condos

60 Orchard Goes On Sale In New York

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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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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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

Vue Condo Project In Receivership

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Douglas Wilson, owner of the Douglas Wilson Companies (DWC) has been appointed as the receiver for The Vue, a luxury 15-story condo tower in San Pedro, California. DWC has assumed complete operational responsibility for the 318-unit project, including all homeowner and leasing program issues. The developer Carlyle/Galaxy San Pedro opened Vue as condo project in March 2009 but the building now has a rental program because of the distressed real estate economy. Units rent in the $1,500-$3,000 range. DWC is currently discussing with the lender and developer whether or not to restart the sales program for the property. Units for sale had, at one pint, a starting price of $315,000.

"This is the largest waterfront development in Old Town San Pedro, so we expect this asset to be a strong performer once the market has stabilized," said Douglas Wilson, CEO of Douglas Wilson Companies (DWC) in a press release. "With views of the harbor and upscale amenities like concierge service and a helicopter pad, the Vue sets a new standard for San Pedro."

Units in the building have floor-to-ceiling glass walls and private balconies. Interiors feature stainless steel appliances, hardwood cabinets, quartz countertops and more. Building amenities include a resort-style pool with a deck and private cabanas; a fitness center and yoga/Pilates studio; and a rooftop terrace with stainless steel barbecue grills.

Tags: california real estate, condos, condos in trouble, san pedro, Vue

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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Savannah Condos Up For Auction

by Rigel Celeste (RSS feed) —

Filed under: Estates, Auctions

Next month a group of luxury condos in the heart of the deep south, beautiful Savannah GA, will be going up for auction. There are 11 units total, 7 located at Jones Square in the Historic District and 4 at East Broad Place. The Jones group homes are rich in architectural details like 10 ft ceilings, decorative crown moldings, heart pine floors, luxury spa bathrooms, and private balconies while the East Board Place units have exposed brick walls, hardwood floors, and are conveniently located for access to islands, beaches, and the Savannah College of Art and Design.

The auction will take place on May 6h at Trustees' Garden at 10 E. Broad Street and according to National Auction Group 2 of the Jones Square properties are set to be sold regardless of price.

Source

Tags: auction, condo, condo auction, condos, georgia real estate, real estate, savannah

Condo Auctions In Arizona And Oregon Garner Good Deals For Bidders

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Real Estate Developments

A couple of the condo auctions I recently wrote about have taken place yielding good deals for the bidders. Kennedy Wilson Auction Group announced that they sold 19 units of Northshore, a condominium project located in Tempe, Arizona. The Northshore auction attracted over 300 people and the sale prices nearly doubled the low starting bids of $85,000 and up to $205,000 for units that were once listed as high as $725,000.

In Portland, Oregon 47 units of the John Ross condominium project were sold through two separate auctions on April 10th and April 11th at the Fairmont Scottsdale and the Hilton Portland & Executive Tower. The John Ross auction had over 700 bidders and the sales prices were over 151 percent of minimum bids which started at $110,000.

Neither condo auction sold all the units, at the Northshore project, 19 out of 22 units sold, while at the John Ross, 47 out of 50 units sold. "These auctions prove once again that both buyer and seller benefit," said Rhett Winchell, president of Kennedy Wilson Auction Group. "The winning bidders know they purchased the homes of their choice at fair prices. The sellers realize high volumes of sales at lower costs and are no longer subject to continued uncertainty in the market."

Tags: condos, john ross condos, northshore condominiums

Clocktower Condos Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Real Estate Developments

Condo auctions, you know I love them. The latest takes us to Norwalk, Connecticut and a former hat factory that has been converted into residential condos. Nine units at Clocktower Close will be up for auction on Saturday, April 17 through Sheldon Good & Company. Four of the studio and one-bedroom condos offered will be sold subject to low minimum bids of $99,000 to $150,000 (they were originally priced from $155,000 to $350,000). The two-bedroom unit has a reserve price.

