condo development

Luxury Miami Project Goes Back To Lender

A luxury condo building in Miami Beach has gone back to its lenders. The Miami Herald reports that South of Fifth, a $73 million luxury condominium building has gone back to its lender, after a foreclosure auction. The project at 135 Ocean Drive, first went into foreclosure back in 2009 as the original developer struggled to pay back a $73 million loan to iStar Financial. The project was yet another South Florida victim of bad timing, it opened in 2009 just as interest and prices were tumbling in the area.

The Herald article describes the transaction as a friendly foreclosure: the lender obtained a final judgment of $90.8 million against defaulting developer BR Villa Luisa in December and took back ownership of the property Tuesday. Now it falls to iStar to sell the 29 available condos at the 32-unit property. Listings on the Kleer Team website say that they have been instructed by project lenders to sell at reduced prices to qualified buyers. Prices listed range from $400,000 to $6.8 million. Amenities in the building include valet parking; full-time concierge; a pool facing the ocean and whirlpool spa; fitness center; private lounge and more. Some residences have wrap-around balconies and penthouses have their own, 4,000-square-foot rooftop terraces with private pools and summer kitchens. Although this isn't great news, it seems like this foreclosure has been in the works for a while. Overall much of the real estate news we've seen coming out of Miami is pointing at a slow recovery in the sales of luxury condos.

Tags: condo development, condo developments, condo foreclosure, florida real estate, miami real estate, south of fifth

The St. Claire Rises Again In Harlem

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Curbed called it a "zombie building" but we like to think of it as more of a sleeping beauty. The St. Claire condo development in Harlem, New York will have just 13 luxury units in a seven story building. Sales first started in 2008 but faded out amid the recession. Now the St. Claire is back with occupancy planned for early 2011.

Tags: condo development, condo developments, harlem real estate, new york city real estate, new york real estate, st claire condos

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Bellevue Towers Goes Back To The Lender

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Big real estate news in Bellevue, Washington. The developer of Bellevue Towers, the biggest complex in the region, has turned it over to the lenders to avoid foreclosure. The 539-unit, two-towered complex has struggled to find buyers since its completion nearly two years ago at the start of the real estate collapse. Only around 120 units have sold. The buildings are the tallest on the Eastside. The Seattle Times reports that Gerding Edlen transferred the downtown Bellevue project's unsold units on Thursday to an entity led by Morgan Stanley, according to county records. The developer had borrowed $275 million in 2007. The loan matured a year ago and the lenders have been paying the project's bills since then.

On average units are priced about 30 percent lower than their original prices.The complex includes a fifth floor amenity suite with a fitness center, spa, cold-dip pool, sauna, steam room and terrace. The 42-story towers offer dramatic views.The podium between the towers is designed to have urban gardens with walking paths, a pet area and a linear water feature.

Given the need to move units I wouldn't be surprised to see a condo auction on this one to move some units more rapidly.

Tags: bellevue, bellevue towers, condo development, condos, washington real estate

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Large San Diego Condo Project Sold, Goes Rental

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Downtown San Diego's massive 769-unit Vantage Pointe condo complex has been sold to Chicago-based Equity Residential for $200 million, keeping the failed condo development as a rental building. The San Diego Union-Tribune reports that the sale lets Canadian developer Pointe of View exit the troubled development which failed to find enough buyers to stay afloat. In March, Pointe of View defaulted on its original $210 million construction loan. Although at one point there had been as many as 100 buyers for units in the 40-story tower, 60 buyers had canceled over the last few months and the remaining buyers will have their deposits returned. The project appears to have been the victim of bad timing, hitting the market in the middle of a condo glut.

To generate income for the project, Pointe of View began renting units and buy the time it was sold Vantage Pointe, a little more than 20 percent of the building had been rented out. Rents for one- and two-bedroom apartments range from $1,600 to $3,400.

The transition of stalled condo projects back into rental units is one that seems to be happening across the country. It's the reverse of the condo craze that happened when real estate was reaching stratospheric heights and apartment buildings were going condo.

Tags: condo development, san diego, san diego real estate, vantage pointe

Major Miami Condo Complex Goes Back To The Banks

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

One of Miami's larger condo skyscrapers is headed back to the banks. The Miami Herald reports that Everglades on the Bay, a pair of 49-story towers in downtown Miami. The agreement, if approved by the bankruptcy court, would settle the developer, Cabi Downtown LLC's bankruptcy case. Bank of America filed to foreclose on a $209 million construction loan on the project last August and the same day Cabi filed Chapter 11. The developer will remain the on-site manager for the Everglades on the Bay. The luxury project has a 24-hour valet service, spa and fitness center, a lavish swimming pool complex with a Tiki bar and grill, a private residents lounge and retail space.

The deal is just one of a bunch of similar agreements in the past month or two that have seen 1,900 new unsold Miami condos in six skyscrapers go back to the banks. A report from Condo Vultures says that a trio of lenders has taken ownership of a combined two million square feet of new salable condo space in Everglades on the Bay, ICON Brickell and Terrazas Riverpark Village.

