Another hotel and condo complex is in foreclosure. The Ritz-Carlton hotel in Denver, Colorado is in foreclosure and condo units will be liquidated in a trustee sale next month according to Globe St. Goldman Sachs was the lender on the project which had sold only one of the 25 residential units.

The project's 25 residential condominiums and two ground-floor commercial condominiums will be sold as one property in a sealed-bid auction next month. The hotel and the condominium are located in what was once an Embassy Suites hotel. The condominium units are on floors 15-19 of the 38-story building with apartments above. The condos share a private owners' lobby with direct elevators, an owners' lounge and board room, and a dedicated concierge. The Globe St. article says that the location across from the Greyhound Bus station and the lack of balconies made the units a hard sell. They were once priced at as much as $800,000 to $4 million but more recently were priced from $500,000 to $3 million.

The Denver Business Journal reports that Chicago lender Transwestern Mezzanine Realty Partners III's lawsuit against individual owners of downtown Denver's Ritz-Carlton Hotel will go to trial next July. Transwestern is suing Ritz owners Steve Roitman and Jim Cobb of Denver-based energy and real estate company BWAB Inc. and hotel developer Charlie Biederman for $9 million in defaulted debt on the hotel. According to the article The Ritz's Forza athletic club building and condominium component have been in foreclosure since June for nonpayment of the $28.8 million balance due on a $95 million mortgage loan.

Baltimore is buzzing over a big sale at the Ritz-Carlton Residences in Baltimore. A penthouse condo in the pricey project has sold for $12.6 million making it the largest condo deal at the project and in the city. Rumor has it that the buyer may be best selling author and part owner of the Orioles baseball team Tom Clancy. Clancy has created a suspense thriller empire that includes many books including the Jack Ryan series as well as a line of Clancy-branded video games.

The apartment is actually three combined penthouse units which equal nearly 12,000 square feet of space with four bedrooms, six balconies, a home theater and three semi-private elevators.

The announcement of the sale follows the recent news that a man had sued the developer of Baltimore's Ritz-Carlton Residences to get back the return of the nearly $1.1 million deposit he put down on three units there. In the suit he claimed that the representatives of the project's developers told him that he could buy the units at a special price and resell them without ever going through a closing. But on November 12, his lawyers filed a notice with the court that they are dismissing the case without prejudice. Sales have been slow at the project, since it opened in 2008, 22 out of 191 units have been sold.

Way back in 2006 I wrote about the plans for The Resort at Singer Island, a Starwood Hotels project. Now the Florida resort will no longer be a Starwood property. The Resort at Singer Island was sold to Urgo Hotels recently for $7.1 million. A presss release states that condos in this oceanfront tower were sold 78 percent under opening day prices in a bulk sale. The operator of the 239-suite hotel was changed from Starwood to Marriott. The new name is now officially the Palm Beach Marriott Singer Island Beach Resort and Spa. The hotel is on six acres of beachfront with 300-foot frontage on the Atlantic Ocean in Palm Beach County.

WCI Communities, the owner of the property and a luxury homebuilder based in Bonita Springs, filed Chapter 11 bankruptcy protection over a year ago. It announced on September 3, 2009 that it emerged from Chapter 11 as a newly reorganized, private company, eliminating more than $2 billion in debt and liabilities. It spent $210 million to build the oceanfront Resort at Singer Island, a project that comprises 66 condo residences, 239 hotel/condos, a restaurant and a spa. Urgo Hotels paid $4 million for four three-bedroom residence condos, $2.1 million for 14 hotel/condos and $1 million for the hotel operating agreement, the spa, the restaurant and the common areas.

Bernie Madoff's last home may have sold strong, but it looks like the momentum is fading. His home in the Hamptons beat the listing price and ultimately moved for more than $9.4 million. Unfortunately for his victims, interest in his Manhattan penthouse and Palm Beach estate isn't as strong. The prices for both have been cut, as the Ponzi schemer moves from news to history. Both homes have been on the market for only two months.

The Manhattan home, on the Upper East Side, offers 4,000 square feet which the broker, Sotheby's International Realty, says is "perched atop a distinguished white-glove prewar cooperative." Originally offered at $9.9 million, the asking price has been slashed by $1 million. So, if you're looking for some new digs in the city, this should be perched atop your list. A 10 percent price drop after only two months in the game means that you could probably work the price down a little bit further. If you were a Madoff investor, think of it as recouping some of what was so wrongly taken from you.

