condominium

Nashville Condo Project Headed For Foreclosure

We've got some foreclosure news out of Tennessee. East Nashville's 5th & Main condominium complex has been slated for a foreclosure sale. Wachovia Bank will auction off the $47 million project on February 25 in front of the Metro Courthouse in Nashville. The commercial section of the building and the residential portion will be auctioned off separately. The project had only sold off nine of its 129 units despite a Hail Mary price chop by a court-appointed receiver in 2009. Units have recently been up for lease. The situation is being termed another fall-out from the real estate slump.

The building has lofts, flats, and townhouses with city views. Amenities include underground parking, a landscaped roof deck with exquisite views of downtown, a community security system with 24-hour monitoring, balconies overlooking the city or courtyard, stainless steel appliances with granite countertops.

Tags: condo foreclosure, condominium, condos in trouble, nashville real estate, tennessee real estate

60 Orchard Goes On Sale In New York

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A boutique condo project on New York City's Lower East Side has opened for sales in preparation for occupancy in April. The seven-unit boutique condominium is in a former storefront located between Grand and Hester streets. The building was designed by New York-based G Ateliers Architecture. The building's new unique glass and steel façade contrasts with the area's brick structures from earlier eras. Each full-floor residence has floor-to-ceiling windows. The two-bedroom, two-bathroom homes each feature a gas fireplace, operable glass "Nanawalls," solid 5-inch oak ebonized flooring, frameless glassed Juliette balconies and private balconies or terraces. Floorplans show residences which have a front public living room/kitchen area with a curved hallway leading down to a pair of bedrooms. The penthouse duplex has multiple landscaped terraces and balconies.

Gallery: 60 Orchard

Tags: condo, condominium, condos, lower east side, new york real estate

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Condo Auction Puts Newly Built Condos Up For Sale For Bargain Prices

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Real Estate Developments

More and more we are seeing condos go up for auction as soon as they are completed. Sheldon Good and Company is auctioning off a selection of 20 luxury residences located at The Gate Condominium, a newly constructed state-of-the-art building in The Bergen County borough of Rutherford, New Jersey on Saturday, November 20th. A total of eight units are to be sold "Absolute," regardless of price.

The Gate Condominium is a luxury development in northern New Jersey with units that were originally priced to $579,000. Units have hardwood floors, high ceilings, GE stainless steel appliances, granite countertops and large balconies. The one and two bedroom units will be auctioned off with suggested opening bids as low as $145,000.
"
Since this is a 'Grand Opening Auction,' buyers will have the unique opportunity to bid on and purchase a home in a beautiful, brand new luxury building at their desired price," said Jeff Hubbard, Executive Managing Director of Sheldon Good & Company. "Now more than ever before developers around the country are utilizing the auction process as a strategic part of their overall marketing plan at various stages of the development process. The developer of The Gate is utilizing the process in order to sell out all 20 units available in a single day, eliminating the carry costs associated with a conventional sales program, while passing along those savings to the consumer," said Hubbard.

The Gates Condo Auction website has complete details.

The Gate development is located at 17 Meadow Road, just one block from the 190 bus and the Rutherford Station on the New Jersey Transit Bergen Line with direct train access to midtown Manhattan.

Gallery: The Gate Condominiums

Tags: condo, condo auction, condominium, condominium auction, condominiums, condominiums for sale, new jersey real estate, Rutherford B. Hayes, sheldon good

New Condos Up For Auction in Westchester County

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Real Estate Developments

The Westchester County New York town of Ossining-on-Hudson is the site of the latest condo auction. Condominiums in the Orchid Condominiums will be auctioned off by Sheldon Good & Company on November 21 for prices starting at $175,000. There are a total of 23 luxury condominium homes in the recently-completed, four-story Orchid Condominium building in the heart of historic Ossining.
Eight residences will be sold subject to low minimum bids starting at just $175,000 for one-bedroom condominiums and $225,000 for two and three-bedroom designs. The homes were originally priced from $399,000 to $599,000. The original building was erected in 1938 by the Cambridge Instrument Company and has a red brick façade. Units have bamboo hardwood flooring and modern kitchens with contemporary cabinets in cherry-wood finish, granite countertops and stainless steel appliances. Many residences also have spacious patios or terraces.