The Clocktower building is a classic example of brick New England mill architecture popular during the late 19th century. Many of these mills and factories in Massachusetts, Connecticut and Rhode Island have now been converted into condos. This building has a place on the National Register of Historic Places. The residences have large windows and lofted ceilings up to 20'+ with exposed brick walls and timber-beamed ceilings. The building includes a fitness center with sauna, billiard and media room.

[via News Times]

Tags: clocktower close, condo auction, condos, connecticut, norwalk

57 Irving Place

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A new Manhattan condo development has an interesting take on courting new buyers. 57 Irving Place has a model residence curated by gallerist Cristina Grajales. The model apartment is designed to showcase the modern aesthetics of 57 Irving Place. Grajales, an expert in 20th and 21st century design, collected items from emerging and established artists to furnish the three-bedroom, three-and-a-half bathroom apartment incorporating pieces from Espasso and Madeline Weinrib Atelier.

The nine-unit glass building has full-floor residences with floor-to-ceiling windows. The units include a gourmet kitchen and each master bathroom at 57 Irving Place is designed with a spa shower for two, elliptical freestanding tub, 40-square-foot marbled steam room and a spacious balcony.

Shown above is the foyer with a redwood and walnut table designed by Mira Nakashima, which is adorned with an "Enchanted Root Candelabra" by Michele Oka Doner. A 64-inch oil canvas by Daniel Senise, entitled "Piscina," catches the eye of buyers as the elevator opens up into the full-floor home. Residences at 57 Irving Place start from $6.75 million and are being sold through Corcoran Sunshine.

Tags: 57 irving place, condominium development, condos, mahattan condominiums, manhattan condos

Seattle Four Seasons Project Faces Massive Liens

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

More woes for the Four Seasons Hotel and Private Residences in downtown Seattle. The Seattle Times reports that the project is now facing a total of $34 million in liens filed by contractors. The $120 million Four Seasons opened in Fall 2008 but as we mentioned last summer the project, which houses some of Seattle's most expensive condo units, has been a bit of a slow seller. There are 36 condos spread out over 11 stories above the 10-story Four Seasons Hotel.

A lien for $23.7 million, was filed in August by Lease Crutcher Lewis, the project's general contractor. Other liens have been filed by subcontractors who weren't paid by Lease Crutcher Lewis. Rumor has it that the project has been experiencing some financial pressures. Overall hotel revenues in Seattle have been down. A quick spin through the MLS shows a two-bedroom condo at the project listed at $6.306 million.

The hotel remains open for business as usual. Lien judgments can result in foreclosure but often liens like this are satisfied before things go to far. Of course in the past year we've also seen things go the other way, with several posh properties being returned to their lenders.

Tags: condo liens, condo projects, condos, four seasons, seattle

Condos For Auction in the Outer Banks

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

ore oceanfront condos are headed for auction. This time we are zooming over to Nags Head, North Carolina for 20 condos which will be auctioned off on March 27. The Landings at Sugar Creek condominiums overlook Roanoke Sound and offer sunset views with ocean views from the higher units and a walk to Nags Head Beach. The condos are being sold absolute and there are 13 different floorplans with two to four bedrooms each. Units have granite kitchen countertops, private terraces and access to the dock, pool and clubhouse.

Tags: condo auction, CondoAuction, condos, nags head, NagsHead, north carolina, NorthCarolina, outer banks, OuterBanks, sugar creek, SugarCreek

The Floridian Hopes For Quick Condo Sales

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A press release brings a quick update on The Floridian, a condo building near Howard University in Washington D.C. Last we heard in December, the 118-unit building was facing foreclosure. Now UrbanLand Company has announced it will begin selling the remaining 86 condos at The Floridian in the next 30 to 60 days. The building was recently acquired by an affiliate of The Goldstar Group, a Bethesda-based private real estate investment and management company.