The situation in Palm Beach, Florida isn't much better. The discount is only 7 percent, with the price plunging from $8.49 million to $7.9 million according to the Corcoran Group, which is handling the sale. This home is billed as "a return to classic Florida island living ... when Palm Beach was a less manicured tropical paradise." What does that mean? Does classical Florida island living have anything to do with defrauding the neighbors?

Madoff, now a resident of Butner, North Carolina, believed that the Manhattan apartment was worth only $7 million. He pegged the Palm Beach residence at $11 million.

When both properties move, the proceeds will go to Madoff's victims. Of the $65 million, roughly, that he took, $1.4 billion is said to have been recovered. Even when compared to the investor losses identified, $21.2 billion, it's but a drop in the bucket. The auction scheduled for Saturday may help a little bit, with Bernie's Mets jacket and Ruth's golf clubs going under the gavel.

One&Only Resorts, the luxury resort company known for its stunning properties in some of the most beautiful locales in the world, will open its second property in Dubai. One & Only The Palm will open on Palm Island in October 2010. The property is being developed by His Highness Sheikh Bin Saeed Al Makthoum (right) and Sol Kerzner, (left) CEO and Chairman of Kerzner International, parent company of One&Only Resorts.

The property will have a striking location on the peninsula of Palm Island crescent with spectacular views of new Dubai's skyline. Resort guests will be able to indulge in an exclusive island feel getaway or choose to be whisked away by the resort's private water taxis or limousine to Dubai's wide array of activities, from golf at award-winning courses to world-class shopping, dining and entertainment at the most sought-after of venues.

Set in some of the most beautiful locales in the world, One&Only Resorts offer a distinctive style and personality borne of its local culture. Other locations include One&Only Reethi Rah, Maldives; One&Only Le Saint Géran in Mauritius; One&Only Royal Mirage in Dubai; One&Only Ocean Club in The Bahamas and One&Only Palmilla in Los Cabos, Mexico. The One&Only Cape Town, South Africa opened on April 3, 2009.

"We believe the government's continuous commitment to developing tourism in the region combined with all the destination has to offer, its constant innovation and its easy international access make this the perfect place for us to expand the One&Only portfolio," says Kerzner.

Located at The Palm Jumeirah, the resort's external architecture will blend Moorish and Andalucian influences, while the interiors will display contemporary, chic living environments, promoting a sense of understated elegance with privacy being of the utmost importance. Surrounded by lush landscaped gardens, the resort will provide an oasis of tranquility amid cosmopolitan Dubai.

Guest accommodations at this intimate resort will be composed of 35 suites and apartments within the grand Manor House, six independent low-rise mansions with eight to ten suites and exclusive two and three bedroom beachfront villas. Stunning and spacious with every modern amenity, guest rooms and suites will have a stylish modern design with an elegant palate of rich fabrics in hues of turquoise and purple. Sumptuous bathrooms will feature over-sized, freestanding bath tubs and rain showers with the finest inlaid marble from Italy and Spain.

All accommodations will offer outdoor terraces or private pool. Guests staying in suites, apartments and villas will also be indulged by a dedicated butler, 24 hours a day. The resort will also feature private cabanas by an 850 square meter pool, a private beach and a freestanding 2,400 square meters spa, fitness and beauty complex. The One&Only Spa will be set amidst outdoor gardens and will offer a fitness center featuring state-of-the-art equipment by Technogym and Kinesis studio, tennis court and a beauty salon.

The resort's Marina Restaurant will offer al fresco dining adjacent to the marina. Guests can reach the restaurant by private yacht or One&Only water taxis.

If you had the occasion to watch the inaugural Abu Dhabi Grand Prix which capped the end of the 2009 Formula One World Championship this past weekend, you may have gotten a glimpse of a giant red structure with a huge Ferrari emblem on the roof. What you're looking at is Ferrari World, the first Ferrari theme park, being built on the man-made Yas Island resort in Abu Dhabi.

