The South Park area of Los Angeles has been booming lately. The area is the site of the Los Angeles Convention Center, the Staples Center and the "L.A. Live" project. This summer the big news was that a major grocery store returned to the area, signaling the growing residential contingent. EVO is a high-rise residence building in the neighborhood and is the only LEED certified high rise residence in L.A. The property includes a pool and sun terrace, fitness studio and rooftop entertainment lounge with an outdoor fireplace. Many units have beautiful horizon and city views. The building also has concierge service, a 24-hour lobby attendant and four levels of secure parking.

The last of Evo's sale-priced residences went on sale earlier this month starting in the mid $300,000s. Generally the condominiums are priced from the low-$400,000s to $3.7 million and range from 730 to over 3,500 square feet. Residences feature hardwood floors and wood cabinetry, stainless steel appliances, large, operable windows, decks, Juliet balconies and walk-in closets

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Another condo project has stalled out. This one is in Charlotte, North Carolina. The VUE Charlotte is a 51-story uptown condo tower that recently stopped construction because the developer hasn't been paying the bills. The Charlotte Observer has an email to subcontractors from contractor R.J. Griffin & Co.'s senior project manager that says that Griffin had not been paid for work done in July and asks subcontractors to stop work. The $275-million-plus project is just one of many high-rise projects which sprouted up in uptown Charlotte over the past couple of years. Of around 20 projects announced only half a dozen have been completed others, have either been scrapped or halted mid-construction.

The developer says that between 55 and 60 percent of the tower's 409 units are under contract. Purchasers were expected to move in next summer. The building has a fitness area, wine cellar and an outdoor deck with a pool tennis court and dog-walking area. Units have been listed for between $319,000 and to over $2 million. The company must be pretty confident that the situation will be worked out. It is still planning a topping out party in September.

UPDATE: Debts have been paid and construction is set to resume on the project.

Real estate isn't faring well in Las Vegas lately but loss often leads to opportunity. Case in point, this three-story penthouse in the Sky Las Vegas complex on the Strip. It was once listed at $10.3 million when it was published in Architectural Digest's Estates for Sale but that was a couple of years ago in a booming real estate market. Now it is listed at $2.99 million with Luxury Realty Group.

For your money you get approximately 5184 square feet of living space with four bedrooms and huge windows showcasing Strip views in two directions. The penthouse has two terraces, one with an outdoor kitchen and an outdoor hot tub. The condo also includes two wet bars; multiple ice makers, wine refrigerators and dishwashers; a home theatre and a home gym.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

The Disney-planned community of Celebration, Florida is the latest site of a condominium auction. The picture-perfect town seeks to replicate an idealized slice of small town American life but like most Florida towns it has become a victim of the real estate crisis. Now 27 condominium homes in the Artisan Park complex at Celebration which were once listed from prices of $480,000 to $600,000 will be auctioned off with suggested opening bid of just $95,000. The auction starts at 10 a.m on August 1 at the Celebration Hotel. Some units have a waterfront view and the complex includes a clubhouse with a swimming pool, cabana and restaurants all amid Celebration's cookie-cutter perfection.

[via The Ledger]

The headline on the website for the Tacoma Esplenade condo project says "navigate a new life" but that life may be snagged up in foreclosure. The Tacoma News Tribune reports that the $80 million Tacoma, Washington waterfront condominium project is facing foreclosure by late August unless the developer can find new sources of funding. The project is a nine-story building with 162 units, just ten of which have been sold.None of the retail spaces have been rented. The project was part of a larger plan to revitalize the formerly industrial area with new housing and a hotel. The hotel never broke ground and that land is now for sale. The owners of the Esplenade have until August 21 to escape from foreclosure but it will be a challenge, partially because of the building's low occupancy rate which makes it hard to get funding.