The new pricing has studios starting at $227,000 and prices top out at a three-bedroom penthouse for $1 million. Originally prices for the loft style condos started in the low $300,000s. The Floridian is two eight-story towers, made of stainless steel, colored glass and limestone with10-foot exposed concrete ceilings, exposed ductwork, floor-to-ceiling windows, granite countertops, maple and bamboo floors, designer lighting and balconies in select units. The community also has underground parking and a shared rooftop terrace with sweeping views of the Capitol, the Washington Monument and the National Cathedral. The development is FHA approved, "so down payments as low as 3.5 percent are possible."

Tags: condo project, condoiminium, condos, floridian, washington dc

Florida Beachfront Condos Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Care for a beachfront condo? Have we got a deal for you. Accelerated Marketing Partners has announced their latest auction-- 21 condominiums at Coconut Grove Residences in Fort Lauderdale, Florida. The auction will be held on February 28 with minimum bids for the homes ranging from $260,000 to $1.7 million, prices the company says are 57 percent below the last asking prices, although still pretty high for the area currently.

The Coconut Grove Residences project is a boutique residential condominium developed by CGD, LLC of Fort Lauderdale. The 14-story tower has 63 condos with a variety of floor plans. Residences have travertine flooring, granite countertops and laundry rooms in each unit. Development amenities include a 90-foot heated swimming pool, 11 beachfront cabanas, on-site Cybex fitness center and media room, key-operated elevators, and resident discounts to spa and other services at the neighboring Marriott Harbor Beach.

The 21 condos available at the February 28 auction include one-bedroom units, two-bedroom units, three-bedroom units and the highest priced property, a three-bedroom-plus-media-room condominium which is 5,195 square feet and has a minimum bid of $1.7 million, 49 percent below the last asking price. Advance registration for the auction is required. The project is Fannie Mae approved and conventional financing is available as well.

Tags: coconut grove, CoconutGrove, condo auction, CondoAuction, condos, florida condo auction, FloridaCondoAuction

Phoenix Condo High Rise Faces Trustee's Sale

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

More bad news from Arizona's troubled condo real estate market. One of Phoenix's tallest towers, 44 Monroe is seeing many of its condos head for foreclosure. The project was completed in 2008 but struggled to sell the units. Of a total of 196 units, 182 are currently unsold. The developer Grace Communities worked to stave off foreclosure but the project owes Corus Construction Venture, LLC $86.8 million and the Arizona Republic states that the bank has filed a notice of trustee's sale with a plan to sell the units to the highest bidder on April 14.

Last year Corus Bank collapsed and was taken over by the FDIC. It owns a 60 percent stake in Corus Construction Venture and the rest is owned by private equity consortium led by Starwood Capital Group an investment firm run by Barry Sternlicht, the founder of Starwood Hotels & Resorts. The few who live in the building have seen the value of their condos plummet in recent months.

The project started with a lot of promise. Construction on the 34-story tower began in November 2005 as real estate prices in the region were on the rise. Unfortunately by the time of the completion three years later, Arizona real estate was in the doldrums. The building features shared amenities like an eighth floor swimming pool within a 20-foot high great room with open access to the spa and sundeck with city and mountain views, a fitness center, meeting room, business center and an entertainment room with a catering kitchen, bar, fireplace, plasma television, card tables, seating areas and an outdoor terrace with gas grill and views of downtown Phoenix and surrounding mountains. The residences have travertine natural stone flooring in foyer and kitchen, granite slab countertops and Kohler bath fixtures. Seven floors of garage parking offer one designated space for all one bedroom units and two spaces designated for all two and three bedroom units and the building is equipped with security cameras and card readers that control access to resident floors and resident common areas. At one point units sold for $480,000 to $3.2 million but are not worth nearly that much now.

Tags: 44 monroe, 44Monroe, arizona, condo real estate, CondoRealEstate, condos, phoenix, trustee sale, TrusteeSale

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