Gil Dezer, president of Dezer Development, is one of the largest oceanfront property owners in Sunny Isles Beach, Florida, along with his father Michael Dezer, who founded the company in 1970. They own just over 27 acres of beachfront property.
Mr. Dezer, 43, has sold more than 2,700 units and generated $3.6 billion in sales, often pairing with lifestyle brands like Armani, Porsche and Trump (Dezer has six Trump-branded towers).
The Dezers also have commercial holdings in New York, where the company was founded, specifically in Chelsea and the Flatiron neighborhood.
We caught up with Mr. Dezer to discuss the importance of keeping a home in tip-top shape, why any unique property is a good investment, and more.
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Mansion Global: Describe your dream property.
Gil Dezer: It’s the one I live in now. I live in 14,000-square-feet directly on the ocean with a 29-car garage. I play with cars, I don’t collect them.
I’d like to have exactly what I have now, but maybe on stilts.
MG: Do you have a real estate property that got away?
GD: I would tell you, but I don’t want the guy who got it to have the satisfaction [laughs]. But you can’t win everything.
MG: What does luxury mean to you?
GD: A building has to be well built, with good floor plans in the apartments. But it eventually comes down to the experience of living there.
A building that’s great, with great management, too, is a truly luxury building.
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MG: What area do you think is the next hub for luxury properties?
GD: There’s still opportunity in Sunny Isles. The area started to be built up in 1997, with two-and three-story buildings and hotels, and we’re not completely built out yet. We’ve built 10 buildings on the beach, and our competitors have built 7 or 8.
We’re in the northern part of Miami-Dade, and we’re the end. This isn’t Dubai, where we’re going to build out islands in the ocean. So the value of oceanfront properties will pop up quickly.
MG: What’s the biggest surprise in the luxury real estate market now?
GD: Huge rents, specifically as I’ve seen them at the Porsche Design Tower. We thought people wouldn’t rent out the condos that sold for $7 million to $9 million because they’d have to get $40,000 to $60,000 a month for them, but there are four apartments that are asking that much and getting it.
MG: What’s your favorite part of your home?
GD: My favorite part is my garage. I have the first three floors of the Trump apartments, so it’s an apartment that feels like a house.
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MG: What best describes the theme to your home and why?
GD: It’s all about earth tones, which extends the feel of the beach.
MG: What’s the most valuable thing in your home?
GD: I have a Porsche hanging on my wall, but other than that, there’s nothing too valuable.
The process of affixing Mr. Dezer's Porsche Spyder to the wall of his apartment
Gil DezerMG: What’s the most valuable amenity to have in a home right now?
GD: A swimming pool, or a plunge pool, or even a Jacuzzi. Anything where you can get into the water without going outside.
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MG: What’s your best piece of real estate advice?
GD: Keep your property in top, top, top condition and pay the premium to maintain it properly, because it’ll be worth more in the long run. And don’t over-leverage yourself to buy it.
MG: What is the best area now for investing in luxury properties?
GD: Any unique property that’s not a dime a dozen will carry a premium and appreciate faster.
MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
GD: There’s no clear cut answer, it depends on the property, and the price per square foot. If you’re buying from a developer, it’s the same as redoing an apartment. You’re going to go through construction, and all the work that that takes. That’s not a problem if it’s a second home, but for a primary home it can be frustrating.
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MG: What area currently has the best resale value?
GD: Anything on the beach. There’s limited supply there, and it’s getting more limited.