condos

AIG Building To Become Luxury Condos

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

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.

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Tags: condominiums, condos, miami

Portland Condo Project Handed Back To The Bank

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A major condo project in Portland, the Waterfront Pearl, is going back to its lender. Oregon Live reports that a subsidiary of Macquarie Group, an Australian financial firm has taken over the project because the developer could not raise enough money to deal with project cost overruns. The condo building is featured in this year's Street of Dreams show which is currently underway. This year the show is highlighting condos showing nine condos in four buildings.

The bank is still trying to sell the units, offering around 150 of the remaining units as rent-to-owns or for-sale condos. Units were originally priced at $350,000 to $1.3 million. A rush of building projects has led to many unsold condos in the market in Portland and many are selling at deep discounts from their original list prices.

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Tags: condo units, condos, CondoUnits, oregon, portland

MGM Mirage Decides To Give CityCenter Buyers A Break

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Back in May we learned that buyers into Las Vegas' CityCenter's Veer and Vdara towers wanted an adjustment on their condo prices because of changes in the real estate market. At the time it looked like MGM Mirage was standing firm on their prices and MGM Mirage spokesman Alan Feldman said the company was going to wait until the end of the year to make any decisions because it was too soon to say how the market could shift. Something must have shifted already because now MGM Mirage has said it will cut the prices of condos. Bloomberg News has a quote from MGM Mirage Chief Executive Officer Jim Murren that states plainly that there is no denying that the real estate market has fallen dramatically since the deals were inked.

MGM is building 2,400 condos at CityCenter and some buyers have had trouble obtaining mortgages for the high-priced condo units especially since real estate values have fallen by over half in the past three years. Without mortgages many deals will be unable to close. Details on the condo price cuts are expected to be announced this fall and should provide some relief for buyers. So far 65 percent of the Veer Towers units are under contract and 45 percent of the Vdara hotel-condo units are under contract.

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Tags: citycenter, condos, las vegas, las vegas real estate market, LasVegas, LasVegasRealEstateMarket, mgm mirage, MgmMirage

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.

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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.

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

The Residences At 40 East 66th Street

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

The news has been full of talk of Manhattan's real estate slump lately. While it is true that prices are down there is always interest in a good address. That's one of the lures of 40 East 66th Street which has an enviable Madison Avenue location near Central Park, shops, cafes, museums and art galleries. The recently converted Rosario Candela-designed building has a variety of residences available ranging in price from a $2.65 million two bedroom to a $16.5 million four-bedroom residence with its own private landing.

The building was originally constructed in 1929 and the new lobby was inspired by original details including a vaulted ceiling and patterned floors and walls of St. Laurent, White Pearl and Oro Toscano marble. The units include some original features like formal dining rooms, wood-burning limestone fireplaces, and white oak herringbone patterned floors along with modern touches like Barber Wilsons & Co. faucets, Viking stoves with Miele hoods, Sub-Zero refrigerators and wine coolers and Miele dishwashers. The building has 24-hour doorman service as well as a fitness room, children's playroom and bike and stroller storage.

The gallery below contains pictures of a unit listed at $6.65 million. It's a model residence designed by Eric Cohler Designs and it is being sold furnished. The seven-room unit has a large main living area with a wood-burning fireplace and northern views onto 66th Street and the architecture of the Fred Leighton building. There is also a cook's kitchen with breakfast room and a master bedroom with a five-fixture master bath.

Gallery: 40 East 66 Street

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Tags: 40 east 66th street, 40East66thStreet, condos, new york, NewYork, real estate, RealEstate

Florida Condo And Homeowner Associations Filing Chapter 11 As A Last Resort

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Last year, we began to see that condo associations in Florida were facing trouble. With many condo owners not paying their fees or facing foreclosure it was inevitable that the condo and homeowner associations would only be able to go on so long. The Miami Herald is reporting that with those fees remaining unpaid some South Florida condo associations are seeing bankruptcy as a way out. So far at least seven Florida condo associations have filed for bankruptcy and there could be many more to follow.

The lure for the associations is that if they are in bankruptcy the utilities they owe money to can't turn off basic services like water and power. The downside may be that it is both costly and only a stopgap measure. The condo associations still need to figure out how they are going to get their bills paid in the long run. If owners continue not to pay their dues the associations are basically hamstrung because, unlike businesses in bankruptcy, condo associations don't have assets to sell off. Potential buyers may also be concerned about investing under the shadow of a Chapter 11 filing. The bottom line is that associations basically are doing whatever they can to limp along until the real estate market picks up and happy homeowners are paying their bills once more. The only question is how long they can hold on.

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Tags: condos, florida, homeowners association, HomeownersAssociation, homeownership

Dallas Condo To Be The Site Of Second iBidcondo Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

The first iBidcondo auction took place last months and a $690,000 condo at the Star Riverside complex in Austin sold for around $87,000. The beat goes on with iBidcondo's announcement that the will be auctioning off a unit in the Beat Condos in Dallas Texas on July 27.

Up for bid is a two-bedroom unit on the 4th floor, with a "retail price" of $280,000 which is expected to sell for between $50,000 - $100,000. The building is a ten-story concrete, steel and glass tower with a salt water pool with spa, poolside cabanas and a multiuse facility perfect for entertaining guests; controlled access entry and gated, garage parking.

The way iBidcondo works is that you buy a seat for $100. The seats cover the cost of the property so that the auction price is donated to a charity. You can see an interview with the winners of the first auction on the iBidcondo website.