The auction will take place at the Crown Plaza White Plains located at 66 Hale Avenue, White Plains, New York. Interested buyers can view the available homes and furnished model residences during pre-auction Open Houses on Saturdays and Sundays from 11am to 2pm starting October 23rd and 24th and every weekend up until the November 21st auction.

"We initially looked to launch a conventional sales program earlier this year, but decided to finish the building first and sell all of the homes in one day through a competitive bidding auction event," notes Ricky Aryeh, a principal of Lionheart Enterprises, Ltd., the Orchid's developer.

Tags: condo auction, condominium, ossining, sheldon good, westchester county

Washington Golf Course Condos Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Real Estate Developments

The Harbour Point Golf Course in Mukilteo, Washington is the location for the latest condominium auction. Auction house Kennedy Wilson is auctioning off 22 condominiums in the Fairview at Harbour Pointe on November 14 at the Lynnwood Convention Center in Lynnwood. The condominiums are located on the first fairway of the Harbour Point Golf Course and were originally priced between $380,000 and $990,000. They will be auctioned off at prices between $145,000 and $325,000.
The five-story, 48-unit complex was completed two years ago and condos have views of Puget Sound and the golf course. More info is available at the auction website.

[via Puget Sound Business Journal]

Tags: condo auction tips, condominium, condominiums, condominiums for sale, condos, fairview at harbour pointe, puget sound, Washington Redskins Training Camp

More Philadelphia Condos Up For Auction

by Rigel Celeste (RSS feed) —

Filed under: Auctions, Real Estate Developments

After a long and drawn out history of bad luck and bad timing the 10-unit condo project dubbed Cu257 in Philadelphia has finally been finished. Unfortunately the building took so long and went through so much turmoil on its way to completion that it missed its 'window' and interest in it has all but disappeared, leading the bank to put the nine remaining unsold units up for auction next month for a deep discount. The auction will take place at 1pm on May 15th at the Hilton Philadelphia Airport Hotel with minimum bids set at $200,000 for each of the two penthouses (previously listed for $1.2 million) and $95,000 for the 7 condos ($698,400-871,255). If interested sign up and get an information package at maxspann.com.

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Tags: auction, condo, condo auction, condominium, cu257 condo project, max spann, pennsylvania, philadelphia, real estate

Exhale Opens First Residents-Only Spa at Iconic Manhattan House in New York

by Carrie Coolidge (RSS feed) —

Filed under: Spas, Real Estate Developments

Exhale Mind Body Spa, the highly acclaimed national spa brand (and a nominee for a Luxist Award for Best Day Spa), has opened its first residential location in New York City at Manhattan House, the iconic landmarked condominium on the Upper East Side.

The rooftop-level mind body spa is the first residential Exhale mind body spa in New York City, but the second for the company, which also operates a spa for residents only at 45 Province in Boston. Exhale has 14 additional locations open to the public in such cities as Dallas, Boston, Florida, Los Angeles, Chicago, and the Caribbean.

The 2,000-square-foot transformational rooftop spa space features a mind body studio with striking city views, therapy room, meditation lounge and tea bar. The spa complements the 2,000-square-foot fitness center which opened at Manhattan House in June 2009.

Gallery: More from The Manhattan House

Roto Studio-designed children's playroom

Tags: 45 province, awards-main, condominium, corcoran sunshine marketing group, core fusion, exhale, exhale spa, luxist-awards, manhattan house, oconnor capital partners, residential spa, vinyasa yoga

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Tempe Condo Complex Faces Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

In 2006 I wrote that condo enthusiasm is alive and well in Tempe, Arizona "despite a market that is showing some serious instability." Allow me to eat those words, the project I wrote about as a sign of that enthusiasm, Centerpoint Condominiums, has now fallen into foreclosure. The concrete, glass and steel projected called for a pair of 30-story towers with around 800 units ranging in size from small studios to large penthouses. Amenities included a swimming pool, hot tub that has a sand beach entry, cabana bar, café and grocery store. Instead the project floundered and still awaits completion.

An auction date has been set for April. The property once owned by Tempe Land Co. could be sold to the highest bidder. According to the Arizona Republic, ML Manager LLC, acting on behalf of investors, filed for foreclosure and placed the unpaid principal of condo developer Tempe Land Co. LLC at $135 million.

