Miami Luxury Condos Revived With Buyer Cash Deposits

Gil Dezer, a Miami-area developer, five years ago had 850 unsold condominiums on his hands and almost $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 auto enthusiasts called the Porsche Design Tower. Condos at the 60-story building, featuring an elevator that transports cars directly into the homes, range from $4.5 million to $32.5 million for a 17,000-square-foot (1,600-square-meter) four-floor penthouse.