The complex stands as the largest indoor park in the world, encompassing some 2 million square feet under a giant 150-foot-high red steel roof sporting the largest Ferrari logo in the world. Out of the top protrudes a 200-foot g-force drop tower, accompanying the world's fastest roller coaster, a flume ride simulating a Ferrari engine and kart tracks among its 20+ attractions. Of course there'll be plenty of restaurants and shopping opportunities that go along with any theme park as well. This one is set to open its doors some time next year as part of an ongoing initiative to turn the United Arab Emirates into a leading tourist destination.

Just how bad is the condo situation in New York? Right to the City-New York, an alliance of grassroots community organizations, has identified a total of 601 condominium buildings in a half dozen neighborhoods in New York City that have either stopped construction or have a great deal of vacant units. That number is a lot higher than the 454 recorded by the Department of Buildings for the city as a whole.

Members of Right to the City went through six neighborhoods in Manhattan and Brooklyn finding buildings that aren't being fully utilized in order to show the city how big the problem is. Over the summer the city began a $20 million pilot program called the Housing Asset Renewal Program in order to turn residential buildings into as many as 400 affordable housing units. Among the buildings that Right to the City identified are Be@Schermerhorn, a 246-unit luxury condo, with a vacancy rate of more than 93 percent, and Forté, a 108-unit luxury condo, with a vacancy rate of more than 60 percent. Both buildings have been on the market for at least a year and Forté was recently taken over by its lender Eurohypo bank.

As Crains New York points out, it's not quite clear how many developers might want to participate in the Housing Asset Renewal Program in order to help finish their stalled projects. Many may prefer to simply wait out the current economic doldrums and begin building again when the market picks up.

Luxury homes and condos continue to hit the auction block. In the Dallas area, homes and condos which once were priced over $1 million will be available at bargain prices during an auction on November 7. Fifteen luxury homes in McKinney's Craig Ranch area and 29 high-end condominiums in Dallas' Preston Hollow neighborhood will be auctioned by the Kennedy Wilson Auction Group. Bidding on the homes will start at $125,000 to $370,000 and starting bids for the condos in Park Hollow, in the Preston Hollow area, will range from $215,000 to $495,000. The auction will take place at the at the Hilton Anatole in Dallas and Kennedy Wilson is holding informational meetings in advance of the event.

Earlier this year, Normandy Real Estate Partners and Five Mile Capital Partners picked up Boston's tallest building Hancock Place, better known as the John Hancock Tower, for nearly $661 million (a bit of a steal considering it sold for $1.3 billion in 2006). Now the partners have announced some plans for the glass skyscraper. The owners have obtained city approval to go forward with a $20 million renovation inside the building. The proposal will fill 90,000 square feet of unused space on the high-rise's ground floor and lower levels with three restaurants, shops and underground parking. The Boston Herald reports that a two-level 10,200-square-foot eatery will be located along the Stuart Street side of the tower. A second cafe is planned for the St. James Street side of the tower and 1,960 square feet of space for a small restaurant or retail tenant with another 8,800 square feet of retail is on the lower level. No word yet on what businesses might be potential tenants.

If you were waiting for the bottom, it looks like you just missed it. Home prices in the Hamptons are on their way back up, rising 4.7 percent in the third quarter. Houses priced in the range of $2 million to $5 million led the charge. In fact, the number of properties clocking in at more than $2 million (including the former getaway of Ponzi schemer Bernie Madoff, which went for $9.41 million) jumped 44 percent -- 46 sales occurred from July through September this year. And, the median price for this part of Long Island increased from $860,000 last year to $900,000 this year.

The action appears to have been driven by buyers who'd normally look for something close to $10 million ... who began to see what they could get for a mere 20 percent of that price. When opportunity knocks ... you know the drill.

Even with this bit of good news, the number of homes sold last quarter fell 2.3 percent, with those fetching less than $500,000 posting the largest decline (22 percent). So, all isn't rosy in the land of the wealthy, unless of course, you're still wealthy.

The list of the most expensive cities in the United States is now out, and unsurprisingly, New York has taken the top spot, with a cost of living that's double its closest follower. Of course, the financial crisis has put a bit of pressure on real estate prices and the cost of goods all over the country, but there are still some places that just cost a fortune.

New York: a two-bedroom luxury apartment (unfurnished) now costs a mere $4,300, off $200 from last year. And, there are other signs that the most expensive city is becoming less expensive, including the shuttering of Café des Artistes and the opening of our first J.C. Penney (ugh).