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Tags: condos, dallas, ibidcondo, real estate, RealEstate, texas

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

Luxury Living on Roosevelt Island: Riverwalk Court & Riverwalk Crossing

by Lisa Palladino (RSS feed) —

Filed under: Real Estate Developments

In early May I crossed the East River from midtown Manhattan to Roosevelt Island, home to a number of new, luxury real estate developments. After just a few minutes on the F subway line (or you can take the famous tram), I met with two representatives from Related Companies, one of the country's premier real estate development groups, and had a personal tour of Riverwalk Court, the newest condo offering on the island.

About 10 years ago, Related, along with The Hudson Companies, Inc., won the NYC contract to develop Roosevelt Island. And they have a done a spectacular job with Riverwalk Court. The 18-story condominium building was designed by award-winning architectural firm Costas Kondylis and Partners, and every unit features huge, insulated windows; light, neutral colors; stainless steel appliances and black granite countertops; a washer/dryer; and the best part -- city or bridge views from every apartment. The building's amenities include an entertainment lounge for relaxing with other residents; a fitness center for cardio and yoga; a rooftop terrace; and a children's playroom. As I felt about another Related property I visited, the Caledonia, suddenly my pretty nice apartment and building seemed like a shack, and I wanted to pack up that night and move right into Riverwalk.

Residents of Riverwalk get more than a nice apartment, however. Related is known for its personalized service and concierge amenities (e.g., 24-hour concierge/doorman), and these 123 condominium residences, which range from 1BR - 3 BR with an equal number of baths in each home, offer all of that plus price tags lower than Manhattan for the same, if not better, quality. Plus, Roosevelt Island residents get more -- green space, river breezes, quiet days and nights, minimal traffic, no garbage trucks clanging and squealing in the middle of the night (the island has a Walt Disney World-like underground trash system) and even a 25-cent local bus to take you around the two-mile, 47-acre island if you don't want to walk in the rain or have groceries to carry.

For those who prefer to rent, there's Riverwalk Crossing, Roosevelt Island's only new luxury rental property. Also designed by Kondylis and part of the Related/Hudson portfolio, amenities include an entertainment lounge, bike room, fitness center, and lushly landscaped gardens with an outdoor sun deck, dining terrace, and barbeque grills. As part of the Related Rentals portfolio, Riverwalk Crossing offers its residents RelatedStyle Services, a suite of rewards and services that include the Related Personal Assistant, Move-In Coordination, Resident Service Specialist, as well as exclusive Equinox Fitness membership opportunities. Residents also will have the option to pay rent with a rewards-eligible credit cards.

After my sojourn to Roosevelt Island, I just may make it my next home. Or at least head back there this summer to enjoy all the activities and river air.

Take a look at the gallery for photos of these two communities.

Gallery: Riverwalk Court & Riverwalk Crossing

Tags: condos, Hudson, new york, new york city, NewYork, NewYorkCity, NYC, rela estate, RelaEstate, Related, rentals, river, Roosevelt Island, RooseveltIsland

Maryland Condos Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

You can get a great deal on a condo in Maryland at the end of the month. Max Spann Real Estate & Auction Company will be holding the auction of 28 waterfront condominiums at The Residences of River Marsh on Sunday, May 31, 2009, at the Loews Annapolis Hotel. The new two bedroom units at the community in Cambridge, Maryland have minimum bids starting at $75,000, which is over 75 percent off the previous asking prices from $755,685. The Residences at River Marsh complex also has a marina with 150 boat slips, 18 hole championship golf and more. Previews of the properties are happening from 11:00 am to 2:00 pm on Saturday and Sunday throughout the month of May.

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Tags: condo auction, CondoAuction, condominium, condos, maryland

Limit Not Quite the Sky for Boston Luxury Building

by Tom Johansmeyer (RSS feed) —

Filed under: Real Estate Developments

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.

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Tags: boston, condo, condominium, condominiums, condos, massachusetts, real estate, RealEstate

Philadelphia's Waldorf Astoria Project Put On Hold

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Add another ambitious condo/hotel project to the dust heap. The 58-story Waldorf Astoria Hotel in Philadelphia has been postponed indefinitely. The $420 million project was to be a lavish project with a Waldorf-Astoria hotel, restaurant, spa, upscale retail and 136 condo units starting at $1 million. Philly.com reports that this is one of nine major hotel projects in the Center City area that have either been delayed or indefinitely put on hold. The project was doomed by the usual suspects, an uncertain real estate market and a banking climate that makes it virtually impossible for developers to get loans.

One of the developers, Timothy J. Mahoney III, president and chief executive officer of Mariner Commercial Properties Inc. has sold his stake in the project to his partner, Brook Lenfest of Brooks Capital Group.The developer is still under a management contract with Hilton Hotels which owns the Waldorf brand. Hilton is still committed to the project but it may be a while before this one comes to pass.

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Tags: condos, hotel, philadephia, waldorfastoria

Work Stops On Major Calgary Condo Tower

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A year ago the Calgary condo market was booming but now one of the major residential condominium projects has been put on hold as the developer seeks bankruptcy protection. Calgary developer John Torode told the Calgary Herald that work has stopped on the second tower of the Arriva condo project. A limited partnership which is the owner of that site has been put into the CCAA (Companies' Creditors Arrangement Act) which is a federal act that allows financially troubled corporations to restructure their affairs. The project is seeking new financing.

The first Arriva tower is 34 stories and is close to sold out. The second tower is 42 stories and about 60 percent sold. The third tower, which was going to be more condos will now be a hotel.

This isn't the first condo project to be stopped in the area. The City of Calgary is monitoring nine condo projects halted due to the economy. The Calgary Real Estate Review blog has an excellent post rounding up projects that have been postponed, scaled back or scrapped.It's a long list and one that may grow as condo prices also are falling in the area.

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Tags: arriva, calgary, condominiums, condos

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