The Visioniare condominium complex in Manhattan's Battery Park City has received LEED Platinum certification from the U.S. Green Building Council (USGBC), marking it the only LEED Platinum condominium on the east coast. The complex offers energy savings of more than 40 percent and has a high-efficiency air filtration system that conditions, filters and supplies fresh air to each home. A water treatment system recycles water and provides make-up water for the HVAC system cooling tower. The 35-story curved-glass tower has 247 units with a rooftop garden, solar panels and a central heating and cooling system powered by natural gas. Units cost from $825,000 to $2,950,000.

Controversial Boston real estate developer Don Chiofaro is running into resistance. His plan to raise what would be two of the city's largest towers has been the subject of ire for local residence who would hate to see their views obstructed and other do-gooders who don't want to sacrifice the character of the waterfront.

In his latest round of battle, Chiofaro heard criticism that the two buildings would simply be too large for Boston. Currently, the city's tallest building is the Hancock Tower, totaling 61 stories. It's followed by the Prudential building and Chiofaro's One International Place (Two International Place is not as high).

In an unusual show of restraint, the developer has not called his opponents "pirates."

Proponents are excited not only by the prospect of 860,000 square feet of office space, a hotel and 100 condo units but also the likely 4,000 construction jobs that would result from the $900 million project.

Even if he makes it past the locals, one problem remains: money. Boston Mayor Tom Menino, who hasn't been terribly sympathetic with Chiofaro in the past, has said that he'll require that the builder prove he has the financing lined up ... if the project gets that far. Five years ago, Chiofaro almost lost his crown jewel, International Place, when Tischman Speyer (the "gang of pirates" from New York) tried to foreclose.

This fight is far from over, but I wouldn't make plans to move into those new units yet. This could take a while.

A luxury condo project in Galveston, Texas is causing controversy. Last year we mentioned the Palisade Palms project, a pair of new towers on the beach that are selling for premium prices up to over $1.5 million. The project has sold well but as the Houston Chronicle reports, some want to know why the developers of the project were able to take advantage of the Tax Increment Reinvestment Zones (TIRZ) meant to bring jobs to the area after Hurricane Ike. Critics say that the TIRZ laws were meant to help the poor and not provide incentives for luxury businesses.

The article in the Chronicle lays out the arguments with strong words on both sides. Greg Leroy, the head of Good Jobs First, a Washington, D.C., group that promotes corporate accountability calls using zones to build luxury homes "just another extreme example of the perversion of the program." Also two developers chair TIRZ boards that oversee the expenditure of tax money on their developments and control a majority on their board, a situation that one of the Houston Chronicle commenters referred to as the fox guarding the henhouse. Construction of luxury condo projects does bring money to an area and upscale buyers do stimulate the local economy but should the developers be able to take advantage of these types of programs to create properties that serve the upper tier of the community?

Online condo buying takes a new turn with iBidcondo, an online property auction where properties are sold without reserve prices and where the bulk of the auction proceeds are donated to a registered charity of your choice. It works very differently than a traditional auction. Instead of using a starting or reserve price, it offers a limited number of "virtual auction seats" which are sold until a minimum price is reached. The average auction seat price is $100 and the number of seats sold will be determined by the property's list price For example, a $400,000 dollar priced property will have 4,000 seats sold at $100 per seat. A specific auction only happens once all seats have been sold. Once the seats are sold then an auction tales place with the sale price determined purely by the bidders. Because the sale of the seats covers the price of the property, iBidcondo is able to donate net proceeds of the winning bid to the winning bidder's nominated charity.

The first featured auctions on iBidcondo will be 64 condos at Star Riverside, in Austin, Texas which are selling for $690,000 requiring 6900 $100 seats to be purchased.

Fans of the show "Entourage" can now live like Johnny Drama, the character played by Kevin Dillon. HBO has filmed scenes from the show in the two-bedroom condo and the home has many of the same furnishings and decor that are in the show, including an entertainment system worth over $50,000 and Philippe Starck Louis Ghost chairs. Live your Hollywood dream for $6,950 a month.

