luxury Development, Financing and the South Florida Boom (Plus His Love For Cars)
Mar 4, 2024
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Gil Dezer discusses his success in building branded condos in South Florida, including the Porsche Design Tower and Armani Residences. He shares insights on pre-sales at the upcoming Bentley Tower, construction loans, and his confidence in South Florida. Dezer also talks about his love for luxury cars, including recent additions to his collection.
Adapting to rising costs is crucial in real estate, with buyers accepting new pricing structures.
Buyer commitment and substantial deposits are essential for securing financing in real estate projects.
Deep dives
Current Challenges in Real Estate Development
Real estate developer Gil Dessert discusses the challenges in the current real estate market, highlighting how costs have increased significantly, impacting selling prices. He emphasizes the importance of adapting to the changing market dynamics and how buyers are accepting the new pricing structures. Dessert points out the impact of rising labor and material costs on development projects, illustrating the need for developers to adjust to these market shifts.
Financing and Market Trends in Real Estate
Gil Dessert shares insights on financing in the real estate sector, noting that funding is available for projects with pre-sales and demonstrated market appeal. He discusses the importance of buyer commitment through substantial deposits. Dessert elaborates on the specific financing model for the Bentley Tower, where buyers commit significant amounts, showcasing the real demand and ensuring sustainability for the project.
Market Demand and Growth in South Florida Real Estate
Gil Dessert highlights the market demand in South Florida, particularly in Miami, emphasizing the continuous population influx and the attractiveness of the region. He discusses the potential for overdevelopment in the future, acknowledging that while oversupply may have been a concern before, the evolving market dynamics and demand have balanced the situation. Dessert expresses optimism about the growth potential of Florida's real estate market, citing ongoing population shifts as a driving force.
Gil Dezer knows how to build branded condos. From the Porsche Design Tower to the Armani Residences in South Florida, Dezer is now focused on building the Bentley Residences. Despite growing up in New York City, Dezer is now Miami through and through and remains bullish about the city and South Florida in general — and believes people will keep shelling out big bucks to live there.
Deconstruct chatted with Dezer about pre-sales at the Bentley Residences, how he's thinking about a construction loan and why he still thinks he has the best land in the country. (Plus, some of the cars he's recently added to his collection).
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