Tags: condo development, condo foreclosure, condos in trouble, everglades on the bay, florida real estate, miami

Carnegie 57: Real Estate Hopes Set To Soar In NYC

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A new sign of real estate ambition is set to rise in New York City. The NY Times reports that a $1.3 billion skyscraper is planned for 57th Street. When completed the tower, named Carnegie 57 for its position opposite Carnegie Hall, will be the tallest residential building in the city, eclipsing the Trump World Tower. The tower was designed by the French architect Christian de Portzamparc and is being developed by Gary Barnett, who seems confident that his tower will attract both design kudos and deep-pocketed buyers. There will be136 apartments in the tower above the 210-room Park Hyatt hotel which will sprawl over the first 20 floors.

The foundation was poured earlier this spring and with a generous dollop of funding from Abu Dhabi building is set to commence in the next few weeks. The project won't be finished until 2013 which gives the real estate market plenty of time to catch up with Mr. Barnett's ambitions. Start saving now for the duplex penthouse on the 71 and 72nd floor.

Tags: carnegie 57, condo development, condo developments, new york, new york city, new york real estate

City of Vancouver Hopes For Fast Sales At Millennium Water

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

I first wrote about the Millennium Water condo complex in Vancouver, Canada in 2007, when potential residents were willing to camp out for days in order for a chance to buy condos. The condos, which were designated as an Olympic village for the athletes of the 2010 Winter Olympics ranged in price from $600,000 to $3.4 million back then. Flash forward to know and the complex was officially unveiled to the public last weekend with a big goal to meet: the Vancouver Sun reports that the City of Vancouver wants to recoup nearly $1 billion from Millennium Development Corporation.

The seven-block community is a group of 16 buildings which were used by the athletes during the Olympics. Ski-cross gold medallist Ashleigh McIvor was on hand to celebrate as Vancouver Mayor Gregor Robertson received a ceremonial key to the village, which he handed over to Millennium principals Peter and Shahram Malek.Robertson urged the gathered crowd to buy units. There are 474 remaining units, up for sale starting at $389,000 and up to $10.5 million for a 4,000 square-foot penthouse. Another 371 units are designated for the rental market at controlled rates.

Tags: condo development, millennium water, vancouver

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Zac Posen's New Housing Venture 16W21

by Ariston Anderson (RSS feed) —

Filed under: Apparel, Real Estate Developments

It's a busy spring for fashion designer Zac Posen. Following up his Fall 2010 show, which was inspired by 1940s futurism, Posen brings his styles to the masses with his first ever Target fusion line with looks spanning from New York punk to old Hollywood glamor. And now, Posen extends his brand into the New York City housing market, completing the entire interior of a new luxury boutique residence in Flatiron, 16w21, which opens next month. The green condominiums set a new standard for design, integrating a studious level of attention to every detail of the building, highlighting the way that where we live influences how we live.

A stunning new ad campaign, "The Model Apartment," tells the story of one resident bachelor, a model man inside his model apartment, photographed and filmed inside a built-to-scale replica of the building itself. Click below to see a gallery of the ads, and view the videos here. The voyeuristic assemblage, following the model man through his bedroom, living room and kitchen, dives deep into the beautiful interiors, and sets the stage for a continuous story of how gorgeous design defines our lifestyles.

Gallery: 16W21

Tags: 16w21, condo design, condo development, designer buildings, designer real estate, FlatironCrossing, manhattan real estate, new york city real estate, real estate development, zac posen

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Bernon Mills Estates, A New Life For An Old Factory

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

New England's past as a manufacturing center has yielded a bumper crop of former mills and warehouses that have a second life as luxury condos. Bernon Mills in Woonsocket, Rhode Island was built in 1827 by the Russell Manufacturing Company. A pair of prominent Providence industrialists, Sullivan Dorr and Crawford Allen, bought out the Russell Manufacturing Company and founded the Woonsocket Mill Company at the site giving the surrounding village today's name of Bernon. They would balso uild also a stylish Greek revival building one year later for a total of four buildings by 1859. By 1889 the Woonsocket Mill Company had 15,000 spindles, 337 looms and 300 employees. Later the site would be purchased and converted into Woonsocket's first electric power company, the "Woonsocket Electric Machine and Power Company."

So far there are 48 units with Wolf and Sub Zero appliances, granite countertops, hardwood floors and exposed stone walls. On site amenities include a fitness center, business conference rooms, two overnight guest suites, indoor/outdoor patio, and transportation to the Franklin train stop for Boston commuters The size of the units in the first phase are modest but so are the prices. A top floor penthouse with over 1300 square feet of space is listed at $299,000.

