condominiums

Boulan South Beach Goes On Sale In Florida

A recent article in the Miami Herald pointed out that South Florida's real estate market seems poised for a slow rebound. In fact, Miami-Dade condo sales showed 1,039 existing units sold in November, the first time since 2006 that condo sales topped 1,000 a month. Developers are also starting to bring new properties to market.

South Beach's newest condominium is Boulan South Beach. The six-story development was designed by Zyschovich Architects Inc.,and offers one and two bedroom units, ranging from 668 to over 2,000 square feet and penthouse condominiums with roof-top access. The 52-unit property is located in the heart of South Beach along Collins Avenue with easy access to restaurants, art galleries, night clubs, shopping and beaches. Boulan South Beach is ideally located between The W South Beach and The Setai South Beach.

Tags: boulan south beach, condominiums, miami real estate, south beach, south beach florida

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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

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

Checking Out The W Hollywood Residences

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

There's no denying that the eastern swath of Hollywood Blvd. in Hollywood, California has seen better days which means it's primed for a renaissance. The new $350 million W Hollywood Hotel & Residences project seems to be leading the way. The W Hollywood is plopped right onto a W Metro station giving a very New York urban feel to a project that is pure Southern California glitz on on the inside. We had the opportunity to check out the residences last week and snapped plenty of pictures of a glimpse at the new Hollywood.

Gallery: W Hollywood Residences

Tags: condominiums, condos, hollywood, hollywood blvd, luxury condos, w hollywood

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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

Condo Auction Planned In Philadelphia

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Real Estate Developments

Today's condo auction deal takes us to Philadelphia where 36 units of a major Center City condominium building, the Phoenix will be offered at auction on April 29. The units are mostly one-bedroom units with just a couple two-bedrooms up for bid. Minimum reserve prices will range from $185,000 to $415,000 on units priced between $344,900 to $639,900.

The April 29 date was chosen to allow last-minute buyers to take advantage of the federal tax credits, which require that agreements of sale be executed by April 30.The Philadelphia Inquirer reports that buyers who are eligible for a tax credit (up to $8,000 for qualified first-time buyers or up to $6,500 for repeat buyers who have not purchased a primary residence in less than five years) must close on the sales by June 30.

There area total of 267 units at the Phoenix. The 20-story Georgian Revival-style structure was built in 1925 and served as office space for more than 70 years before being first converted to rental units and then to luxury condos with large windows, gourmet kitchens with stainless steel appliances, granite countertops and hardwood floors. Building amenities include the large atrium with direct access to the Suburban Station Concourse, the Phoenix Salon & Spa , the Tir Na Nog Irish Bar & Grill, Starbucks and the Philadelphia Federal Credit Union. There is also a state-of-the-art fitness center, 24-hour professional concierge service and security, on-premise valet parking, wireless internet throughout common areas, The Phoenix Club, a rooftop terrace, and private dining and conference rooms.

Tags: condo auction, condominiums, philadelphia, phoenix

Edgemere, Canada's Most Expensive Estate Now Luxury Condos

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Back in 2006 we covered the Edgemere Estate which was, at $45 million, the most expensive residential property ever to be listed for sale in Canada. Now the Edgemere property on Lake Ontario along the Oakville gold coast has a new life as a condo project. The Edgemere Private Residences will be 30 ultra-luxurious condominiums in 10 different buildings. Units will be one-level and range from 2,000 to upwards of 5,400 square feet.

Edgemere is a storied property dating back from the Arts and Crafts Architectural Movement and featuring many historical remnants that date back to the turn of the century. These include a stone wall that defines the northern border of the property, the estate's original boathouse and lighthouse, and a carriage house and stable. As the estate is transformed over the next few years, little touches will ensure that the original feeling of the property lives on. The elegant arches from the original greenhouse will be incorporated into a new greenhouse and the keeper's lodge will become a three-bedroom guest cottage.

Each home will offer direct access to either a large private lakeside garden or landscaped terrace and entryways are private with manicured gardens and stone walls. Inside homes have large principal rooms, multiple fireplaces, custom-designed kitchens, a library, wine cellar and spa style master bathroom. Ten inch thick steel reinforced concrete floors with acoustical separation between adjacent residences and ten foot ceilings offer a sense of privacy and spaciousness. The heated private underground garage has two parking spaces and is connected to the residence with a private stairway and personal elevator. Groundbreaking is scheduled for Fall 2010. Residences range in price from $2,595,000 to over $6,000,000.

Gallery: Edgemere Private Residences

Tags: condo projects, condominiums, edgemere, luxury condo projects, oakville, ontario

Condos Go On The Block In St. Petersburg

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

More condos are hitting the auction block in Florida. Accelerated Marketing Partners has announced an auction for 35 bayfront condominium residences at Signature Place in St. Petersburg, Florida. The auction will be held on March 7 at The Hilton St. Petersburg Bayfront hotel. Minimum bids for the residences range from $135,000 to $430,000 and represent a 65 percent price reduction below the last asking prices.

