Cash deposits revive Miami luxury condo market

[NEW YORK] Gil Dezer, a Miami-area developer, five years ago had 850 unsold condominiums on his hands and almost US$500 million in loans coming due as credit markets froze and buyers disappeared.

Today, he's back in the market with what he sees as a safer bet: a 132-unit luxury project for car enthusiasts called the Porsche Design Tower. Condos at the 60-storey building, featuring an elevator that transports cars directly into the homes, range from US$4.5 million to US$32.5 million for a 1,600-square-metre or 17,000-square-foot four-floor penthouse.

While the oceanfront tower's foundation is still being poured, 113 of its 132 units have sold. All buyers placed deposits of 30 per cent in cash - seed money Mr Dezer relied on to gauge interest in the project.