Gallery: Bernon Mills Estates

Tags: bernon mills estates, condo development, condominiums, rhode island, woonsocket

One River Plaza, Cincinnati Condo Project Heads For Construction

by Deidre Woollard (RSS feed) —

Filed under: Estates

For a while the Cincinnati, Ohio market was hot, with projects by several name architects being created. Then, in 2006 as condo developments faced problems, we heard news of a slowdown. But perhaps things are set to look up with the imminent construction of One River Plaza, a nearly $150 million project. The Enquirer reports that preconstruction sales on the project have been strong with 28 condos of the potential 150 available already having been sold. The condos sell in the $550,000 to $2 million range.

The project will be built in two phases, a 14-story tower with at least 80 condos and a nine or 10-story condo with 70 condos. The first tower was originally only set to be 12 stories but demands for the penthouses with river and city views prompted an expansion. The towers will include two riverview restaurants, a shared outdoor terrace and amenities that include guest suites, a party room, a doorman and a fitness center. Construction will take 18 months and will start once the project meets a pre-sell mark of $35 million to $36 million.

Source

Tags: cincinnati, condo, condo development, condo project, condominium, one river plaza, OneRiverPlaza

Canadians Camp Out For Condos, Again

by Deidre Woollard (RSS feed) —

Filed under: Estates

What is going on in Canada, the condo market is sizzling hot! Here in the States we are watching condo projects hit the auction block because they won't sell. In Canada they are lining up in the cold to get their paws on fresh new condo projects. We saw it in Vancouver and now we are seeing it in Toronto at 1 Bloor St. East, a $450 million 80-story slice of a skyscraper we first talked about in April. Back then various analysts were expressing fears that the condos might be too ritzy for Toronto. It doesn't seem like that will be a problem as people are camping out for a whole week just to get their first pick of the condos. Real estate agents have recruited hardy souls to hold their places in line because each person is able to secure three condos. The luxury suites start at $300,000 and run up to $18 million for the penthouse suite.

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Tags: 1 bloor east, bloor, canada, condo development, condominiums, condos, toronto

The Brookwood

by Deidre Woollard (RSS feed) —

Filed under: Estates

The latest luxury condo project to come to Atlanta is the Brookwood. The condo complex is located on Peachtree Road and provides walking access to Brookwood Hills and Ardmore Park. The 20-story building will include 219 condo units and penthouses. The base of the building whill be home to retail shops and a restaurant.

The two- and three-bedroom homes range from 1200 to 2900 square feet and there are also larger signature homes and penthouses. The open floor plans have a central space for living, dining and cooking with the other rooms radiating off from the center. Floor-to-ceiling windows provide lots of natural light.

The building will have a membership club that includes valet parking, concierge services, dog walking and animal care. Other shared amenities include a clubhouse with gardens, pool, outdoor summer kitchen, indoor catering kitchen, residential suites for guests and wine storage. The building will be ready for occupancy in the summer of 2009. The homes will start in the $500,000s to over $1 million.

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Tags: atlanta, brookwood, condo, condo development, condominium

Marlin Bay Yacht Club

by Deidre Woollard (RSS feed) —

Filed under: Estates

If a Florida Keys lifestyle is your dream there's another new place to check out . The Marlin Bay Yacht Club is an upscale marina community that will have 84 single family homes with a Dutch Colonial style. The featured model is a three-story home with three bedrooms and decks on every level. A fourth floor roof deck is reached via a spiral staircase in the master bedroom. The homes also include two-car garages. The homes have equity memberships with deepwater boat slips, a marina and a clubhouse. The homes range in price from $1.7 to $4 million.

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Tags: condo development, condominium, florida keys, marlin bay, MarlinBay, yacht club

Chapel View

by Deidre Woollard (RSS feed) —

Filed under: Estates

A former boy's school in Rhode Island is on its way to becoming a luxury multi-use project. The Socknaosset Boys School closed in the early 1990s but the Boston Globe reports that for more than a century it was home to boys in trouble. The hilltop location will now be a development known as Chapel View. The $80 million project includes retail, restaurant space, offices and residential space. The project will be completed toward the end of next year. Condos will range from $300,000 to $1.5 million and are aimed at empty nesters looking to downsize.

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Tags: chapel view, ChapelView, condo development, rhode island, soknaosset

More Condo Projects In Trouble in Florida

by Deidre Woollard (RSS feed) —

Filed under: Estates

More bad news for the Florida condo market, this time from Sarasota, Florida. Two high-rise condominium projects have been scrapped. The Herald-Tribune reports that Premiere at Main Plaza, a two-tower condo development may now become a hotel. Tthe plans for turning the BB&T Bank building at 1740 Main St. into condos are also on hold due to the flagging market. The market for the million-dollar condo in the area is fading. There are still another 11 projects on the docket in the town but some developers are holding off on breaking ground until sales are more promising. The sudden rush for condo developments had been squeezing out the hotels but now hotels may be the saving grace for condo projects that aren't selling. Not great news for developers since condos are traditionally much better money makers than hotels.

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Tags: condo development, florida, real estate, sarasota