condo complex

Retirement Communities Considering Widening Age Restrictions

For years developers have been anticipating the needs of the retiring baby boomers by building massive 55-and-over community complexes. But they didn't bet on a slumping economy and a down real estate market that would leave aging Americans unable to stop working and sell their homes. Even those that are already in these communities are struggling to pay their homeowner's dues and condo fees because their retirement accounts are dwindling. The Wall Street Journal covers the growing trend that finds many developments considering opening their doors to younger buyers.

Not everyone is embracing these changes. Some people worry that the mixing of ages would change the nature of the developments bringing more traffic and noise as well as municipal expenses such as schools for younger children. Warm-weather retreats such as Arizona, California and Florida are most affected by this trend. Some are lowering the age requirement from 55 to 45 but still keeping the ban against young children in place. There are also potential legal questions in some cases in regards to zoning since some of these developments have been in zoned specifically for senior housing. Meanwhile prices in these communities, especially in Florida, are plummeting. In the Century Village retirement development in Deerfield Beach two-bedroom condos that would have sold for $120,000 a couple of years ago can now be found for as low as $40,000, a fact that is attracting younger buyers to try and move in.

The problem is that no one knows just how long the current economic situation will last. Some condo developments are trying to wait out the inevitable upswing which will bring baby boomers back to their doorsteps while some developments which had banked on immediate sales, are doing whatever they can to get sales now.

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Tags: condo complex, CondoComplex, condos, retirement

The Gallery Condominiums

by Deidre Woollard (RSS feed) —

Filed under: Estates

Today's condominium watch has us in the Buckhead area of Atlanta checking out the Gallery. The Gallery is a 203-unit, 27-story building that is home to one-, two- and three-bedroom luxury condominium homes at 2795 Peachtree. The design is meant to marry classic and modern architecture by combining glass walls with an almost castle-like crenelation. It has floor-to-ceiling glass, large balconies, 10-foot ceilings, kitchens with granite and Viking and Sub-Zero stainless steel appliances. Community amenities will include a large pool deck with outdoor fireplace and grilling areas, traditional and "virtual" art galleries, fitness center with aerobic and weight areas, two club rooms with high-definition plasma TVs, guest suites and a tennis court. Prices range from the low $400,000's to over $1 million.

[via the Atlanta Journal-Constitution]

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Tags: atlanta, buckhead, condo, condo complex, condominium, development, the gallery, TheGallery

Memorial City Plans New Condo Complex

by Deidre Woollard (RSS feed) —

Filed under: Estates

We see plenty of planned towns but Memorial City in west Houston is fast becoming a mini city near a city. MSNBC reports that MetroNational, the company which is creating a new $700 million development complex around the Memorial City Mall will be adding luxury midrise condos to the mix. MetroNational will be building 120 luxury units which will be ready by late 2007. The Memorial City project also includes a luxury hotel, townhomes, retail space, a movie theater and restaurants. Famed baseball pitcher Roger Clemens will be opening Roger Clemens' Rocket Sports Grill in the mall. The entire project will take around seven years to complete.

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Tags: condo, condo complex, condominium, houston, memorial city, MemorialCity

Racquet Lane Condominiums

by Deidre Woollard (RSS feed) —

Filed under: Estates

Today's luxury condo complex comes from the town of Yakima, Washington. The Yakima Herald-Republic reports that Racquet Lane, located near the Yakima airport, languished unfinished for a while but is now in the hands of a new developer. Jacques von Speyer of Deerfalls property picked up the unfinished 5.6 acre property for a very reasonable $450,000 and now plans to complete the project, finishing two existing nine-unit building as part of phase one. Eventually there could be 54 condos in the location. The units which will sell for $230,000 to $350,000 will have hardwood floors and come with a one-year membership to the neighboring athletic club.

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Tags: condo, condo complex, condominium, racquet lane, RacquetLane, real estate, washington condo complex, WashingtonCondoComplex, yakima

Bocara, Affordable Boca Raton

by Deidre Woollard (RSS feed) —

Filed under: Estates

Boca Raton, part of Florida's Gold Coast, is home to some amazing homes. For those looking for a condo or townhouse in the area, now there is Bocara, a new community on the site of the former St. James Club. Amenities include a 5,000 square foot clubhouse with a fitness center, racquetball court, clubroom and business center. There is also a pool, deck, poolside bar, tennis and volleyball courts and a barbecue area. The complex offers 196 two and three bedroom condominiums and 28 town home residences with vaulted ceilings, granite kitchen counters, stainless steel appliances and cultured marble bathroom counters. Reasonable by Boca standards, the homes start from the mid $300,000s.

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Tags: boca raton, BocaRaton, condo, condo complex, condominium, florida real estate

Massive Race Car Hotel Planned For Nevada Town

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

More building exuberance from Nevada. This time the news comes from Beatty, a small town 120 miles north of Las Vegas. Developer Mark Fleming is planning a $2 billion hotel/casino/condo complex with a race car theme. The Xtreme Cars and Stars Hotel Casino will have four 27-story towers with around 2,592 condos, timeshares, and hotel rooms. There will also be retail shops, restaurants, and a large casino that includes and exhibition area for cars. The ambitious plan includes a $2.7 million, 2.1-mile NASCAR racetrack which will encircle the property. The project also has some amenities I haven't seen recently including a drive-in theater and a floating restaurant. Other features include a18-hole championship golf course, 50,000-square-foot pool area and an RV park with full hook up facilities. There will also be a floating restaurant suspended at the top of the building. Every detail of the building will have an automotive theme and the development also includes car condos with garage areas and overhead loft space for sale which will sell for $250,000 to $1 million. It's an interesting project but will it come to pass? According to an article in the Las Vegas Business Press, Fleming claims that executives from Arby's, Disney and General Motors have verbally committed to the deal. He hopes to break ground by the end of the year.

[via Born Rich]

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Tags: beatty, casino, condo complex, condominium, hotel, nevada

The Monarch

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Today's luxury condo brings the high-rise life to Troy, Michigan. The $101 million project being created by Joseph Freed & Associates will have an 18-story and a 12-story tower for 155-170 condos. The building will also have retail space. Building amenities will include a fitness center, meeting room, parking garage, concierge services and an indoor virtual golf area. The building is geared toward empty nesters who are downsizing and want a hassle-free home. The condos will be 850 square feet to 3,500 square feet and cost from $400,000 to around $2 million.

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Tags: condo, condo complex, condominium, the monarch, TheMonarch, troy, michigan