The 36-story, 244-unit Signature Place has a street-level plaza featuring the world's largest water wall spanning 64 feet of black granite. A sixth-floor sky garden has bay views, residents' lounge area, private cabanas, sleek vanishing-edge lap pool, putting green, state-of-the-art fitness center, lawn, and Tai Chi/Sculpture garden. Other amenities include 24-hour concierge and security; high-speed gearless elevators; media and social rooms that give residents additional living space with catering kitchen, bar area and flat screen televisions. The residences have floor-to-ceiling windows, many of which possess panoramic water views. The kitchens have built-in under-cabinet halogen lighting, quartz slab countertops and stainless steel appliance packages.

An article in the St. Petersburg Times has an interview with developer Joel Cantor. His lender Fifth Third Bank is behind the auction, a move that he thinks was premature. The president of Accelerated Marketing Partners believes the auction will actually help sell the other remaining condos by re-calibrating real estate prices and establishing value for the units. Some people who already own units in the building worry that the new lower prices may impact the value of their units, others are just happy that the condo units will be full because then there will be owners to pay into the building's homeowners association fees.

Tags: condo auction, CondoAuction, condominiums, florida, signature place, SignaturePlace, St Petersburg, StPetersburg

Just How Many Condo Projects Are Unfilled And Unfinished In New York City?

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Just how bad is the condo situation in New York? Right to the City-New York, an alliance of grassroots community organizations, has identified a total of 601 condominium buildings in a half dozen neighborhoods in New York City that have either stopped construction or have a great deal of vacant units. That number is a lot higher than the 454 recorded by the Department of Buildings for the city as a whole.

Members of Right to the City went through six neighborhoods in Manhattan and Brooklyn finding buildings that aren't being fully utilized in order to show the city how big the problem is. Over the summer the city began a $20 million pilot program called the Housing Asset Renewal Program in order to turn residential buildings into as many as 400 affordable housing units. Among the buildings that Right to the City identified are Be@Schermerhorn, a 246-unit luxury condo, with a vacancy rate of more than 93 percent, and Forté, a 108-unit luxury condo, with a vacancy rate of more than 60 percent. Both buildings have been on the market for at least a year and Forté was recently taken over by its lender Eurohypo bank.

As Crains New York points out, it's not quite clear how many developers might want to participate in the Housing Asset Renewal Program in order to help finish their stalled projects. Many may prefer to simply wait out the current economic doldrums and begin building again when the market picks up.

Source

Tags: brooklyn, condominiums, condos, manhattan, new york city, NewYorkCity

Aqua Chicago, Great For Birds And People

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Chicago's 82-story Aqua Tower received an interesting award recently. Jeanne Gang, principle and founder of Studio Gang Architects earned a PETA Proggy award for using bird-deflecting elements in the residential building and hotel. The undulating exterior and etched glass help prevent birds from flying directly into windows. It's a pretty neat building for people too, those curves make for some distinctive balconies. The building contains 55,000 square feet of retail and office space as well as hotel rooms, condo units and apartments.

Right now there are about a dozen units available for sale in the building as well as nine luxury Parkhomes available for purchase starting November 1,2009. The Parkhomes are two and three bedroom homes located near the base of Aqua in Lakeshore East, facing the Lakeshore East park. They are 3000 square feet and start at $1.6 to $1.8 million. The most expensive unit in Aqua is the Aqua penthouse, a four-bedroom single-floor residence with views of the city and Lake Michigan. It is priced at $1,988,832. In the building two bedroom units start in the $700,000s and the three bedrooms start at $1 million. Units are also available for rent.

Source

Tags: aqua, aqua tower, AquaTower, chicago, condominiums, penthouse

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Nouvelle At Natick To Go Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

More and more I'm seeing real estate projects that I wrote about several years ago hit the auction block. When we first saw Nouvelle at Natick in Natick, Massachusetts it was part of a trend of condominiums attached to retail space. Nouvelle at Natick is a 215-unit development, attached to the former Natick Mall, now renamed the Natick Collection and packed with stores like Neiman Marcus , Louis Vuitton , Tiffany, BCBG , and will also include Burberry , Juicy Couture and Nordstrom in Massachusetts. Things have shifted dramatically since 2007 and bankrupt mall operator General Growth Properties is seeking to unload the condo units at bargain basement prices. In 2007 prices ranged from $425,000 to $1.6 million for a penthouse. At an auction to be run by Accelerated Marketing Partners on October 4 minimum bids will start at $160,000.

Of the original 215 units only 27 sold or are under contract. The auction will include 42 units auction of 42 units on Oct. 4 as a way to jump-start sales and get some desperately needed cash. The Boston Globe quotes Jon Gollinger, East Coast chief executive and cofounder of AMP, as saying that the auction will determine the value for the remaining residences. Condo amenities include a 1.2-acre rooftop garden, Parc Nouvelle, which is the largest of its kind in New England, Club Nouvelle, a private club with a dining area and a library and the Bosse Fitness Center. Sadly, the main selling feature, easy access to the mall, is no longer the draw it once was as malls have gone from bustling centers of commerce to increasingly empty spaces in today's shopping averse climate.

