condo developments

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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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

Another Foreclosure For Atlanta's Peachtree Street

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Another day, another Peachtree foreclosure. This is the second time this week we've heard about a foreclosure on a building project on the Atlanta street. The Atlanta Business Chronicle reports that a South Carolina's First Citizens Bank & Trust Co. has foreclosed on a the site which was planned to have a 50-tower with a Mandarin Oriental hotel, luxury condos, a spa and other amenities. The site was auctioned off in a foreclosure auction on February 2 on the Fulton County Courthouse steps. The developers of the hotel, Tivoli Properties, have said they will challenge the foreclosure.

The one-acre parcel had been owned by TP 1138 Peachtree LLC, a subsidiary of the proposed hotel's developer, Tivoli Properties Inc. The site was bought in 2007 for $11.5 million. A year later the $285 million hotel and condo project was announced with plans for 71 condos with prices ranging from $1.8 million to $15 million. The condo was set to begin construction in 2009 and finish in late 2011. It was predicted that the project would need to be about half-sold in order to begin building. The first 30 buyers to reserve condominiums were promised $75 a square foot discounts which worked out to six figure discounts because the average condo size is over 2,500 square feet. The loan to acquire the site was issued by Georgian Bank, which failed last September, and was acquired by First Citizens Bank. A loan of $13.5 million was due last November. Although it is a coup for Atlanta to land a Mandarin Oriental, the last thing Atlanta needed was more unsold luxury condos. Even if the market picks up there is still a glut of unsold condos to be sold before unbuilt projects get their chance at being snapped up.

Tags: atlanta, condo developments, CondoDevelopments, mandarin oriental, MandarinOriental, peachtree

Trump Plans Big Philly Tower

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Trump is at it again. This time the Trumpster's building ambitions take him to Philadelphia. Donald Trump has announced a 45-story luxury condo high-rise. The Trump Tower Philadelphia will be located on the Delaware River waterfront. The $190 million project is will have at least 250 units and is expected to be completed in mid 2008. The building will be five stories higher than other towers being built in the area. The building will have gardens, a spa, five-star restaurant, wine cellar, health club and an outdoor deck. The prices haven't been set yet and Trump isn't giving out the exact address of his new tower.

Source

Tags: condo developments, donald trump, DonaldTrump, philadelphia, trump tower

Sunday Real Estate Round-Up

by Deidre Woollard (RSS feed) —

Filed under: Estates

From the LA Times Hot Property:

• More big news from Jupiter Island, Florida, Burt Reynolds has put his Jupiter Island waterfront home on the market for $15 million. The 12,500-square-foot compound sits on over three acres and includes a theater, caretaker's quarters, a pool, and a helicopter pad.

• Kirk Kerkorian, the 88-year-old former owner of MGM, has listed his Beverly Hills home at $25 million. The gated compound sits on 30-plus acres and includes a five bedroom home, two tennis courts, two pools, a putting green and two guesthouses. The listing is here.

From the NY Post's Gimme Shelter:

• Richard Gere bought a Hamptons home in October for around $7.9 million asking price and has now relisted it for approximately $9 million.

• Yankees pitcher Tanyon Sturtze will be paying $9,500 a month to rent (with an option to buy) for a three-bedroom, three-bath pad in the Milan building, where he'll be moving over the weekend.

• More rumors of doom from Vegas, other developments that are in trouble or already gone include Michael Jordan's Aqua Blue and the Liberty Towers High Rise. There are still 23 projects nearly completed. You can check out full details at the report here.

From Forbes Movers and Shakers:

Nicolas Cage recently bought a $25 million waterfront home in Newport Beach.

Deion Sanders has bought two condos in Marquis, a new co-tel in Miami planned for completion in 2008.

Tags: burt reynolds, celebrity, condo developments, kirk kerkorkian, las vegas, nic cage, real estate, RealEstate