Watch: Top South Florida developers think Miami’s boom is here to stay
Gil Dezer, Jon Paul Pérez, Keith Menin and Todd Michael Glaser spoke at TRD’s South Florida Showcase + Forum
Despite reports that South Florida’s condo market is oversupplied, developers aren’t slowing down any time soon.
At The Real Deal’s 2021 South Florida Real Estate Showcase + Forum, developer Gil Dezer noted that condos at Residences by Armani/Casa in Sunny Isles Beach, which he co-developed with Related Group, sold for an average of $1,250 per square foot, while resales at Porsche Design Tower have reached $1,800 per square foot. Those per-square-foot prices, TRD moderator Hiten Samtani noted, are near New York highs.
The developer panel included Dezer of Dezer Development, the Related Group’s Jon Paul Pérez, Menin Hospitality’s Keith Menin and spec home builder Todd Michael Glaser.
Glaser has built some of Miami Beach and Palm Beach’s most notable high-end homes, and recently bought, tore down and then sold Jeffrey Epstein’s former waterfront property. He said the ever-increasing wealth of the super rich has led to greater investment in luxury condos and allowed him to plan projects like his Tarpon Island redevelopment, which he purchased for $85 million and plans to sell finished for more than twice that.
“Real estate’s gone up tenfold,” he said. “But somebody that was worth $8 million in 2003 could be worth [$400 million] to $500 million.”
The developers also discussed the changing trends in the market – from financing sources to design choices – on TRD’s stage. Watch the video above for more.