UPDATE: 55 of Nouvelle at Natick's remaining 178 luxury condos sold at auction for 36 to 64 percent off the original asking prices for the condos. The Boston Globe reports that one penthouse suite sold for $626,000, more than $1 million less than its original price.

Source

Tags: auction, condo auction, CondoAuction, condominiums, masachusetts, nouvelle at natick, NouvelleAtNatick

A Boomlet For Miami's Struggling Condo Market?

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

The Miami Herald says that all those condo price cuts are finally starting to pay off. According to a recent article Miami, Florida is experiencing a bit of a mini boom now that prices are really low. Desperate developers are willing to make deals just to get the units off their books. Investors and home buyers are swooping in hoping that a bottom has been reached.

But has it? Miami still has a huge oversupply of condos as a result of a building frenzy and there could still be many more condo units facing foreclosure. The good news for buyers its that this means deals will be available for a long time. Some of the Miami Herald commenters to the article didn't seem certain that the prices are as low as they will eventually go and seemed skeptical of any reports of condo sell-offs.In fact they pointed to a Time magazine article about the exodus of people from Florida due to high property taxes.

Source

Tags: condominiums, condos, miami

Alone In A 32-Story Condo Tower, One Family Wants Out

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Does living in a luxury condo tower all by yourself sound like fun? One New Jersey family doesn't see it that way. Victor Vangelakos and his family bought a condo in the Oasis I condo tower in Fort Myers, Florida and are the sole residents. The family paid $430,000 to purchase the condo from The Related Group for $430,000 and closed on it in November. Vangelakos planned to use it as a second home and eventually retire there.

Th real estate market slump in Florida hit this building hard and many who put down deposits opted not to complete the deal. Others who did have swapped their units for ones in the more populated Oasis II next door. But Vangelakos couldn't get his lender to agree to the swap. Vangelakos described life in the condo to the Fort Myers News-Press depicting an existence where an eerie quiet is broken up by occasional night break-ins in the darkened building. Vangelakos wants out of building. He hasn't filed a lawsuit yet but his attorney points out that The Related Group hasn't come through on the marina, pro shop and other promised amenities. As for Related's side, they say that it's up to him to work out a deal with his lender to transfer the mortgage to a unit in Oasis II. His money went to Related's lender, not the company itself so Related would have to pay off the mortgage to get the money back. In this case both the buyer and the seller are in a bit of a tough spot.

Source

Tags: condominiums, condos, fort myers, FortMyers, oasis

Four Seasons Seattle To Drop Prices

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

The building that houses some of Seattle's most expensive condo units is planning to give potential buyers a little relief. The Seattle Times says that The Four Seasons Private Residences is planning to cut prices in response to the lackluster real estate market. The article says that is has been nearly six months since a sale closed at the Four Seasons. There are 36 condos spread out over 11 stories above the 10-story Four Seasons Hotel downtown. So far 11 condos are still unsold including a two bedroom currently priced at $8.706 million. The amount of the price reductions or when they will take place hasn't been released yet. Bellevue Towers in downtown Bellevue, Washington also recently reduced prices an average of 20 percent because just 45 of the project's 539 condos have sold.

Source

Tags: condominiums, condos, four seasons, FourSeasons, seattle

CityCenter Buyers Want A Break

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Although Las Vegas condo prices have tumbled, MGM Mirage hasn't gotten the message. The Las Vegas Sun has a piece on the push to sell condos in CityCenter's Veer and Vdara towers. According to their report, buyers of CityCenter condos are looking for discounts but so far MGM Mirage hasn't budged. Some buyers signed purchase contracts more than two years ago when real estate was peaking. Now that the units are headed to completion and escrow buyers don't want pay more than they are worth in the current market.

MGM Mirage spokesman Alan Feldman has said the company is going to wait until the end of the year to make any decisions since it is too soon to say how the market could shift. Buyers have signed purchase contracts for CityCenter condos worth an average of $1 million per unit.

One disgruntled buyer Steve Mack, who bought a $3 million condo at the CityCenter Mandarin Oriental project, is calling for at least a 30 percent price reduction and says many buyers may decide to walk away from the deals, surrendering their deposits, if they are expected to pay full price. Some buyers are also finding that getting a bank loan for a luxurious second home is much more challenging than it would have been before the recession and so they may have no choice in the matter.

Feldman trotted out the party line that CityCenter is a premium project and therefore deserving of prices that are higher than those of other complexes in the area. It's not a bad argument, CityCenter does offer a wide range of amenities and even despite its recent financial woes is likely one of the more secure developments in Las Vegas. But there's a difference between premium and exorbitant and MGM Mirage may have to meet buyers halfway in order to close those deals.

Source

Tags: condominiums, las vegas, LasVegas, mgm mirage, MgmMirage, vdara

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