This makes the second major Arizona development foreclosure in just a couple of weeks. Capmark Finance filed to foreclose on the High Street section of Phoenix's ambitious CityNorth project. CityNorth is a 144-acre development that was to be a network of neighborhoods with shops, cafes and parks amid the residential space. A foreclosure auction date for High Street is set for March 31.

Tags: arizona, centerpoint, citynorth, condo, condo foreclosure, CondoForeclosure, condominium, tempe

Park City Ski Condos Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Eight prime ski-in/ski-out condos in Park City, Utah will hit the auction block in January. The Silver Strike Lodge at Empire Pass will be auctioned off January 17. According to ParkRecord.com, developer Matt Mullin of Ironwood Resort Development says the auction is marketing strategy designed to help bring a market correction to the downward trend in ski real estate. There are 34 units in the ski-in/ski-out condo hotel and although almost half the units sold when the project was launched in 2006, there are still 19 unsold units. Mullin insists that it the sale is not a foreclosure or liquidation sale and is not an attempt to dump the property.

The units qualify for Talisker Club Membership. Accelerated Marketing Partners, is conducting the auction and has created a designated website for the event. Minimum bids are set very high. A two-bedroom unit measuring 1,689 square feet has a minimum bid of $1.15 million and prices go up from there.

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Tags: condo auction, CondoAuction, condominium, park city, ParkCity, utah

Banks Prepare To Seize Icon Brickell Condo Tower

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Miami has been one of the toughest condo real estate markets in the past few years but for the most part the luxury condos have had a little better time of it. But now the Wall Street Journal reports that one of Miami's most high-profile developments, the Icon Brickell is being taken over by a group of lenders led by HSBC Holdings PLC and Bank of America Corp. We wrote about the lavish project last September when we heard that Jennifer Lopez and Marc Anthony had purchased a unit in the building. The three-tower condominium designed by Philippe Starck is in a complex that includes the Viceroy Miami Hotel. Building amenities include multiple pools, a spa and fitness center, five restaurants, rooftop pool club, concierge and valet services. According to the WSJ article Related Group will remain the manager of the complex.

The project was completed last year but presales began in 2006 when south Florida real estate was at its height. Although many buyers put down deposits on the nearly all of the 1,800 condo units less than 200 sales have been completed. The article says that prices are now about 30 percent off the peak prices (now around $550,000 for a two-bedroom unit) but some buyers may still balk over the steep condo fees. The amenities are so lavish that maintenance in the building is equally expensive. For a look at what buyers get, check out tour images at Miami Condo Investments.

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Tags: condo, condominium, icon brickell, IconBrickell, miami, philippe starck, PhilippeStarck, related group, RelatedGroup, viceroy hotel, ViceroyHotel

AIG Building To Become Luxury Condos

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Earlier this year, NY Post reported that AIG was trying to earn around $100 million by selling its 66-story Art Deco headquarters at 70 Pine Street in Manhattan (it actually sold to Young Woo for $150 million). Now it seems that the real-estate developer might have gotten a great deal. Young Woo will be turning the top 40 floors of AIG's 66-story headquarters near Wall Street into condo units. The Wall Street Journal does the math which shows that even including renovations and other costs the units could generate about $600,000 in profit each. This of course is providing that the Manhattan real estate market doesn't dip too much further down and eventually comes back up. Given that it will likely take the developer a while to prepare the condos for occupation and work up a snazzy marketing campaign, the timing might be ideal.

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Tags: aig, condominium, condos, manhattan, new york city, NewYorkCity, nyc, wall street, WallStreet, young woo, YoungWoo

Denver Spire Project Readies For Move In

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

The Chicago Spire project may be floundering but Denver's Spire is nearing completion. The 42-story Spire condo tower in downtown Denver has seen many people put down deposits for the units. The developers are offering a $35,000 credit that can be put toward the purchase price or used to buy appliance upgrades, parking or extra storage. Prices start in the low $200,000s and go up to $1 million-plus for premium residences. The more expensive units are located in the SkyClub area on the top 10 floors as well as on the ninth floor where the exercise facility, pools, hot tubs, media room and sports bar are located. Most units have outdoor decks. The $175 million project should be ready for move in by the end of next month. The project is pursuing LEED certification and will get 100 percent of its energy from wind. A sustainable dry cleaner and a Hertz rental car facility with hybrid cars such as Toyota Priuses will be onsite.

