real esate

Dennis Kozlowski's Real Estate Sell-Off

Filed under: Estates, Crimes and Misdemeanors

We've been watching disgraced Tyco CEO Dennis Kozlowski sell off his stuff for a long time. There was a lot of to sell, fine antiques, a classic sailing yacht and of course, some very tempting real estate. Problem is, the real estate isn't moving quite so quickly. Kozlowski's homes have sat on the market for a while despite their obvious charms. Meanwhile, Kozlowski himself sits in a jail cell, convicted in 2005 of crimes related to his receipt of over $80 million in purportedly unauthorized bonuses.

His Nantucket home is one of the island's best. The classic shingled home is a short walk from the beach and has perfect Atlantic views. Kozlowski had a talent for spending money and this home is done with the finest of finishes. The formal living room has a wood burning fireplace with marble surround and opens to casual living space with wet bar, entertainment center and a wall of rounded glass that slides open to the deck and path to beach. The dining room overlooks the deck and another wall of glass doors lead to the barbecue area and outdoor dining. There is both a catering kitchen and a regular kitchen as well as a wine cellar and two laundry rooms. The first floor bedroom suite has a fireplace and sitting area with sliding doors out to the deck and there are two other bedrooms on this floor. Upstairs there is a library with a fireplace and French doors out to the deck and the master suite has two fireplaces and a sitting area as well as a walk-in closet and a sumptuous marble bathroom. The property also includes a guest cottage and a garage that holds a home gym/fitness center with a second floor that has studio living space with a full bath and wet bar. The Wall Street Journal reported last year that the home had been reduced from the asking of $23 million to $16.45 million which is the number the listing still shows.

In my opinion, it's Kozlowski's Boca Raton, Florida place that will be the harder sell. The Real Estalker recently profiled this estate although South Florida Blockshopper shows it has been on the market since July. The eight-bedroom estate takes up a plush 1.6 acre spot in the elite community known at The Sanctuary and includes a tennis court, guest house, pool and over 600 feet of deepwater shoreline.

The Moroccan-inspired style includes long halls framed in pointed Gothic arches, plenty of beige, dark heavy wood, cooling tile floors and wrought iron. It's lovely but there's nothing particularly unique to recommend it except size and bland splendor. it is listed at $24.9 million putting it at the very top of the still-luxurious but sagging Boca Raton market.

My guesses as to final sale prices? I think each home will sell for around $15 million. Leave me your guess in the comments below.

Gallery: Dennis Kozlowski In Nantucket

Gallery: Dennis Kozlowksi In Boca Raton

Tags: boca raton, BocaRaton, dennis kozlowski, DennisKozlowski, nantucket, real esate, RealEsate, tyco

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First Amangiri Villas Hit The Market

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

I first wrote about Amangiri, the second U.S. offering from AmanResorts (the other, the Amangani, is in Jackson Hole, Wyoming) way back in 2005. Now three years later the first eight villas in the Lake Powell area of Southern Utah, are hitting the market at a very hefty $7 million each. The first eight are part of a total of 31 villas being created by the resort's developer, Canyon Group. The Amangiri Resort is scheduled to open at the start of 2009. The villas sit on private home sites that range from 1.3 to 10 acres and are designed to blend into the landscape. They feature multiple pavilions around a central swimming pool and firepit and each villa also incorporates a unique signature feature, such as an arroyo meditation platform. Can the struggling Southwest real estate market support this type of high-end real estate? Three years ago it seemed like a great idea, now it's less of a sure thing.

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Tags: amangiri, lake powell, real esate, utah, villas

Miami Condos Sell To Russians, Struggle With Condo Fees

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

About a month ago in an article on the slumping real estate market in Miami I said "maybe this is the time for Miami developers to reach out to Russian investors looking for a place to wait out the winter chill." Looks like that's exactly what's been happening. The Moscow Times reports on the efforts to pitch luxury condos in Miami to the rich in Moscow. At a Philippe Starck-designed restaurant in Moscow, the wealthy heard sales pitches for Florida properties including three high-rise towers designed by Starck and the Trump Hollywood in Hollywood, Florida. The U.S. luxury construction firm The Related Group, hosted the shindig and are also looking for buyers in Britain, Canada and Central and South America.

Let's hope they get lucky, the Miami Herald had more grim news yesterday, reporting that many high-rises are in trouble because condo owners aren't paying their community fees. This in turn causes trouble for those remaining in the buildings who must either pay more in fees or live with reduced services. Just how bad is it? Check out this scary info from a recent Internet survey of 487 Florida condo and homeowner associations by the Hollywood-based law firm of Becker & Poliakoff. They say that around half of mortgage foreclosures put a burden on an association's finances and 37% have raised fees to cover the shortfall. Extrapolate that out to the over 7,000 condo associations in Miami-Dade and Broward counties and you can see that this is a huge problem. It also means that people may be more likely to buy in to condo buildings because even though the unit price is now lower the monthly fees can be nearly as much as a mortgage in some cases.

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Tags: condominiums, miami, real esate

Teton Village Home, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

Today's estate is located on the Teewinot run in Teton Village, Wyoming. The Weldon-Turner-designed home was built from reclaimed timbers, barn wood siding and Chief Joseph stone for a rustic Western look. The five-bedroom home has has floor-to-ceiling windows to show off the beautiful mountain views and clerestory windows in many rooms for added light and space. There are creeks on both sides and the home is within walking distance to the Four Seasons, horseback riding and hiking trails to Grand Teton National Park. The home is listed at $12.5 million.

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Tags: luxury, real esate, teton village, TetonVillage, wyoming

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Peg's View, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

This charming home in Sarasota, Florida is known as Peg's View. The Gulf front estate has gulfside views and sunsets with 121 ft on the Gulf. The four-bedroom home was built in 2000 and has an office, exercise room, family rooms, elevator, and a wine room storing 700 bottle. There is also a nine-car garage, pool and spa with a fire pit facing the water, docking pier and a white sand beach. The home is listed for $10.9 million and the listing has many more pictures that reflect the unique style of this waterfront home.

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Tags: luxury homes, real esate, sarasota, florida, Sarasota,Florida

Duke Semans Mansion Sold

by Deidre Woollard (RSS feed) —

Filed under: Estates

We've only been following this piece of real estate since last April so it's pretty big news that the Duke Semans mansion has finally been sold. The proud owner is Tamir Sapir, a former cabdriver who made his money in Russian oil and Manhattan real estate. The NY Times reports that the home has been sold for $40 million, a full $10 million off the original asking price of $50 million. "I don't know if it's a bargain or not, but it looks like it's a bargain," Mr. Sapir is quoted as saying. He plans to turn the bottom five floors into a gallery for his collection of European ivory which means we all may get to eventually roam around the mansion.

[Thanks, Sebastian]

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Tags: duke semans mansion, luxury, new york, real esate, RealEsate

Cedar Grove, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

This amazing 24,000 square foot home sits on just under four acres in Cedar Grove, New Jersey. The limestone mansion was built in 1992 and resembles a French chateau. Luxurious details include hand-carved mahogany grand palace doors, a reception hall with 22-foot ceilings, a central dome with hand-painted mural, and a massive chandelier. The home sits on a mountain ridge and has views of the the Manhattan skyline. There are eight bedrooms, a paneled library and a home theater that has seating for 16. It is listed at $22 million. More beautiful shots after the jump.

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Tags: cedar grove, CedarGrove, luxury, new jersey estate, real esate

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