[via LA Times Hot Property]

Just about every article I've checked out regarding the announcement of a new $285 million hotel and condo building planned for Midtown Atlanta has expressed a bit of concern over the timing. Condo crisis? What condo crisis, Tivoli Properties is set to build a 53-story building with a Mandarin Oriental Hotel and 71 condos with prices ranging from $1.8 million to $15 million. The Atlanta Journal-Constititution quotes Scott Leventhal, Tivoli's CEO and president, as saying that "now is a great time to be in the planning stage." And indeed he may be right. The condo is set to begin construction next year and finish in late 2011, that is of course if they manage to secure financing and have enough presales to go forward. The project would need to be about half-sold in order to begin building. The first 30 buyers to reserve condominiums will receive $75 a square foot discounts which would work out to six figure discounts because the average condo size is over 2,500 square feet. So far 19 buyers have made reservations.

If you've ever thought about having property in Montana, you can snap up a condo for pretty reasonable prices during an online auction. Deer Creek At Whitefish which is located near Glacier National Park, is selling off 14 units by online auction. Minimum bids are starting as low as $99,000 for a two-bedroom unit. The two-bedroom unit is the only one selling by open auction and is the only one that is fully furnished. The rest are being sold via sealed bid from now until October 23. All units are more than one floor: two three-bedroom units have $140,000 starting bids, four three-bedroom units have $150,000 starting bids, and seven two-bedroom units have $160,000 starting bids. The complex includes a clubhouse with a fitness center, spas, a fireplace, a wet bar and a pool table and homeowner fees are $115 per month. Twenty-nine units have been constructed as Phase One, The project originally called for 168 units at the site of the former Par 3 on 93 golf course but was later pared down.

When I was in Austin last spring and snapped the picture above I was surprised by how many cranes marked the sky and how many condo projects were being built. Now another luxury project has been announced for the Texas city. The Star Luxe by Constellation Group with architects Marchese + Partners International is a collection of 18 penthouses being built on Lady Bird Lake. The Star Luxe residences have three designs: 'The Guitar', shaped by the lines of the instrument, 'The Salazar', fashioned after an imagined artist within the Art Nouveau movement, and 'The International', modeled after Marchese's signature ultra-modern designs.

The Star Luxe will be a full service complex with a 24-hour concierge. Each unit at Star Luxe includes a safe room with comprehensive surveillance, secure garage spaces, wine storage, water filtration system, and exclusive Italian kitchens with Gagganeau appliances. Moveable glass walls will blur the line between indoor and outdoor spaces. The 4,000 square foot penthouses also have large balconies overlooking the lake. Amenities include a private spa, outdoor pool with BBQ, private cinema, pet exercise area and a Zen garden. No word yet on price or when the project will be completed.

More condo fallout. This time from downtown Indianapolis and a building called 707 East North Street. The eight-story building had units listed for $800,000 to $4.4 million and groundbreaking occurred 18 months ago. The building was to be home to 10 to 17 units depending on buyer demand. There's only one problem, none had been sold since construction began. Some say the prices were simply too high (being higher than some large homes in the area). Other high-end projects have faired better including 757 Mass Avenue, a project by the same developer Beilouny Luxury Properties, which has sold all but three of its 23 units. Construction is on hold and the developers are in discussion with the lending bank on the project.

The high-end condo market seems to be thriving in Newport, Rhode Island. The new complex, the Residences at Brown & Howard Wharf in Newport went on the market last month and six of the 16 units have been sold or are under contract which is pretty impressive in today's worrisome real estate market. The condos are pretty expensive by Rhode Island standards ranging up to $3.6 million. The 16 harborside homes have perfect views of Newport Harbor and dockage for yachts up to 250 feet in length.

Condo units range from 2,300 to 3,200 square feet and have open-plan interiors with numerous balconies. Owners can work with the on-site interior design coordinator to select finishes and style elements. Living rooms will have a gas fireplace, kitchens and laundry rooms feature an appliance package, with a Sub-Zero refrigerator, Wolf gas cook-top, ventilation hood, microwave and oven. Asko 4-cycle dishwashers and Bosch washers and dryers are also included in the unit.

[via Providence Journal]