Its Official – New York Can Take Your Property

The New York Court of Appeals ruled in favor of the state in the matter of Atlantic Yards and eminent domain questions yesterday, ruling that the state acted within the law in seizing private property on the Atlantic Yards development in Brooklyn. The Atlantic Yards Project has been mired in lawsuits and other issues  – […]

Luxury Real Estate in Bulgaria : Are we there yet?

realestateinbulgaria

Despite another drop in building permits being issued in the third quarter of 2009 – a few luxury housing starts have been announced in Bulgaria.It is all too easy to concentrate on a single market, but the global nature of the financial crisis is something to take into consideration when planning for the future. Q3 […]

Apartment Vacancy Rate Hits 23 Year High

Apartment Vacancy Rate Reaches 23 year high

The apartment vacancy rate in the US reached a 23-year high this quarter with a vacancy rate of 7.8%, which does not bode well for the commercial sector. Prices are still falling, both for sales and rentals, and the ongoing glut sees no end in sight, with more than 100,000 coming on the market this […]

Luxury Condominium Auctions 24 Units in New Mexico

Kennedy Wilson Auction Group, a division of the international real estate services and investment firm Kennedy Wilson, will be conducting a close out auction of 24 new casita-style condominiums located at Zocalo, Santa Fe, NM on Sunday October 4, 2009. The auction will be held at The Bishop’s Lodge Resort & Spa, in Santa Fe, […]

Luxury Condominiums What Price a bargain?

Luxury Penthouse on Park Avenue

The luxury condominium market is certainly taking a beating at the moment. If there is a segment that was most over-built during the boom years, this is it. The slow build time on larger multi-unit developments means there is still a lot of unfinished stock entering the market. When one takes into account the existing […]

Luxury Condominiums in Florida – 200 Condos – One Tenant

Sole tenant looks down from the 7th floor

An interesting story came to my attention recently – a family living in Fort Myers. Fla, are the sole tenants in a 200 unit condominium development. The 32-storey building boasts all the usual luxury amenities: marble flooring, pool overlooking a river, games room and gymnasium; but is somewhat lacking in “atmosphere,” seeing as the lights […]

Luxury Condo Development in New York Fails

loudonhousecomingsoon

A $12 million luxury condominium project in Loudonville, NY has been stopped indefinitely and the developer is saying “luxury living and this market just don’t mix.” The project was started October 2008. Two weeks later,  the financial world collapsed and has yet to recover. Buyers suddenly couldn’t access financing and withdrew their letters of intent […]

Auctions are the new black in luxury real estate

38 luxury condominiums sold at auction last week

With massive inventory in most markets, many luxury condo developers are turning to auctions to dispose of excess stock. With many banks refusing to offer mortgages on buildings that are less than 50% sold, this is probably the most realistic way of getting the market moving. I have long been of the opinion that the […]

Luxury Condo Developer in New Jersey Woos Agents

brokerpartycrystalpoint91

Crystal Point, a 42 storey luxury condominium building on New Jersey’s Hudson river waterfront was launched this weekend with a broker party at the off site sales and model center. Over 100 brokers enjoyed cocktails and  hors d’oeuvres before taking tours of the sales center which is located at 80 1st Street,close to the Crystal […]

New York Luxury Condominiums Start to Feel the Pain

Luxury Condos in Brooklyn go Rental

New York is starting to feel the pain of the financial crisis. Lagging a little behind the overall national market, the job cuts in the financial services industry are now starting to take their toll. The median price of Luxury condos in Manhattan fell from $4.3 million to $4.13 million in the last quarter of […]