Los Angeles: this is where you go if you can afford only half the cost of living in New York. Unlike the most expensive city in the country, it makes sense to have a car out there, but get a nice one: you'll be spending a lot of time in it. LA has some of the longest commutes in the country.

Washington, D.C.: in this part of the country, take advantage of a 3.8 percent unemployment rate for the metro area. That's a hell of a lot better than the nationwide 9.8 percent (expected to break 10 percent early next year).

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Chicago's 82-story Aqua Tower received an interesting award recently. Jeanne Gang, principle and founder of Studio Gang Architects earned a PETA Proggy award for using bird-deflecting elements in the residential building and hotel. The undulating exterior and etched glass help prevent birds from flying directly into windows. It's a pretty neat building for people too, those curves make for some distinctive balconies. The building contains 55,000 square feet of retail and office space as well as hotel rooms, condo units and apartments.

Right now there are about a dozen units available for sale in the building as well as nine luxury Parkhomes available for purchase starting November 1,2009. The Parkhomes are two and three bedroom homes located near the base of Aqua in Lakeshore East, facing the Lakeshore East park. They are 3000 square feet and start at $1.6 to $1.8 million. The most expensive unit in Aqua is the Aqua penthouse, a four-bedroom single-floor residence with views of the city and Lake Michigan. It is priced at $1,988,832. In the building two bedroom units start in the $700,000s and the three bedrooms start at $1 million. Units are also available for rent.

It's a ginger battle royale. Oscar-winning actress Tilda Swinton has come out in support of the campaign to stop Donald Trump from building his billion-dollar golf resort near Aberdeenshire, Scotland. Swinton lent her star power in favor of the four hold-outs who have refused to surrender their land to Trump's ambition. She compared the government attempt to push the landowners into selling their land to the notorious "Highland Clearances" of the 18th and 19th centuries when many tenants were pushed off their ancestral lands in favor of rich landowners.

As part of a statement quoted in Page Six, Trump claimed to have never heard of the actress and accused her of using the situation in order to get "some easy publicity for herself." It's a pretty silly claim given that the androgynous actress is notoriously reclusive. Trump also did some name dropping of his own saying that Sean Connery is in support of the project.

A couple of people sent me a note on this one, a sign that luxury real estate is thriving in some parts of the world. We've heard all sorts of rumors about a Hong Kong real estate bubble and the bubble talk reached a fever pitch this week with the news that a Hong Kong apartment has sold for a whopping $57 million. The five-bedroom duplex suite is in a building called 39 Conduit Road. At around 6,158 square feet it is believed to be Asia's most expensive property per square foot. Amenities include a spa, swimming pool, ballroom and fitness center and the building in the Hong Kong hills boasts harbor views. Another unit in the building sold for $51 million. The fact that there is a limited amount of real estate available in the area has led to some high-prced deals as well as concerns that most residents are unable to purchase a home.

The developer, Henderson Land Development Company Limited, created a building of 66 units total ranging from 2,800 to 7,600 sq. ft. Henderson Land Development Company Limited Sales General Manager Mr. Thomas Lam said, "the supply of new luxury residence in mid-levels is extremely scarce while luxury properties in the area have always been a sought after choice. We have recently witnessed record-breaking deals in luxury property market."

[Thanks Lori and Tal]

Last year Robert De Niro's Greenwich Hotel ran afoul of New York City's Landmarks Preservation Commission over a penthouse on top of building. The best suite in the TriBeCa hotel has caused controversy because the commission says that the penthouse does not match the design that they approved in 2004. Last year De Niro appeared at a panel hearing to ask commission members to give him a break and not make he and his partners remove the suite (at an estimated $1.5 million cost) and start over. At the time De Niro said that they worked on the project a long time and tried their best to make it fit into the historic neighborhood. The NY Post reports that De Niro had told the commission that he would update the penthouse façade to match detailed brick used on rest of the building's exterior.

It's been over a year and the building hasn't been corrected. De Niro's business partners and a team of architects were supposed to appear before the commission last week to address the delay. There is no official deadline for getting the project finished but the commission isn't giving up on getting the building fixed in a way that makes the neighborhood happy.