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Tags: condo project, condominium, CondoProject, denver, spire

Trump Tower Penthouse, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

If you have the world at your feet, why not have a home that does your bidding too. A duplex condominium at Trump Tower on Fifth Avenue in New York City with SmartHome technology has been put on the market for $14.995 million. It is listed with Paula Del Nunzio, Senior Vice President, Managing Director of Brown Harris Stevens. The home's system integrates music, security, lighting, climate, window treatments and more and has internet-based remote support so that your home can be controlled from anywhere. Each room has customizable color touch screens with wall, remote and desktop controls. Invisible speakers are concealed behind the walls and ceilings, with iPod docking stations located throughout the apartment. The programmable lighting system offers a multitude of dimming and lighting scenarios.

The home's main entry is on the 48th floor and the floor-to-ceiling windows offer views of Central Park and buildings such as The Plaza and Sherry-Netherland Hotels. On this floor a guest bedroom or library with en-suite bath has views of Central Park. Also off the foyer is a large laundry room and a coat closet. Unlike some deluxe apartments, this one has a kitchen that actually seems made for use with twin Miele dishwashers, a Thermador range, Thermador refrigerator, Miele cappuccino maker, convection microwave and steam oven. Nearby an informal dining space has a 72" Perlick wine cooler, barstools and a banquet and just beyond is the formal dining room. Set beside the informal dining room is a bedroom with en-suite bath.

Upstairs on the 49th floor is the master suite which has his and hers baths with Kohler steam showers with a six-head jet system thermostatically controlled by Kohler's DTV panels both inside and outside of the shower. No need to go downstairs for a snack, a kitchenette with dishwasher and refrigerator sits at the top of the stairs. There is also a separate study or guest bedroom at the end of the corridor. The master bedroom is designed so that the bed is positioned perfectly so that Central Park views are the first thing you see in the morning for a very master-of-all-you-survey feeling. The listing is here.

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

Gallery: Trump Tower Duplex

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Tags: condominium, duplex, estate of the day, EstateOfTheDay, luxury, manhattan, new york city, NewYorkCity, trump tower, TrumpTower

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Tacoma, Washington Condo Project Facing Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

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.

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Tags: condo, condominium, tacoma, washington

Residences At Ritz-Carlton Opens In Philadelphia

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

This week a dedication ceremony was held to mark the official opening of The Residences at the Ritz-Carlton in Philadelphia. The 48-story, 270-residence building is being called the most luxurious residential project ever built in the city. The residences have five-star Ritz Carlton amenities and the building includes a restaurant by celebrity chef Eric Ripert in the lobby. Units are listed from $500,000 to $12 million and offer amazing views like the one shown above.

Residences at Ritz-Carlton developer Craig Spencer told the Philadelphia Inquirer that he turned down a "$1.3 million all-cash sale from a buyer who wanted me to cut the price by $50,000." Spencer, whose Arden Group poured around $300 million into the project isn't planning to let the current economy dim his outlook. He says that 80 units have closed but that he'll likely lose half of 37 pending agreements for a variety of reasons, including the main issue plaguing so many top-tier luxury condos, the fact that jumbo mortgages have become scarce. Spencer says he can afford to wait, unlike other developers who have just a whisper of a cushion between projected sales and possible disaster, he has five years to completely sell out the building. The building is located on One Meridian Plaza where three firefighters died and 24 were injured in a fire in 1991 and a memorial will be placed by the entrance.

Thee 10,000-sq.-ft., $12 million penthouse will be a contender for the the most expensive condominium ever sold in Philadelphia. The current record is $7.678 million for a unit on the 46th floor of the Two Liberty complex. It's main competition will be the duplex at Two Liberty that is on the market for $30 million. Hopefully they will have better luck than the Ritz-Carlton residences in Boston are currently experiencing.

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Tags: condominium, condos, philadelphia, real estate, RealEstate, ritz-carlton